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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 771 $ 19,642
Adjustments to reconcile net income to net cash provided by operating activities:    
Net (decrease) increase in deferred loan fees (284) 158
Depreciation 1,526 454
Accretion (1,380) (1,435)
Amortization 1,178 6,816
Stock-based compensation 621 689
Provision for credit losses 9,889 476
Net realized losses on sales and calls of available-for-sale investment securities 4,199 296
Net gain on disposal of premises and equipment (7) (30)
Net change in equity securities (141) 204
Increase in bank-owned life insurance, net of expenses (971) (763)
Net decrease (increase) in accrued interest receivable and other assets 10,517 (4,760)
Net (decrease) increase in accrued interest payable and other liabilities (2,145) 1,934
Benefit for deferred income taxes (2,495) (244)
Net cash provided by operating activities 21,278 23,437
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash and cash equivalents acquired in acquisition 58,523 0
Proceeds from sales or calls of available-for-sale investment securities 64,229 12,580
Proceeds from calls of held-to-maturity investment securities 0 20
Proceeds from maturity and principal repayments of available-for-sale investment securities 43,941 28,849
Proceeds from maturity and principal repayments of held-to-maturity investment securities 1,234 1,964
Net increase in loans (85,551) (19,455)
Purchases of premises and equipment (3,414) (4,609)
FHLB stock purchased (350) (967)
Proceeds from sale of premises and equipment 22 2,469
Net cash provided by investing activities 78,634 20,851
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in demand, interest bearing and savings deposits 47,270 (46,131)
Net (decrease) increase in time deposits (11,221) 95,324
Proceeds from short-term borrowings from Federal Home Loan Bank 839,000 3,346,500
Repayments of short-term borrowings to Federal Home Loan Bank (829,000) (3,392,500)
Repayments of borrowings from FRB Bank Term Funding Program (45,000) 0
Repurchase and retirement of common stock (38) (1)
Proceeds from stock issued under employee stock purchase plan 216 163
Proceeds from exercise of stock options 103 0
Cash dividend payments on common stock (5,957) (4,238)
Net cash used in by financing activities (4,627) (883)
Increase in cash and cash equivalents 95,285 43,405
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 53,728 31,170
CASH AND CASH EQUIVALENTS AT END OF PERIOD 149,013 74,575
Cash paid during the period for:    
Interest 34,356 14,180
Income taxes 2,380 6,700
Operating cash flows from operating leases 2,303 1,874
Non-cash investing and financing activities:    
Unrealized gain (loss) on securities available for sale $ 22,451 $ (9,659)