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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 9,023 $ 6,599
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (17) (281)
Earnings on investment in bank-owned life insurance (442) (327)
Loss on sales or calls of securities 193 0
(Gain) Loss on equity securities (20) 109
Restricted stock compensation expense 317 673
Depreciation and amortization 883 879
Provision for credit losses and provision for unfunded commitments 373 0
Net amortization of investment securities premiums 446 1,231
Decrease (Increase) in accrued interest receivable 18 (750)
Increase (Decrease) in accrued interest payable 72 (34)
Mortgage loans originated for sale (8,375) (13,550)
Proceeds from sales of loans originated for sale 8,348 14,901
Decrease (Increase) in other assets 606 (3,208)
(Increase) Decrease in deferred tax expense (972) 37
Increase in other liabilities 4,466 882
Net Cash Provided by Operating Activities 14,919 7,161
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 205 0
Proceeds from maturities of investment securities available for sale 10,912 9,628
Proceeds from sales of investment securities available for sale 46,612 0
Sales/redemptions 369 0
Purchase of investment securities available for sale 0 (177,048)
Purchase of investment securities held to maturity 0 (22,204)
Redemption of equity securities 40 0
(Purchase) Redemption of restricted investment in bank stocks (923) 448
Net decrease (increase) in loans 5,867 (15,969)
Acquisition of insurance agency 0 (7,800)
Capital expenditures (58) (331)
Proceeds from sales of premises and equipment 0 1,093
Net Cash Provided by (Used in) Investing Activities 63,024 (212,183)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net (decrease) increase in demand deposits (694) 9,759
Net decrease in time certificates of deposits and interest bearing deposits (142,459) (25,387)
Net decrease in short-term borrowings (11,660) (5,174)
Proceeds from long-term borrowings 25,000 1,500
Repayments on long-term borrowings 0 (6,000)
Dividends paid (2,384) (2,257)
Common stock repurchased (29) 0
Common stock issued 188 70
Net Cash Used in Financing Activities (132,038) (27,489)
Net Decrease in Cash and Cash Equivalents (54,095) (232,511)
Supplemental disclosures of cash flow information    
Interest paid 745 1,058
Income taxes paid 0 0
CASH AND CASH EQUIVALENTS — BEGINNING 168,161 710,131
CASH AND CASH EQUIVALENTS — ENDING $ 114,066 $ 477,620