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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net Income $ 36,205 $ 25,299
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,183 4,364
Depreciation 3,666 3,645
Amortization of intangibles 1,313 1,289
Net amortization of security discounts/premiums 305 363
Noncash operating lease expense 1,563 1,413
Amortization of finance lease right of use asset 135 134
Earnings on cash surrender value of life insurance (861) (824)
Mortgage loans originated for sale (84,379) (86,451)
Proceeds from sales of mortgage loans originated for sale 82,135 85,709
Gain on sale of mortgage loans (1,820) (1,053)
SBA loans originated for sale (4,375) (4,015)
Proceeds from sales of SBA loans originated for sale 4,707 3,802
Gain on sale of SBA loans (332) (213)
Gain on sale of property, plant, and equipment (10) (59)
Loss/(Gain) on sale or write-down of foreclosed assets 7 (144)
Accretion of subordinated debt (460) (440)
Stock compensation expense 825 812
Change in deferred income tax cost/(benefit) 80 (1,501)
Increase accrued interest receivable (1,466) (4,654)
Decrease (Increase) in other assets 1,065 (621)
Increase in accrued interest payable 4,738 10,443
Decrease in operating lease liability (1,507) (1,936)
Increase in other liabilities 4,575 2,332
Net Cash Provided By Operating Activities 47,292 37,694
Investing Activities:    
Proceeds from the sale of available-for-sale securities 0 1,751
Proceeds from the maturity or call of available-for-sale securities 22,050 12,782
Purchases of available-for-sale securities (48,051) 0
Proceeds from the maturity or call of held-to-maturity securities 12,261 8,145
Stock dividends of FHLB and other bank stock 1,136 549
Reduction (Purchases) of restricted investment in bank stock 5,043 (5,788)
Net cash (paid)/received from acquisition (2,676) 1,068
Net increase in loans (178,910) (319,369)
Purchases of bank premises and equipment (664) (2,707)
Proceeds from the sale of premises and equipment 152 59
Proceeds from the sale of foreclosed assets 195 644
Proceeds from bank-owned life insurance 2,223 774
Gain on bank-owned life insurance 0 (125)
Net change in investments in tax credits and other partnerships (407) (5,615)
Net Cash Used in Investing Activities (187,648) (307,832)
Financing Activities:    
Net increase in deposits 360,552 320,666
Proceeds from long-term debt 0 25,000
Common stock dividends paid (9,953) (9,666)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 434 346
Treasury stock purchased (323) (4,580)
Net change in finance lease liability (98) (69)
Net change in short-term borrowings (127,435) 36,353
Long-term debt repayment (35,189) (30,694)
Subordinated debt redemption and trust preferred securities 0 (10,000)
Net Cash Provided by Financing Activities 187,988 327,356
Net increase in cash and cash equivalents 47,632 57,218
Cash and cash equivalents, beginning of period 96,763 60,881
Cash and cash equivalents, end of period 144,395 118,099
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 93,142 56,707
Cash paid for income taxes 291 4,400
Supplemental Noncash Disclosures:    
Recognition of operating lease right of use assets 0 1,336
Recognition of operating lease liabilities 0 1,336
Loans transferred to foreclosed assets held for sale 164 1,362
Fair value of assets acquired in business combinations, excluding cash [1],[2] 1,547 362,070
Goodwill recorded [1],[2] 1,129 12,800
Liabilities assumed in business combination [1] 0 345,043
Stock issued in business combination [3] $ 0 $ 18,095
[1] Includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
[2] Includes the impact of the Insurance Acquisition on July 31, 2024. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
[3] 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards as a result of the Brunswick Acquisition on May 19, 2023.