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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net Income $ 25,116 $ 31,821
Adjustments to reconcile net income to net cash provided by operating activities:    
Originations of mortgage loans held for sale (77,838) (91,275)
Proceeds from the sale of mortgage loans 71,780 95,846
Gain on sale of mortgage loans, net of origination costs (761) (2,165)
Provision for credit losses 2,105 1,270
Depreciation and amortization expense 1,642 1,774
Investment securities amortization and accretion, net 1,218 2,166
Stock-based compensation expense 1,407 1,517
Amortization of core deposit intangible assets 296 313
Purchase accounting accretion, net (81) (126)
Net increase in derivative collateral posted 6,540 30,470
(Increase) decrease in other assets (687) 1,265
Increase (decrease) in other liabilities 923 (3,361)
Net cash provided by operating activities 31,660 69,515
Investing Activities    
Proceeds from available-for-sale debt securities 38,113 130,634
Purchase of available-for-sale debt securities 0 80,868
Proceeds from maturities of held-to-maturity securities 13,227 371
Purchase of held-to-maturity securities 0 (24,502)
Net increase in loans (96,663) (293,288)
Purchase of bank-owned life insurance (10) 0
Purchase of Federal Home Loan Bank stock (25,105) (14,840)
Proceeds from sale of Federal Home Loan Bank stock 23,164 10,689
Purchase of premises and equipment 1,034 952
Recoveries of previously charged-off loans 212 374
Proceeds from the sale of other real estate owned 0 287
Net cash used in investing activities (48,096) (272,095)
Financing Activities    
Net decrease in deposits (133,184) (81,828)
Net proceeds from borrowings less than 90 days 183,006 159,894
Common stock repurchases (2,000) (7,413)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings (174) (390)
Cash dividends paid on common stock 12,277 11,805
Finance lease payments (84) (80)
Net cash provided by financing activities 35,287 58,378
Net increase (decrease) in cash, cash equivalents and restricted cash 18,851 (144,202)
Cash, cash equivalents, and restricted cash at beginning of period 75,427 220,625
Cash, cash equivalents and restricted cash at end of period 94,278 76,423
Supplemental information    
Interest paid 41,157 5,858
Income taxes paid 4,894 4,811
Dividends Payable 6,129 5,865
Change in fair value hedges presented within residential real estate loans and other assets 6,070 0
Transfer from available-for-sale to held-to-maturity securities $ 0 $ 592,438