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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 12,945 $ 16,187
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,936 1,852
Depreciation and amortization of premises and equipment 1,746 1,628
Loss on disposal of premises and equipment 3 2
Cash flows from operating leases (1,257) (1,390)
Amortization of mortgage servicing rights 178 189
Net amortization and accretion of premium/discounts on investment securities 561 803
Share-based compensation 148 (158)
Net gain on sales of residential mortgage loans (217) (128)
Proceeds from sales of loans held for sale 10,759 5,999
Originations of loans held for sale (9,736) (4,766)
Equity in losses (earnings) of unconsolidated entities 80 (28)
Distributions from unconsolidated entities 0 31
Net increase in cash surrender value of bank-owned life insurance (1,522) (1,304)
Deferred income tax expense 2,652 8,388
Net tax expense (benefit) from share-based compensation 60 (7)
Net change in other assets and liabilities (3,340) (9,030)
Net cash provided by operating activities 16,996 18,268
Cash flows from investing activities:    
Proceeds from maturities of and calls on available-for-sale investment securities 11,606 14,170
Purchases of investment securities available-for-sale (32,624) (14,913)
Proceeds from maturities of and calls on held-to-maturity investment securities 8,827 7,759
Net repayments of loans 33,444 15,085
Purchases of loan portfolios 0 (19,507)
Proceeds from bank-owned life insurance death benefits 0 1,027
Net purchases of premises, equipment and land (3,253) (3,822)
Contributions to unconsolidated entities (7,707) (30)
Net purchases of FHLB stock (128) (2,814)
Net cash provided by (used in) investing activities 10,165 (3,045)
Cash flows from financing activities:    
Net (decrease) increase in deposits (228,738) 10,745
Net increase in FHLB advances and other short-term borrowings 0 20,000
Proceeds from long-term debt 0 50,000
Cash dividends paid on common stock (7,033) (7,025)
Repurchases of common stock and other related costs (945) (2,205)
Net cash (used in) provided by financing activities (236,716) 71,515
Net (decrease) increase in cash and cash equivalents (209,555) 86,738
Cash and cash equivalents at beginning of period 522,437 112,044
Cash and cash equivalents at end of period 312,882 198,782
Cash paid during the period for:    
Interest 26,509 9,664
Supplemental disclosure of non-cash information:    
Lease liabilities arising from obtaining right-of-use lease assets 3,333 0
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value $ 1,638 $ 1,668