XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 15,412 $ 10,680  
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 200 4,182 $ 4,682
Depreciation and amortization of premises and equipment 564 494  
Amortization of intangibles 1,500 1,422  
Net amortization (accretion) of securities (1,090) (400)  
Amortization of stock-based compensation 554 456  
Accretion of purchase accounting valuations (1,170) (2,078)  
Net change in deferred loan fees and costs (133) (150)  
Change in fair value of MSR and other investments 388 (1,024)  
Loss (gain) from sale and disposal of premises and equipment and valuation allowance 170    
Net loss (gain) on sale of OREO and valuation allowance (47)    
Proceeds from sales of mortgage loans 18,516 9,478  
Originations of mortgage loans held for sale (16,578) (11,033)  
Gain on sales of mortgage loans (219) (140)  
Realized loss on sale of securities 34 75  
Net earnings on life insurance (405) (346)  
Decrease (increase) in other assets (664) (3,444)  
Increase (decrease) in other liabilities (14,724) (2,097)  
Net cash provided by operating activities 1,329 4,114  
Cash flows from investing activities, net of effects of business combination:      
Activity in securities available for sale and held to maturity: Sales 10,206 34,197  
Activity in securities available for sale and held to maturity: Maturities, prepayments, and calls 79,087 111,476  
Activity in securities available for sale and held to maturity: Purchases (93,687)  
Net increase in loans (38,551) (24,789)  
Proceeds from sale of OREO 261    
Net sales of Federal Home Loan Bank ("FHLB") stock   262  
Net purchases of Federal Reserve Bank ("FRB") stock   (3,925)  
Purchases of premises and equipment (778) (2,704)  
Net cash received in business combination   89,959  
Net cash provided by (used in) investing activities (42,929) 205,568  
Cash flows from financing activities, net of effects of business combination:      
Net increase (decrease) in deposits (16,854) (129,442)  
Net increase (decrease) in securities sold under repurchase agreements (75,747) (50,560)  
Proceeds from advances of notes payable   121,700  
Repayment of notes payable   (91,734)  
Repayment of junior subordinated debentures (4,124)  
Dividends paid (3,541) (2,616)  
Proceeds from sales of common stock 55 37  
Repurchase of common stock (22,283) (6,727)  
Net cash provided by (used in) financing activities (122,494) (159,342)  
Net increase (decrease) in cash and cash equivalents (164,094) 50,340  
Cash and cash equivalents at beginning of period 247,468 119,351 119,351
Cash and cash equivalents at end of period 83,374 169,691 $ 247,468
Cash paid during the period for:      
Interest 15,779 7,108  
Supplemental schedule of noncash activities:      
MSR resulting from sale of loans 189 129  
Change in unrealized gains and losses on investment securities available for sale, net of tax (665) 2,410  
Hometown      
Acquisition:      
Fair value of assets acquired   615,105  
Fair value of liabilities assumed   549,564  
Net assets acquired   $ 65,541  
Common stock issued in acquisition   115,079,000  
Joint Venture | UFS      
Adjustments to reconcile net income to net cash provided by operating activities:      
Undistributed income of joint venture   $ (890)  
Cash flows from investing activities, net of effects of business combination:      
Dividends received   597  
Joint Venture | Ansay      
Adjustments to reconcile net income to net cash provided by operating activities:      
Undistributed income of joint venture (979) (1,071)  
Cash flows from investing activities, net of effects of business combination:      
Dividends received $ 533 $ 495