XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 19,542 $ 18,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,370 700
Depreciation, amortization and accretion 11,629 8,628
Stock-based compensation expense 1,743 599
Losses on sales of securities available for sale 82 87
Net increase in servicing asset (554) (1,040)
Loss on sales and writedowns of other real estate and repossessions 0 48
(Gain) losses on sales of premises & equipment (62) 49
Gain on sale of bank owned buildings 0 (96)
Writedowns on sale of bank owned buildings 0 90
Increase in bank owned life insurance (1,353) (1,042)
Equity method investment income 364 44
Deferred tax expense 1,130 (2,739)
Donation of other real estate owned 35 0
Gain on sales of SBA loans (6,216) (7,547)
Origination of loans held for sale (317,997) (439,160)
Proceeds from sales of loans held for sale 344,620 460,943
Change in other assets (7,593) 2,041
Change in other liabilities 1,001 (4,160)
Net cash provided by operating activities 49,741 36,104
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investment securities available for sale (174,219) (460,500)
Proceeds from maturities, calls, and paydowns of investment securities available for sale 54,859 103,002
Proceeds from sales of investment securities available for sale 60,924 96,781
Proceeds from maturities, calls, and paydowns of investment securities held to maturity 11,592 0
Net change in loans (399,871) 28,450
Purchase of premises and equipment (2,895) (5,838)
Proceeds from sales of other real estate and repossessions 0 1,360
(Purchase) redemption of equity securities 3,306 (9,500)
Purchase of bank-owned life insurance 0 0
Proceeds from bank owned life insurance 1,008 752
Redemption (purchase of) Federal Home Loan Bank stock (3,451) 2,308
Proceeds from sale of bank owned buildings 0 1,535
Proceeds from sales of premises and equipment 519 17
Net cash and cash equivalents received from bank acquisition 0 37,511
Net cash and cash equivalents paid in insurance acquisitions 0 (4,210)
Net cash used in investing activities (448,228) (208,332)
CASH FLOWS FROM FINANCING ACTIVITIES    
Change in noninterest-bearing customer deposits 16,594 86,307
Change in interest-bearing customer deposits 99,795 211,899
Dividends paid on common stock (7,158) (4,463)
Repayment of Paycheck Protection Program Liquidity Fund 0 (106,789)
Proceeds from Federal Home Loan Bank advances 430,000 0
Repayments of Federal Home Loan Bank advances (357,500) 0
Issuance of subordinated debt, net 39,068 0
Increase (decrease) in other borrowings 2,437 (1,000)
Issuance of common stock, net 59,468 0
Repurchase of shares (540) 0
Cash paid for tax withholding related to vesting of restricted stock (231) 0
Net cash provided by financing activities 281,933 185,954
Net increase (decrease) in cash and cash equivalents (116,554) 13,726
Cash and cash equivalents at beginning of period 197,232 183,506
Cash and cash equivalents at end of period 80,678 197,232
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 10,222 4,387
Cash paid during the period for income taxes 3,836 3,859
NONCASH INVESTING AND FINANCING ACTIVITIES    
Transfers to other real estate 405 145
Change in goodwill (3,984) 0
Available-for-sale to held-to-maturity, transfer unrealized loss 34,000  
Carrying amount of securities AFS transferred to HTM, net of $34.0 million unrealized loss $ 510,956 $ 0