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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net Income (Loss) $ 44,245 $ 37,027 $ 40,858
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income taxes, net (3,513) 2,120 (775)
Tax credit investments recovery 224 0 (351)
Provision for credit losses 8,827 8,182 (3,868)
Depreciation, amortization and accretion, net 3,738 3,636 4,066
Share-based compensation 2,785 2,977 2,584
Net loss on disposal of fixed assets 10 73 0
Net loss on sale of tax credit investments 177 0 0
Amortization of tax credit investments 5,992 4,053 1,035
Bank-owned life insurance policy income (1,649) (1,494) (2,227)
Origination of loans for sale (167,548) (149,669) (124,915)
Sale of loans originated for sale 160,581 149,767 128,391
Gain on sale of loans originated for sale (1,942) (2,055) (2,537)
Net loss (gain) on repossessed assets 168 13 (429)
Return on investment in limited partnerships 3,311 4,922 721
Excess tax benefit from share-based compensation 186 194 264
Net payments on operating lease liabilities (1,453) (1,425) (1,470)
Net increase (decrease) in accrued interest receivable and other assets 6,218 (21,497) (7,728)
Net (decrease) increase in accrued interest payable and other liabilities (2,866) 15,468 5,026
Net cash provided by operating activities 57,491 52,292 38,645
Investing activities      
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 91,902 22,114 40,835
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 1,749 4,115 7,080
Proceeds from sale of available-for-sale securities 7,533 5,085 0
Purchases of available-for-sale securities (146,241) (106,967) (75,740)
Proceeds from sale of repossessed assets 18 25 71
Net increase in loans and leases (267,413) (408,618) (199,467)
Investments in limited partnerships (1,842) (1,413) (1,508)
Returns of investments in limited partnerships 704 7 17
Investment in tax credit investments (17,143) (24,160) (11,454)
Distribution from tax credit investments 174 101 474
Proceeds from sale of tax credit 1,879 0 0
Investment in Federal Home Loan Bank stock (24,945) (32,069) (45,660)
Proceeds from the sale of Federal Home Loan Bank stock 25,371 37,839 41,184
Purchases of leasehold improvements and equipment, net (223) (2,884) (3,223)
Proceeds from sale of leasehold improvements and equipment 30 0 0
Premium payment on bank owned life insurance policies (25) (24) (50)
Proceeds from bank owned life insurance claim 0 0 1,859
Proceeds from redemption of Trust II stock 0 0 315
Net cash used in investing activities (328,472) (506,849) (245,267)
Financing activities      
Net increase in deposits 310,361 628,573 210,283
Repayment of Federal Home Loan Bank advances (1,148,378) (1,698,730) (2,374,849)
Proceeds from Federal Home Loan Bank advances 1,132,228 1,563,851 2,422,429
Repayment of subordinated notes and debentures (15,000) 0 (9,090)
Repayment of junior subordinated debt 0 0 (10,076)
Proceeds from issuance of subordinated notes and debentures 20,000 15,000 20,000
Net increase (decrease) in long-term borrowed funds 283 (6,013) (5,132)
Cash dividends paid (8,320) (7,578) (6,688)
Preferred stock dividends paid (875) (875) (683)
Proceeds from issuance of common stock under ESPP 144 128 134
Proceeds from issuance of preferred stock 0 0 11,992
Purchase of treasury stock (1,270) (2,971) (6,126)
Net cash provided by financing activities 289,173 491,385 252,194
Net increase in cash and cash equivalents 18,192 36,828 45,572
Cash and cash equivalents at the beginning of the period 139,510 102,682 57,110
Cash and cash equivalents at the end of the period 157,702 139,510 102,682
Cash paid during the period for:      
Interest paid on deposits and borrowings 109,610 75,533 20,110
Net income taxes paid 158 7,456 8,038
Non-cash investing and financing activities:      
Transfer of repossessed assets to (from) loans 10 (190) (50)
Lease liability in exchange for right-of-use-asset $ 0 $ 0 $ 6,265