v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 32,789 $ 29,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,244 3,214
Amortization of servicing assets - net 1,372 1,366
Share-based compensation expense 1,756 1,735
Credit loss expense 10,352 1,188
(Gain) loss on sales of SBA loans (4,161) (3,126)
Origination of loans held for sale (108,610) (47,595)
Proceeds from sales of loans 80,730 51,070
(Gain) loss on sales of residential loans (175) (808)
Change in bank-owned life insurance 183 131
Change in prepaid expenses and other assets (4,681) 4,730
Change in income tax assets (988) (4,087)
Change in accrued interest payable and other liabilities (4,958) (5,399)
Net cash provided by operating activities 6,853 32,034
Cash flows from investing activities:    
Purchases of securities available for sale (101,004) (78,454)
Proceeds from matured, called and repayment of securities 109,626 58,848
Purchases of loans receivable (44,631) (24,656)
Proceeds from sales of residential mortgage loans 0 50,352
Purchases of premises and equipment (832) (1,563)
Proceeds from disposition of premises and equipment 14 0
Proceeds from sales of other real estate owned ("OREO") 713 0
Change in loans receivable, excluding purchases and sales (33,736) (21,956)
Net cash used in investing activities (69,850) (17,429)
Cash flows from financing activities:    
Change in deposits 293,346 48,765
Change in open FHLB advances (135,000) (32,500)
Cash paid for employee vested shares surrendered due to employee tax liability (938) (518)
Repurchase of common stock (2,754) (4,326)
Cash dividends paid (16,407) (15,271)
Net cash provided by (used in) financing activities 138,247 (3,850)
Net increase in cash and due from banks 75,250 10,755
Cash and due from banks at beginning of year 304,800 302,324
Cash and due from banks at end of period 380,050 313,079
Supplemental disclosures of cash flow information:    
Interest paid 92,615 90,586
Income taxes paid 13,590 22,365
Non-cash activities:    
Transfer of fixed assets to other real estate owned 0 655
Income tax (expense) benefit related to other comprehensive income items (6,484) 2,796
Change in Right-of-use Asset Obtained in Exchange for Lease Liability $ (3,814) $ (1,932)

Source