XML 20 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net Income $ 12,727 $ 16,795
Adjustments to reconcile net income to net cash provided by operating activities:    
Originations of mortgage loans held for sale (34,397) (47,671)
Proceeds from the sale of mortgage loans 35,501 47,771
Gain on sale of mortgage loans, net of origination costs (384) (1,132)
Provision (credit) for credit losses 2,002 (1,075)
Depreciation and amortization expense 815 899
Investment securities amortization and accretion, net 605 1,217
Stock-based compensation expense 459 624
Amortization of core deposit intangible assets 148 156
Purchase accounting accretion, net (34) (80)
Net (increase) decrease in derivative collateral posted (1,370) 24,070
(Increase) decrease in other assets (189) 998
(Decrease) increase in other liabilities (1,367) 178
Net cash provided by operating activities 14,516 42,750
Investing Activities    
Proceeds from available-for-sale debt securities 18,888 69,572
Proceeds from sales, calls and maturities of available-for-sale debt securities 0 77,865
Proceeds from maturities of held-to-maturity securities 6,216 0
Net increase in loans (63,055) (102,976)
Purchase of Federal Home Loan Bank stock (13,591) (1,799)
Proceeds from sale of Federal Home Loan Bank stock 6,890 1,892
Purchase of premises and equipment 495 393
Recoveries of previously charged-off loans 107 62
Proceeds from the sale of other real estate owned 0 287
Net cash used in investing activities (45,040) (111,220)
Financing Activities    
Net decrease in deposits (184,195) (32,225)
Net proceeds from borrowings less than 90 days 221,142 26,060
Common stock repurchases 0 (542)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings 62 (114)
Cash dividends paid on common stock 6,135 5,911
Finance lease payments (36) (40)
Net cash provided (used in) by financing activities 30,838 (12,772)
Net increase (decrease) in cash, cash equivalents and restricted cash 314 (81,242)
Cash, cash equivalents, and restricted cash at beginning of period 75,427 220,625
Cash, cash equivalents and restricted cash at end of period 75,741 139,383
Supplemental information    
Interest paid 17,840 2,470
Income taxes paid 146 150
Dividends Payable 6,135 5,908
Unsettled common stock repurchase $ 0 $ 67