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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 9,156 $ 8,368
Adjustments to reconcile net income to net cash provided by operating activities:    
Net premium amortization 442 68
Depreciation and amortization expense 1,063 1,210
Provision for credit losses 729 300
Share-based compensation 619 338
Gains on sales of loans originated for sale (60) (641)
Fair value adjustments on loans held for sale (325) 322
Mortgage loans originated for sale (5,302) (32,903)
Proceeds from sales of loans originated for sale 9,223 32,749
Gains on sale of portfolio loans 0 (271)
Net (gain) loss on disposal of premises and equipment (11) 12
Deferred income tax benefit 1,251 1,638
Investment securities losses 8 146
Return on investments in limited partnerships (12) 0
Net unrealized losses (gains) on derivatives 279 (285)
Income from life insurance (590) (566)
Decrease (increase) in accrued interest receivable and other assets 1,294 (2,797)
Decrease in accrued interest payable and other liabilities (12,522) (1,734)
Other, net 172 688
Net cash provided by operating activities 5,414 6,642
Cash flows from investing activities    
Proceeds from sales of AFS securities 0 3,075
Maturities, repayments and calls of AFS securities 11,132 9,536
Purchases of AFS securities (9,532) (94,903)
Net (purchases) redemptions of restricted investments in bank stocks (2,227) 461
Net distributions from investments in limited partnerships 321 1,146
Net (increase) decrease in loans (56,061) 52
Proceeds from sales of portfolio loans 0 3,913
Purchases of bank premises and equipment (248) (235)
Proceeds from disposal of premises and equipment 12 0
Net cash used in investing activities (56,603) (76,955)
Cash flows from financing activities    
Net increase in deposits 39,377 81,060
Net increase in borrowings with original maturities less than 90 days 13,038 1,323
Proceeds from FHLB advances with original maturities greater than 90 days 40,000 0
Payments on FHLB advances with original maturities greater than 90 days (113) (108)
Dividends paid (2,126) (2,125)
Acquisition of treasury stock (1,175) (4,166)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (378) (232)
Proceeds from issuance of employee stock purchase plan shares 66 89
Net cash provided by financing activities 88,689 75,841
Net increase in cash and cash equivalents 37,500 5,528
Cash and cash equivalents at beginning of period 60,823 208,710
Cash and cash equivalents at end of period 98,323 214,238
Cash paid during the period for:    
Interest 7,046 710
Supplemental schedule of noncash activities:    
Loans transferred from LHFS to portfolio loans 0 1,510
OREO acquired in settlement of loans $ 85 $ 0