v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income (loss) $ (9,980) $ 26,585 $ 26,674
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization, and accretion, net 3,683 2,268 2,083
Amortization of right-of-use assets 504 477 496
Amortization of intangible assets 447 0 0
Deferred income tax benefit (4,528) (191) (894)
Loss on sale of other real estate owned 0 0 4
Loss on valuation of other real estate owned 0 0 70
Loss on loans held for sale 0 0 168
Loss on New Market Tax Credit investment operations 0 251 0
Gain on disposal of premises and equipment (99) (129) 0
Realized (Gain) loss on securities (AFS/HTM) 48 0 (4)
Provision for credit losses, net 6,763 1,642 2,398
Stock based compensation expense 2,838 2,491 2,519
Income from bank owned life insurance (1,189) (1,069) (1,008)
Subordinated debt amortization expense 397 397 328
Change in:      
Accrued interest receivable and other receivables 1,079 (2,803) (1,861)
Other assets (4,794) 4,912 (22,407)
Other liabilities (150) (3,198) 24,978
Net cash provided by operating activities 14,740 31,633 33,544
Cash Flows from Investing Activities      
Payments, available-for-sale securities 2,540 3,696 6,634
Maturities, sales, called, refunded 1,445 0 245,000
Purchases, available-for-sale securities (445) 0 (226,215)
Purchases (400) 0 0
Maturities, called, refunded 1,520 265 2,595
Purchases of equity securities (8,241) (4,174) (3,916)
Purchases of restricted investment in bank stock (1,624) (7,059) (9,123)
Redemption of restricted investment in bank stock 1,425 10,425 4,125
Net increase in loan portfolio (142,482) (128,025) (240,756)
Proceeds from sale of other real estate owned 0 0 701
Proceeds from sale of loans 29,578 0 0
Proceeds from sale of premises and equipment 195 129 0
Purchases of premises and equipment (909) (497) (1,125)
Computer software developed (4,880) (5,508) (6,656)
Net cash used in investing activities (122,278) (130,748) (228,736)
Cash Flows from Financing Activities      
Net increase (decrease) in non-interest deposits (40,299) (186,084) 20,012
Net increase in interest bearing demand, savings, and time deposits 261,966 359,322 80,914
Net increase (decrease) in Federal Home Loan Bank advances 0 (100,000) 100,000
Net increase (decrease) in federal funds purchased (15,000) 15,000 0
Net increase in subordinated debt 0 0 42,623
Repurchase of common stock (732) (43) (6,918)
Cash dividends paid on preferred stock (2,156) (2,156) (2,156)
Cash dividends paid on common stock (3,046) (3,011) (1,882)
Net cash provided by financing activities 200,733 83,028 232,593
Increase (decrease) in Cash and Cash Equivalents, net 93,195 (16,087) 37,401
Cash and Cash Equivalents, beginning of period 114,513 130,600 93,199
Cash and Cash Equivalents, end of period 207,708 114,513 130,600
Supplementary Disclosure of Cash Flow Information      
Cash paid during the period for interest 70,893 45,534 12,639
Cash paid during the period for income taxes 1,275 7,280 6,381
Transfers from loans receivable to loans held for sale, at carrying value 0 0 715
Net unrealized gain (loss) on securities available-for-sale (277) 1,371 (11,373)
Computer Software and Related Prepaid Assets [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Impairment of Intangible Assets, Finite-Lived $ 19,721 $ 0 $ 0