v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income $ 47,955 $ 33,085
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 1,112 1,198
Credit loss expense (benefit) (2,524) 5,007
Loss on sale of investment securities available for sale 13 0
Gain on sale of VISA Class B shares (1,693) 0
Forfeiture of common stock (286) (217)
Share-based compensation 25 12
Compensation expensed through issuance of common stock 582 446
(Provision) benefit for deferred income taxes 2,920 (9,056)
Purchase of state tax credits (647) 0
Net (gain) loss on sale of other real estate owned and other repossessed assets (117) 366
Loss from equity method investments 155 219
Net loss on the disposal of property and impairments of property (55) 0
Increase in accrued interest receivable (458) (1,384)
Net accretion of discount on investment securities (2,073) (1,450)
Increase in other assets (736) (183)
Amortization of operating lease right of use assets 133 131
Amortization of tax credit real estate investments 559 954
Increase in accrued interest payable and other liabilities (1,253) (3,787)
Loans originated for sale (118,397) (74,751)
Proceeds on sales of loans 118,859 73,612
Net gain on sales of loans (1,021) (703)
Net cash and cash equivalents provided by operating activities 43,163 23,499
Cash Flows from Investing Activities    
Proceeds from maturities of investment securities available for sale 86,058 133,112
Proceeds from sales of investment securities available for sale 134 0
Proceeds from sale of VISA Class B shares 1,693 0
Purchases of investment securities available for sale (146,484) (114,060)
Proceeds from sale of stock of Federal Home Loan Bank 36,499 23,857
Purchases of stock of Federal Home Loan Bank (35,180) (29,115)
Loans made to customers, net of collections (87,625) (79,243)
Proceeds on sale of other real estate owned 263 486
Purchases of property and equipment (926) (1,223)
Earnest money payments (2,000) 0
Investment in tax credit real estate 0 (1,230)
Net cash and cash equivalents used in investing activities (147,568) (67,416)
Cash Flows from Financing Activities    
Net increase (decrease) in deposits 149,642 (13,927)
Net decrease in other short-term borrowings (289,606) (155,188)
Principal payments on short-term FHLB borrowings (577,224) (412,396)
Proceeds from the issuance of short-term FHLB borrowings 647,224 370,246
Principal payments on long-term FHLB borrowings (500) (103,067)
Proceeds from the issuance of long-term FHLB borrowings 190,000 305,000
Purchase of common stock (4,521) (7,518)
Proceeds from the issuance of common stock through the employee stock purchase plan 192 177
Dividends paid (10,805) (10,316)
Net cash and cash equivalents provided by (used in) financing activities 104,402 (26,989)
Decrease in cash and cash equivalents (3) (70,906)
Cash and cash equivalents:    
Beginning of period 42,114 123,399
End of period 42,111 52,493
Cash payments for:    
Interest paid to depositors 26,067 29,755
Interest paid on other obligations 10,959 18,161
Income taxes paid 13,557 5,211
Noncash activities:    
Increase in maximum cash obligation related to ESOP shares 5,954 2,670
Transfers to other real estate owned 429 868
Sale and financing of other real estate owned 346 353
Property acquired through extinguishment of loan receivable 981 0
Tax credits acquired through extinguishment of loan receivable 2,353 0
Purchases of investment securities available for sale not settled $ 2,960 $ 8,200