XML 23 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 65,842 $ 56,456 $ 56,271
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 3,108 3,043 3,074
Provision for credit losses 7,573 (706) (8,077)
Net amortization of debt securities 5,730 6,959 7,066
Deferred income tax expense (benefit) 3,817 (2,919) 2,908
Stock-based compensation 1,953 1,949 764
Net accretion of discount and deferred loan fees on loans (7,228) (5,337) (12,448)
Net realized loss on sales of securities 1,820 0 0
Net unrealized loss (gain) on equity securities (160) 414 (107)
Net loss (gain) on disposals of bank premises and equipment (84) (9) 33
Net gain on sales of bank premises held for sale (81) (187) 0
Impairment losses on bank premises held for sale 0 60 661
Net gain on sales of foreclosed assets (764) (118) (505)
Write-down of foreclosed assets 263 432 195
Amortization of intangibles 2,670 873 1,054
Decrease (increase) in mortgage servicing rights 1,615 (2,153) (1,690)
Amortization of discount and issuance costs on subordinated notes and debentures 139 145 144
Amortization of discount on Federal Home Loan Bank advances 379 0 (105)
Amortization of premium on interest-bearing time deposits with banks 0 5 4
Amortization of premium on time deposits (400) (188) (81)
Mortgage loans originated for sale (69,663) (56,240) (179,921)
Proceeds from sale of mortgage loans 71,098 62,028 195,538
Net gain on sale of mortgage loans (1,526) (1,461) (5,846)
Increase in cash surrender value of bank owned life insurance (566) (164) (41)
Decrease (increase) in accrued interest receivable (1,915) (4,605) 240
Decrease (increase) in other assets 2,174 (8,007) 1,676
Increase (decrease) in other liabilities (19,965) 22,316 (17,784)
Net cash provided by operating activities 65,829 72,586 43,023
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities of interest-bearing time deposits with banks 249 485 245
Purchase of interest-bearing time deposits with banks (509) 0 0
Proceeds from sales of securities available-for-sale 185,280 0 0
Proceeds from paydowns, maturities, and calls of debt securities 102,625 154,166 213,491
Purchase of securities (3,037) (371,682) (513,838)
Purchase of loans (61,009) 0 0
Net increase in loans (81,641) (113,665) (50,089)
Purchase of restricted stock (23,832) (6,151) (241)
Proceeds from redemption of restricted stock 27,459 925 796
Purchases of bank premises and equipment (3,134) (1,047) (1,028)
Proceeds from sales of bank premises and equipment 222 27 17
Proceeds from sales of bank premises held for sale 351 1,344 0
Proceeds from sales of foreclosed assets 4,093 475 5,805
Net cash paid for acquisition (14,454)   (4,771)
Net cash provided by (used in) investing activities 132,663 (335,123) (349,613)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposits 94,396 (150,973) 426,146
Net increase (decrease) in repurchase agreements (639) (18,175) 11,440
Net increase (decrease) in Federal Home Loan Bank advances (234,195)   (12,520)
Net increase (decrease) in Federal Home Loan Bank advances   160,000  
Taxes paid related to the vesting of restricted stock units (181) (57) 0
Repurchase of common stock (8,907) (4,783) (4,906)
Cash dividends and dividend equivalents paid (21,873) (18,584) (16,753)
Net cash provided by (used in) financing activities (171,399) (32,572) 403,407
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 27,093 (295,109) 96,817
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 114,159 409,268 312,451
CASH AND CASH EQUIVALENTS AT END OF YEAR 141,252 114,159 409,268
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest 32,853 6,860 5,928
Cash paid for income taxes 20,512 20,035 20,861
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES      
Transfers of loans to foreclosed assets 1,143 541 4,857
Sales through loan origination 0 0 252
Transfers of bank premises and equipment to bank premises held for sale $ 35 $ 0 $ 1,345