v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net Income (Loss) $ 12,200 $ 11,171
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net (68) 153
Provision for credit losses 2,960 2,659
Depreciation, amortization and accretion, net 929 871
Share-based compensation 647 651
Net (gain) loss on sale of tax credit investments (7) 110
Amortization of tax credit investments 1,891 1,592
Bank-owned life insurance policy income (757) (437)
Origination of loans for sale (52,483) (51,542)
Sale of loans originated for sale 48,224 55,479
Gain on sale of loans originated for sale (592) (963)
Net loss on repossessed assets 0 (8)
Return on investment in limited partnerships 295 0
Excess tax benefit from share-based compensation 187 379
Net payments on operating lease liabilities (402) (398)
Net (decrease) increase in accrued interest receivable and other assets (5,745) (6,098)
Net (increase) decrease in accrued interest payable and other liabilities (4,228) (2,318)
Net cash provided by operating activities 3,051 11,301
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 20,237 11,433
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 411 148
Purchases of available-for-sale securities (21,514) (24,789)
Proceeds from sale of repossessed assets 0 23
Net increase in loans and leases (127,825) (74,683)
Investments in limited partnerships (910) (1,212)
Returns of investments in limited partnerships 8 14
Investment in tax credit investments (6,656) (9,783)
Distributions from tax credit investments 140 0
Proceeds from sale of tax credit investments 69 319
Investment in Federal Home Loan Bank stock (3,465) (9,782)
Proceeds from the sale of Federal Home Loan Bank stock 1,163 10,964
Purchases of leasehold improvements and equipment, net (135) (80)
Purchases of bank owned life insurance policies (25) 0
Net cash used in investing activities (138,502) (97,428)
Financing activities    
Net increase in deposits 185,587 135,903
Repayment of Federal Home Loan Bank advances (85,979) (578,724)
Proceeds from Federal Home Loan Bank advances 137,349 545,238
Net increase in long-term borrowed funds 30 27
Cash dividends paid (2,899) (2,442)
Preferred stock dividends paid (219) (219)
Proceeds from issuance of common stock under ESPP 33 36
Purchase of treasury stock (811) (777)
Net cash provided by financing activities 233,091 99,042
Net increase in cash and cash equivalents 97,640 12,915
Cash and cash equivalents at the beginning of the period 39,485 157,702
Cash and cash equivalents at the end of the period 137,125 170,617
Cash paid during the period for:    
Interest paid on deposits and borrowings 26,920 26,432
Net income taxes received $ (305) $ (20)