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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Consolidated net income $ 48,992,000 $ 53,020,000 $ 49,426,000
Adjustments to reconcile consolidated net income to net cash provided by operating activities      
Provision for credit losses 3,311,000 7,642,000 1,405,000
Deferred income taxes provision (2,029,000) (2,051,000) (932,000)
Depreciation and amortization of premises and equipment 4,313,000 4,462,000 4,235,000
Loss (gain) on disposal of premises and equipment 55,000 (291,000) 43,000
Net amortization of securities 2,879,000 4,003,000 5,377,000
Net realized losses (gains) on sales of securities 1,009,000 1,620,000 (28,000)
Gains on mortgage loans sold, net (2,635,000) (2,973,000) (9,997,000)
Stock-based compensation expense 1,948,000 1,864,000 1,428,000
Loss on other real estate 0 0 15,000
Loss (gain) on sale of other assets 10,000 (8,000) (6,000)
Increase in value of life insurance and annuity contracts (1,667,000) (1,345,000) (1,109,000)
Mortgage loans originated for resale (73,984,000) (106,601,000) (215,813,000)
Proceeds from sale of mortgage loans 77,680,000 118,062,000 233,441,000
Gain on lease modification (1,463,000) 0 0
Right of use asset amortization 29,000 397,000 387,000
Change in      
Accrued interest receivable (3,800,000) (3,756,000) (125,000)
Other assets 9,373,000 248,000 (4,458,000)
Accrued interest payable 21,055,000 1,516,000 (1,458,000)
Other liabilities 1,028,000 (2,602,000) (383,000)
TOTAL ADJUSTMENTS 37,112,000 20,187,000 12,022,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 86,104,000 73,207,000 61,448,000
INVESTING ACTIVITIES      
Purchases (51,116,000) (200,075,000) (530,155,000)
Sales 32,740,000 42,728,000 39,652,000
Maturities, prepayments and calls 56,364,000 85,544,000 149,861,000
Redemptions of restricted equity securities 921,000 732,000 0
Net increase in loans (442,452,000) (673,871,000) (164,095,000)
Purchase of buildings, leasehold improvements, and equipment (4,643,000) (5,022,000) (8,922,000)
Proceeds from sale of premises and equipment 0 1,758,000 0
Proceeds from sale of other assets 49,000 34,000 109,000
Proceeds from Sale of Other Real Estate 0 0 167,000
Purchase of life insurance and annuity contracts 0 (10,978,000) (15,079,000)
Redemption of annuity contracts 419,000 248,000 0
Increase in other investments 0 0 (2,000,000)
NET CASH USED IN INVESTING ACTIVITIES (407,718,000) (758,902,000) (530,462,000)
FINANCING ACTIVITIES      
Net change in deposits - non-maturing (324,417,000) 163,933,000 612,696,000
Net change in deposits - time 798,818,000 173,701,000 (18,220,000)
Net change in Federal Home Loan Bank Advances 0 0 (3,638,000)
Change in escrow balances (1,631,000) 3,549,000 (4,403,000)
Repayment of finance lease obligation (30,000) (26,000) 0
Noncontrolling interest contributions 0 37,000 0
Issuance of common stock related to exercise of stock options 1,044,000 635,000 862,000
Issuance of common stock pursuant to dividend reinvestment plan 12,979,000 16,117,000 11,188,000
Cash dividends paid on common stock (17,303,000) (20,880,000) (14,909,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 469,460,000 337,066,000 583,576,000
NET CHANGE IN CASH AND CASH EQUIVALENTS 147,846,000 (348,629,000) 114,562,000
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 104,789,000 453,418,000 338,856,000
CASH AND CASH EQUIVALENTS - END OF YEAR 252,635,000 104,789,000 453,418,000
Supplemental disclosure of cash flow information:      
Interest 62,624,000 14,617,000 12,106,000
Taxes 16,511,000 19,446,000 16,827,000
Non-cash investing and financing activities:      
Change in fair value of securities available-for-sale, net of taxes of $(7,878) in 2023, $36,838 in 2022, and $4,771 in 2021, 22,267,000 (104,115,000) (13,480,000)
Non-cash transfers from loans to other real estate 0 0 182,000
Non-cash transfers from loans to other assets $ 0 $ 0 $ 129,000