XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 24,341,000 $ 21,342,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and (accretion), net 2,302,000 3,538,000
Provision for (recovery of) credit losses 2,918,000 (756,000)
Depreciation of premises and equipment 1,210,000 1,390,000
Deferred income tax (benefit) expense (654,000) 880,000
Net periodic employee benefit cost 13,000 64,000
Gains on sale of investment securities, net 1,134,000 (723,000)
Stock-compensation expense 1,093,000 971,000
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit (102,000) 3,000
Increase in value of bank-owned life insurance (804,000) (2,014,000)
Loans originated for sale (2,637,000) (15,093,000)
Proceeds from the sale of loans originated for sale 2,689,000 15,090,000
Gain on sale of loans (52,000) (128,000)
Change in accrued interest receivable 759,000 (474,000)
Change in other assets 3,156,000 (1,828,000)
Change in other liabilities 6,599,000 4,769,000
Net Cash Provided by Operating Activities 39,901,000 28,471,000
Investing Activities    
Net decrease (increase) in loans 6,108,000 (15,695,000)
Purchases 0 157,888,000
Proceeds from sales of securities available-for-sale 84,940,000 0
Proceeds from maturities and calls 26,839,000 69,476,000
Purchases (189,000) (21,000)
Proceeds from sales 249,000 45,000
Purchases of premises and equipment (616,000) (401,000)
Proceeds from the disposals of premises and equipment 0 64,000
Proceeds from bank-owned life insurance policies 206,000 2,514,000
Payments for low income housing tax credits (1,704,000) (489,000)
Acquisition of Citizens Commerce Bancshares, Inc. 13,518,000 0
Net Cash Provided by (Used in) Investing Activities 129,351,000 (102,395,000)
Financing Activities    
Net increase (decrease) in non-interest-bearing deposits 9,288,000 (15,859,000)
Net (decrease) increase in interest-bearing deposits (41,622,000) 89,389,000
Net (decrease) increase in short-term borrowings (4,208,000) (23,975,000)
Purchases of treasury stock (20,103,000) (2,984,000)
Repayments of Debt and Lease Obligation (203,000) (192,000)
Dividends paid (9,594,000) (9,038,000)
Net Cash (Used in) Provided by Financing Activities (66,442,000) 37,341,000
Increase (Decrease) in Cash and Cash Equivalents 102,810,000 (36,583,000)
Cash and cash equivalents at beginning of period 200,000,000 634,631,000
Cash and Cash Equivalents at End of Period 302,810,000 598,048,000
Supplemental Cash Flow Information:    
Cash paid for interest 7,694,000 1,772,000
Cash paid for income taxes 3,500,000 0
Citizens Commerce Bancshares, Inc.    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Acquired 320,453,000 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Assumed (307,104,000) 0
Goodwill 40,451,000 0
Citizens Commerce Bancshares, Inc. | Core Deposits    
Core deposit intangible $ 8,278,000 $ 0