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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net Income $ 25,299 $ 39,087
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses - loans 3,074 3,775
Depreciation 3,645 3,056
Amortization of intangibles 1,289 1,516
Net amortization of security discounts/premiums 363 530
Noncash operating lease expense 1,413 1,255
Amortization of finance lease right of use asset 134 135
Earnings on cash surrender value of life insurance (824) (758)
Mortgage loans originated for sale (86,451) (116,966)
Proceeds from sales of mortgage loans originated for sale 85,709 123,853
Gain on sale of mortgage loans (1,053) (1,370)
SBA loans originated for sale (4,015) (5,310)
Proceeds from sales of SBA loans originated for sale 3,802 5,571
Gain on sale of SBA loans (213) (262)
Gain on sale of property, plant, and equipment (59) (97)
Gain on sale or write-down of foreclosed assets (144) (88)
Loss on sale of bank premises and equipment held for sale 0 (114)
Write-off of bank premises and equipment held for sale 0 705
Accretion of subordinated debt (440) (417)
Stock compensation expense 812 696
Change in deferred income tax benefit (1,501) (23)
Increase accrued interest receivable (4,654) (4,533)
Increase in other assets (621) (712)
Increase (decrease) in accrued interest payable 10,443 50
Decrease in operating lease liability (1,936) (1,654)
Increase (decrease) in other liabilities 2,332 (6,321)
Net Cash Provided By Operating Activities 36,404 41,604
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 12,782 9,910
Purchases of available-for-sale securities 0 (213,974)
Proceeds from the maturity or call of held-to-maturity securities 8,145 12,401
Purchases of held-to-maturity securities 0 (85,664)
Stock dividends of FHLB and other bank stock 549 0
(Purchases) reduction of restricted investment in bank stock (5,788) 4,539
Net cash received from acquisition 1,068 0
Net increase in loans (318,079) (218,061)
Purchases of bank premises and equipment (2,707) (3,734)
Proceeds from the sale of premises and equipment 59 1,912
Proceeds from the sale of foreclosed assets 644 148
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 (5,615) 0
Net Cash Used In Investing Activities (306,542) (492,523)
Financing Activities:    
Net increase (decrease) in deposits 320,666 (272,420)
Proceeds from long-term debt 25,000 0
Common stock dividends paid (9,666) (9,558)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 346 273
Treasury stock purchased (4,580) (2,957)
Riverview restricted stock [1] 0 776
Net change in finance lease liability (69) (67)
Net change in short-term borrowings 36,353 0
Long-term debt repayment (30,694) (76,702)
Subordinated debt redemption and trust preferred securities (10,000) (7,500)
Net Cash Provided by (Used In) Financing Activities 327,356 (368,155)
Net increase (decrease) in cash and cash equivalents 57,218 (819,074)
Cash and cash equivalents, beginning of period 60,881 913,752
Cash and cash equivalents, end of period 118,099 94,678
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 56,707 9,552
Cash paid for income taxes 4,400 3,500
Supplemental Noncash Disclosures:    
Recognition of operating lease right of use assets 1,336 552
Recognition of operating lease liabilities 1,336 552
Obsolete Riverview asset write-off 0 705
Loans transferred to foreclosed assets held for sale 1,362 109
Held-to-maturity securities purchased, not settled 0 0
Fair value of assets acquired in business combinations, excluding cash [2] 370,919 0
Goodwill recorded [2] 15,521 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.