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 $ 21,943 $ 14,433
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 396 602
Credit loss expense (benefit) (1,066) 3,870
Loss on sale of investment securities available for sale 13 0
Forfeiture of common stock (24) (132)
Share-based compensation 12 5
Compensation expensed through issuance of common stock 247 291
(Provision) benefit for deferred income taxes 1,342 (793)
Purchase of state tax credits (1,363) 0
Net loss on sale of other real estate owned and other repossessed assets 6 125
Loss from equity method investments 78 115
Net loss on the disposal of property (6) 0
Increase in accrued interest receivable (2,323) (2,386)
Net accretion of discount on investment securities (1,019) (696)
(Increase) decrease in other assets 700 (1,459)
Amortization of operating lease right of use assets 64 65
Amortization of tax credit real estate investments 279 650
(Increase) decrease in accrued interest payable and other liabilities (970) 2,429
Loans originated for sale (56,029) (23,999)
Proceeds on sales of loans 59,376 22,170
Net gain on sales of loans (515) (244)
Net cash and cash equivalents provided by operating activities 21,153 15,046
Cash Flows from Investing Activities    
Proceeds from maturities of investment securities available for sale 28,818 68,359
Proceeds from sales of investment securities available for sale 134 0
Purchases of investment securities available for sale (39,810) (28,247)
Proceeds from sale of stock of Federal Home Loan Bank 20,109 16,821
Purchases of stock of Federal Home Loan Bank (10,833) (14,503)
Loans made to customers, net of collections (16,047) (31,242)
Proceeds on sale of other real estate owned 52 241
Purchases of property and equipment (615) (468)
Net cash and cash equivalents provided by (used in) investing activities (18,192) 10,961
Cash Flows from Financing Activities    
Net increase in deposits 231,783 132,213
Net decrease in other short-term borrowings (206,695) (546,636)
Principal payments on short-term FHLB borrowings (577,224) (221,871)
Proceeds from the issuance of short-term FHLB borrowings 577,224 324,721
Principal payments on long-term FHLB borrowings (250) 0
Proceeds from the issuance of long-term FHLB borrowings 0 280,000
Purchase of common stock (3,130) (2,398)
Proceeds from the issuance of common stock through the employee stock purchase plan 101 94
Dividends paid (10,805) (10,316)
Net cash and cash equivalents provided by (used in) financing activities 11,004 (44,193)
Increase (decrease) in cash and cash equivalents 13,965 (18,186)
Cash and cash equivalents:    
Beginning of period 42,114 123,399
End of period 56,079 105,213
Cash payments for:    
Interest paid to depositors 12,886 15,198
Interest paid on other obligations 5,911 11,137
Income taxes paid 5,457 0
Noncash activities:    
Increase in maximum cash obligation related to ESOP shares 4,046 2,261
Transfers to other real estate owned 118 492
Property acquired through extinguishment of loan receivable 981 0
Tax credits acquired through extinguishment of loan receivable 602 0
Contributions payable for investment in tax credit real estate included in other liabilities $ 0 $ 1,247