v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 47,830 $ 40,528 $ 64,443
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of premiums and accretion of discounts on securities (819) (2,582) (4,822)
Gain on sale of SBA loans (215) (473) (482)
Proceeds from sale of SBA loans originated for sale 3,145 6,469 8,035
SBA loans originated for sale (2,615) (6,166) (7,302)
Provision for credit losses on loans 1,816 2,139 749
Increase in cash surrender value of life insurance (2,213) (2,097) (2,031)
Depreciation and amortization 1,304 1,341 1,115
Amortization of other intangible assets 1,814 2,188 2,406
Stock option expense, net 352 516 600
RSUs and PRSUs expense 965 1,409 392
Amortization of restricted stock awards, net 621 916 1,404
Amortization of subordinated debt issuance costs 152 151 152
Gain on proceeds from company-owned life insurance 0 (219) (125)
Effect of changes in:      
Accrued interest receivable and other assets (7,336) 4,044 2,411
Accrued interest payable and other liabilities 16,874 (9,193) 6,065
Net cash provided by operating activities 61,675 38,971 73,010
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of securities available-for-sale (555,713) (30,263) 0
Maturities/paydowns/calls of securities available-for-sale 226,147 225,064 59,014
Maturities/paydowns/calls of securities held-to-maturity 59,599 59,566 63,376
Net change in loans (161,155) (142,703) (52,131)
Changes in FHLB stock and other investments (12) (16) (18)
Proceeds from redemption of company-owned life insurance 0 594 1,612
Purchase of premises and equipment (377) (1,624) (1,671)
Net cash (used in) provided by investing activities (431,511) 110,618 70,182
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net change in deposits 83,055 441,573 (11,146)
Exercise of stock options 1,652 690 1,220
Payment of cash dividends (31,917) (31,858) (31,740)
Repurchase shares of the Company common stock (4,049) 0 0
Net cash provided by (used in) financing activities 48,741 410,405 (41,666)
Net increase (decrease) in cash and cash equivalents (321,095) 559,994 101,526
Cash and cash equivalents, beginning of period 968,123 408,129 306,603
Cash and cash equivalents, end of period 647,028 968,123 408,129
Supplemental disclosures of cash flow information:      
Interest paid 72,076 77,237 46,834
Income taxes paid, net 21,458 13,219 28,340
Supplemental schedule of non-cash activity:      
Recording of right of use assets in exchange for lease obligations 0 3,045 541
Transfer of loans held-for-sale to loan portfolio $ 738 $ 0 $ 0