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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 $ 21,261 $ 23,640 $ 22,042
Adjustments to reconcile net income to net cash from operating activities:      
(Reversal of) provision for credit losses 150 250 416
Depreciation 2,477 2,658 2,624
Amortization 9,953 10,684 9,801
Compensation expense on employee and director stock purchases, stock options, and restricted stock units 1,005 958 812
Net (gains) losses on sales of securities 71 809 40
Net change in market value of equity securities 246 955 (479)
Gains on sales of loans and capitalized servicing rights (1,954) (2,343) (6,776)
Loans originated for sale (56,085) (71,829) (197,387)
Proceeds from loan sales 57,342 77,681 205,398
Earnings on bank-owned life insurance (1,096) (1,038) (778)
Proceeds from BOLI policy 0 690 204
Earnings on death benefit from bank-owned life insurance 0 (274) (31)
(Gains) on sales of other real estate owned (12) (41) (19)
Proceeds from sales of other real estate owned 157 235 611
Deferred federal income tax (expense) benefit (24) (15) 924
Net change in:      
Other assets 5,395 (4,208) (5,418)
Other liabilities 7,596 6,205 5,715
Net cash provided by operating activities 46,482 45,017 37,699
Cash flows from investing activities:      
Sales of securities available for sale 0 47,167 29,742
Sales of equity securities 887 0 0
Proceeds from Federal Home Loan Bank stock redemption 3,917 0 0
Maturities, prepayments and calls of securities available for sale 32,289 51,570 54,202
Maturities, prepayments and calls of securities held to maturity 16,572 8,091 0
Purchases of securities available for sale (1,646) (55,053) (632,826)
Purchases of securities held to maturity (597) (7,505) 0
Purchases of equity securities 0 (1,029) (5,117)
Purchases of Federal Home Loan Bank stock (4,849) 0 0
Purchase of bank-owned life insurance policies 0 0 (10,000)
Loan originations and payments, net (221,245) (130,620) 45,384
Additions to premises and equipment (4,234) (1,164) (2,759)
Proceeds from (payments for) derivative contracts, net 1,732 (1,953) 0
Payments for derivative contracts settlements (4,191) 0 0
Net cash (used in)/provided by investing activities (181,365) (90,496) (521,374)
Cash flows from financing activities:      
Net change in deposits 4,052 65,709 377,716
Proceeds from borrowings 420,000 726,000 87,500
Payments on borrowings (270,000) (726,000) (14,326)
Issuance of common stock 231 172 139
Repurchase of common stock 0 (682) (7,786)
Share based compensation withholding obligation 0 (85) 0
Cash dividends (7,910) (7,578) (7,200)
Net cash provided by/(used in) financing activities 146,373 57,536 436,043
Net change in cash and cash equivalents 11,490 12,057 (47,632)
Beginning cash and cash equivalents 43,943 31,887 79,519
Ending cash and cash equivalents 55,433 43,943 31,887
Supplemental disclosures of cash flow information:      
Cash paid for interest 27,481 7,577 3,718
Cash paid for income taxes 4,450 1,989 3,251
Loans transferred to other real estate owned $ 266 $ 0 $ 520