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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net Income (Loss) $ 19,304,000 $ 17,316,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net 565,000 510,000
Provision for credit losses 4,039,000 3,793,000
Depreciation, amortization and accretion, net 1,770,000 1,872,000
Share-based compensation 1,289,000 1,706,000
Net loss on disposal of fixed assets 10,000 73,000
Net loss on sale of securities 8,000 45,000
Amortization of tax credit investments 2,592,000 870,000
Bank-owned life insurance policy income (815,000) (729,000)
Originations of loans for sale (66,160,000) (64,032,000)
Sale of loans originated for sale 64,786,000 65,393,000
Gain on sale of loans originated for sale (544,000) (920,000)
Net loss on repossessed assets 151,000 4,000
Return on investment in limited partnerships 1,386,000 3,392,000
Excess tax benefit expense from share-based compensation 167,000 128,000
Net payments on operating lease liabilities (771,000) (709,000)
Net increase (decrease) in accrued interest receivable and other assets 761,000 (9,558,000)
Net (decrease) increase in accrued interest payable and other liabilities (6,805,000) 3,307,000
Net cash provided by operating activities 21,733,000 22,461,000
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 35,410,000 10,047,000
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 1,415,000 2,797,000
Proceeds from sale of available-for-sale securities 7,533,000 5,084,000
Purchases of available-for-sale securities (58,344,000) (57,281,000)
Proceeds from sale of repossessed assets 18,000 25,000
Net increase in loans and leases (137,217,000) (231,661,000)
Investments in limited partnerships (8,773,000) (700,000)
Returns of investments in limited partnerships 0 4,000
Investment in tax credit investments 0 (9,598,000)
Distribution from tax credit investments 130,000 33,000
Proceeds from sale of tax credit 731,000 0
Investment in Federal Home Loan Bank stock (8,529,000) (24,375,000)
Proceeds from the sale of Federal Home Loan Bank stock 8,670,000 27,705,000
Purchases of leasehold improvements and equipment, net (796,000) (1,255,000)
Proceeds from sale of leasehold improvements and equipment 30,000 0
Net cash used in investing activities (159,722,000) (279,175,000)
Financing activities    
Net increase in deposits 88,404,000 360,646,000
Repayment of Federal Home Loan Bank advances (483,250,000) (1,228,050,000)
Proceeds from Federal Home Loan Bank advances 480,100,000 1,147,375,000
Net increase (decrease) in long-term borrowed funds 89,000 (6,020,000)
Cash dividends paid (4,163,000) (3,795,000)
Preferred stock dividends paid (438,000) (438,000)
Proceeds from issuance of common stock under ESPP 62,000 55,000
Purchase of treasury stock (1,245,000) (2,932,000)
Net cash provided by financing activities 79,559,000 266,841,000
Net (decrease) increase in cash and cash equivalents (58,430,000) 10,127,000
Cash and cash equivalents at the beginning of the period 139,510,000 102,682,000
Cash and cash equivalents at the end of the period 81,080,000 112,809,000
Cash paid during the period for:    
Interest paid on deposits and borrowings 53,213,000 30,478,000
Net income taxes paid 396,000 1,192,000
Non-cash investing and financing activities:    
Transfer of repossessed assets to loans $ 23,000 $ 0