v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 26,167,000 $ (372,000)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Provision for (reversal of) credit losses 550,000 13,813,000
Depreciation 1,798,000 1,529,000
Amortization 7,872,000 7,518,000
Accretion on purchased loans (5,124,000) (6,413,000)
Accretion of derivative termination (gain) loss (500,000) (197,000)
Compensation expense on employee stock purchase plan, stock options, and restricted stock units 564,000 382,000
Net losses (gains) on sales of available for sale securities 2,136,000 0
Net change in market value of equity securities (85,000) (346,000)
Gains on sales of loans (874,000) (799,000)
Loans originated for sale (33,472,000) (25,905,000)
Proceeds from loan sales 37,261,000 26,033,000
Earnings on bank-owned life insurance (1,290,000) (930,000)
Earnings on death benefit from bank-owned life insurance 0 (303,000)
Write downs of OREO 0 34,000
(Gains) on sales of other real estate owned (106,000) (46,000)
Deferred federal income tax (benefit)/expense 997,000 (554,000)
Net change in:    
Other assets (3,294,000) (214,000)
Other liabilities (2,833,000) (10,744,000)
Net cash provided by operating activities 29,767,000 2,486,000
Cash flows from investing activities:    
Sales of securities available for sale 29,533,000 78,856,000
Maturities, prepayments and calls of securities available for sale 15,730,000 15,417,000
Maturities, prepayments and calls of securities held to maturity 2,907,000 9,325,000
Purchases of securities available for sale (45,535,000) (13,560,000)
Purchases of equity securities (59,000) (90,000)
Purchases of securities held to maturity (1,864,000) (2,610,000)
Purchase of Federal Home Loan Bank stock (2,761,000) (7,239,000)
Proceeds from redemption of Federal Home Loan Bank stock 5,500,000 0
Loan originations and payments, net (6,098,000) 11,571,000
Purchase of loan pools (39,887,000) 0
Proceeds from sales of other real estate owned 761,000 621,000
Purchase of bank-owned life insurance policies (10,923,000) 0
Proceeds from bank owned life insurance death benefits claim 0 940,000
Additions to premises and equipment (4,337,000) (2,910,000)
Proceeds from derivative contracts settlements 7,062,000 3,636,000
Issuance costs 0 (8,000)
Cash received from merger with Fentura Financial, Inc. 0 173,082,000
Net cash provided by (used in) investing activities (49,971,000) 267,031,000
Cash flows from financing activities:    
Net change in deposits 1,807,000 (53,360,000)
Net change in short term borrowings 30,000,000 (146,501,000)
Issuance of common stock 499,000 432,000
Repurchase of shares from Fentura Financial, Inc. ESOP 0 (1,837,000)
Repurchase of common stock (2,516,000) 0
Share based compensation withholding obligation (252,000) (327,000)
Cash dividends (8,673,000) (8,395,000)
Net provided by (used in) financing activities 20,865,000 (209,988,000)
Net change in cash and cash equivalents 661,000 59,529,000
Beginning cash and cash equivalents 87,988,000 96,751,000
Ending cash and cash equivalents 88,649,000 156,280,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 33,317,000 29,084,000
Cash paid for income taxes 0 2,840,000
Noncash transactions:    
Loans transferred to other real estate 0 843,000
Acquisition of assets from merger, net of cash 0 1,578,547,000
Acquisition of liabilities from merger 0 1,625,421,000
Issuance of common stock as consideration for merger $ 0 $ 192,992,000