XML 29 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
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 $ 71,780 $ 65,842 $ 56,456
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 2,944 3,108 3,043
Provision for credit losses 3,031 7,573 (706)
Net amortization of debt securities 3,641 5,730 6,959
Deferred income tax expense (benefit) 996 3,817 (2,919)
Stock-based compensation 1,752 1,953 1,949
Net accretion of discount and deferred loan fees on loans (7,187) (7,228) (5,337)
Net realized loss on sales of securities 3,697 1,820 0
Net unrealized loss (gain) on equity securities 59 (160) 414
Net loss (gain) on disposals of bank premises and equipment 55 (84) (9)
Net gain on sales of bank premises held for sale 0 (81) (187)
Impairment losses on bank premises held for sale 580 0 60
Net gain on sales of foreclosed assets (112) (764) (118)
Write-down of foreclosed assets 90 263 432
Amortization of intangibles 2,839 2,670 873
Decrease (increase) in mortgage servicing rights 174 1,615 (2,153)
Amortization of discount and issuance costs on subordinated notes and debentures 139 139 145
Amortization of discount on Federal Home Loan Bank advances 401 379 0
Amortization of premium on interest-bearing time deposits with banks 0 0 5
Amortization of premium on time deposits (108) (400) (188)
Mortgage loans originated for sale (62,649) (69,663) (56,240)
Proceeds from sale of mortgage loans 64,992 71,098 62,028
Net gain on sale of mortgage loans (1,611) (1,526) (1,461)
Increase in cash surrender value of bank owned life insurance (668) (566) (164)
Net gain on bank owned life insurance proceeds (247) 0 0
Increase in accrued interest receivable (236) (1,915) (4,605)
Decrease (increase) in other assets 3,053 2,174 (8,007)
Increase (decrease) in other liabilities 1,967 (19,965) 22,316
Net cash provided by operating activities 89,372 65,829 72,586
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities of interest-bearing time deposits with banks 520 249 485
Purchase of interest-bearing time deposits with banks (11) (509) 0
Proceeds from sales of debt securities 69,174 185,280 0
Proceeds from sales and redemptions of equity securities 58 0 0
Proceeds from paydowns, maturities, and calls of debt securities 126,340 102,625 154,166
Purchase of debt securities (105,147) (2,640) (371,631)
Purchase of equity securities (196) (397) (51)
Purchase of loans (14,566) (61,009) 0
Net increase in loans (42,623) (81,641) (113,665)
Purchase of restricted stock 0 (23,832) (6,151)
Proceeds from redemption of restricted stock 2,074 27,459 925
Proceeds from bank owned life insurance 831 0 0
Purchases of bank premises and equipment (5,506) (3,134) (1,047)
Proceeds from sales of bank premises and equipment 2 222 27
Proceeds from sales of bank premises held for sale 0 351 1,344
Proceeds from sales of foreclosed assets 1,396 4,093 475
Net cash paid for acquisition of Town and Country 0 (14,454) 0
Net cash provided by (used in) investing activities 32,346 132,663 (335,123)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposits (83,075) 94,396 (150,973)
Net decrease in repurchase agreements (13,473) (639) (18,175)
Repayment of long-term Federal Home Loan Bank advances (700) (234,195)  
Proceeds from long-term Federal Home Loan Bank advances 907   160,000
Taxes paid related to the vesting of restricted stock units (331) (181) (57)
Repurchase of common stock (4,423) (8,907) (4,783)
Cash dividends and dividend equivalents paid (24,183) (21,873) (18,584)
Net cash used in financing activities (125,278) (171,399) (32,572)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,560) 27,093 (295,109)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 141,252 114,159 409,268
CASH AND CASH EQUIVALENTS AT END OF YEAR 137,692 141,252 114,159
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest 64,723 32,853 6,860
Net cash paid for income taxes 23,876 20,512 20,035
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES      
Transfers of loans to foreclosed assets 889 1,143 541
Transfers of bank premises and equipment to bank premises held for sale $ 317 $ 35 $ 0