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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 10,475 $ 13,112
Adjustments to reconcile net income to net cash provided by operating activities:    
Net accretion of acquisition accounting estimates (847) (816)
Provision for credit losses 1,880 800
Depreciation and amortization 2,744 2,901
Net amortization of securities 660 781
Amortization of debt issuance costs 61 61
(Gain) on mortgage banking activities (1,518) (1,878)
Proceeds from sale of mortgage loans held for sale 47,815 104,005
Originations of loans held for sale (49,191) (72,301)
Stock-based compensation expense 325 302
Deferred income tax (benefit) expense (743) 81
Loss (Gain) on valuation adjustments on mortgage servicing rights 40 (478)
Valuation adjustments on premises transferred to held for sale 271  
Gain (loss) on sales and valuation adjustments on other real estate owned (3) 44
Fair value adjustments on loans held for investment, at fair value (48)  
Fair value adjustment on equity securities 3 108
Bank owned life insurance income (758) (410)
Net changes in:    
Accrued interest receivable 731 (368)
Other assets (2,510) 304
Accrued interest payable 1,721 5
Other liabilities (458) (3,202)
Net cash provided by operating activities 10,650 43,051
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 6,019 12,778
Proceeds from maturities and principal payments of investment securities held to maturity 21,795 23,613
Purchases of securities held to maturity   (78,468)
Purchases of equity securities (15) (7)
Purchase of restricted securities (23,979) (5,735)
Net change in loans (196,213) (143,947)
Purchases of premises and equipment (1,768) (1,720)
Proceeds from sales of other real estate owned 21 394
Improvements to other real estate owned   (34)
Redemption of restricted securities 13,940  
Purchases of bank owned life insurance (174) (10,092)
Proceeds from disposal of premises held for sale 721  
Net cash (used in) investing activities (179,653) (203,218)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Noninterest-bearing deposits (83,052) (38,375)
Interest-bearing deposits 10,970 26,704
Short-term borrowings 236,000 (4,143)
Common stock dividends paid (4,776) (4,762)
Issuance of common stock 189 139
Net cash provided by (used in) financing activities 159,331 (20,437)
Net (decrease) in cash and cash equivalents (9,672) (180,604)
Cash and cash equivalents at beginning of period 55,499 583,613
Cash and cash equivalents at end of period 45,827 403,009
Supplemental cash flows information:    
Interest paid 21,836 4,101
Income taxes paid 6,372 2,261
Recognition (remeasurement of) lease liabilities arising from right-of-use assets (5) (678)
Transfers from loans to other real estate owned   69
Unrealized gain (loss) on securities available for sale 634 $ (9,226)
Transfer of premises to held for sale and included in other assets $ 750