v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 16,368 $ 13,589
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for credit losses 580 450
Changes in deferred tax, net (179) 718
Share-based compensation 425 332
Loss on sale of investment securities available-for-sale 11 228
Gain on sale of SBA loans   (30)
Write-up of other real estate owned   (306)
Loss on disposal of fixed assets   8
Accretion of premium on securities, net (527) (154)
Accretion of gain on terminated cash flow hedges (764) (759)
Accretion of loan fees (3,063) (2,424)
Amortization of subordinated debt origination costs 51 51
Depreciation and amortization 1,577 1,199
Earnings on bank-owned life insurance (750) (677)
Net change in operating leases (3) 18
Net change in derivative assets and liabilities (553) 455
Changes in operating assets and liabilities:    
Accrued interest receivable and other assets (16,322) (5,137)
Accrued interest payable and other liabilities (35,551) 2,914
Net cash (used in) provided by operating activities (38,700) 10,475
Cash flows from investing activities:    
Net increase in interest bearing deposits in other banks (3) (3)
Net purchase of non-marketable equity securities (97) (14)
Investment securities available-for-sale activity:    
Purchases (58,323) (31,680)
Sales 41,897 13,638
Maturities, calls and principal paydowns 33,896 10,076
Proceeds from termination of derivative instruments   456
Net originations on loans held for investment (41,634) (26,713)
Net additions to bank premises and equipment (14,125) (490)
Proceeds from sales of foreclosed assets   90
Purchase of bank owned life insurance   (5,000)
Net cash acquired from acquisition of Keystone Bancshares, Inc. 64,125  
Net cash provided by (used in) investing activities 25,736 (39,640)
Cash flows from financing activities:    
Net increase (decrease) in deposits 244,023 (61,955)
Net advance from line of credit - senior debt 20,000  
Forfeiture of restricted stock grants withheld to satisfy tax obligations (149) (27)
Proceeds from stock options exercised 365 511
Dividends paid on Series A preferred stock (1,197) (1,197)
Net cash provided by (used in) financing activities 263,042 (62,668)
Change in cash and cash equivalents 250,078 (91,833)
Cash and cash equivalents at beginning of period 181,229 421,202
Cash and cash equivalents at end of period 431,307 329,369
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 42,493 37,206
Cash paid for federal income taxes and purchased tax credits 15,707 273
Net cash (refunds) payments for state income taxes (44) 273
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Loans transferred to other real estate owned, net   7,674
Right of use lease assets obtained in exchange for operating lease liabilities 1,185 $ 106
Stock Issued $ 103,862