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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 $ 8,531 $ 9,156
Adjustments to reconcile net income to net cash provided by operating activities:    
Net premium amortization 450 442
Depreciation and amortization expense 1,072 1,063
Provision for credit losses 298 729
Share-based compensation 967 619
Gains on sales of loans originated for sale (268) (60)
Fair value adjustments on loans held for sale (18) (325)
Mortgage loans originated for sale (7,697) (5,302)
Proceeds from sales of loans originated for sale 13,264 9,223
Net loss on disposal of premises and equipment 0 (11)
Deferred income tax expense 891 1,251
Investment securities losses 5 8
Return on investments in limited partnerships (16) (12)
Net unrealized (gains) losses on derivatives (130) 279
Income from life insurance (634) (590)
(Increase) decrease in accrued interest receivable and other assets (1,139) 1,294
Decrease in accrued interest payable and other liabilities (3,092) (12,522)
Other, net 186 172
Net cash provided by operating activities 12,670 5,414
Cash flows from investing activities    
Maturities, repayments and calls of AFS securities 18,134 11,132
Purchases of AFS securities (21,784) (9,532)
Net redemptions (purchases) of restricted investments in bank stocks 539 (2,227)
Net (contributions to) distributions from investments in limited partnerships (21) 321
Net increase in loans (6,185) (56,061)
Purchases of bank premises and equipment (63) (248)
Proceeds from disposal of premises and equipment 0 12
Net cash used in investing activities (9,380) (56,603)
Cash flows from financing activities    
Net increase in deposits 137,137 39,377
Net (decrease) increase in borrowings with original maturities less than 90 days (20,186) 13,038
Proceeds from FHLB advances with original maturities greater than 90 days 0 40,000
Payments on FHLB advances with original maturities greater than 90 days 0 (113)
Dividends paid (2,123) (2,126)
Acquisition of treasury stock 0 (1,175)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (637) (378)
Proceeds from issuance of employee stock purchase plan shares 80 66
Net cash provided by financing activities 114,271 88,689
Net increase in cash and cash equivalents 117,561 37,500
Cash and cash equivalents at beginning of period 65,161 60,823
Cash and cash equivalents at end of period 182,722 98,323
Cash paid during the period for:    
Interest 15,894 7,046
Supplemental schedule of noncash activities:    
OREO acquired in settlement of loans 0 85
Deposits held for assumption in connection with sale of bank branch $ 0 $ 27,517