XML 25 R9.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements Of Changes Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Consolidated Statements Of Changes Of Cash Flows [Abstract]      
Net income $ 16,937 $ 18,164 $ 18,453
Adjustments to reconcile net income to net cash from operating activities:      
Provision for loan and lease losses 2,317 787 (1,600)
Depreciation 567 496 435
Amortization, net (1,024) (881) (2,505)
Deferred income tax expense 456 215 773
Originations of loans held for sale (10,800) (97,265) (2,358,511)
Proceeds from sale of loans held for sale 9,650 123,655 2,602,993
Net gains on sales of residential mortgage loans (119) (656) (5,916)
Net gains on sales of SBA loans (66) (353) (1,443)
Gain on sale of deposits     (1,893)
Write-down of premises and equipment 60 570 17
Loss on sale of other assets held for sale 13    
Earnings on bank owned life insurance (625) (598) (532)
Loss (gain) on redemption of life insurance policies   173 (383)
Stock-based compensation expense 1,172 899 707
Net change in:      
Accrued interest receivable and other assets (2,676) (6,475) 17,880
Operating lease right-of-use asset 687 568 461
Operating lease right-of-use liability (686) (594) (498)
Accrued interest payable and other liabilities 2,188 1,059 (15,135)
Net cash from operating activities 18,051 39,764 253,303
Cash flows used by investing activities:      
Available-for-sale securities: Maturities, prepayments and calls 2,013 3,517 5,030
Available-for-sale securities, Purchases     (13,070)
Purchase of bank owned life insurance     (8,000)
Loan and lease originations and payments, net (124,851) (364,759) (311,232)
Purchase of loans and leases   (3,698) (18,677)
Proceeds from the sale of loans 1,835 12,569 33,361
Additions to premises and equipment (661) (905) (2,962)
Purchase of FRB and FHLB Stock (540) (627) (1,468)
Purchase of other investments (1,200)   (1,500)
Purchase of investment- joint ventures (1,000)    
Return of investment-joint ventures 659 582 756
Proceeds from the sale of assets held for sale 1,892    
Proceeds from the redemption of life insurance policies     661
Proceeds from the sale of premises and equipment     371
Net cash used by investing activities (121,853) (353,321) (316,730)
Cash flows from financing activities:      
Net change in deposits 216,135 281,570 237,593
Cash paid for assumption of deposits in branch sale     (102,418)
Proceeds from FHLB advances and other debt 37,075 40,150 174,277
Repayments on FHLB advances and other debt (36,575) (20,450) (228,964)
Net change in warehouse line of credit     (70,013)
Net change in advances by borrowers for taxes and insurance (1,334) 761 1,723
Cash dividends paid on common stock (1,476) (1,153) (848)
Proceeds from exercise of stock options 84 387 185
Acquisition of treasury shares surrendered upon vesting of restricted stock and exercised options for payment of taxes and exercise proceeds (122) (173) (139)
Purchase of treasury shares (177) (2,339) (2,972)
Net cash from financing activities 213,610 298,753 8,424
Net change in cash and cash equivalents 109,808 (14,804) (55,003)
Beginning cash and cash equivalents 151,787 166,591 221,594
Ending cash and cash equivalents 261,595 151,787 166,591
Supplemental cash flow information:      
Interest paid 58,799 18,362 10,579
Income tax paid 3,975 2,450 3,850
Supplemental noncash disclosures:      
Loans transferred from held for sale to portfolio   1,674 16,611
Transfer from premises and equipment to assets held for sale   1,930  
Investment payable on limited liability corporation and limited partnership 889 8,097 7,764
Initial recognition of operating right-of-use lease asset 4,550   999
Initial recognition of operating right-of-use lease liability $ 4,550   $ 999
Redemption proceeds receivable on life insurance policy   $ 528