Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 76,089 $ 62,201 $ 80,041
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,333 3,243 3,436
Amortization of servicing assets - net 2,324 2,675 2,342
Share-based compensation expense 3,598 3,575 2,681
Credit loss expense 14,439 4,419 4,342
Loss on sales of securities     1,871
Gain on sales of SBA loans (7,808) (6,112) (5,701)
Origination of loans held for sale (128,900) (135,806) (104,998)
Proceeds from sales of loans 254,358 141,428 107,671
Gain on sales of residential mortgage loans (1,913) (1,469)  
Change in bank-owned life insurance 471 (833) (791)
Loss (gain) on sale of fixed assets 40 (816) (3,957)
Change in prepaid expenses and other assets (969) 6,312 (28,035)
Change in income tax assets (6,077) (9,716) 9,783
Valuation adjustment on servicing assets 54   (385)
Change in accrued interest payable and other liabilities (3,031) (16,545) 40,955
Net cash provided by operating activities 206,008 52,556 109,255
Cash flows from investing activities:      
Purchases of securities available for sale (173,091) (196,361) (106,971)
Proceeds from matured, called and repayment of securities 233,310 156,160 105,848
Proceeds from sales of securities available for sale     8,149
Purchases of loans (50,978) (75,159) (9,657)
Proceeds from sales of residential mortgage loans   50,352  
Purchases of premises and equipment (2,307) (2,620) (2,419)
Proceeds from disposition of premises and equipment 14 2,803 7,229
Proceeds from sales of other real estate owned ("OREO") 712 2,273  
Change in loans, excluding purchases and sales (391,977) (43,533) (213,629)
Net cash used in investing activities (384,317) (106,084) (211,450)
Cash flows from financing activities:      
Change in deposits 241,874 155,202 112,502
Change in open FHLB advances (225,000) 12,500 (25,000)
Proceeds from FHLB term advances 50,000 50,000  
Repayments of FHLB term advances 62,500 (125,000)  
Proceeds from exercise of stock options   582  
Cash paid for employee vested shares surrendered due to employee tax liability (996) (586) (785)
Repurchase of common stock (9,404) (6,314) (4,084)
Cash dividends paid (32,623) (30,380) (30,535)
Net cash provided by financing activities 86,351 56,004 52,098
Net increase (decrease) in cash and due from banks (91,958) 2,476 (50,097)
Cash and due from banks at beginning of year 304,800 302,324 352,421
Cash and due from banks at end of period 212,842 304,800 302,324
Supplemental disclosures of cash flow information:      
Interest expense paid 174,779 200,491 116,543
Income taxes paid 35,825 41,674 16,536
Non-cash activities:      
Transfer of fixed assets to other real estate owned 1,995 655  
Transfer of loans to loans held for sale 41,897 45,501  
Income tax (expense) benefit related to other comprehensive income items (10,755) (482) (6,915)
Right-of-use asset obtained in exchange for lease liability $ 3,517 $ 4,254 8,109
Cashless exercise of stock options     $ 821