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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 29,369 $ 29,123 $ 22,424
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for loan losses 3,172 575 11,080
Accretion of certain acquisition-related discounts, net (1,499) (2,727) (3,707)
Share-based compensation 1,973 1,697 1,447
Depreciation and amortization 4,356 4,741 4,189
Amortization of premiums and accretion of discounts on securities, net 2,292 3,550 2,271
Deferred income taxes 708 (90) (817)
(Reversal of) provision for indemnifications (858) (104) 881
Income from bank-owned life insurance (620) (526) (506)
Gains on sales of loans held for investment     (3,489)
Early debt repayment charges     2,197
Pension expense 639 2,131 793
Pension contribution (2,000)   (2,000)
Proceeds from sales of loans held for sale 772,555 1,613,467 1,668,113
Origination of loans held for sale (699,459) (1,467,675) (1,765,449)
Gains on sales of loans held for sale (7,498) (22,279) (25,735)
Other gains, net (3,173) (591) 624
Change in other assets and liabilities:      
Accrued interest receivable (2,172) 1,293 (897)
Other assets (2,700) 1,283 6,882
Accrued interest payable 235 (394) (442)
Other liabilities (4,761) (6,087) 1,767
Net cash provided by (used in) operating activities 90,559 157,387 (80,374)
Investing activities:      
Acquisition of Peoples Bankshares, Incorporated     19,101
Disposition of assets related to business combination     8,004
Proceeds from sales, maturities and calls of securities available for sale and payments on mortgage-backed securities 55,328 114,019 123,741
Purchases of securities available for sale (242,228) (209,224) (201,870)
Maturities of time deposits, net (494) 5,930 (5,478)
Repayments on loans held for investment by non-bank affiliates 175,340 161,299 129,011
Purchases of loans held for investment by non-bank affiliates (284,428) (216,681) (132,897)
Proceeds from sales of loans held for investment     3,366
Net (increase) decrease in community banking loans held for investment (116,663) 3,424 (110,862)
Purchases of corporate premises and equipment (3,394) (4,786) (10,228)
Proceeds from sales of corporate premises and equipment 1,967 1 338
Changes in collateral posted with other financial institutions, net 3,880 6,040 (7,400)
Other investing activities, net (587) 1,285 1,888
Net cash used in investing activities (411,279) (138,693) (183,286)
Financing activities:      
Net increase in demand and savings deposits 133,673 206,303 318,598
Net decrease in time deposits (44,427) (43,583) (29,212)
Net increase in short-term borrowings 1,857 14,280 4,095
Proceeds from long-term borrowings     19,924
Repayments of long-term borrowings     (121,726)
Repurchases of common stock (5,373) (8,232) (1,061)
Cash dividends paid (5,756) (5,675) (5,546)
Other financing activities, net (338) (711) (176)
Net cash provided by financing activities 79,636 162,382 184,896
Net (decrease) increase in cash and cash equivalents (241,084) 181,076 (78,764)
Cash and cash equivalents at beginning of period 267,745 86,669 165,433
Cash and cash equivalents at end of period 26,661 267,745 86,669
Supplemental cash flow disclosures:      
Interest paid 7,699 9,076 14,168
Income taxes paid 8,019 10,545 6,410
Supplemental disclosure of noncash investing and financing activities:      
Transfers from loans to other real estate owned     63
Transfers from corporate premises and equipment to other real estate owned 423    
Liabilities assumed to acquire right of use assets under operating leases 888 2,480 1,103
Transfers from loans held for sale to loans held for investment $ 1,425 $ 2,764 $ 2,460