XML 15 R8.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 22,730 $ 11,530
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of branches (11,093) 0
Provision for credit losses 572 40
Depreciation 823 1,012
Amortization of intangible assets 2,167 2,411
Accretion of discounts, net (5,510) (6,043)
Origination of loans to be sold (6,545) (967)
Proceeds from loan sales 6,750 1,029
Gain on sale of loans (205) (62)
Share-based and deferred compensation 1,112 825
Bank-owned life insurance income (864) (769)
(Gain) loss on sale of debt securities, available for sale 0 (4)
Change in accrued interest receivable and other assets (1,166) 723
Change in accrued interest payable and other liabilities 548 (4,017)
Other, net (477) (87)
Net cash provided by operating activities 8,842 5,621
Investment securities available for sale:    
Proceeds from sales 0 1,691
Proceeds from calls and maturities 430 1,295
Proceeds from principal repayments 8,935 5,548
Purchases (31,873) (34,916)
Investment securities held to maturity    
Proceeds from principal repayments 4,703 915
Purchase of restricted investment in bank stocks (6,062) (10,131)
Redemption of restricted investment in bank stocks 6,450 9,168
Increase in loans, net (102,833) (59,541)
Cash paid to buy-out minority interest 0 (483)
Proceeds from disposal of premises and equipment 1,326 1,135
Purchase of premises and equipment (508) (507)
Proceeds from sale of branches, net 26,194 0
Net cash used in investing activities (93,238) (85,826)
FINANCING ACTIVITIES    
Increase in deposits, net 88,775 157,153
Change in short-term borrowings, net (10,000) (10,000)
Proceeds from long-term borrowings 0 40,000
Issuance of shares from exercise of stock options 73 11
Dividends paid (5,570) (5,547)
Net proceeds from issuance of common stock 101 55
Net cash provided by financing activities 73,379 181,672
(Decrease) Increase in cash and cash equivalents (11,017) 101,467
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 166,100 80,190
CASH AND CASH EQUIVALENTS AT END OF PERIOD 155,083 181,657
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 28,888 28,636
Income taxes 0 0
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net 0 (2,863)
Reclassification of New Jersey branch assets to assets held-for-sale, net 0 114
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net 0 (2,861)
Reclassification of New Jersey branch liabilities to liabilities held-for-sale, net $ 0 $ (76)