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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 $ 13,885 $ 21,772
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses on loans 14,000 3,135
Depreciation on premises and equipment 1,231 1,208
Amortization of intangible assets 1,089 1,291
Amortization of operating lease right-of-use asset 402 421
Amortization of loan servicing rights 676 88
Share-based compensation expense 701 625
Increase in cash surrender value of life insurance (1,801) (876)
Investment securities accretion, net (1,296) (47)
Loss on sales of investment securities, net 0 648
Gain on sales of other real estate owned (22) 0
Origination of loans held for sale (14,070) (7,507)
Proceeds from sales of loans held for sale 17,627 6,261
Gain on sale of loans held for sale (442) (264)
Net change in operating assets and liabilities:    
Accrued interest receivable (997) (221)
Other assets 1,034 4,423
Accrued expenses and other liabilities (5,100) (14,949)
Net cash provided by operating activities 26,917 16,008
Cash flows from investing activities:    
Purchases of investment securities available for sale (172,715) (136,881)
Proceeds from sales of investment securities available for sale 0 84,493
Maturities and payments on investment securities available for sale 42,464 13,748
Purchases of equity securities (93) (139)
Net decrease (increase) in loans 163,694 (49,923)
Purchases of premises and equipment (527) (2,788)
Proceeds from sale of premises and equipment 0 8
Purchases of nonmarketable equity securities (58,162) (11,315)
Proceeds from redemptions of nonmarketable equity securities 68,107 4,385
Proceeds from sales of other real estate owned 301 0
Net cash provided by (used in) investing activities 43,069 (98,412)
Cash flows from financing activities:    
Net increase in deposits 14,455 60,549
Net increase (decrease) in short-term borrowings 179,581 (11,138)
Net (decrease) increase in short-term FHLB borrowings (166,000) 92,000
Proceeds from long-term FHLB borrowings 35,000 235,000
Payments made on long-term FHLB borrowings (90,000) (305,000)
Cash dividends paid on preferred stock (2,228) (2,228)
Cash dividends paid on common stock (6,772) (6,749)
Common stock repurchased (1,944) (2,801)
Proceeds from issuance of common stock under employee benefit plans 177 450
Net cash (used in) provided by financing activities (37,731) 60,083
Net increase (decrease) in cash and cash equivalents 32,255 (22,321)
Cash and cash equivalents:    
Beginning of period 135,061 160,631
End of period 167,316 138,310
Supplemental disclosures of cash flow information:    
Interest paid on deposits and borrowed funds 46,187 34,888
Income tax paid (net of refunds) 985 1,409
Supplemental disclosures of noncash investing and financing activities:    
Transfer of loans to other real estate owned 51 0
Right of use assets obtained in exchange for lease obligations $ 222 $ 1,130