XML 14 R8.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net income $ 15,536 $ 16,161
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,921 1,855
Amortization of premium and accretion of discount on securities, net (59) 174
Amortization of restricted stock 2,846 3,138
Amortization of intangible assets 543 544
Amortization of subordinated debt costs 372 143
Provision for credit losses 11,057 4,538
Deferred tax benefit (2,691) (7,723)
Stock-based compensation and employee stock purchase plan expense 95 75
Fair value adjustment for equity security (237) 195
Gain on securities available for sale (7)  
Loans originated for sale [1] (13,423) (13,660)
Proceeds from sales of loans held for sale [1] 17,435 18,128
Gain on loans held for sale [1] (913) (939)
Gain on loans held for sale at lower of cost or fair value   (23)
Loss on disposal of fixed assets 6 4
Increase in cash surrender value of life insurance, net (258) (135)
Increase in accrued interest receivable (3,311) (2,858)
Decrease/(increase) in other assets 3,117 (31,520)
(Decrease)/increase in accrued expenses and other liabilities (23,959) 31,864
NET CASH PROVIDED BY OPERATING ACTIVITIES 8,070 19,961
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 348,176 312,459
Principal repayments, maturities and calls of securities held to maturity 2,971 2,701
Redemptions of FHLB and FRB stock 22,212 59,579
Proceeds from sales of securities available for sale 53,182  
Purchase of securities available for sale (364,303) (351,215)
Purchase of FHLB and FRB stock (21,306) (41,013)
Proceeds from sales of loans held for sale at lower of cost or fair value   23
Net (increase)/decrease in loans, net of participations sold (308,990) 160,853
Purchase of premises and equipment (9,610) (2,390)
Disposal of premises and equipment 16 16
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (277,652) 141,013
FINANCING ACTIVITIES:    
Net increase in deposits 234,101 382,092
Net decrease in short-term borrowings   (403,814)
Dividends paid on common stock (1,767) (1,774)
Restricted stock repurchased on vesting to pay taxes (1,249) (877)
Repayment of subordinated debt (35,000)  
Modification of restricted stock units distributed in cash   (4,336)
Issuance of shares for employee stock purchase plan 510 390
Shares repurchased (2,778) (4,597)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES 193,817 (32,916)
Net (decrease)/increase in cash and cash equivalents (75,765) 128,058
Cash and cash equivalents at beginning of period 391,367 187,671
Cash and cash equivalents at end of period 315,602 315,729
Cash paid during the period for:    
Interest 83,295 80,605
Income tax, net 8,412 1,251
Security purchases due from broker   9,981
Right-of-use asset obtained in exchange for operating lease liabilities $ 365 $ 28,321
[1] Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.