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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 14,539 $ 15,067
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 1,540 1,165
Depreciation and amortization of premises and equipment and equipment for operating leases 2,818 2,578
Deferred income tax expense 1,122 755
Net accretion of purchase accounting adjustments on loans (322) (715)
Net amortization and accretion 1,330 1,841
SBIC investments income (1,288) (254)
Loss on sale of premises and equipment 0 9
Loss on repossessed assets 122 0
Loss on previously leased equipment 835 145
BOLI income (842) (1,835)
Gain on sale of loans held for sale (1,908) (1,457)
Origination of loans held for sale (64,529) (63,087)
Proceeds from sales of loans held for sale 114,846 37,790
New deferred loan origination costs (fees), net 218 (374)
Decrease (increase) in accrued interest receivable and other assets 37 (3,281)
Share-based compensation expense 490 413
ESOP compensation expense 465 348
Increase in other liabilities 2,216 1,858
Net cash provided by (used in) operating activities 71,689 (9,034)
Investing activities    
Purchase of debt securities available for sale (2,955) (12,034)
Proceeds from maturities, calls and paydowns of debt securities available for sale 6,175 17,666
Purchases of CDs in other banks (1,244) (1,988)
Proceeds from maturities of CDs in other banks 3,976 3,085
Net redemptions of FHLB and FRB stock 28 4,702
Net capital contributions in SBIC investments (1,341) (525)
Net decrease (increase) in loans 1,522 (5,299)
Purchase of BOLI (5) (11)
Proceeds from redemption of BOLI policies 2,174 41,319
Purchase of equipment for operating leases - lessor (2,087) (3,401)
Proceeds from sale of premises and equipment and assets held for sale 233 5,204
Purchase of premises and equipment (1,024) (571)
Proceeds from sale of repossessed assets 196 0
Net cash provided by investing activities 5,648 48,147
Financing activities    
Net increase in deposits (42,843) 138,434
Net decrease in revolving line of credit 0 (3,250)
Net decrease in short-term borrowings (11,000) (139,000)
Common stock repurchased (503) 0
Cash dividends paid (2,054) (1,870)
Retired stock (427) (233)
Exercised stock options 96 159
Net cash provided by financing activities (56,731) (5,760)
Net increase (decrease) in cash and cash equivalents 20,606 33,353
Cash and cash equivalents at beginning of period 279,219 347,140
Cash and cash equivalents at end of period 299,825 380,493
Cash paid during the period for    
Interest 23,356 20,221
Income taxes 11 50
Noncash transactions    
Unrealized gain (loss) in value of debt securities available for sale, net of income taxes 1,085 (604)
Transfers of loans held for sale to loans held for investment 4,158 5,392
Establish receivable for death benefit proceeds from BOLI policies 0 1,734
Transfers of loans held for investment to repossessed assets 273 0
ROU asset and lease liabilities for operating lease accounting 448 24
Transfer of premises and equipment to assets held for sale $ 7,624 $ 0