XML 43 R8.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net Income $ 23,670 $ 23,056
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 915 877
Net loss on securities available for sale 0 12
Net gain on other equity securities (83) (469)
Net amortization of securities 327 456
Amortization of core deposit intangible 457 245
Provision for credit losses 4,885 3,511
Deferred income taxes 284 71
(Gain) loss on sale of foreclosed assets (3) 7
Stock-based compensation 746 668
Net decrease (increase) in loans held for sale 35 (752)
Income from bank owned life insurance (673) (511)
Increase in interest receivable (432) (1,358)
Increase in interest payable 399 696
Net other operating activities (1,944) 4,977
Net cash provided by operating activities 28,583 31,486
INVESTING ACTIVITIES    
Cash acquired in acquisition 74,262 0
Purchase of securities available for sale (43,351) (41,639)
Proceeds from sale of securities available for sale 106,005 10,532
Proceeds from sale of other equity securities 0 800
Proceeds from maturities, calls, and paydowns of securities available for sale 27,811 13,520
Net redemption (purchase) of restricted equity securities 1,999 (1,837)
Purchase of annuities (909) 0
Purchase of bank owned life insurance (2,700) 0
Net increase in loans (188,034) (188,460)
Proceeds from sale of foreclosed assets 3 10
Purchase of premises, equipment and software (1,294) (226)
Net cash used in investing activities (26,208) (207,300)
FINANCING ACTIVITIES    
Net increase in deposits 93,610 195,658
Proceeds from issuance of common stock 413 1,566
Proceeds from restricted stock units 0 363
Repurchase of common stock 0 (979)
Net repayment of FHLB advances (48,000)  
Net proceeds of FHLB advances   24,000
Net repayment of other borrowings (19,018)  
Net proceeds of other borrowings   5,010
Net proceeds of subordinated notes 235 268
Common stock dividends paid (2,410) (2,391)
Net cash provided by financing activities 24,830 223,495
Net increase in cash and cash equivalents 27,205 47,681
Cash and cash equivalents at beginning of year 250,651 168,499
Cash and cash equivalents at end of year 277,856 216,180
Cash paid during the year for:    
Interest 57,748 35,683
Income taxes 8,943 9,029
NONCASH TRANSACTIONS    
Transfers of loans to foreclosed assets 0 43
Internally financed sale of foreclosed assets $ 0 $ 53