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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 16,269 $ 18,994
Adjustments to reconcile net income to net cash provided by operating activities:    
Net premium amortization 836 978
Depreciation and amortization expense 2,136 2,114
Provision for credit losses 1,110 1,128
Share-based compensation 1,831 1,154
Gains on sales of loans originated for sale (427) (118)
Fair value adjustments on loans held for sale (31) (187)
Mortgage loans originated for sale (16,472) (9,829)
Proceeds from sales of loans originated for sale 21,184 14,564
Net gain on sale of OREO and premises held for sale 0 (301)
Net loss on disposal of premises and equipment 0 226
Deferred income tax expense 321 886
Investment securities losses 17 10
Return on investments in limited partnerships (39) (12)
Net (gains) losses on derivatives (168) 199
Income from life insurance (1,280) (1,235)
Premium on branch sale 0 (1,166)
(Increase) decrease in accrued interest receivable and other assets (2,752) 2,816
Decrease in accrued interest payable and other liabilities (3,799) (8,900)
Other, net 367 335
Net cash provided by operating activities 19,103 21,656
Cash flows from investing activities    
Maturities, repayments and calls of AFS securities 31,841 19,182
Purchases of AFS securities (50,289) (9,532)
Net redemptions (purchases) of restricted investments in bank stocks 845 (1,960)
Net increase in loans (51,088) (83,157)
Investment in limited partnerships (4,521) (716)
Purchases of bank premises and equipment (100) (1,505)
Proceeds from disposal of OREO and premises held for sale 0 1,662
Proceeds from disposal of premises and equipment 0 43
Net cash paid in branch sale 0 (17,656)
Death benefit proceeds from life insurance contracts 0 342
Net cash used in investing activities (73,312) (93,297)
Cash flows from financing activities    
Net increase in deposits 144,070 65,432
Net decrease in borrowings with original maturities less than 90 days (17,660) (10,933)
Proceeds from FHLB advances with original maturities greater than 90 days 0 40,000
Payments on FHLB advances with original maturities greater than 90 days 0 (228)
Dividends paid (4,266) (4,244)
Acquisition of treasury stock 0 (2,579)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (637) (378)
Proceeds from issuance of employee stock purchase plan shares 80 66
Other (30) 0
Net cash provided by financing activities 121,557 87,136
Net increase in cash and cash equivalents 67,348 15,495
Cash and cash equivalents at beginning of period 65,161 60,823
Cash and cash equivalents at end of period 132,509 76,318
Cash paid during the period for:    
Interest 33,044 17,934
Income taxes 4,625 1,950
Supplemental schedule of noncash activities:    
OREO acquired in settlement of loans 0 85
Lease liabilities arising from obtaining ROU assets $ 0 $ 2,416