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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 18,994 $ 17,239
Adjustments to reconcile net income to net cash provided by operating activities:    
Net premium amortization 978 542
Depreciation and amortization expense 2,114 2,374
Provision for credit losses 1,128 2,075
Share-based compensation 1,154 867
Gains on sales of loans originated for sale (118) (817)
Fair value adjustments on loans held for sale (187) 685
Mortgage loans originated for sale (9,829) (56,420)
Proceeds from sales of loans originated for sale 14,564 55,219
Gains on sale of portfolio loans 0 (306)
Net gain on sale of OREO and premises held for sale (301) 0
Net loss on disposal of premises and equipment 226 15
Deferred income tax benefit 886 1,517
Investment securities losses 10 149
Return on investments in limited partnerships (12) 0
Net unrealized losses (gains) on derivatives 199 (624)
Income from life insurance (1,235) (1,159)
Premium on branch sale (1,166) 0
Decrease (increase) in accrued interest receivable and other assets 2,816 (1,689)
(Decrease) increase in accrued interest payable and other liabilities (8,900) 4,322
Other, net 335 1,302
Net cash provided by operating activities 21,656 25,291
Cash flows from investing activities    
Proceeds from sales of AFS securities 0 3,075
Maturities, repayments and calls of AFS securities 19,182 33,480
Purchases of AFS securities (9,532) (121,487)
Net (purchases) redemptions of restricted investments in bank stocks (1,960) 752
Net distributions from investments in limited partnerships 321 1,146
Net increase in loans (83,157) (39,208)
Proceeds from sales of portfolio loans 0 4,443
Investment in limited partnerships (1,037) 0
Purchases of bank premises and equipment (1,505) (472)
Proceeds from disposal of OREO and premises held for sale 1,662 0
Proceeds from disposal of premises and equipment 43 0
Net cash paid in branch sale (17,656) 0
Death benefit proceeds from life insurance contracts 342 142
Net cash used in investing activities (93,297) (118,129)
Cash flows from financing activities    
Net increase in deposits 65,432 13,681
Net (decrease) increase in borrowings with original maturities less than 90 days (10,933) 986
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 (228) (218)
Dividends paid (4,244) (4,216)
Acquisition of treasury stock (2,579) (14,056)
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 (used in) financing activities 87,136 (3,966)
Net increase (decrease) in cash and cash equivalents 15,495 (96,804)
Cash and cash equivalents at beginning of period 60,823 208,710
Cash and cash equivalents at end of period 76,318 111,906
Cash paid during the period for:    
Interest 17,934 2,400
Income taxes 1,950 1,725
Supplemental schedule of noncash activities:    
Loans transferred from LHFS to portfolio loans 0 1,510
OREO acquired in settlement of loans 85 0
Operating lease ROU assets $ 2,416 $ 0