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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 21,596 $ 20,728
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses for loans 5,847 2,471
Depreciation and amortization of premises and equipment 1,912 2,168
(Accretion) amortization of (discounts) premiums on investments, net (2,015) 117
Amortization of intangible assets 659 717
Accretion on acquired loans (1,077) (1,736)
Equity-based compensation expense 432 353
Issuance of common stock to 401(k) plan 8 289
Loss (gain) on sale of premises and equipment, net 12 (381)
Loss on sale of other real estate owned 41 420
Net loss on sale of securities 21 0
Increase in accrued interest receivable (906) (533)
(Increase) decrease in other operating activities 1,247 3,587
Net cash provided by operating activities 27,777 28,200
Investing activities    
Proceeds from sale of securities available for sale 38,979 0
Proceeds from maturities, prepayments, and calls of securities available for sale 25,788 12,812
Payments to acquire securities available for sale (54,272) (236,850)
Net decrease (increase) in loans 16,752 (133,395)
Purchase of FHLB stock, net (146) (240)
Cash proceeds from merger, net 176,684 0
Proceeds from sale of premises and equipment 12 1,145
Payments to acquire premises and equipment (1,931) (469)
Proceeds from sale of other real estate owned 382 338
Net cash provided (used) by investing activities 202,248 (356,659)
Financing activities    
(Decrease) increase in noninterest-bearing deposits, net (55,562) 35,179
(Decrease) increase in interest-bearing deposits, net (174,210) 33,969
(Repayments) proceeds from securities sold under agreements to repurchase, net (526) 1,099
Proceeds from stock options exercised 48 103
Payments for repurchase of common stock (7,689) (12,035)
Payments of common dividends (10,272) (9,053)
Net cash (used) provided by financing activities (248,211) 49,262
Net decrease in cash and cash equivalents (18,186) (279,197)
Cash and cash equivalents at beginning of period 170,846 677,439
Cash and cash equivalents at end of period 152,660 398,242
Supplemental disclosure -- cash flow information    
Cash paid for interest 2,645 1,330
Cash paid for income taxes 4,641 490
Supplemental transactions -- noncash items    
Transfer of loans to other real estate owned 79 322
Loans originated to finance other real estate owned 20 0
Increase in accumulated other comprehensive income (loss), net of taxes $ 1,258 $ (10,114)