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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 10,166 $ 18,917
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums and accretion of discounts on securities (936) (1,258)
Gain on sale of SBA loans (178) (76)
Proceeds from sale of SBA loans originated for sale 1,978 1,045
SBA loans originated for sale (1,541) (1,305)
Provision for credit losses on loans 184 32
Increase in cash surrender value of life insurance (518) (493)
Depreciation and amortization 300 272
Amortization of other intangible assets 553 602
Stock option expense, net 145 147
RSUs and PRSUs expense 198  
Amortization of restricted stock awards, net 311 382
Amortization of subordinated debt issuance costs 37 37
Effect of changes in:    
Accrued interest receivable and other assets 4,861 (519)
Accrued interest payable and other liabilities (8,222) 12,175
Net cash provided by operating activities 7,338 29,958
CASH FLOWS FROM INVESTING ACTIVITIES:    
Maturities/paydowns/calls of securities available-for-sale 39,596 3,014
Maturities/paydowns/calls of securities held-to-maturity 14,072 16,485
Net change in loans 14,022 36,364
Changes in FHLB stock and other investments (4) (4)
Purchase of premises and equipment (429) (113)
Net cash provided by investing activities 67,257 55,746
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 66,202 54,934
Net change in short-term borrowings   300,000
Exercise of stock options 385 683
Payment of cash dividends (7,952) (7,916)
Net cash provided by financing activities 58,635 347,701
Net increase in cash and cash equivalents 133,230 433,405
Cash and cash equivalents, beginning of period 408,129 306,603
Cash and cash equivalents, end of period 541,359 740,008
Supplemental disclosures of cash flow information:    
Interest paid $ 16,350 5,657
Supplemental schedule of non-cash activity:    
Recording of right of use assets in exchange for lease obligations   $ 384