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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 9,208 $ 13,604
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 793 763
Provision for loan losses 6,210 (584)
Net amortization of debt securities 1,518 1,763
Deferred income tax (benefit) expense (1,079) 566
Stock-based compensation 517 901
Net accretion of discount and deferred loan fees on loans (1,635) (1,608)
Net realized loss on sales of securities 1,007  
Net unrealized loss on equity securities 22 187
Net loss on disposals of bank premises and equipment   4
Net gain on sales of bank premises held for sale   (197)
Net gain on sales of foreclosed assets (20) (105)
Write-down of foreclosed assets 30 65
Amortization of intangibles 510 245
Decrease (increase) in mortgage servicing rights 624 (1,729)
Amortization of discount and issuance costs on subordinated notes and debentures 37 37
Amortization of premium on Federal Home Loan Bank borrowings 69  
Amortization of premium on interest-bearing time deposits with banks   3
Amortization of premium on time deposits (110) (75)
Mortgage loans originated for sale (15,734) (20,440)
Proceeds from sale of mortgage loans 13,107 24,192
Net gain on sale of mortgage loans (276) (587)
Increase in cash surrender value of bank owned life insurance (108) (40)
Decrease in accrued interest receivable 2,318 1,374
Decrease in other assets 7,846 1,521
(Decrease) increase in other liabilities (3,364) 1,379
Net cash provided by operating activities 21,490 21,239
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sales of securities available-for-sale 145,844  
Proceeds from paydowns, maturities, and calls of debt securities 26,513 41,117
Purchase of securities (51) (189,744)
Net decrease in loans 61,964 14,649
Purchase of restricted stock (3,545)  
Proceeds from redemption of restricted stock 9,341  
Purchases of bank premises and equipment (622) (289)
Proceeds from sales of bank premises and equipment 7  
Proceeds from sales of bank premises held for sale   568
Proceeds from sales of foreclosed assets 40 294
Net cash paid for acquisition of Town and Country (14,454)  
Net cash provided by (used in) investing activities 225,037 (133,405)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 3,190 77,959
Net decrease in repurchase agreements (8,162) (10,422)
Net decrease in Federal Home Loan Bank advances (171,325)  
Taxes paid related to the vesting of restricted stock units (181) (57)
Repurchase of common stock (1,588) (943)
Cash dividends and dividend equivalents paid (5,508) (4,660)
Net cash (used in) provided by financing activities (183,574) 61,877
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 62,953 (50,289)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 114,159 409,268
CASH AND CASH EQUIVALENTS AT END OF PERIOD 177,112 358,979
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 4,903 1,890
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES    
Transfers of loans to foreclosed assets $ 105 $ 19