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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 17,209 $ 5,517
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 372 243
Premium amortization (discount accretion) and on investment securities, net (325) 1,263
Recapture of impairment loss on securities previously recognized in earnings (3) (12)
Fair value adjustment (gain) loss on equity security (11) 15
Provision for (recapture of) loan credit losses (113) (82)
Provision for (recapture of) securities credit losses (297) 804
Loss on sale of securities 65 312
Gain on sale of mortgage loans (25) 0
Origination of loans held for sale (2,537) (415)
Proceeds from sale of loans 2,562 0
Changes in assets and liabilities:    
Increase in accrued interest receivable and other assets (1,211) (585)
Decrease in accrued interest payable, accrued expenses and other liabilities 1,831 244
Net cash provided by operating activities 17,517 7,304
Securities available for sale:    
Purchases of securities (111,508) (3,474)
Proceeds from calls, maturities, paydowns and sales 80,964 28,378
Securities held to maturity:    
Proceeds from calls, maturities and paydowns 5,471 248
Purchase of restricted securities, net (273) (112)
Reinvestment of dividends on equity security (11) (9)
Net decrease in loans 4,112 9,679
Purchases of premises and equipment (127) (48)
Net cash (used in) provided by investing activities (21,372) 34,662
Cash flows from financing activities    
Net increase in noninterest-bearing, savings, interest-bearing checking and money market deposits 326,716 109,142
Net (decrease) increase in time deposits (4,873) 4,673
Increase in short-term borrowings 5,000 0
Proceeds from stock issuance 12 0
Net cash provided by financing activities 326,855 113,815
Net increase in cash and cash equivalents 323,000 155,781
Cash and cash equivalents, beginning of period 316,767 98,663
Cash and cash equivalents, end of period 639,767 254,444
Supplemental disclosures of cash flow information    
Cash payments for interest 2,882 3,087
Cash payments for taxes 2,551 1,047
Supplemental disclosures of noncash investing activities    
Net securities loss reclassified into earnings $ 4,439 $ 666