v3.26.3
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 32,484 $ 26,089
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,000 1,875
Depreciation and amortization 1,331 1,414
Amortization and accretion, net (2,701) (2,144)
Deferred income taxes 144 547
Investment securities losses (gains), net (373) (56)
Earnings on bank owned life insurance (2,022) (1,064)
Vesting of restricted stock 177 296
Originations of loans held for sale - residential mortgages (106,647) (117,364)
Proceeds from sales of loans held for sale - residential mortgages 104,953 115,131
Realized gains on loans sold (1,545) (1,720)
Increase in accrued interest receivable (2,486) (1,105)
Increase (decrease) in accrued interest payable 441 (939)
Other, net (1,567) (1,156)
Net cash provided by operating activities 23,189 19,804
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturity and principal repayments 61,018 55,149
Purchase of securities (109,076) (68,404)
Purchase of equity securities (764) 0
Purchase of interest bearing time deposits with other banks (100) 0
Proceeds from life insurance 393 272
Purchase of bank owned life insurance (22,000) 0
Proceeds from matured interest bearing time deposits with other banks 844 0
Proceeds from redemption of regulatory stock 31,745 24,124
Purchase of regulatory stock (37,695) (24,290)
Originations of loans held for sale - student loans (377,172) (314,035)
Proceeds from sales of loans held for sale - student loans 211,239 314,759
Net decrease (increase) in loans (115,479) (20,110)
Purchase of premises and equipment (646) (1,225)
Proceeds from sale of premises and equipment 0 13
Investments in low income housing partnerships (63) 0
Proceeds from sale of foreclosed assets held for sale 0 170
Net cash used in investing activities (357,756) (33,577)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 132,399 29,175
Repayments of long-term borrowings (10,000) (37,000)
Net increase in short-term borrowed funds 212,807 17,942
Purchase of treasury and restricted stock (318) (373)
Issuance of common stock for ESPP 52 48
Dividends paid (7,306) (7,146)
Net cash provided by financing activities 327,634 2,646
Net decrease in cash and cash equivalents (6,933) (11,127)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 34,291 42,202
CASH AND CASH EQUIVALENTS AT END OF PERIOD 27,358 31,075
Supplemental Disclosures of Cash Flow Information:    
Interest paid 43,690 47,166
Income taxes paid 6,000 4,000
Loans transferred to foreclosed property 2,103 40
Right of use asset and liability 818 702
Stock Dividend 0 2,844
Investments in low income partnerships $ 937 $ 0