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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net earnings $ 6,681,000 $ 8,277,000
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 1,025,000 1,018,000
Amortization 177,000 194,000
Deferred taxes 0 (1,157,000)
Premium amortization, net of discount accretion 435,000 760,000
Net realized gain on sales of securities available for sale 0 (93,000)
Gain on sale of loans (272,000) (314,000)
Reversal of provision for credit losses (250,000) 0
Origination of loans held for sale (7,798,000) (10,488,000)
Proceeds from loans held for sale 8,172,000 12,698,000
Net gain on sale of premises, equipment, other real estate owned and other assets (11,000) 0
Stock based compensation 138,000 148,000
Net change in accrued interest receivable and other assets (8,627,000) (930,000)
Net change in accrued interest payable and other liabilities 1,450,000 1,599,000
Net cash provided by operating activities 1,120,000 11,712,000
Securities available for sale:    
Purchases (439,214,000) 0
Proceeds from Sales 0 7,239,000
Proceeds from maturities and principal repayments 404,493,000 7,396,000
Securities held to maturity:    
Proceeds from maturities and principal repayments 39,806,000 32,305,000
Net repayments of loans 42,173,000 5,000
Purchases of premises and equipment (997,000) (2,184,000)
Proceeds from sale of premises, equipment, other real estate owned and other assets 124,000 0
Net cash provided by investing activities 46,385,000 44,761,000
Cash flows from financing activities    
Net change in deposits (5,402,000) (57,786,000)
Net change in securities sold under agreements to repurchase 13,886,000 6,117,000
Proceeds from FHLB advances 590,000,000 1,585,000,000
Repayment of FHLB advances (655,000,000) (1,535,000,000)
Repayment of line of credit (4,500,000) 0
Purchase of treasury stock (335,000) (744,000)
Exercise of stock options 69,000 225,000
Cash dividends paid (2,654,000) (2,627,000)
Net cash used in financing activities (63,936,000) (4,815,000)
Net change in cash and cash equivalents (16,431,000) 51,658,000
Cash and cash equivalents at beginning of period 89,524,000 106,467,000
Cash and cash equivalents at end of period 73,093,000 158,125,000
Supplemental disclosures of cash flow information    
Interest paid 16,849,000 10,467,000
Supplemental schedule of noncash investing and financing activities    
Cash dividends accrued 2,769,000 2,744,000
Lease right of use assets obtained in exchange for lease liabilities 0 568,000
Transfer of loans to other real estate owned and repossessed assets $ 14,946,000 $ 0