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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net Income $ 35,708 $ 22,692 $ 44,013
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of fixed assets 5,865 2,872 3,053
Amortization of other intangible assets 11,542 0 0
Amortization on assumed liabilities 10,172 0 0
Accretion income related to acquired loans (40,876) 0 0
Amortization of housing tax credits 5,432 5,591 6,147
Realized (gain) loss on sales of available-for-sale securities (1,357) 112 454
Realized (gain) on sales of OREO property (172) 0 0
Provision for (recapture of) credit losses 24,220 214 (7,466)
Income from company-owned life insurance (4,686) (2,844) (2,656)
Deferred tax expense (benefit) (1,507) (1,453) 1,397
(Gain) loss on disposal of fixed assets 2,177 37 (4,533)
Accretion of securities (3,746) (1,615) (1,622)
Amortization of securities 9,496 9,161 11,117
Share-based compensation expense 2,879 2,464 2,000
Repayment of operating lease liabilities (2,705) (3,137) (2,330)
(Gain) on loans held-for-sale (484) (138) (58)
Proceeds from sales of loans held-for-sale 37,099 14,205 9,585
Change in fair value of loans held-for-sale 28 (28) 23
Originations of loans held-for-sale (37,477) (15,536) (2,300)
(Increase) decrease in accrued interest receivable 3,030 (414) (228)
(Increase) decrease in other assets (32,499) 3,851 501
Increase in accrued interest payable and other liabilities 63,660 6,475 3,960
Net cash flows provided by operating activities 85,799 42,509 61,057
Cash Flows from Investing Activities      
Proceeds from maturities, prepayments, and calls of securities available-for-sale, net 257,877 112,025 213,596
Proceeds from sales of securities available-for-sale, net 372,370 77,780 195,907
Purchases of securities available-for-sale, net (622,760) (33,221) (367,615)
Net cash from merger 52,607 0 0
Sales of restricted stock 40,572 29,880 22,718
Purchases of restricted stock (67,683) (19,402) (27,081)
Proceeds from sales of OREO properties 758 0 0
Proceeds from sales of property and equipment 0 3,383 8,260
Purchases of property and equipment, net of disposals (4,567) (14,249) (23,075)
Proceeds from company-owned life insurance 2,213 1,171 1,231
(Increase) decrease in loans made to customers, net 92,170 (200,535) (151,352)
Net cash flows provided by (used in) investing activities 123,557 (43,168) (127,411)
Cash Flows from Financing Activities      
Net increase (decrease) in non-interest-bearing accounts (27,493) (130,372) 29,845
Net increase (decrease) in interest-bearing accounts (158,696) 211,853 (42,862)
Increase (decrease) in other short-term borrowings 93,000 (71,100) 68,100
Repayment of finance lease liabilities (216) (119) (152)
Proceeds from employee stock purchase program 259 206 0
Cash dividends paid (28,636) (15,747) (15,742)
Issuance of common stock 3,242 0 0
Treasury stock transactions 0 141 97
Net cash flows provided by (used in) financing activities (118,540) (5,138) 39,286
(Decrease) increase in cash and cash equivalents 90,816 (5,797) (27,068)
Cash and cash equivalents      
Beginning of year 44,498 50,295 77,363
End of year 135,314 44,498 50,295
Cash payments for:      
Interest paid to depositors 114,741 37,573 3,411
Interest paid on short-term borrowings 17,049 7,975 4,324
Interest paid on subordinated debt and trust preferred securities 7,412 0 0
Interest paid on finance lease 110 86 63
Income taxes 1,975 1,570 950
Change in unrealized gains on available-for-sale securities 8,275 41,415 (182,088)
Change in pension plan benefits 1,518 1,628 (1,280)
Lease liability arising from obtaining right-of-use assets 12,329 1,214 1,558
Premises & equipment transferred to property held-for-sale 0 0 3,449
Transfers from portfolio loans to loans held-for-sale 0 0 19,594
Financing of sale from loans held-for-sale 0 0 9,000
Common stock issued for merger, net 387,032 0 0
Preferred stock issued for merger, net 10,413 0 0
Fair value of assets purchased in merger 4,503,102 0 0
Fair value of liabilities assumed in merger $ 4,138,440 $ 0 $ 0