v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) from continuing operations $ (22,937) $ 12,672
Net loss from discontinued operations 0 (69)
Net income (loss) (22,937) 12,603
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation of fixed assets 2,188 2,464
Net securities premium amortization 40 112
Amortization of debt issuance costs 6 7
Amortization of premium on loans purchased, net 1,087 714
Provision for credit losses 24,586 14,726
Accretion of discount on unguaranteed loans (3,716) (3,118)
Deferred tax benefit (7,221) (189)
Origination of government guaranteed loans held for sale 0 (2,821)
Proceeds from sales of government guaranteed loans held for sale 298,162 406,191
Net gains on sales of government guaranteed loans (11,720) (28,252)
Sale of servicing rights 1,691 0
Change in fair value of government guaranteed loans HFI, at fair value 1,075 (9,843)
Amortization of loan servicing rights 6,928 6,258
Gain on sale of premises and equipment 0 (11,649)
Gain on other real estate owned (423) 14
Loss on sale and writedowns of repossessed assets 118 0
Non-qualified stock purchase plan expense 17 23
Stock based compensation expense 99 396
Income from bank owned life insurance (751) (713)
Impairment of equipment and software 1,422 0
Changes in:    
Accrued interest receivable 734 (2,025)
Other assets (1,174) (7,891)
Accrued interest payable 97 154
Other liabilities (5,013) 13,645
Net cash provided by operating activities of continuing operations 285,295 390,875
Net cash used in operating activities of discontinued operations 0 (341)
Net cash provided by operating activities 285,295 390,534
Cash flows from investing activities:    
Purchase of investment securities available for sale (5,718) (4,458)
Principal payments on investment securities available for sale 2,874 7,664
Principal payments on investment securities held to maturity 0 1
Call of investment securities held to maturity 11,109 0
Net sale (purchase) of nonmarketable equity securities (130) 244
Purchase of time deposits in banks (14) (1,020)
Maturity of time deposits in banks 2,284 3,396
Purchase of government guaranteed loans 0 (4,414)
Loan originations, net (205,262) (530,792)
Purchase related to other real estate owned 0 (1,229)
Proceeds for the sale of premises and equipment 0 14,746
Purchase of premises and equipment (300) (1,690)
Proceeds on sales of other real estate owned 155 1,619
Proceeds on sales of repossessed assets 59 0
Net cash used in investing activities (194,943) (515,933)
Cash flows from financing activities:    
Net change in deposits 40,709 158,091
Net decrease in short-term borrowings 0 10,000
Payments on notes payable (341) (455)
Proceeds from issuance of common stock for benefit plans, net 50 (23)
Common share buyback - redeemed stock (335) 0
Unearned ESOP shares 193 53
Dividends paid on common stock (663) (1,323)
Dividends paid on preferred stock (771) (1,541)
Net cash provided by financing activities 38,842 144,802
Net change in cash and cash equivalents 129,194 19,403
Cash and cash equivalents, beginning of period 77,788 58,385
Cash and cash equivalents, end of period 206,982 77,788
Supplemental cash flow information    
Interest paid 39,912 44,630
Income taxes paid 5,296 8
Supplemental noncash disclosures    
Net change in unrealized holding gains (losses) on investment securities available for sale, net of tax effect 996 25
Transfer of government guaranteed loans HFI to loans HFS 295,623 382,951
Transfer of government guaranteed loans HFS to loans HFI 4,516 0
Transfer of loans HFI to OREO 0 94
Transfer of loans HFI to repossessed assets 422 0
Recognition of right of use asset in exchange for new operating lease liabilities $ 0 $ 14,276