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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 34,907 $ 31,045
Adjustments to reconcile net income to net cash provided by operating activities:    
Net change in loans held for sale 2,016 4,546
Provision for credit losses 2,221 2,217
Net amortization of securities 1,758 2,287
Change in unamortized net loan costs and premiums 73 353
Premises and equipment depreciation 3,136 3,186
Stock-based compensation expense 1,396 716
Amortization of other intangibles 699 699
Income from cash surrender value of bank-owned life insurance policies (2,166) (1,501)
Gain on sales of securities, net (34) (53)
Amortization of right-of-use lease assets 900 893
Decrease in lease liabilities (879) (851)
Gain on premises and equipment, net (99) (65)
Net change in other assets and liabilities (12,702) (4,384)
Net cash provided by operating activities 31,226 39,088
Cash flows from investing activities:    
Proceeds from sales, maturities, calls and prepayments of securities available for sale 32,542 67,664
Purchases of securities available for sale (1,000) (99,294)
Net change in loans (90,244) (318,724)
Purchase of Federal Home Loan Bank stock (15,059) (2,924)
Proceeds from sale of Federal Home Loan Bank stock 15,118 1,273
Purchase of premises and equipment, net (3,650) (1,842)
Proceeds from death benefit of bank-owned life insurance policy 3,904  
Net cash used in investing activities (58,389) (353,847)
Cash flows from financing activities:    
Net change in deposits 97,063 87,136
Net change in short-term borrowings (26,880) 91,364
Repayments of long-term borrowings (14) (21,014)
Net issuance to employee stock plans (128) 368
Cash dividends paid on common stock (12,357) (11,419)
Net cash provided by financing activities 57,684 146,435
Net change in cash and cash equivalents 30,521 (168,324)
Cash and cash equivalents at beginning of year 92,295 250,389
Cash and cash equivalents at end of period 122,816 82,065
Supplemental cash flow information:    
Interest paid 36,298 7,028
Income taxes paid, net $ 12,228 $ 6,781