Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 17,672 $ 15,164
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,592 1,604
Amortization of servicing assets - net 692 694
Share-based compensation expense 873 775
Credit loss expense 2,721 227
(Gain) loss on sales of SBA loans (2,000) (1,482)
Origination of SBA loans held for sale (35,420) (17,632)
Proceeds from sales of loans 43,837 26,555
(Gain) loss on sales of residential loans (175) (443)
Change in bank-owned life insurance (308) (304)
Change in prepaid expenses and other assets 1,160 5,564
Change in income tax assets 2,660 1,707
Change in accrued interest payable and other liabilities (7,460) (2,446)
Net cash provided by operating activities 25,844 29,983
Cash flows from investing activities:    
Purchases of securities available for sale (32,466) (38,424)
Proceeds from matured, called and repayment of securities 45,141 26,233
Purchases of loans receivable (34,301) (10,198)
Proceeds from sales of mortgage loans 0 30,427
Purchases of premises and equipment (263) (794)
Proceeds from disposition of premises and equipment 14 0
Change in loans receivable, excluding purchases and sales (8,608) (16,729)
Net cash used in investing activities (30,483) (9,485)
Cash flows from financing activities:    
Change in deposits 183,699 95,486
Change in open FHLB advances (145,000) (152,500)
Cash paid for employee vested shares surrendered due to employee tax liability (579) (490)
Repurchase of common stock (1,125) (1,594)
Cash dividends paid (8,153) (7,686)
Net cash provided by (used in) financing activities 28,842 (66,784)
Net increase (decrease) in cash and due from banks 24,203 (46,286)
Cash and due from banks at beginning of year 304,800 302,324
Cash and due from banks at end of period 329,003 256,038
Supplemental disclosures of cash flow information:    
Interest paid 49,343 50,238
Income taxes paid 550 175
Non-cash activities:    
Income tax benefit (expense) related to other comprehensive income items (4,256) 2,343
Change in Right-of-use Asset Obtained in Exchange for Lease Liability $ (4,442) $ (1,873)