XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 57,074,000 $ 44,025,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and (accretion), net 4,711,000 6,213,000
Provision for (recovery of) credit losses 3,343,000 (756,000)
Depreciation of premises and equipment 2,349,000 2,716,000
Deferred income tax (benefit) expense (864,000) 634,000
Net periodic employee benefit cost 26,000 128,000
Gains on sale of investment securities, net 840,000 (1,324,000)
Stock-compensation expense 1,726,000 1,658,000
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit (203,000) 91,000
Increase in value of bank-owned life insurance (4,012,000) (2,992,000)
Loans originated for sale (6,397,000) (23,467,000)
Proceeds from the sale of loans originated for sale 6,499,000 23,512,000
Gain on sale of loans (102,000) (224,000)
Change in accrued interest receivable 1,181,000 (715,000)
Change in other assets 9,764,000 (11,350,000)
Change in other liabilities (7,350,000) 4,781,000
Net Cash Provided by Operating Activities 67,311,000 45,396,000
Investing Activities    
Net decrease (increase) in loans (23,077,000) (22,554,000)
Purchases 21,781,000 362,820,000
Proceeds from sales of securities available-for-sale 85,559,000 0
Proceeds from maturities and calls 63,728,000 131,306,000
Purchases (5,950,000) (258,000)
Proceeds from sales 66,000 83,000
Proceeds from maturities and calls 498,000 0
Purchases of premises and equipment (1,727,000) (1,050,000)
Proceeds from the disposals of premises and equipment 282,000 64,000
Proceeds from bank-owned life insurance policies 206,000 3,624,000
Payments for low income housing tax credits (4,144,000) (832,000)
Acquisition of Citizens Commerce Bancshares, Inc. 14,013,000 0
Net Cash Provided by (Used in) Investing Activities 107,673,000 (252,437,000)
Financing Activities    
Net (decrease) increase in non-interest-bearing deposits (38,604,000) 158,535,000
Net (decrease) increase in interest-bearing deposits (115,286,000) 58,098,000
Net (decrease) increase in short-term borrowings (25,750,000) 89,910,000
Proceeds from long-term debt 100,000,000 0
Purchases of treasury stock (44,056,000) (19,295,000)
Proceeds from exercise of stock options 0 661,000
Repayments of Debt and Lease Obligation (405,000) (382,000)
Dividends paid (19,602,000) (18,138,000)
Net Cash (Used in) Provided by Financing Activities (143,703,000) 269,389,000
Increase in Cash and Cash Equivalents 31,281,000 62,348,000
Cash and cash equivalents at beginning of period 200,000,000 634,631,000
Cash and Cash Equivalents at End of Period 231,281,000 696,979,000
Supplemental Cash Flow Information:    
Cash paid for interest 18,509,000 3,257,000
Cash paid for income taxes 17,309,000 10,828,000
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 (307,111,000) 0
Goodwill 40,458,000 0
Citizens Commerce Bancshares, Inc. | Core Deposits    
Core deposit intangible $ 8,278,000 $ 0