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 (loss) $ 13,704 $ (13,906)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Provision for (reversal of) credit losses 0 13,163
Depreciation 881 645
Amortization 4,048 2,989
Accretion on purchased loans (2,691) (2,921)
Accretion of derivative termination (gain) loss (191) 73
Compensation expense on employee stock purchase plan, stock options, and restricted stock units 298 190
Net losses (gains) on sales of available for sale securities 203 0
Net change in market value of equity securities (26) (107)
Gains on sales of loans (408) (444)
Loans originated for sale (19,525) (12,127)
Proceeds from loan sales 16,958 15,725
Earnings on bank-owned life insurance (584) (389)
(Gains) on sales of other real estate owned (9) 0
Deferred federal income tax (benefit)/expense 1,053 (3,689)
Net change in:    
Other assets (5,849) 42
Other liabilities (8,039) (8,637)
Net cash (used in) provided by operating activities (177) (9,393)
Cash flows from investing activities:    
Sales of securities available for sale 4,235 78,856
Maturities, prepayments and calls of securities available for sale 8,229 4,477
Maturities, prepayments and calls of securities held to maturity 679 4,060
Purchases of securities available for sale (34,520) (371)
Purchases of equity securities (46) (75)
Purchases of securities held to maturity (250) (904)
Purchase of Federal Home Loan Bank stock 0 (7,050)
Loan originations and payments, net 41,374 5,022
Proceeds from sales of other real estate owned 248 0
Purchase of bank-owned life insurance policies (10,923) 0
Additions to premises and equipment (1,524) (835)
Proceeds from derivative contracts settlements 7,062 3,636
Cash received from merger with Fentura Financial, Inc. 0 173,082
Net cash provided by (used in) investing activities 14,564 259,898
Cash flows from financing activities:    
Net change in deposits 67,366 5,745
Net change in short term borrowings (80,000) (207,501)
Issuance of common stock 255 172
Repurchase of common stock (1,441) (2,059)
Cash dividends (4,337) (4,192)
Net provided by (used in) financing activities (18,157) (207,835)
Net change in cash and cash equivalents (3,770) 42,670
Beginning cash and cash equivalents 87,988 96,751
Ending cash and cash equivalents 84,218 139,421
Supplemental disclosures of cash flow information:    
Cash paid for interest 17,262 11,573
Cash paid for income taxes 0 0
Noncash transactions:    
Loans transferred to other real estate 0 157
Acquisition of assets from merger, net of cash 0 1,578,547
Acquisition of liabilities from merger 0 1,625,421
Issuance of common stock as consideration for merger $ 0 $ 192,992