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 $ 10,653 $ 7,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 523 564
Net amortization of premiums on securities 24 31
Net accretion of discounts on loans (517) (872)
Net accretion of deferred loan fees (353) (266)
Amortization of servicing assets 417 549
Provision for credit losses 467 1,598
Bank-owned life insurance income (274) (247)
Deferred tax benefit (123) (431)
Stock-based compensation 230 230
Gain on sale of loans (1,409) (887)
Originations of loans held-for-sale (12,415) (22,458)
Proceeds from sales of and principal collected on loans held-for-sale 23,385 17,593
Change in accrued interest receivable and other assets 50 754
Change in accrued interest payable and other liabilities 18 (1,545)
Net cash provided by operating activities 20,676 2,348
Cash flows from investing activities    
Purchase of securities available-for-sale (18,666) (2,971)
Proceeds from maturities and paydowns of securities available-for-sale 6,915 4,318
Net change in loans held-for-investment (53,906) (97,762)
Purchases of premises and equipment (28) (749)
Net cash used in investing activities (65,685) (97,164)
Cash flows from financing activities    
Net change in deposits 92,568 98,608
Net change in short-term Federal Home Loan Bank advances and other borrowings (34,000) 15,000
Proceeds from long-term Federal Home Loan Bank advances 50,000 0
Stock options exercised 112 684
Repurchase of common stock (193) (953)
Cash dividends paid on preferred stock (86) (86)
Cash dividends paid on common stock (3,129) (2,881)
Net cash provided by financing activities 105,272 110,372
Net increase in cash and cash equivalents 60,263 15,556
Cash and cash equivalents at beginning of period 207,142 198,792
Cash and cash equivalents at end of period 267,405 214,348
Supplemental disclosures of cash flow information:    
Interest paid 24,917 25,659
Income taxes paid 106 30
Supplemental disclosures of non-cash investment activities:    
Loans transferred to loans held-for-sale 1,091 0
Right of use assets obtained in exchange for lease obligations $ 0 $ 1,345