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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 of effects of acquisitions:      
Net Income $ 40,240 $ 34,072 $ 48,621
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (reversal) for loan losses 2,341 7,489 (10,161)
Depreciation 3,571 3,464 3,084
Amortization and accretion of purchase accounting valuations and intangibles 3,682 4,078 3,527
Federal Home Loan Bank stock dividends (607) (53) (15)
Net amortization of premium on investments 374 1,012 1,874
Amortization of subordinated debt issuance cost 228 120 0
Loss on sale of securities, net 249 0 0
Gain on sale of loans, net (816) (663) (2,518)
(Gain) loss on sale of assets, net 27 (26) 504
Proceeds, including principal payments, from loans held for sale 16,540 66,748 199,639
Originations of loans held for sale (16,638) (65,079) (188,666)
Non-cash compensation 2,375 2,441 2,354
Deferred income tax (benefit) expense (33) (882) 2,544
Increase in accrued interest receivable and other assets (8,023) (10,427) (2,661)
Increase in cash surrender value of bank-owned life insurance (1,045) (915) (886)
(Decrease) increase in accrued interest payable and other liabilities (1,109) 9,820 (1,525)
Net cash provided by operating activities 41,356 51,199 55,715
Cash flows from investing activities, net of effects of acquisitions:      
Purchases of securities available for sale 0 (238,498) (167,584)
Proceeds from maturities, prepayments and calls on securities available for sale 49,554 57,922 80,686
Proceeds from maturities, prepayments and calls on securities held to maturity 0 1,000 800
Proceeds from sales on securities available for sale 13,762 0 5,068
(Increase) decrease in loans, net (154,666) (279,450) 133,808
Decrease in interest-bearing deposits in banks 250 0 0
Proceeds from sale of foreclosed assets 809 2,650 2,493
Purchases of office properties and equipment (2,022) (2,706) (2,472)
Net cash disbursed in sale of banking center 0 (11,182) 0
Net cash disbursed in business combination 0 (16,123) 0
Proceeds from sale of office properties and equipment 4 82 414
Purchase of bank-owned life insurance 0 (5,000) 0
Proceeds from bank-owned life insurance 0 0 1,717
Purchase of Federal Home Loan Bank stock (5,215) (4,047) 0
Proceeds from redemption of Federal Home Loan Bank stock 3,269 0 0
Net cash used in investing activities (94,255) (495,352) 54,930
Cash flows from financing activities, net of effects of acquisitions:      
Increase (decrease) in deposits, net 37,883 (255,520) 322,028
Borrowings on Federal Home Loan Bank advances 17,420,575 155,000 0
Repayments of Federal Home Loan Bank advances (17,404,079) (4,850) (2,798)
Proceeds from issuance of subordinated debt, net of issuance cost 0 53,892 0
Proceeds from exercise of stock options 102 375 80
Issuance of stock under incentive plans 329 324 303
Dividends paid to shareholders (8,222) (7,777) (7,867)
Purchase of Company’s common stock (5,259) (11,333) (8,900)
Net cash provided by (used in) financing activities 41,329 (69,889) 302,846
Net change in cash and cash equivalents (11,570) (514,042) 413,491
Cash and cash equivalents at beginning of year 87,401 601,443 187,952
Cash and cash equivalents at end of year 75,831 87,401 601,443
Supplementary cash flow information:      
Interest paid on deposits and borrowed funds 41,884 7,744 6,220
Income taxes paid 12,635 6,535 12,002
Noncash investing and financing activities:      
Loans transferred to ORE, net of charge offs 1,793 1,297 1,979
Recognition of new operating leases $ 3,321 $ 4,690 $ 933