v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 16,966 $ 15,041
Adjustments to reconcile net income to net cash from operating activities:    
Stock-based compensation 1,540 1,422
Depreciation 1,574 1,432
Amortization of operating lease right-of-use asset 339 127
Amortization of cloud computing implementation costs 18 21
Provision (reversal) for credit losses 5,955 2,722
Net amortization (accretion) of purchase valuation adjustments (3,350) (577)
Amortization (accretion) of premiums and discounts on securities (2,996) (443)
Amortization of intangible assets 2,003 1,103
Deferred income taxes 2,196 224
Federal Home Loan Bank stock dividends (256) (337)
Loss (gain) on sales and valuation adjustments on other real estate owned 9 (34)
Net loss (gain) on sales and settlements of securities 0 (13)
Change in unrealized (gains) losses on equity securities 108 1
Loss (gain) on disposal of premises and equipment (430) (150)
Loss (gain) on sales and valuation adjustments on foreclosed assets (103) (11)
Loss (gain) on sales of loans (302) (86)
Originations of loans held for sale (19,377) (4,131)
Proceeds from the sale of loans held for sale 14,975 4,393
Increase in the value of bank-owned life insurance (1,398) (3,593)
Change in fair value of derivatives recognized in earnings 47 196
Payments on operating lease payable (460) (159)
Net change in:    
Interest receivable 4,263 2,122
Other assets 10,055 3,683
Interest payable and other liabilities (16,047) (1,273)
Net cash provided by operating activities 15,329 21,680
Cash flows (to) from investing activities    
Purchases of available-for-sale securities (213,955) (9,834)
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities 196,960 78,346
Proceeds from calls, pay-downs and maturities of held-to-maturity securities 10 5
Net change in interest-bearing time deposits (257) 0
Net change in loans 56,372 (68,393)
Purchase of government guaranteed loans 0 (61,987)
Purchase of premises and equipment (3,796) (1,464)
Proceeds from sale of premises and equipment 1,403 273
Proceeds from sale of foreclosed assets 619 4,758
Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock 2,021 (3,748)
Net redemptions (purchases) of correspondent and miscellaneous other stock (676) (537)
Proceeds from sale of other real estate owned 380 456
Proceeds from investments in tax credit structures and resulting contractual obligations 851 0
Proceeds from bank owned life insurance death benefits 0 4,308
Net cash (used in) provided by investing activities 52,750 (57,817)
Cash flows (to) from financing activities    
Net increase (decrease) in deposits 30,328 30,556
Net change in federal funds purchased and retail repurchase agreements (855) (474)
Net borrowings (repayments) on Federal Home Loan Bank line of credit 50,250 58,661
Proceeds from Federal Home Loan Bank term advances 159,454 300,000
Principal repayments on Federal Home Loan Bank term advances (302,204) (300,000)
Proceeds from Federal Reserve Bank borrowings 1,000 0
Principal payments on Federal Reserve Bank borrowings (1,000) 0
Proceeds from issuance of common stock, net 0 (73)
Proceeds from the exercise of employee stock options 0 33
Proceeds from employee stock purchase plan 524 446
Principal payments on other borrowings (22,486) 0
Purchase of treasury stock (22,682) 0
Net change in contractual obligations (530) (2,669)
Dividends paid on common stock (3,530) (2,708)
Net cash (used in) provided by financing activities (111,731) 83,772
Net change in cash and cash equivalents (43,652) 47,635
Cash and cash equivalents, beginning of period 607,817 383,747
Ending cash and cash equivalents 564,165 431,382
Supplemental cash flow information:    
Interest paid 36,858 21,865
Income taxes paid, net of refunds (229) 0
Supplemental noncash disclosures:    
Other real estate owned acquired in settlement of loans 27 113
Other repossessed assets acquired in settlement of loans 78 246
Frontier Holdings, LLC [Member]    
Cash flows (to) from investing activities    
Cash acquired in purchase of Frontier Holdings, LLC 12,818 0
Supplemental noncash disclosures:    
Total fair value of assets acquired in purchase of Frontier Holdings, LLC, net of cash 1,403,185 0
Total fair value of liabilities assumed in purchase of Frontier Holdings, LLC, net of cash $ 1,307,265 $ 0