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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 8,498 $ 27,380 $ 38,090
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 3,346 2,794 3,088
Amortization of right-of-use lease asset 470 598 583
Amortization of deferred loan fees, net (1,270) 694 1,294
Amortization of CDI and other intangibles 3,420 105 363
Amortization expense related to acquired borrowings 387    
Accretion income related to acquired loans (9,108)    
Amortization expense related to acquired deposits 1,328    
Amortization of low income housing partnerships 472 431 454
Provision for (credit to) credit losses 19,131 566 (449)
Net unrealized (gain) loss on equity investment securities (132) 11 31
Net gain on sale of other real estate owned   (18) (478)
Valuation allowance on other real estate 818    
Loans originated for sale (3,042) (4,133) (12,200)
Proceeds from sale of loans originated for sale 3,289 3,871 12,655
Net loss (gain) on sale of loans originated for sale 3 12 (47)
Net (accretion) amortization of investment securities (811) 1,005 1,488
Net (gain) loss on sale of investment securities available for sale (1) (81) 1,976
Loss (gain) on sale of premises and equipment 165 3 (175)
Increase in cash surrender value of life insurance (1,572) (1,067) (1,020)
Gain from bank owned life insurance settlement (172)    
Deferred income tax (benefit) expense (3,647) 1,268 611
Stock compensation, including tax effects and expenses 786 888 534
Net change in:      
Accrued interest receivable 4,550 (1,019) (3,187)
Other assets 6,970 (2,085) (1,701)
Accrued interest payable (2,228) 4,862 495
Other liabilities 2,273 (2,833) (48)
Net cash provided by operating activities 33,923 33,252 42,357
Cash flows from investing activities:      
Proceeds from sales of investment securities available for sale 241,301 67,363 43,503
Proceeds from sales of equity investments 1,567    
Proceeds from repayments of investment securities:      
Available for sale 58,009 25,328 41,191
Held to maturity 6,570 6,212 5,745
Purchases of investment securities:      
Available for sale (4,841)   (112,838)
Equity Securities     (25,872)
Net (purchase) redemption of restricted equity securities (5,030) 4,450 (5,585)
Net cash received in merger with FNCB Bancorp, Inc. 28,067    
Net decrease (increase) in loans 61,676 (123,335) (402,699)
Investment in bank owned life insurance     (5,881)
Purchases of premises and equipment (2,575) (5,925) (7,831)
Proceeds from the sale of premises and equipment 1,807 14 170
Proceeds from bank owned life insurance 596   1,312
Proceeds from sale of other real estate owned   139 966
Net cash provided by (used in) investing activities 387,147 (25,754) (467,819)
Cash flows from financing activities:      
Net (decrease) increase in deposits (299,814) 232,439 83,201
Proceeds from long-term debt   25,000  
Repayment of long-term borrowings (23,287) (555) (2,156)
Net (decrease) proceeds from short-term borrowings (131,390) (97,340) 114,930
Retirement of common stock   (5,886) (1,253)
Cash dividends paid (18,093) (11,659) (11,325)
Net cash (used in) provided by financing activities (472,584) 141,999 183,397
Net (decrease) increase in cash and cash equivalents (51,514) 149,497 (242,065)
Cash and cash equivalents at beginning of period 187,365 37,868 279,933
Cash and cash equivalents at end of period 135,851 187,365 37,868
Supplemental disclosures:      
Interest 95,733 58,235 15,090
Income taxes 1,854 3,462 $ 10,000
Noncash items:      
Cumulative effect of adoption of ASC 326 on retained earnings, net of tax   2,364  
Transfers of fixed assets to other real estate 1,529    
Transfers of loans to other real estate 27    
Origination of mortgage servicing rights 609    
Initial recognition of right-of-use assets (1) 3,084 3,878  
Initial recognition of lease liability (1) 3,082 $ 3,878  
Removal of right-of-use assets 774    
Removal of lease liability 774    
Tangible assets acquired 1,760,091    
Goodwill and other intangible assets 50,233    
Liabilities assumed 1,676,611    
FNCB      
Noncash items:      
Initial recognition of right-of-use assets (1) 3,084    
Initial recognition of lease liability (1) $ 3,082