XML 18 R9.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 20,456 $ 16,987
Proceeds from sales of loans held for sale 25,328 33,902
Originations of loans held for sale (26,465) (23,872)
Items not requiring (providing) cash:    
Depreciation 2,267 2,227
Amortization 198 262
Compensation expense for stock option grants 397 350
Provision for credit losses on loans 1,500  
Provision (credit) for unfunded commitments (826) (193)
Net gain on loan sales (389) (1,134)
Net (gain) loss on sale of premises and equipment (5) 3
Net loss on sale/write-down of other real estate owned and repossessions 76 9
Net gain on sale of available-for-sale investments   (7)
Accretion of deferred income, premiums, discounts and other (1,331) (1,357)
(Gain) loss on derivative interest rate products 291 (152)
Deferred income taxes (95) 203
Changes in:    
Interest receivable 1,623 (1,753)
Prepaid expenses and other assets (22,687) 533
Accrued expenses and other liabilities 1,321 2,362
Income taxes refundable/payable 3,783 3,019
Net cash provided by operating activities 5,442 31,389
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans (62,080) (66,914)
Purchase of loans (400) (37,244)
Purchase of premises and equipment (2,651) (1,473)
Proceeds from sale of premises and equipment 28 11
Proceeds from sale of other real estate owned and repossessions 41 437
Proceeds from sale of available-for-sale securities   4,936
Proceeds from maturities and calls of available-for-sale securities 1,008 750
Principal reductions on mortgage-backed securities 7,490 26,146
Purchase of available-for-sale securities   (245,183)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets 3,156 91
Net cash used in investing activities (53,408) (318,443)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in certificates of deposit 39,355 (62,978)
Net increase in checking and savings deposits 73,728 214
Net increase (decrease) in short-term borrowings (40,062) 12,006
Advances from borrowers for taxes and insurance 1,496 1,178
Dividends paid (4,893) (4,732)
Purchase of the Company's common stock (5,575) (25,319)
Stock options exercised 73 2,456
Net cash provided by (used in) financing activities 64,122 (77,175)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 16,156 (364,229)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 168,520 717,267
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 184,676 $ 353,038