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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 48,020 $ 46,662 $ 51,168
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for (recovery of) credit losses 7,985 6,572 (8,471)
Depreciation and amortization of premises and equipment 3,954 4,154 4,471
(Accretion)/amortization of discounts/premiums on investments, net (2,471) (261) 454
Amortization of intangible assets 1,731 1,446 1,446
Accretion on acquired loans (2,743) (2,618) (4,656)
Gain on divestiture 0 (1,658) 0
Equity-based compensation expense 597 718 1,281
Issuance of common stock to 401(k) plan 606 657 492
(Gain) loss on sale of premises and equipment, net (189) (772) 499
Provision expense and loss on sale of other real estate owned 84 453 231
Loss on sale of securities 21 0 0
Decrease in other operating activities 4,233 3,671 1,300
Net cash provided by operating activities 61,828 59,024 48,215
Investing activities      
Proceeds from sale of available for sale securities 38,979 0 370
Proceeds from maturities, prepayments, and calls of securities available for sale 83,586 25,748 27,256
Payments to acquire securities available for sale (74,103) (269,337) (22,394)
Proceeds from repayments (originations of) loans, net 64,538 (236,620) 27,467
Proceeds from bank owned life insurance 0 1,763 0
(Payments for) redemption of FHLB stock, net (877) (240) 1,012
Net cash provided by (used in) acquisitions and divestitures 176,684 (59,039) 0
Proceeds from sale of premises and equipment 1,827 1,542 2,616
Payments to acquire premises and equipment (2,770) (1,160) (3,038)
Proceeds from sale of other real estate owned 798 564 2,061
Net cash provided by (used in) investing activities 288,662 (536,779) 35,350
Financing activities      
(Decrease) increase in noninterest-bearing deposits, net (98,637) 47,769 69,988
(Decrease) increase in interest-bearing deposits, net (261,488) (37,291) 113,156
(Payments for) proceeds from in securities sold under agreements to repurchase, net (755) 0 572
Repayments of FHLB and other borrowings, net 0 338 0
Proceeds from stock options exercised 91 172 538
Payments for repurchase of common stock (23,038) (21,311) (28,882)
Payments of common stock dividends (21,089) (18,515) (18,059)
Net cash (used in) provided by financing activities (404,916) (28,838) 137,313
Net (decrease) increase in cash and cash equivalents (54,426) (506,593) 220,878
Cash and cash equivalents at beginning of period 170,846 677,439 456,561
Cash and cash equivalents at end of period 116,420 170,846 677,439
Supplemental disclosure -- cash flow information      
Cash paid for interest 9,084 2,114 3,141
Cash paid for income taxes 11,783 7,590 14,399
Supplemental transactions -- non-cash items      
Transfer of loans to other real estate 391 705 1,283
Loans originated to finance other real estate 20 0 59
Change in accumulated other comprehensive income/(loss) 4,768 (14,173) 377
Acquisitions:      
Fair value of assets acquired 466,247 0 0
Fair value of liabilities assumed 409,258 0 0
Net assets acquired 71,370 0 0
Common stock issued in acquisition $ 71,354 $ 0 $ 0