v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash Flows from Operating Activities        
Net income   $ 17,247 $ 12,251  
Adjustments to reconcile consolidated net income to net cash and cash equivalents provided by (used in) operating activities:        
Depreciation   662 736  
Provision (benefit) for credit losses   1,295 (357)  
Amortization of intangible asset   146 243  
Amortization of debt issuance costs   226 30  
Net gain on sale of loans   (18,587) (11,352)  
Proceeds from sales of loans held for sale   444,893 366,470  
Origination of mortgage loans held for sale   (420,710) (376,218)  
Net loss (gain) on sales of other real estate   82 0  
Net gain on extinguishment of debt $ (2,000) (2,048) 0  
Change in fair value of mortgage servicing rights ("MSR")   707 1,808  
Deferred tax expense   (551) 0  
Change in fair value of equity securities   (20) 14  
Change in mortgage banking derivatives   (560) (3,182)  
Other assets   17,951 3,621  
Net change in:        
Other liabilities   13,691 4,997  
Net cash and cash equivalents provided by (used in) operating activities   54,424 (939)  
Cash Flows from Investing Activities        
Purchase of FHLB stock   0 (2,087)  
Proceeds from sale of available for sale debt securities   0 5,804  
Proceeds from sales of other real estate   2,075 0  
Purchases of premises and equipment   (322) (557)  
Net increase in loans   (717,495) (193,915)  
Contributions from Lender Risk Account   (400) (210)  
Proceeds from Lender Risk Account   628 2,320  
Net cash and cash equivalents used in investing activities   (715,514) (188,645)  
Cash Flows from Financing Activities        
Net change in deposits   400,067 (10,917)  
Cash dividends paid on common stock   (641) (643)  
Subordinated debt call and repayment   (15,000) 0  
Advances of FHLB borrowings   80,000 50,000  
Repayment of FHLB borrowings   (100,452) 0  
Net change in other borrowings   134,908 46,422  
Issuance of common stock, net   114,444 0  
Preferred stock dividend   (2,206) (2,413)  
Preferred stock repurchase   (4,840) 0  
Proceeds from exercised stock options   14 0  
Net cash and cash equivalents provided by financing activities   606,294 82,449  
Net decrease in cash and cash equivalents   (54,796) (107,135)  
Cash and cash equivalents - beginning of year $ 376,295 376,295 351,890 $ 351,890
Cash and cash equivalents - end of year   321,499 244,755 $ 376,295
Cash paid for:        
Interest   41,720 44,496  
Income taxes   93 52  
Non-cash supplemental information:        
Rebooked GNMA loans over 90 days   232 9,934  
Loans transferred to other real estate   0 2,120  
Loans transferred from loans held for sale to loans   $ 2,181 $ 10,068  

Source

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