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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 16,853 $ 4,935
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation on premises and equipment 546 370
Intangible asset amortization 948 65
Amortization of (discounts) premiums of debt securities (218) (127)
Gain on sale of loans (577) (415)
Loss on sale and disposal of fixed assets 1 0
Loans originated for sale (8,955) (1,777)
Proceeds from sales of and principal collected on loans held for sale 9,569 6,778
Reversal of credit losses (3,776) (331)
Deferred income tax expense 5,566 1,638
Stock-based compensation 1,480 895
Increase in cash surrender value of bank owned life insurance (231) (261)
Accretion of net discounts and deferred loan fees (6,120) (603)
Net decrease in other items (8,103) (3,114)
Net cash provided by operating activities 6,983 8,053
INVESTING ACTIVITIES    
Proceeds from maturities and paydowns of debt securities available for sale 13,878 2,941
Purchases of debt securities available for sale 0 (2,041)
Net change in stock investments 241 96
Net repayment (funding) of loans 87,321 61,609
Purchases of premises and equipment (105) (89)
Net cash provided by investing activities 101,335 62,516
FINANCING ACTIVITIES    
Net decrease in deposits (56,224) (13,017)
Repayment of Federal Home Loan Bank advances 0 (58,000)
Proceeds from exercise of stock options 40 706
Repurchase of common shares (1,055) (509)
Net cash used in financing activities (57,239) (70,820)
Net change in cash and cash equivalents 51,079 (251)
Cash and cash equivalents at beginning of period 388,162 86,793
Cash and cash equivalents at end of period 439,241 86,542
Supplemental Disclosures of Cash Flow Information:    
Interest paid 16,965 9,593
Taxes paid 0 0
Lease liability arising from obtaining right-of-use assets 0 0
Loans transferred to loans held for sale 0 0
Loans transferred to other real estate owned $ 0 $ 13,004