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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 11,500 $ 8,259
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,614 2,387
Accretion of fair value purchase accounting adjustments, net   (358)
Amortization of intangible assets 659 637
Provision for credit losses 550 1,006
Stock compensation expense 538 312
Deferred income tax expense 3,475 948
Increase in cash surrender value of bank owned life insurance (469) (455)
Net losses from sale and write downs of other real estate owned   59
Net gains from mortgage banking (172) (834)
Origination of loans held for sale (10,319) (30,916)
Proceeds from sales of loans held for sale 8,919 30,959
Net (gain) loss from sale of fixed assets 8 (348)
Net change in:    
Accrued interest receivable (217) (452)
Accrued interest payable 106 352
Other assets 1,674 (5,881)
Other liabilities (7,512) 5,019
Net cash provided by operating activities 11,354 10,694
Cash flows from investing activities:    
Proceeds from maturities, calls and paydowns 7,554 10,217
Purchases (76,606) (257,101)
Proceeds from maturities, calls and paydowns 628  
Purchases   (50,575)
Proceeds from sales of other investments 1,480  
Purchases of other investments (9) (5)
Net increase in loans and leases (28,943) (112,551)
Proceeds from sale of fixed assets 623 1,224
Purchases of premises and equipment (1,561) (879)
Proceeds from sale of other real estate owned   108
Net cash used by investing activities (96,834) (409,562)
Cash flows from financing activities:    
Net increase in deposits 152,493 169,591
Net decrease in securities sold under agreements to repurchase (729) (872)
Repayment of borrowings (24,585) (50,000)
Cash dividends paid (1,354) (1,177)
Issuance of common stock, net of restricted shares withheld for taxes 165 217
Net cash provided by financing activities 125,990 117,759
Net change in cash and cash equivalents 40,510 (281,109)
Cash and cash equivalents, beginning of period 266,424 1,045,077
Cash and cash equivalents, end of period 306,934 763,968
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 17,091 2,112
Net cash paid/received during the period for income taxes 19  
Cash received from income tax refunds   (35)
Noncash investing and financing activities:    
Acquisition of real estate through foreclosure $ 272  
Transfer of securities from available-for-sale to held-to-maturity   $ 162,378