v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 9,021 $ 5,436
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,445 0
Depreciation, amortization and accretion 31 379
Increase in deferred loan origination fees, net (222) (306)
Earnings on bank-owned life insurance policies [1] (106) (90)
Repayment of operating lease liabilities 552 629
Stock-based compensation expense 837 820
Net decrease in accrued interest receivable and other assets 2,492 345
Net decrease in accrued interest payable and other liabilities (5,806) (2,956)
Net cash provided by operating activities 8,244 4,257
Investing activities    
Proceeds from paydowns/maturities of available-for-sale debt securities 6,286 6,807
Net (increase) / decrease in loans (26,941) 24,104
Purchase of premises and equipment (9) (23)
Net cash (used in) / provided by investing activities (20,664) 30,888
Financing activities    
Net increase in deposits 13,246 38,133
Restricted stock issued, net (660) (978)
Repurchase of common stock (693) 0
Net proceeds / (repayment) from overnight borrowings (5,000) (45,000)
Net proceeds / (repayment) from Federal Reserve Bank borrowings 0 0
Net proceeds / (repayment) from Federal Home Loan Bank borrowings 0 15,000
Net cash provided by financing activities 6,893 7,155
Net change in cash and cash equivalents (5,527) 42,300
Cash and cash equivalents at beginning of period 154,569 82,701
Cash and cash equivalents at end of period 149,042 125,001
Supplemental disclosure of cash flow information:    
Interest expense 12,485 15,739
Income taxes, net of refunds 337 (41)
Supplemental non-cash disclosures:    
Recording of right-of-use assets in exchange for lease liabilities 0 439
Change in unrealized losses / (gains) on available-for-sale debt securities, net of tax $ 1,036 $ (4,958)
[1] Not within the scope of ASC 606.