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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 26,209 $ (11,968)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for credit losses 257 9,295
Depreciation 1,892 1,121
Amortization of intangible assets 4,778 663
Accretion of discounts, net (11,747) (204)
Origination of loans to be sold (10,093) (4,210)
Proceeds from loan sales 10,363 4,537
Gain on sale of loans (270) (465)
Share-based and deferred compensation 1,864 1,049
Bank-owned life insurance income (1,633) (738)
(Gain) loss on sale of debt securities (4) 2,370
Change in accrued interest receivable and other assets 5,939 (3,800)
Change in accrued interest payable and other liabilities (1,977) 2,340
Other, net (136)  
Net cash provided by (used in) operating activities 25,442 (10)
Investment securities available for sale:    
Proceeds from sales 1,691 91,364
Proceeds from calls and maturities 10,230  
Proceeds from principal repayments 13,255 8,285
Purchases (57,322) (9,756)
Investment securities held to maturity    
Proceeds from principal repayments 5,055 3,436
Purchases (250) (11,289)
Proceeds from redemptions of certificates of deposit with other banks 0 5,623
Purchase of restricted investment in bank stocks (16,530) (15,624)
Redemption of restricted investment in bank stocks 15,286 21,799
Increase in loans, net (91,433) (65,915)
Purchase of bank-owned life insurance (1,599) (9,712)
Cash paid to buy-out minority interest (483)  
Proceeds from disposal of premises and equipment 2,967  
Purchase of premises and equipment (2,885) (1,153)
Purchase of computer software   (220)
Net cash acquired through merger and acquisition   41,745
Net cash (used in) provided by investing activities (122,018) 58,583
FINANCING ACTIVITIES    
Increase in deposits, net 153,425 51,834
Change in short-term borrowings, net 0 (65,640)
Proceeds from long-term borrowings 40,000 0
Issuance of shares from exercise of stock options 14 150
Dividends paid (11,105) (4,870)
Net proceeds from issuance of common stock 152 10,132
Net cash provided by (used in) financing activities 182,486 (8,394)
Increase in cash and cash equivalents 85,910 50,179
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,190 30,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD 166,100 80,190
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 58,431 27,874
Income taxes 0 0
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net (21,528)  
Reclassification of New Jersey branch assets to assets held-for-sale 175  
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net 6,124  
Reclassification of New Jersey branch liabilities to liabilities held-for-sale $ (124)  
Non-cash assets acquired:    
Securities available for sale   123,440
Loans   1,240,334
Investments in restricted bank stock   6,763
Premises and equipment   15,504
Right-of-Use Asset   6,042
Bank-owned life insurance   19,153
Goodwill   21,126
Intangible Assets   25,344
Deferred tax assets   14,466
Accrued interest receivable and other assets   10,730
Liabilities assumed:    
Deposits   1,299,867
Other borrowings   55,292
Subordinated debt   21,078
Operating lease liabilities   6,908
Accrued interest payable and other liabilities   5,724
Net non-cash assets acquired   94,033
Cash and cash equivalents acquired   $ 41,745