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 $ 16,668 $ 11,233
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 4,234 925
Depreciation, amortization and accretion 28 760
Increase in deferred loan origination fees, net 44 (245)
Earnings on bank-owned life insurance policies [1],[2] (1,603) (183)
Repayment of operating lease liabilities 1,108 1,175
Stock-based compensation expense 1,651 1,591
Net decrease (increase) in accrued interest receivable and other assets 2,601 (2,710)
Net decrease in accrued interest payable and other liabilities (624) (1,876)
Net cash provided by operating activities 24,107 10,670
Investing activities    
Purchase of available-for-sale debt securities (30,329) (1,944)
Proceeds from paydowns/maturities of available-for-sale debt securities 14,226 14,585
Proceeds from the death benefit of bank-owned life insurance policies 3,205 0
Net increase in loans (80,378) (46,477)
Purchase of premises and equipment (9) (58)
Net cash used in investing activities (93,285) (33,894)
Financing activities    
Net increase in deposits 135,875 111,426
Restricted stock issued, net (664) (980)
Repurchase of common stock (693) 0
Net (repayment) / proceeds from overnight borrowings (60,000) 5,000
Net (repayment) / proceeds from Federal Home Loan Bank borrowings 0 (45,000)
Net cash provided by financing activities 74,518 70,446
Net change in cash and cash equivalents 5,340 47,222
Cash and cash equivalents at beginning of period 154,569 82,701
Cash and cash equivalents at end of period 159,909 129,923
Supplemental disclosure of cash flow information:    
Interest expense 25,493 31,222
Income taxes, net of refunds 1,880 4,601
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 $ 1,736 $ (6,172)
[1] Includes $1.3 million in income related to bank-owned life insurance (“BOLI”) death benefits for the three and six months ended June 30, 2026.
[2] Not within the scope of ASC 606.