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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 27,681 $ 27,689
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 1,609 1,532
Provision for credit losses 5,980 (439)
Net amortization of debt securities 2,999 3,609
Deferred income tax expense 802 141
Stock-based compensation 951 1,253
Net accretion of discount and deferred loan fees on loans (3,378) (3,263)
Net realized loss on sales of securities 1,007  
Net unrealized loss on equity securities 15 340
Net (gain) loss on disposals of bank premises and equipment (32) 14
Net gain on sales of bank premises held for sale (75) (187)
Impairment losses on bank premises held for sale   23
Net gain on sales of foreclosed assets (68) (98)
Write-down of foreclosed assets 175 65
Amortization of intangibles 1,230 490
Decrease (increase) in mortgage servicing rights 483 (2,095)
Amortization of discount and issuance costs on subordinated notes and debentures 71 73
Amortization of premium on Federal Home Loan Bank advances 172  
Amortization of premium on interest-bearing time deposits with banks   5
Amortization of discount on time deposits (239) (126)
Mortgage loans originated for sale (35,682) (38,091)
Proceeds from sale of mortgage loans 29,729 38,634
Net gain on sale of mortgage loans (649) (913)
Increase in cash surrender value of bank owned life insurance (255) (81)
Decrease in accrued interest receivable 2,719 638
Decrease in other assets 4,864 1,827
Decrease in other liabilities (3,978) (245)
Net cash provided by operating activities 36,131 30,795
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of interest-bearing time deposits with banks 249 485
Proceeds from sales of securities available-for-sale 145,844  
Proceeds from paydowns, maturities, and calls of debt securities 50,540 74,703
Purchase of securities (2,985) (349,769)
Purchase of loans (36,964)  
Net decrease in loans 51,609 52,336
Purchase of restricted stock (11,622) (74)
Proceeds from redemption of restricted stock 11,064  
Purchases of bank premises and equipment (1,495) (496)
Proceeds from sales of bank premises and equipment 151  
Proceeds from sales of bank premises held for sale 310 1,297
Proceeds from sales of foreclosed assets 284 447
Net cash paid for acquisition of Town and Country (14,454)  
Net cash provided by (used in) investing activities 192,531 (221,071)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net decrease in deposits (142,679) (36,073)
Net decrease in repurchase agreements (4,352) (10,165)
Net decrease in Federal Home Loan Bank advances (69,039)  
Taxes paid related to the vesting of restricted stock units (181) (57)
Repurchase of common stock (5,776) (3,351)
Cash dividends and dividend equivalents paid (10,986) (9,315)
Net cash used in financing activities (233,013) (58,961)
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,351) (249,237)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 114,159 409,268
CASH AND CASH EQUIVALENTS AT END OF PERIOD 109,808 160,031
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 11,815 2,860
Cash paid for income taxes 8,997 7,845
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES    
Transfers of loans to foreclosed assets 170 $ 27
Transfers of bank premises and equipment to bank premises held for sale $ 35