XML 25 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 49,932 $ 60,597 $ 51,844
Adjustments to reconcile net income to net cash from operating activities:      
Provision for credit losses 8,718 250 4,649
Provision for unfunded commitments 435 872 244
Depreciation and amortization 7,327 4,899 3,539
Net amortization of securities 925 4,817 3,555
Available for sale security losses (gains) 498 415 (838)
Realized (gains) losses on equity securities (27) 39 (166)
Losses (gains) on premises and equipment sales and disposals, net 316 (20) 247
Stock compensation expense 2,612 1,817 1,193
Earnings on bank owned life insurance (2,337) (1,626) (1,298)
Income recognized from death benefit on bank owned life insurance (105) (184) (40)
Origination of loans held for sale (64,647) (102,150) (398,011)
Proceeds from loans held for sale 64,910 105,956 406,381
Net (gains) on sale of loans (2,391) (2,062) (8,285)
Net change in other assets and liabilities (3,860) 7,119 (8,081)
NET CASH FROM OPERATING ACTIVITIES 62,306 80,739 54,933
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities and repayments of securities available for sale 58,562 78,265 74,376
Proceeds from sales of securities available for sale 85,306 37,190 35,175
Purchases of securities available for sale (650) (239,240) (849,941)
Proceeds from sale of equity securities 69 72 258
Purchases of equity securities (70) (78) (68)
Proceeds from maturities and repayments of SBIC funds 2,030 2,740 1,261
Purchases of SBIC funds (1,870) (3,067) (1,116)
Purchase of regulatory stock (30,288) (5,833) (22)
Proceeds from redemption of regulatory stock 36,084 3,142 2,198
Loan originations and payments, net (61,919) (77,198) 231,479
Proceeds from loans held for sale previously classified as portfolio loans 6,785 0 0
Proceeds from BOLI death benefits 419 693 352
Proceeds from land and building sales 533 1,399 37
Additions to premises and equipment (3,880) (2,559) (1,375)
Net cash received (paid) in business combinations (13,175) (1,033) 83,773
NET CASH FROM INVESTING ACTIVITIES 77,936 (205,507) (423,613)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net change in deposits (260,195) 14,533 241,083
Net change in short-term borrowings 185,000 95,000 (6,767)
Repayments of long-term borrowings 0 0 (66,980)
Proceeds from long term borrowings 0 0 73,749
Cash dividends paid (25,396) (22,004) (14,072)
Repurchase of common shares (11,544) 0 (164)
NET CASH FROM FINANCING ACTIVITIES (112,135) 87,529 226,849
NET CHANGE IN CASH AND CASH EQUIVALENTS 28,107 (37,239) (141,831)
Beginning cash and cash equivalents 75,551 112,790 254,621
Ending cash and cash equivalents 103,658 75,551 112,790
Supplemental cash flow information:      
Interest paid 78,520 16,461 8,482
Income taxes paid 6,700 10,100 12,500
Supplemental noncash disclosures:      
Issuance of stock for business combinations 59,202 0 98,921
Issuance of stock awards 1,913 2,184 2,136
Transfer of loans to loans held for sale 7,510 0 0
Lease liabilities assumed from obtaining right-of-use assets $ 1,289 $ 1,628 $ 0