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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 13,426 $ 29,115 $ 46,711
Adjustments to reconcile net income to cash provided by operating activities:      
Provision for (reversal of) credit losses 1,260 6,155 (12,400)
Depreciation and other amortization 4,816 3,698 2,319
Accretion and amortization of securities discounts and premiums, net 61 694 935
Loss on sale of other real estate owned 376
(Gain) loss on sale of investment securities available for sale (12) 3
(Gain) loss on sale of fixed assets 394 (10)
Net change in operating leases 233 872 605
Compensation expense related to stock options and restricted stock grants 1,943 2,026 1,647
Gain on sale of loans held for sale (3,790) (2,914) (13,676)
Loans originated and held for sale (147,040) (165,698) (486,145)
Proceeds from sale of loans held for sale 147,553 178,251 546,522
Increase in cash surrender value of bank owned life insurance (1,379) (1,289) (1,231)
(Increase) decrease in deferred tax asset (230) (22) 1,589
(Increase) decrease in other assets, net (1,378) (5,047) 2,126
Increase (decrease) in other liabilities, net 2,178 4,082 (11,302)
Net cash provided by operating activities 17,653 50,305 78,069
Investing activities      
Increase in loans, net (329,431) (782,130) (348,718)
Purchase of property and equipment (1,242) (13,950) (26,509)
Purchase of investment securities:      
Available for sale (63,224) (13,048) (49,393)
Other investments (51,642) (27,751) (2,250)
Proceeds from maturities, calls and repayments of investment securities:      
Available for sale 7,928 10,833 20,673
Other investments 42,536 20,939 1,861
Proceeds from maturities of investment securities available for sale 16,500 12,429
Purchase of bank owned life insurance policies (7,500)
Proceeds from sale of fixed assets 95 50
Proceeds from sale of other real estate owned 1,159
Net cash used for investing activities (378,575) (792,583) (410,627)
Financing activities      
Increase in deposits, net 245,700 570,038 421,068
Increase (decrease) in Federal Home Loan Bank advances and other borrowings 100,000 175,000 (25,000)
Proceeds from the exercise of stock options 518 905 3,012
Net cash provided by financing activities 346,218 745,943 399,080
Net increase (decrease) in cash and cash equivalents (14,704) 3,665 66,522
Cash and cash equivalents, beginning of year 170,874 167,209 100,687
Cash and cash equivalents, end of year 156,170 170,874 167,209
Supplemental information      
Interest 93,351 18,877 6,402
Income taxes 1,514 11,828 21,652
Schedule of non-cash transactions      
Foreclosure of other real estate 367
Unrealized gain (loss) on securities, net of income taxes 2,068 (12,660) (1,765)
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases $ 145 $ 595 $ 10,221