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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 35,663 $ 22,037 $ 32,881
Adjustments to reconcile net income to net cash provided by operating activities:      
Net premium amortization (discount accretion) 2,040 1,893 (436)
Depreciation and amortization expense 4,340 4,620 5,305
Provision for credit losses 1,682 4,160 1,090
Share-based compensation 2,356 2,154 1,949
Gains on sales of loans originated for sale (283) (1,283) (5,222)
Fair value adjustment on loans held for sale 323 1,373 255
Mortgage loans originated for sale (18,437) (82,708) (197,167)
Proceeds from sales of loans originated for sale 23,461 77,291 204,102
Gains on sale of portfolio loans 0 (306) 0
Net gain on disposal of OREO and premises held for sale (436) 0 (327)
Writedown of OREO and premises held for sale 0 1,297 0
Net loss on disposal of premises and equipment 252 530 22
Deferred income tax (benefit) expense (651) (591) 942
Investment securities losses (gains) 47 160 (638)
Provision for legal settlement 0 13,000 0
Payment of legal settlement 0 (13,000) 0
Return on investments in limited partnerships (43) (976) 0
Net losses on derivatives 373 114 200
Loss on derivative terminations 0 0 514
Income from life insurance (2,482) (2,339) (2,273)
Premium on branch sale (1,102) 0 0
Decrease (increase) in accrued interest receivable and other assets 1,571 (4,168) (3,200)
(Decrease) increase in accrued interest payable and other liabilities (5,651) 10,891 1,281
Other, net 678 2,043 1,533
Net cash provided by operating activities 43,701 36,192 40,811
Cash flows from investing activities      
Proceeds from sales of AFS securities 22,006 31,330 149,038
Maturities, repayments and calls of AFS securities 34,989 50,105 39,082
Purchases of AFS securities (45,565) (181,529) (195,049)
Net (purchases) redemptions of restricted investments in bank stocks (1,350) (3,390) 3,311
Net distributions from investments in limited partnerships 166 1,410 0
Net (increase) decrease in loans (145,301) (172,607) 1,396
Proceeds from sales of portfolio loans 0 4,443 385
Investment in limited partnerships (1,037) 0 0
Purchases of bank premises and equipment (2,293) (895) (1,254)
Proceeds from disposal of OREO and premises held for sale 2,536 0 1,078
Proceeds from disposal of bank premises and equipment 43 0 0
Net cash paid in branch sale (17,641) 0 0
Death benefit proceeds from life insurance contracts 342 142 0
Other (143) 0 0
Net cash used in investing activities (153,248) (270,991) (2,013)
Cash flows from financing activities      
Net increase in deposits 101,302 11,307 108,020
Net (decrease) increase in borrowings with original maturities less than 90 days (14,650) 98,634 3,835
Proceeds from FHLB advances with original maturities greater than 90 days 40,000 0 0
Payments on FHLB advances with original maturities greater than 90 days (1,455) (441) (56,149)
Settlement of terminated derivatives 0 0 (525)
Dividends paid (8,485) (8,264) (8,280)
Acquisition of treasury stock (2,585) (14,172) (1,869)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (378) (285) (514)
Proceeds from issuance of employee stock purchase plan shares 136 133 136
Net cash provided by financing activities 113,885 86,912 44,654
Net increase (decrease) in cash and cash equivalents 4,338 (147,887) 83,452
Cash and cash equivalents at beginning of year 60,823 208,710 125,258
Cash and cash equivalents at end of year 65,161 60,823 208,710
Supplemental disclosure of cash flow information:      
Cash paid for interest 42,888 8,721 6,805
Cash paid for income taxes 7,450 4,900 4,400
Supplemental schedule of noncash investing and financing activities:      
Loans transferred from LHFS to portfolio loans 0 1,510 0
OREO acquired in settlement of loans 85 0 0
Premises and equipment transferred to held for sale 0 2,991 0
Lease liabilities arising from obtaining ROU assets 2,416 94 2,865
Deposits held for assumption in connection with sale of bank branch $ 0 $ 31,307 $ 0