v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 27,192 $ 21,972
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,087 957
Amortization of operating lease right-of-use assets 397 439
Deferred tax expense 947 433
Stock-based compensation 503 544
Provision for credit losses 2,311 3,568
Gains on sale of mortgage loans held for sale (51) (47)
Fair value adjustments in equity securities 488 (480)
Losses on sale of assets, net 18 22
Proceeds from sale of mortgage loans held for sale 2,020 1,829
Funding of mortgage loans held for sale (1,853) (1,618)
Amortization of securities premiums and discounts, net 539 584
Change in cash surrender value of bank owned life insurance (1,354) (701)
Payment of operating lease liabilities (419) (449)
Interest expense on finance lease liabilities 54 40
Fair value adjustment in mortgage servicing rights: 45 284
Changes in:    
Accrued interest receivable 366 726
Other assets (178) 555
Accrued interest payable 3,032 2,521
Other liabilities 4,335 5,403
Net cash provided by operating activities 39,479 36,582
Securities available-for-sale (AFS):    
Purchase of AFS securities (75,067) (52,786)
Proceeds from prepayments, calls, and maturities of AFS securities 102,747 115,773
Change in loans, net (97,522) (152,720)
Purchase of premises and equipment (1,553) (2,077)
Purchase of Federal Home Loan Bank stock 0 0
Redemption of Federal Home Loan Bank stock 0 176
Proceeds from sale of other real estate owned and repossessed assets 25 101
Additional investment in bank owned life insurance 0 (13,548)
Redemption of bank owned life insurance 604 440
Proceeds from settlement of bank owned life insurance 542 0
Net cash used in investing activities (70,224) (104,641)
Cash flows from financing activities:    
Change in deposits, net 45,162 41,116
Change in repurchase agreements and federal funds purchased, net (10,078) 6,390
Payments on advances from Federal Home Loan Bank (5) (5)
Payment of finance lease liabilities (57) (39)
Repayment of long-term debt/other borrowings (60) (58)
Issuance of common stock 325 276
Dividends paid (9,571) (8,461)
Net cash provided by financing activities 25,716 39,219
Net decrease in cash and cash equivalents (5,029) (28,840)
Cash and cash equivalents at beginning of period 363,684 369,505
Cash and cash equivalents at end of period 358,655 340,665
Supplemental disclosures:    
Income taxes paid 0 0
Interest paid 25,941 28,266
Non-cash activities:    
Common stock dividends accrued, paid in subsequent quarter 323 277
Real estate acquired in settlement of loans 325 1,246
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 1,719