v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 21,082 $ 11,847
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for credit losses 2,325 1,450
Depreciation and other amortization 1,901 2,297
Accretion and amortization of securities discounts and premium, net (175) 221
Net change in operating leases 270 48
Gain on sale of real estate owned (3)
Stock-based compensation expense 1,325 1,142
Gain on sale of loans held for sale (2,916) (2,813)
Loans originated and held for sale (102,396) (102,716)
Proceeds from sale of loans held for sale 108,287 99,355
Increase in cash surrender value of bank owned life insurance (902) (816)
Decrease in deferred tax asset 1
(Increase) decrease in other assets (556) 2,450
Increase in other liabilities 576 5,591
Net cash provided by operating activities 28,818 18,057
Investing activities    
Increase in loans, net (186,905) (115,378)
Purchase of property and equipment (1,596) (221)
Purchase of investment securities:    
Available for sale (25,471)
Other investments (421) (24)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 7,826 5,397
Other investments (392)
Proceeds from the sale of real estate acquired in settlement of loans 529
Net cash used for investing activities (206,038) (110,618)
Financing activities    
Increase in deposits, net 218,649 200,564
Repayment of subordinated debentures (11,500)
Proceeds from issuance of common stock 61,275
Proceeds from the exercise of stock options 1,538 516
Restricted shares withheld for taxes (691) (350)
Net cash provided by financing activities 269,271 200,730
Net increase in cash and cash equivalents 92,051 108,169
Cash and cash equivalents at beginning of the period 269,583 162,863
Cash and cash equivalents at end of the period 361,634 271,032
Supplemental information    
Interest 50,288 52,945
Income taxes 7,066 4,654
Schedule of non-cash transactions    
Unrealized (loss) gain on securities, net of income taxes (918) 1,863
Foreclosure of other real estate 1,626 275
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases $ 5,761