XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:          
Net income     $ 16,106,000 $ 15,253,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for credit losses $ 1,194,000 $ 477,000 3,824,000 (30,000)  
Increase in deferred tax assets     (1,149,000) (671,000)  
Accretion on acquired loans     (417,000) (1,067,000)  
Gain on sale of loans (1,278,000) (2,176,000) (2,714,000) (3,705,000)  
Gain on sale of securities   22,000   22,000  
Proceeds from sale of loans     41,833,000 36,025,000  
Loans originated for sale     (35,948,000) (43,612,000)  
Loss on sale of premises, net       (12,000)  
Gain on sale of OREO       (15,000)  
Bargain purchase gain     (1,665,000)    
Accretion on junior subordinated debentures     61,000 61,000  
Increase in cash surrender value of life insurance policies     (453,000) (512,000)  
Amortization/accretion of premiums/discounts on investment securities, net     452,000 442,000  
Loss on equity securities 362,000   3,971,000    
Depreciation and amortization     1,500,000 1,535,000  
Core deposit intangible amortization 516,000 453,000 1,527,000 1,359,000  
Stock based compensation expense     789,000 1,090,000  
Decrease in deferred loan origination fees, net     (1,645,000) 118,000  
Increase (decrease) in interest receivable and other assets     (90,000) (223,000)  
Increase in salary continuation plan, net     331,000 277,000  
Decrease in interest payable and other liabilities     (2,557,000) (944,000)  
Net cash provided by operating activities     23,756,000 5,391,000  
Cash flows from investing activities:          
Proceeds from maturities of interest bearing deposits in banks     1,095,000 3,635,000  
Purchase of investment securities     (25,679,000) (49,749,000)  
Proceeds from the maturities, repayments and calls of investment securities     9,217,000 20,966,000  
Proceeds from the sales of investment securities     63,000 1,306,000  
Purchase of Federal Home Loan Bank stock       (648,000)  
Purchase of Federal Reserve Bank stock     (1,003,000) (35,000)  
(Decrease) increase in loans, net     81,107,000 11,990,000  
Proceeds from sale of premises       46,000  
Proceeds from sale of OREO       423,000  
Purchase of equipment and leasehold improvements, net     (606,000) (1,092,000)  
Net cash received for acquisitions     18,423,000    
Net cash (used in) provided by investing activities     82,617,000 (13,158,000)  
Cash flows from financing activities:          
(Decrease) increase in noninterest and interest bearing deposits     (19,205,000) 506,667,000  
Increase (decrease) in time deposits, net     (227,268,000) (337,313,000)  
Repayment of Federal Home Loan Bank borrowings       (5,000,000)  
Repurchase of common stock     (13,544,000) (11,458,000)  
Dividends paid on common stock     (1,362,000)    
Net cash provided by (used in) financing activities     (261,379,000) 152,896,000  
Increase in cash and cash equivalents     (155,006,000) 145,129,000  
Cash and cash equivalents at beginning of period     379,687,000 299,329,000 $ 299,329,000
Cash and cash equivalents at end of period $ 224,681,000 $ 444,458,000 224,681,000 444,458,000 $ 379,687,000
Cash paid during the year for:          
Interest expense     8,295,000 7,704,000  
Cash paid during the year for:          
Income taxes paid, net     5,898,000 5,218,000  
Non-cash investing and financing activities:          
Change in unrealized loss on available-for-sale securities, net of tax     (13,675,000) (205,000)  
Recognition of ROU assets     1,425,000 832,000  
Recognition of lease liability     1,429,000 $ 833,000  
Acquisition:          
Assets acquired, net of cash received     440,785,000    
Liabilities assumed     380,055,000    
Common stock issued     $ 64,140,000