XML 34 R10.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net Income $ 37,397 $ 54,806 $ 29,319
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses - loans 3,295 4,300 2,945
Depreciation 4,900 4,283 3,316
Amortization of intangibles 1,780 2,012 1,180
Net amortization of security discounts/premiums 472 729 636
Noncash operating lease expense 1,945 1,755 1,698
Amortization of finance lease right of use asset 180 180 180
Loss (gain) on sales of investment securities 0 0 (79)
Earnings on cash surrender value of life insurance (1,112) (1,013) (358)
Mortgage loans originated for sale (82,714) (138,611) (316,849)
Proceeds from sales of mortgage loans originated for sale 82,687 149,257 341,155
Gain on sale of mortgage loans (1,353) (1,607) (10,314)
SBA loans originated for sale (11,211) (5,310) (10,890)
Proceeds from sales of SBA loans originated for sale 10,640 5,571 11,859
Gain on sale of SBA loans (571) (262) (969)
Gain (Loss) on sale of property, plant, and equipment 0 938 (105)
Gain on sale of foreclosed assets, net (144) (133) (25)
Write-off of bank premises and equipment held for sale 0 705 0
Accretion of subordinated debt (587) (555) 0
Stock compensation expense 1,103 1,142 696
Change in deferred income tax benefit (1,551) 2,262 484
Fair value adjustment on equity investments 0 70 0
Increase accrued interest receivable (6,244) (7,080) 3,562
Decrease (Increase) in other assets 9,736 (13,261) (4,321)
Increase (decrease) in accrued interest payable 10,043 510 (655)
Decrease in operating lease liability (2,540) (3,136) (1,781)
(Decrease) Increase in other liabilities (4,214) 2,439 15,215
Net Cash Provided By Operating Activities 51,937 59,991 65,899
Investing Activities:      
Proceeds from the sale of available-for-sale securities 1,751 0 5,178
Proceeds from the maturity or call of available-for-sale securities 16,611 14,574 2,856
Purchases of available-for-sale securities 0 (213,976) (65,192)
Proceeds from the maturity or call of held-to-maturity securities 10,490 14,942 42,416
Purchases of held-to-maturity securities 0 (85,664) (243,987)
Stock dividends of FHLB and other bank stock 864 289 345
(Purchases) reduction of restricted investment in bank stock (9,317) 530 324
Net cash received from acquisition 1,068 (901) 315,287
Net increase in loans (424,535) (411,800) 115,367
Purchases of bank premises and equipment (2,770) (4,249) (3,497)
Proceeds from the sale of premises and equipment 0 220 62
Proceeds from the sale of foreclosed assets 1,256 242 212
Proceeds from bank-owned life insurance 774 0 0
Gain on bank-owned life insurance (125) 0 0
Net change in investments in tax credits and other partnerships (4,588) 0 0
Net cash paid on branch sale 0 (18,918) 0
Net Cash (Used In) Provided by Investing Activities (408,521) (704,711) 169,371
Financing Activities:      
Net increase (decrease) in deposits 286,498 (202,607) 446,045
Proceeds from long-term debt 25,000 0 0
Common stock dividends paid (12,981) (12,735) (8,872)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 482 364 307
Proceeds from issuance of common stock [1] 0 0 70,238
Treasury stock purchased (4,876) (2,957) (128)
Riverview restricted stock (1) [2] 0 776 0
Net change in finance lease liability (93) (90) (87)
Net change in short-term borrowings 138,885 102,647 (125,617)
Long-term debt repayment (30,449) (76,771) (258)
Subordinated debt redemption and trust preferred securities (10,000) (16,778) (6,870)
Net Cash Provided by (Used In) Financing Activities 392,466 (208,151) 374,758
Net increase (decrease) in cash and cash equivalents 35,882 (852,871) 610,028
Cash and cash equivalents, beginning of period 60,881 913,752 303,724
Cash and cash equivalents, end of period 96,763 60,881 913,752
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 77,413 17,255 14,970
Cash paid for income taxes 7,965 7,552 6,950
Supplemental Noncash Disclosures:      
Recognition of operating lease right of use assets 2,100 0 1,944
Recognition of operating lease liabilities 2,100 1,498 1,944
Obsolete Riverview asset write-off 0 705 0
Loans transferred to foreclosed assets held for sale 1,362 152 53
Common Stock issued to Riverview Shareholders 0 0 4,520
Carrying value of assets sold in branch sale 0 2,159 0
Liabilities assigned in branch sale 0 21,076 0
Fair value of assets acquired in business combination, excluding cash [3] 362,070 0 905,847
Goodwill recorded [3] 12,800 0 50,995
Liabilities assumed in business combination [3] 345,043 0 1,129,937
Fair value of common stock issued [3] $ 18,095 $ 0 $ 0
[1] Shares issued in offering were net of expenses of $4.6 million.
[2] Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
[3] This disclosure includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.