v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 19,165 $ 17,503
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,315 570
Depreciation 787 787
Accretion on loans (1,258) (1,214)
Amortization of intangibles 143 143
Amortization of subordinated notes issuance costs 35 35
Investment securities losses 727  
Restricted stock expense   5
Stock-based compensation 1,006 880
Net amortization of investment premiums 446 537
Earnings on bank owned life insurance (493) (512)
Gain on bank owned life insurance proceeds (2,399)  
Gain on sale of assets (1,236)  
Net change in:    
Accrued interest receivable (3,785) (3,682)
Other assets (13,940) (977)
Other liabilities (1,627) (2,549)
Net cash from operating activities (114) 11,526
Cash flows from/(used) investing activities    
Purchases of investment securities available-for-sale (2,812) (3,715)
Proceeds from sale of investment securities available-for-sale 13,688  
Proceeds from paydowns of investment securities available-for-sale 19,580 17,019
Proceeds from maturities and calls of investment securities available-for-sale 9,115 8,254
Purchase of restricted investment in bank stocks (24,216) (18,307)
Proceeds from redemptions of restricted investment in bank stocks 28,314 28,237
Net decrease (increase) in loans (100,777) 16,506
Purchases of premises and equipment (1,227) (360)
Proceeds from sale of premises and equipment 2,535  
Proceeds from bank owned life insurance 9,750  
Net cash from/(used) by investing activities (46,050) 47,634
Cash flows from/(used) financing activities    
Net increase in deposits 123,364 160,532
Net change in FHLB advances, short term (92,500) (224,500)
Net change in FRB Borrowings   50,000
Capital raise, net of issuance costs 43,685  
Cash dividends paid (2,955) (2,602)
Purchases of treasury stock (158) (293)
Net cash from/(used) financing activities 71,436 (16,863)
Net change in cash and cash equivalents 25,272 42,297
Beginning cash and cash equivalents 150,334 147,383
Ending cash and cash equivalents 175,606 189,680
Supplemental cash flow information:    
Interest paid 16,097 18,199
Income taxes paid $ 4,390 5,709
Supplemental noncash disclosures:    
Lease liabilities arising from obtaining right-of-use assets   $ 513