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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net income $ 26,044 $ 18,781
Adjustments to Reconcile Net Income to Net Cash (Used) by Operating Activities:    
Depreciation and amortization of premises and equipment 2,712 2,430
Amortization of software 511 865
Intangible asset amortization 0 11
Amortization of investment security premium, net of discount accretion 309 376
Unrealized (gain) loss on marketable equity securities (830) 445
Stock-based compensation 692 619
Deferred loan fees and amortization, net of costs 190 (324)
Provision for credit losses 2,092 2,957
Additions to home mortgage servicing rights carried at fair value (3,080) (2,440)
Change in fair value of home mortgage servicing rights carried at fair value 1,074 1,679
Change in fair value of commercial servicing rights carried at fair value 155 144
Gain on sale of loans (10,247) (6,366)
Proceeds from the sale of loans held for sale 390,907 267,165
Origination of loans held for sale (446,623) (296,412)
Gain on sale of other real estate owned (392) (929)
Impairment on other real estate owned 0 123
Net changes in assets and liabilities:    
(Increase) in accrued interest receivable (951) (3,265)
Decrease in other assets 0 1,903
(Decrease) increase in other liabilities (6,808) 1,127
Net Cash (Used) by Operating Activities (44,245) (11,111)
Investment in securities:    
Purchases of investment securities available for sale (19,517) (6,000)
Purchases of marketable equity securities (1,964) (324)
Purchases of FHLB stock (24,872) (5,441)
Proceeds from sales/calls/maturities of securities available for sale 125,625 35,528
Proceeds from calls of marketable equity securities 2,989 0
Proceeds from redemption of FHLB stock 23,534 2,923
Decrease (increase) in purchased receivables, net 13,278 (14,584)
Increase in loans, net (241,563) (218,121)
Proceeds from the sale of loans 23,469 0
Proceeds from sale of other real estate owned 392 929
Purchases of software (419) (104)
Purchases of premises and equipment (1,644) (5,529)
Net Cash (Used) by Investing Activities (100,692) (210,723)
Financing Activities:    
Increase in deposits 140,512 40,719
(Decrease) increase in borrowings (321)  
(Decrease) increase in borrowings   49,686
Repurchase of common stock (788) (6,539)
Cash dividends paid (10,120) (10,154)
Net Cash Provided by Financing Activities 129,283 73,712
Net Change in Cash and Cash Equivalents (15,654) (148,122)
Cash and Cash Equivalents at Beginning of Period 118,530 259,350
Cash and Cash Equivalents at End of Period 102,876 111,228
Supplemental Information:    
Income taxes paid 3,488 2,031
Interest paid 29,286 18,340
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships 0 14,273
Transfer of loans to other real estate owned 0 273
Non-cash lease liability arising from obtaining right of use assets 265 423
Cash dividends declared but not paid $ 119 $ 106