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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Operating Activities:        
Net income $ 13,324 $ 10,927 $ 9,020 $ 8,199
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:        
Depreciation and amortization of premises and equipment 895     897
Amortization of investment security premium, net of discount accretion 50     111
Unrealized (gain) loss on marketable equity securities 50     (314)
Stock-based compensation 232     208
Deferred loan fees and amortization, net of costs 502     (316)
(Benefit) provision for credit losses (1,409)     149
Additions to home mortgage servicing rights carried at fair value (1,230)     (517)
Change in fair value of home mortgage servicing rights carried at fair value 855     26
Change in fair value of commercial servicing rights carried at fair value 73     144
Change in fair value of loans held for sale 1,161     0
Gain on sale of loans (2,740)     (1,979)
Proceeds from the sale of loans held for sale 110,907     74,459
Origination of loans held for sale (108,499)     (84,324)
Gain on sale of other real estate owned 0     (392)
Net changes in assets and liabilities:        
(Increase) in accrued interest receivable (1,887)     (1,303)
Decrease in other assets 2,836     2,633
Increase (decrease) in other liabilities 1,420     (3,226)
Net Cash Provided (Used) by Operating Activities 16,540     (5,545)
Investment in securities:        
Purchases of investment securities available for sale (15,187)     0
Purchases of FHLB stock (7,472)     (266)
Proceeds from sales/calls/maturities of securities available for sale 34,631     45,640
Proceeds from redemption of FHLB stock 7,461     10
Increase in purchased receivables, net (21,457)     (856)
Increase in loans, net (96,010)     (21,280)
Proceeds from sale of other real estate owned 0     392
Sallyport Commercial Finance, LLC acquisition, net of cash received 144     0
Purchases of premises and equipment (208)     (1,040)
Net Cash (Used) Provided by Investing Activities (98,098)     22,600
Financing Activities:        
Increase (decrease) in deposits 97,788     (50,972)
(Decrease) increase in borrowings (9,909)     (106)
Repurchase of common stock 0     (788)
Cash dividends paid (3,534)     (3,355)
Net Cash Provided (Used) by Financing Activities 84,345     (55,221)
Net Change in Cash and Cash Equivalents 2,787     (38,166)
Cash and Cash Equivalents at Beginning of Period 62,736   $ 80,364 118,530
Cash and Cash Equivalents at End of Period 65,523 $ 62,736   80,364
Supplemental Information:        
Income taxes paid 193     0
Interest paid 10,345     9,173
Cash dividends declared but not paid $ 39     $ 33