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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 $ 16,063 $ 23,606
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses - loans 1,647 2,225
Depreciation 2,393 1,993
Amortization of intangibles 805 1,002
Net amortization of security discounts/premiums 247 384
Noncash operating lease expense 1,028 844
Amortization of finance lease right of use asset 90 90
Earnings on cash surrender value of life insurance (546) (508)
Mortgage loans originated for sale (53,679) (82,142)
Proceeds from sales of mortgage loans originated for sale 49,567 84,916
Gain on sale of mortgage loans (671) (834)
SBA loans originated for sale (2,080) (2,636)
Proceeds from sales of SBA loans originated for sale 2,208 2,807
Gain on sale of SBA loans (128) (110)
Gain on sale of property, plant, and equipment (59) (71)
Gain on sale of foreclosed assets, net (126) (31)
Loss on sale of bank premises and equipment held for sale 0 1,333
Write-off of bank premises and equipment held for sale 0 705
Accretion of subordinated debt (293) (279)
Stock compensation expense 500 459
Change in deferred income tax benefit (1,148) (206)
Increase accrued interest receivable (50) (1,574)
Increase in other assets 490 504
Increase (decrease) in accrued interest payable 6,901 (249)
Decrease in operating lease liability (1,167) (1,154)
Increase (decrease) in other liabilities 1,879 (7,301)
Net Cash Provided By Operating Activities 23,871 23,773
Investing Activities:    
Proceeds from the sale of available-for-sale securities 1,751 0
Proceeds from the maturity or call of available-for-sale securities 7,927 5,439
Purchases of available-for-sale securities 0 (174,102)
Proceeds from the maturity or call of held-to-maturity securities 4,968 9,620
Purchases of held-to-maturity securities 0 (79,664)
Stock dividends of FHLB and other bank stock 289 0
(Purchases) reduction of restricted investment in bank stock (3,620) 4,900
Net cash received from acquisition 1,068 0
Net increase in loans (206,677) (75,753)
Purchases of bank premises and equipment (1,837) (2,549)
Proceeds from the sale of premises and equipment 59 127
Proceeds from the sale of foreclosed assets 374 71
Proceeds from bank-owned life insurance 774 0
Gain on bank-owned life insurance (125) 0
Net change in investments in tax credits and other partnerships (4,854) (4,332)
Net Cash Used In Investing Activities (199,903) (316,243)
Financing Activities:    
Net increase (decrease) in deposits 225,736 (299,429)
Proceeds from long-term debt 25,000 0
Common stock dividends paid (6,358) (6,384)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 206 176
Treasury stock purchased (4,580) (2,957)
Riverview restricted stock [1] 0 776
Net change in finance lease liability (46) (44)
Net change in short-term borrowings 9,795 0
Long-term debt repayment (30,727) (76,634)
Subordinated debt redemption and trust preferred securities (10,000) 0
Net Cash Provided by (Used In) Financing Activities 209,026 (384,496)
Net increase (decrease) in cash and cash equivalents 32,994 (676,966)
Cash and cash equivalents, beginning of period 60,881 913,752
Cash and cash equivalents, end of period 93,875 236,786
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 25,500 3,467
Cash paid for income taxes 3,970 3,500
Supplemental Noncash Disclosures:    
Recognition of operating lease right of use assets 1,336 115
Recognition of operating lease liabilities 1,336 115
Obsolete Riverview asset write-off 0 705
Loans transferred to foreclosed assets held for sale 693 109
Held-to-maturity securities purchased, not settled 0 524
Fair value of assets acquired in business combinations, excluding cash [2] 370,919 0
Goodwill recorded [2] 15,172 0
Liabilities assumed in business combination [2] 346,288 0
Stock issued in business combination [2] $ 18,095 $ 0
[1] Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
[2] Includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.