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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 $ 36,971 $ 25,394 $ 30,741
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Gain on sale of securities, net (112) 0 0
Depreciation and amortization of premises 3,610 3,294 3,139
Intangible asset amortization 0 17 25
Amortization of investment security premium, net of discount accretion 368 483 630
Unrealized (gain) loss on marketable equity securities (465) (120) 1,119
Deferred tax (income) expense (152) 580 2,110
Stock-based compensation 913 937 742
Deferral of loan fees and amortization, net of costs 631 (54) (2,933)
Provision for credit losses 3,293 3,842 1,846
Origination of home mortgage servicing rights carried at fair value (4,748) (3,616) (4,623)
Purchases of home mortgage servicing rights carried at fair value (2,328) 0 0
Change in fair value of home mortgage servicing rights carried at fair value 201 2,687 (288)
Change in fair value of commercial servicing rights carried at fair value 52 62 (809)
Gain on sale of loans (13,994) (7,828) (13,873)
Proceeds from the sale of loans held for sale 595,164 379,546 645,518
Origination of loans held for sale (609,153) (376,154) (585,533)
(Gain) loss on sale of other real estate owned (392) (929) 414
Impairment on other real estate owned 0 123 0
Net changes in assets and liabilities:      
Decrease (increase) in accrued interest receivable 456 (2,021) (3,091)
Decrease (increase) in other assets (13,503) 5,347 6,641
(Decrease) increase in other liabilities (5,539) 7,185 (3,703)
Net Cash (Used) Provided by Operating Activities (8,727) 38,775 78,072
Investment in securities:      
Purchases of investment securities available for sale (49,464) (26,030) (302,668)
Purchases of marketable equity securities (1,964) (2,297) (3,934)
Purchases of FHLB stock (32,353) (5,703) (730)
Purchases of investment securities held to maturity 0 0 (16,750)
Proceeds from sales/calls/maturities of securities available for sale 221,159 82,398 13,417
Proceeds from sales of marketable equity securities 6,973 0 488
Proceeds from redemption of FHLB stock 30,002 6,539 21
Decrease (increase) decrease in purchased receivables, net 10,672 (16,848) (13,007)
(Increase) in loans, net (341,764) (287,893) (83,839)
Proceeds from sale of other real estate owned 392 1,079 5,224
Sallyport Commercial Finance, LLC acquisition, net of cash received (40,658) 0 0
Purchases of premises and equipment (620) (6,166) (3,796)
Net Cash (Used) by Investing Activities (197,625) (254,921) (405,574)
Financing Activities:      
Increase (decrease) in deposits 195,134 97,844 (34,420)
Proceeds from borrowings 697,553 194,500 0
Repayments of borrowings (728,390) (194,920) (413)
Proceeds from the issuance of common stock 801 555 586
Repurchase of common stock (789) (9,044) (14,157)
Cash dividends paid (13,751) (13,609) (10,571)
Net Cash Provided (Used) by Financing Activities 150,558 75,326 (58,975)
Net Change in Cash and Cash Equivalents (55,794) (140,820) (386,477)
Cash and Cash Equivalents at Beginning of Year 118,530 259,350 645,827
Cash and Cash Equivalents at End of Year 62,736 118,530 259,350
Supplemental Information:      
Income taxes paid 6,720 2,032 2,015
Interest paid 40,482 28,547 5,190
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships 0 14,273 0
Transfer of loans to other real estate owned 0 273 0
Non-cash lease liability arising from obtaining right of use assets 250 423 1,128
Cash dividends declared but not paid 101 110 85
Acquisitions:      
Assets acquired 66,129 0 0
Liabilities assumed (41,275) 0 0
Pre-existing debt settlement $ 12,000 $ 0 $ 0