v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net Income $ 8,793 $ 6,010
Items not requiring (providing) cash    
Depreciation and amortization 1,155 1,090
Provision for credit losses 513 984
Expense of share-based compensation plan 365 341
Amortization of premiums and discounts on securities 206 209
Amortization of intangible assets 119 119
Amortization of originated mortgage servicing rights 1,026 762
Recovery of mortgage servicing rights (398) (170)
Proceeds from sale of loans held for sale 125,403 113,593
Originations of loans held for sale (129,446) (118,267)
Gain from sale of loans (2,725) (2,512)
Loss on sale of assets 1
Changes in    
Interest receivable 35 (391)
Other assets (1,670) 3,139
Interest payable & other liabilities 461 (1,829)
Net cash provided by operating activities 3,838 3,078
Investing Activities    
Purchases of available-for-sale securities (100)
Purchases of interest bearing time deposits (2,450)
Proceeds from maturities of interest bearing time deposits 1,135
Proceeds from maturities of available-for-sale securities 8,922 11,526
Proceeds from sales of available-for-sale securities 30,123
Net change in loans (10,294) (29,742)
Purchase of premises, equipment (595) (1,451)
Proceeds from sales of premises, equipment 48
Proceeds from bank owned life insurance 243
Purchase of Federal Reserve and Federal Home Loan Bank Stock (618) (126)
Proceeds from sale of Federal Home Loan Bank Stock 726
Proceeds from sale of foreclosed assets 30 10
Acquisition, net of cash acquired (paid) (3,014)
Net cash provided by (used in) investing activities (2,853) 7,226
Financing Activities    
market, interest checking & savings accounts 72,263 32,197
Net increase in time deposits 11,640 11,932
Net increase (decrease) in securities sold under agreements to repurchase (2,498) 5,055
Repayment of Federal Home Loan Bank advances (12,500) (1,000)
Stock repurchase plan (1,302) (3,030)
Cash dividends on common shares (1,979) (1,923)
Net cash provided by financing activities 65,624 43,231
Increase in cash and cash equivalents 66,609 53,535
Cash and cash equivalents, beginning of period 71,543 25,928
Cash and cash equivalents, end of period 138,152 79,463
Supplemental cash flow information    
Interest paid 13,451 12,339
Income taxes paid 1,475
Supplemental non-cash disclosure    
Transfer of loans to loans held for sale 236
Transfer of loans to foreclosed assets 871 294
In conjunction with the Marblehead acquisition, liabilities assumed were:    
Fair value of assets acquired 59,161
Cash paid in acquisition (5,009)
Liabilities assumed $ 54,152