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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 earnings $ 26,278 $ 25,514
Adjustments to reconcile consolidated net income to net cash provided (used) by operating activities    
Provision for credit losses 1,742 3,734
Deferred income tax benefit (464) (1,193)
Depreciation and amortization of premises and equipment 2,197 2,237
Loss (gain) on disposal of premises and equipment 48 (28)
Net amortization of securities 1,426 2,321
Net realized gain on sale of securities (3) 0
Gains on mortgage loans sold, net (1,366) (2,725)
Share-based compensation expense 719 844
Loss (gain) on sale of other assets 1 (8)
Increase in value of life insurance and annuity contracts (946) (717)
Mortgage loans originated for resale (44,834) (79,099)
Proceeds from sale of mortgage loans 44,166 87,476
Right of use asset amortization 220 193
Change in    
Accrued interest receivable 251 (1,899)
Other assets 2,792 585
Accrued interest payable 9,712 (294)
Other liabilities 3,541 2,941
TOTAL ADJUSTMENTS 19,202 14,368
NET CASH PROVIDED BY OPERATING ACTIVITIES 45,480 39,882
INVESTING ACTIVITIES    
Purchases (4,314) (172,814)
Sales 11,498 0
Maturities, prepayments and calls 26,710 51,044
Redemptions (purchases) of restricted equity securities 896 0
Net increase in loans (263,009) (291,041)
Purchase of buildings, leasehold improvements, and equipment (2,106) (1,400)
Proceeds from sale of premises and equipment 0 28
Purchase of life insurance and annuity contracts 0 (709)
Redemption of annuity contracts 358 0
NET CASH USED IN INVESTING ACTIVITIES (229,967) (414,892)
FINANCING ACTIVITIES    
Net change in deposits - non-maturing (308,942) 178,776
Net change in deposits - time 579,155 (23,041)
Change in escrow balances (1,196) 4,252
Repayment of finance lease obligation (15) (13)
Net increase in noncontrolling interest contributions 0 37
Issuance of common stock related to exercise of stock options 404 96
Issuance of common stock pursuant to dividend reinvestment plan 6,566 9,613
Cash dividends paid on common stock (8,605) (12,360)
NET CASH PROVIDED BY FINANCING ACTIVITIES 267,367 157,360
NET CHANGE IN CASH AND CASH EQUIVALENTS 82,880 (217,650)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 104,789 453,418
CASH AND CASH EQUIVALENTS - END OF PERIOD 187,669 235,768
Supplemental disclosure of cash flow information:    
Interest 23,722 4,678
Taxes 8,120 9,326
Non-cash investing and financing activities:    
Change in fair value of securities available-for-sale, net of tax (expense)/benefit of ($3,227) and $26,377 for the six months ended June 30, 2023 and 2022, respectively 9,119 (74,550)
Non-cash transfers from loans to other real estate 0 0
Non-cash transfers from loans to other assets $ 0 $ 0