v3.26.1
Condensed 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 $ 4,663 $ 3,870
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit loss expense (reversal) 770 (165)
Depreciation and amortization 132 96
Gain on sale of other real estate owned (5)
Deferred income tax benefit 39 81
Net (accretion) amortization of fees, premiums and discounts (65) 1
Stock-based compensation expense 431 296
(Increase) decrease in accrued interest receivable (373) 61
Amortization of right-of-use lease assets 106 32
Net decrease in operating lease liabilities (98) (28)
(Increase) decrease in other assets 1,178 (135)
Increase (decrease) in other liabilities 1,092 (974)
Net cash provided by operating activities 7,870 3,135
Cash flows from investing activities:    
Principal repayments of debt securities available for sale 278 261
Principal repayments of debt securities held-to-maturity 3 11
Net (increase) decrease in loans (131,943) 3,926
Proceeds from sale of other real estate owned 556
Purchases of premises and equipment (439) (283)
Purchase of debt securities available for sale (2,342)
Redemption of FHLB stock 350 1,801
Net cash used in investing activities (133,537) 5,716
Cash flows from financing activities:    
Net increase in deposits 161,133 80,739
Net decrease in FHLB Advances (10,000) (40,000)
Proceeds from conversion of preferred stock (1)
Proceeds from sale of common stock (net of offering costs of $11 and $16) (8) 236
Net cash provided by financing activities 151,124 40,975
Net increase in cash and cash equivalents 25,457 49,826
Cash and cash equivalents at beginning of the period 114,559 93,630
Cash and cash equivalents at end of the period 140,016 143,456
Cash paid during the period for:    
Interest 5,108 4,796
Income taxes 479
Supplemental noncash transactions:    
Net change in unrealized gain (loss) on debt securities available for sale, net of income taxes (135) 418
Amortization of unrealized loss on debt securities transferred to held-to-maturity $ 1 $ (1)