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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 8,366 $ 28,020
Adjustments to reconcile net income to net cash provided by operating activities:    
Net (discount accretion) premium amortization (5,526) 1,534
Depreciation and amortization expense 5,793 3,194
Provision for credit losses 14,791 1,264
Share-based compensation 7,488 1,763
Gains on sales of loans originated for sale (667) (214)
Fair value adjustments on loans held for sale (95) 182
Mortgage loans originated for sale (29,372) (14,924)
Proceeds from sales of loans originated for sale 32,389 19,388
Net gain on sale of OREO and premises held for sale 0 (436)
Net loss on disposal of premises and equipment 400 242
Deferred income tax expense 38 339
Investment securities (gains) losses (254) 8
Return on investments in limited partnerships (49) (27)
Net gains (losses) on derivatives 1,316 (87)
Income from life insurance (2,569) (1,855)
Premium on branch sale 0 (1,102)
(Increase) decrease in accrued interest receivable and other assets (12,583) 2,171
Increase (decrease) in accrued interest payable and other liabilities 6,398 (9,975)
Other, net 735 520
Net cash provided by operating activities 26,599 30,005
Cash flows from investing activities    
Proceeds from sales of AFS securities 162,669 19,900
Maturities, repayments and calls of AFS securities 57,921 27,456
Purchases of AFS securities (190,293) (39,387)
Net cash received from merger 45,280 0
Net purchases of restricted investments in bank stocks (7,087) (2,345)
Net increase in loans (28,837) (115,681)
Proceeds from sales of portfolio loans 1,727 0
Investment in limited partnerships (6,891) (858)
Purchases of bank premises and equipment (463) (1,771)
Proceeds from disposal of OREO and premises held for sale 0 2,536
Proceeds from disposal of premises and equipment 0 43
Net cash paid in branch sale 0 (17,641)
Purchases of bank owned life insurance (5,000) 0
Death benefit proceeds from life insurance contracts 0 342
Other (374) (72)
Net cash provided by (used in) investing activities 28,652 (127,478)
Cash flows from financing activities    
Net increase in deposits 145,397 88,924
Net (increase) decrease in borrowings with original maturities less than 90 days (18,296) 13,306
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 (1,455)
Dividends paid (8,722) (6,365)
Acquisition of treasury stock 0 (2,579)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (2,393) (378)
Proceeds from issuance of employee stock purchase plan shares 267 136
Other 115 0
Net cash provided by financing activities 116,368 131,589
Net increase in cash and cash equivalents 171,619 34,116
Cash and cash equivalents at beginning of period 65,161 60,823
Cash and cash equivalents at end of period 236,780 94,939
Cash paid during the period for:    
Interest 63,206 29,655
Income taxes 6,825 4,750
Supplemental schedule of noncash activities:    
OREO acquired in settlement of loans 0 85
Premise and equipment transferred to held for sale 1,925 0
Lease liabilities arising from obtaining ROU assets 0 2,416
Noncash transactions related to merger:    
Assets acquired 2,154,283 0
Liabilities assumed $ 2,018,067 $ 0