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 $ 8,594 $ 5,422
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 582 683
Amortization of intangibles 8 16
Amortization of securities 109 348
Loss on sale of securities 3,462 0
Proceeds from loans held for sale 57,675 24,563
Loans held for sale originated (56,240) (24,008)
Gain on sale of loans held for sale (891) (552)
Provision for credit losses 578 1,083
Increase in interest receivable (379) (224)
Decrease in deferred tax asset 0 80
(Increase) decrease in other assets (1,927) 307
(Decrease) increase in other liabilities 3,819 (240)
Amortization of limited partnership investments 350 393
Amortization of debt issuance costs 9 21
Income from life insurance investment (430) (424)
Gain on sale of Bearing Insurance investment (4,836) 0
Gain on the sale of assets held for sale (2) 43
Gain on the sale of OREO 0 (73)
Stock-based compensation expense 249 194
Net cash provided by operating activities 10,730 7,546
Cash flows from investing activities    
Proceeds from maturity of investments available for sale 6,298 21,360
Proceeds from sales of investments available for sale 26,309 0
Purchases of investments available for sale (49,016) (40,863)
Proceeds from paydowns of mortgage-backed securities 22,324 12,761
Investment in restricted stock, net (110) (5)
Proceeds from sale of Bearing Insurance investment 5,060 0
Net (increase) decrease in loans held for investment (39,342) (9,543)
Proceeds from the sale of assets held for sale 3 0
Proceeds from the sale of OREO 0 150
Net purchase of property and equipment (805) (267)
Net cash used by investing activities (29,279) (16,407)
Cash flows from financing activities    
Net change in deposits 12,238 1,346
Dividends paid in cash (1,857) (1,844)
Proceeds from issuance of common stock 205 108
Repurchase of shares for tax withholding (136) 17
Net cash provided by (used by) financing activities 10,450 (373)
Net decrease in Cash and Cash Equivalents (8,099) (9,234)
Cash and cash equivalents, beginning of period 68,853 56,507
Cash and cash equivalents, end of period 60,754 47,273
Supplemental Cash Flow information:    
Cash paid for: Interest 12,186 13,539
Taxes 1,194 450
Supplemental non-cash disclosures:    
Change in unrealized gain on securities available for sale $ 1,615 $ 5,957