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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Operating Activities:        
Net income $ 8,199 $ 6,613 $ 5,577 $ 4,830
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:        
Depreciation and amortization of premises and equipment 897     789
Amortization of software 288     287
Intangible asset amortization 0     4
Amortization of investment security premium, net of discount accretion 111     130
Unrealized (gain) loss on marketable equity securities (314)     223
Stock-based compensation 208     140
Deferred loan fees and amortization, net of costs (316)     15
Provision for credit losses 149     360
Additions to home mortgage servicing rights carried at fair value (517)     (463)
Change in fair value of home mortgage servicing rights carried at fair value 26     795
Change in fair value of commercial servicing rights carried at fair value 144     123
Gain on sale of loans (1,979)     (1,305)
Proceeds from the sale of loans held for sale 74,459     55,583
Origination of loans held for sale (84,324)     (50,725)
Gain on sale of other real estate owned (392)     0
Net changes in assets and liabilities:        
(Increase) in accrued interest receivable (1,303)     (941)
Decrease in other assets 2,345     1,222
(Decrease) in other liabilities (3,226)     (6,718)
Net Cash (Used) Provided by Operating Activities (5,545)     4,349
Investment in securities:        
Purchases of investment securities available for sale 0     (6,000)
Purchases of FHLB stock (266)     (6)
Proceeds from sales/calls/maturities of securities available for sale 45,640     13,285
Proceeds from redemption of FHLB stock 10     70
Increase in purchased receivables, net (856)     (1,196)
Increase in loans, net (21,280)     (33,630)
Proceeds from sale of other real estate owned 392     0
Purchases of software 0     (90)
Purchases of premises and equipment (1,040)     (1,131)
Net Cash Provided (Used) by Investing Activities 22,600     (28,698)
Financing Activities:        
(Decrease) in deposits (50,972)     (90,938)
(Decrease) in borrowings (106)     (104)
Repurchase of common stock (788)     (1,327)
Cash dividends paid (3,355)     (3,421)
Net Cash Used by Financing Activities (55,221)     (95,790)
Net Change in Cash and Cash Equivalents (38,166)     (120,139)
Cash and Cash Equivalents at Beginning of Period 118,530   $ 139,211 259,350
Cash and Cash Equivalents at End of Period 80,364 $ 118,530   139,211
Supplemental Information:        
Interest paid 9,173     4,650
Transfer of loans to other real estate owned 0     273
Non-cash lease liability arising from obtaining right of use assets 0     160
Cash dividends declared but not paid $ 33     $ 23