XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,600 $ 16,489
Adjustments to reconcile net income to net cash provided by operations:    
Provision for credit loss expense 1,320 1,290
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights 1,898 1,923
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income (1,395) (1,334)
Net amortization of deferred costs on borrowings 76 76
Accretion of deferred PPP processing fees 0 (1)
Net realized gains on sales of available-for-sale securities 0 (22)
Net realized and unrealized (gains) losses on equity securities (191) 286
Gain on sale of loans held for sale (153) (92)
Net losses on dispositions of premises and equipment and foreclosed assets 45 0
Proceeds from sale of loans receivable 5,024 2,856
Origination of loans held for sale (5,491) (3,381)
Income on bank owned life insurance (767) (764)
Restricted stock compensation expense 883 616
Change in:    
Accrued interest receivable and other assets (3,453) 277
Accrued interest payable, lease liabilities, and other liabilities 2,064 (13,405)
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,460 4,814
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities, prepayments and calls of available-for-sale securities 9,227 10,820
Proceeds from sales of available-for-sale securities 0 9,659
Purchase of available-for-sale securities (17,516) (10,603)
Proceeds from maturities, prepayments and calls of held-to-maturity securities 7,495 2,698
Purchase of equity securities (89) (87)
Proceeds from sales of loans classified as portfolio loans 438 4,994
Net decrease (increase) in loans receivable 36,878 (30,101)
Purchase of FHLB, other equity, and restricted equity interests (1,006) (479)
Purchase of premises and equipment (2,437) (3,382)
Purchase of other intangible assets 0 (125)
Proceeds from the sale of premises and equipment and foreclosed assets 119 0
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 33,109 (16,606)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in checking, money market and savings accounts 12,526 36,306
Net increase in certificates of deposit 26,277 95,386
Purchase of treasury stock (210) (2,508)
Cash dividends paid, common stock (3,680) (3,696)
Cash dividends paid, preferred stock (1,075) (1,075)
Net change in short-term borrowings 0 (30,313)
NET CASH PROVIDED BY FINANCING ACTIVITIES 33,838 94,100
NET INCREASE IN CASH AND CASH EQUIVALENTS 79,407 82,308
CASH AND CASH EQUIVALENTS, Beginning 222,046 106,285
CASH AND CASH EQUIVALENTS, Ending 301,453 188,593
Cash paid during the period for:    
Interest 30,919 17,990
Income taxes 493 444
SUPPLEMENTAL NONCASH DISCLOSURES:    
Transfers to other real estate owned 88 161
Transfers from loans held for sale to loans held for investment 691 538
Transfers from loans held for investment to loans held for sale 438 166
Grant of restricted stock awards from treasury stock 3,025 2,547
Grant of performance based restricted stock awards from treasury stock 179 111
Restricted stock forfeiture 50 50
Lease liabilities arising from obtaining right-of-use assets $ 442 $ 2,773