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 loss $ (5,680) $ (335)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation of fixed assets 518 553
Net securities premium amortization 2 19
Amortization of debt issuance costs 2 1
Amortization of premium on loans purchased, net 161 322
Provision for credit losses 3,078 4,400
Accretion of discount on unguaranteed loans (804) (882)
Deferred tax benefit (7,221) (189)
Proceeds from sales of government guaranteed loans held for sale 665 76,557
Net (gains) losses on sales of government guaranteed loans 97 (7,327)
Change in fair value of government guaranteed loans HFI, at fair value 533 755
Amortization of loan servicing rights 1,246 1,726
Gain on sale of premises and equipment (13) 0
Non-qualified stock purchase plan expense 0 5
Stock based compensation expense 54 (26)
Income from bank owned life insurance (193) (183)
Impairment of equipment and software 1,249 0
Capitalization of subordinated debt interest 135 0
Changes in:    
Accrued interest receivable 738 2
Other assets 2,874 (359)
Accrued interest payable (175) 17
Other liabilities (472) (892)
Net cash provided by (used in) operating activities (3,206) 74,164
Cash flows from investing activities:    
Purchase of investment securities available for sale 0 (2,480)
Principal payments on investment securities available for sale 704 733
Call of investment securities held to maturity 0 2,500
Net purchase of nonmarketable equity securities (6) (954)
Purchase of time deposits in banks 0 (5)
Maturity of time deposits in banks 0 250
Loan originations/(payments), net 28,104 (92,636)
Purchase of premises and equipment (7) (73)
Loss on repossessed assets 59 0
Net cash provided by (used in) investing activities 28,854 (92,665)
Cash flows from financing activities:    
Net change in deposits (98,069) (14,962)
Net decrease in short-term borrowings 0 20,000
Payments on notes payable (114) (114)
Proceeds from issuance of common stock for benefit plans, net 18 (5)
Common share buyback - redeemed stock 0 (335)
Dividends paid on common stock 0 (332)
Dividends paid on preferred stock 0 (385)
Net cash provided by (used in) financing activities (98,165) 3,867
Net change in cash and cash equivalents (72,517) (14,634)
Cash and cash equivalents, beginning of period 206,982 77,788
Cash and cash equivalents, end of period 134,465 63,154
Supplemental cash flow information    
Interest paid 8,165 9,669
Income taxes paid 3 0
Supplemental noncash disclosures    
Net change in unrealized holding gains (losses) on investment securities available for sale, net of tax effect (94) 578
Transfer of government guaranteed loans HFI to loans HFS 762 70,882
Transfer of loans HFI to repossessed assets $ 319 $ 0