XML 22 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 15,258 $ 9,208
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 729 793
Provision for credit losses 527 6,210
Net amortization of debt securities 1,036 1,518
Deferred income tax expense (benefit) 1,154 (1,079)
Stock-based compensation 509 517
Net accretion of discount and deferred loan fees on loans (1,854) (1,635)
Net realized loss on sales of securities 3,382 1,007
Net unrealized loss on equity securities 16 22
Net loss on disposals of bank premises and equipment 55 0
Impairment losses on bank premises held for sale 580 0
Net gain on sales of foreclosed assets (113) (20)
Write-down of foreclosed assets 26 30
Amortization of intangibles 710 510
Decrease (increase) in mortgage servicing rights (80) 624
Amortization of discount and issuance costs on subordinated notes and debentures 35 37
Amortization of discount on Federal Home Loan Bank advances 102 69
Amortization of premium on time deposits (30) (110)
Mortgage loans originated for sale (12,459) (15,734)
Proceeds from sale of mortgage loans 11,596 13,107
Net gain on sale of mortgage loans (298) (276)
Increase in cash surrender value of bank owned life insurance (164) (108)
Decrease in accrued interest receivable 1,417 2,318
Decrease (increase) in other assets (5,574) 7,846
Increase (decrease) in other liabilities 10,212 (3,364)
Net cash provided by operating activities 26,772 21,490
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of interest-bearing time deposits with banks (6) 0
Proceeds from sales of securities 66,832 145,844
Proceeds from paydowns, maturities, and calls of debt securities 29,563 26,513
Purchase of securities (4,874) (51)
Purchase of loans (4,448) 0
Net decrease in loans 64,761 61,964
Purchase of restricted stock 0 (3,545)
Proceeds from redemption of restricted stock 2,005 9,341
Purchases of bank premises and equipment (1,286) (622)
Proceeds from sales of bank premises and equipment 0 7
Proceeds from sales of foreclosed assets 865 40
Net cash paid for acquisition of Town and Country 0 (14,454)
Net cash provided by investing activities 153,412 225,037
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits (40,833) 3,190
Net decrease in repurchase agreements (10,578) (8,162)
Net decrease in Federal Home Loan Bank advances 0 (171,325)
Taxes paid related to the vesting of restricted stock units (331) (181)
Repurchase of common stock (3,410) (1,588)
Cash dividends and dividend equivalents paid (6,072) (5,508)
Net cash used in financing activities (61,224) (183,574)
NET INCREASE IN CASH AND CASH EQUIVALENTS 118,960 62,953
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 141,252 114,159
CASH AND CASH EQUIVALENTS AT END OF PERIOD 260,212 177,112
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 15,926 4,903
Net refunds received for income taxes (749) 0
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES    
Transfers of loans to foreclosed assets 203 105
Transfers of bank premises and equipment to bank premises held for sale $ 317 $ 0