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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income (loss) $ 5,181 $ (3,017)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1,866 1,058
Increase in cash surrender value of bank-owned life insurance (272) (246)
Provision for credit losses 2,448 9,415
Share-based compensation expense 443 372
Loans originated for sale (80,454) (91,789)
Proceeds from sale of loans 84,826 98,433
Gain on loans sold (6,536) (4,525)
Decrease in fair value of loans held-for-sale 0 136
Gain on derivatives 1,224 536
Loan servicing asset revaluation 434 55
Net change in accrued income and other assets (4,872) (2,444)
Net change in accrued expenses and other liabilities (1,497) (2,086)
Net cash provided by operating activities 2,791 5,898
Investing Activities    
Net loan activity, excluding purchases (39,598) (25,111)
Maturities and calls of securities available-for-sale 15,891 9,448
Purchase of securities available-for-sale (22,689) (1,411)
Maturities and calls of securities held-to-maturity 6,981 5,129
Purchase of securities held-to-maturity (15,221) (26,572)
Purchase of premises and equipment (940) (2,704)
Loans purchased (30,451) (90,029)
Other investing activities (7,240) (1,315)
Net cash used in investing activities (93,267) (132,565)
Financing Activities    
Net increase in deposits 206,795 178,743
Cash dividends paid (519) (548)
Repurchase of common stock (283) (4,002)
Proceeds from advances from Federal Home Loan Bank 110,000 110,000
Repayment of advances from Federal Home Loan Bank (150,000) (110,000)
Other, net (151) (106)
Net cash provided by financing activities 165,842 174,087
Net Increase in Cash and Cash Equivalents 75,366 47,420
Cash and Cash Equivalents, Beginning of Period 405,898 256,552
Cash and Cash Equivalents, End of Period 481,264 303,972
Supplemental Disclosures    
Cash paid during the period for interest 47,897 32,782
Cash paid during the period for taxes 86 285
Loans transferred to other real estate owned 0 106
Cash dividends declared, paid in subsequent period 519 537
Securities purchased during the period, settled in subsequent period $ 3,327 $ 8,344