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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 8,184 $ 6,457
Adjustments to reconcile net income to net cash provided by operating activities:    
Net accretion of acquisition accounting estimates (3,753) (646)
Provision for credit losses 407 1,213
Depreciation and amortization 4,099 1,383
Net amortization of securities 43 249
Amortization of debt issuance costs 31 31
Gain on mortgage banking activities (820) (719)
Proceeds from sale of mortgage loans held for sale 22,737 21,947
Originations of loans held for sale (27,257) (20,710)
Stock-based compensation expense 354 155
Deferred income tax expense (benefit) 1,941 (126)
Loss on valuation adjustments on mortgage servicing rights 223 82
Valuation adjustments on premises transferred to held for sale 0 225
Gain on sales and valuation adjustments on other real estate owned 0 (3)
Fair value adjustments on loans held for investments, at fair value 210 (195)
Fair value adjustment on equity securities 61 (17)
Bank owned life insurance income (592) (364)
Net changes in:    
Accrued interest receivable (324) 1,291
Other assets (1,508) (1,408)
Accrued interest payable (1,353) 320
Other liabilities (296) 2,055
Net cash provided by operating activities 2,387 11,220
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 3,849 3,175
Proceeds from maturities and principal payments of investment securities held to maturity 9,215 10,017
Purchases of investment securities available for sale (59,431) 0
Purchases of equity securities (39) (8)
Purchase of restricted securities (5,973) (11,421)
Net change in loans (5,984) (111,681)
Purchases of premises and equipment (1,773) (619)
Proceeds from sales of other real estate owned 0 21
Redemption of restricted securities 6,010 7,523
Purchases of bank owned life insurance (25) (129)
Net cash (used in) investing activities (54,151) (103,122)
Net changes in:    
Noninterest-bearing deposits (57,357) (53,336)
Interest-bearing deposits (144,851) 38,249
Short-term borrowings 0 91,500
Common stock dividends paid (3,984) (2,388)
Issuance of common stock 103 87
Net cash (used in) provided by financing activities (206,089) 74,112
Net decrease in cash and cash equivalents (257,853) (17,790)
Cash and cash equivalents at beginning of period 372,413 55,499
Cash and cash equivalents at end of period 114,560 37,709
Supplemental cash flows information:    
Interest paid 30,728 12,711
Income taxes paid 87 215
Recognition (remeasurement of) lease liabilities arising from right-of-use assets 71 (5)
Transfers from loans to repossessed properties 1,845 0
Unrealized (losses) gains on securities available for sale (776) 1,183
Unsettled securities transaction 14,083 0
Transfer of premises to held for sale (included in other assets) $ 0 $ 750