XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 51,844 $ 41,876 $ 35,760
Adjustments to reconcile net income to net cash from operating activities:      
Provision for credit losses 4,649 9,159 2,160
Provision for unfunded loans 244 (59) 290
Depreciation and amortization 3,539 3,122 2,839
Net amortization of securities 3,555 2,347 2,323
Available for sale security (gains) loss (838) (385) 11
Realized (gains) losses on equity securities (166) 5 (53)
Loss on land and building sales, net 247 77 26
Stock compensation expense 1,193 1,443 1,385
(Gains) loss on sale of other real estate owned 0 (38) 45
Earnings on bank owned life insurance (1,298) (795) (818)
Loss on fixed asset disposal 0 0 12
Income recognized from death benefit on bank owned life insurance (40) 0 0
Origination of loans held for sale (398,011) (245,060) (75,568)
Proceeds from loans held for sale 406,381 255,167 78,591
Net gains on sale of loans (8,285) (11,362) (3,777)
Net change in other assets and liabilities (8,081) (6,431) (4,465)
NET CASH FROM OPERATING ACTIVITIES 54,933 49,066 38,761
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities and repayments of securities available for sale 74,376 61,117 35,583
Proceeds from sales of securities available for sale 35,175 60,341 33,424
Purchases of securities available for sale (849,941) (176,212) (83,049)
Proceeds from sale of equity securities 258 67 1,302
Purchases of equity securities (68) (842) (1,939)
Proceeds from maturities and repayments of SBIC funds 1,261 0 0
Purchases of SBIC funds (1,116) 0 0
Purchases of restricted stock (22) (2,843) 0
Redemption of restricted stock 2,198 5,383 8
Loan originations and payments, net 231,479 (86,741) (77,554)
Proceeds from sale of other real estate owned 0 241 236
Proceeds from BOLI death benefits 352 0 49
Purchase of bank owned life insurance 0 (15,000) 0
Proceeds from land and building sales 37 502 252
Additions to premises and equipment (1,375) (3,696) (1,458)
Net cash received (paid) in business combinations 83,773 (2,204) 0
NET CASH FROM INVESTING ACTIVITIES (423,613) (159,887) (93,146)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net change in deposits 241,083 418,663 209,244
Net change in short-term borrowings (6,767) (49,529) (167,709)
Repayments of long-term borrowings (66,980) (47,560) (935)
Proceeds from long term borrowings 73,749 0 40,000
Cash dividends paid (14,072) (12,654) (10,539)
Repurchase of common shares (164) (14,238) (2,842)
NET CASH FROM FINANCING ACTIVITIES 226,849 294,682 67,219
NET CHANGE IN CASH AND CASH EQUIVALENTS (141,831) 183,861 12,834
Beginning cash and cash equivalents 254,621 70,760 57,926
Ending cash and cash equivalents 112,790 254,621 70,760
Supplemental cash flow information:      
Interest paid 8,482 16,515 19,529
Income taxes paid 12,500 9,000 6,450
Supplemental noncash disclosures:      
Transfer of loans and property to other real estate owned 0 73 300
Issuance of stock for business combinations 98,921 22,554 0
Issuance of stock awards 2,136 1,740 1,203
Security purchases not settled $ 0 $ 3,889 $ 812