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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 19,400 $ 35,320
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums and accretion of discounts on securities (1,660) (2,542)
Gain on sale of SBA loans (254) (275)
Proceeds from sale of SBA loans originated for sale 3,228 3,897
SBA loans originated for sale (2,668) (4,303)
Provision for credit losses on loans 655 292
Increase in cash surrender value of life insurance (1,039) (995)
Depreciation and amortization 629 546
Amortization of other intangible assets 1,106 1,203
Stock option expense, net 274 301
RSUs and PRSUs expense 611 96
Amortization of restricted stock awards, net 476 758
Amortization of subordinated debt issuance costs 75 75
Gain on proceeds from company-owned life insurance (219)  
Effect of changes in:    
Accrued interest receivable and other assets 3,927 744
Accrued interest payable and other liabilities (6,694) 25,629
Net cash provided by operating activities 17,847 60,746
CASH FLOWS FROM INVESTING ACTIVITIES:    
Maturities/paydowns/calls of securities available-for-sale 173,269 6,176
Maturities/paydowns/calls of securities held-to-maturity 28,912 32,354
Net change in loans (30,074) 9,765
Changes in FHLB stock and other investments (9) (9)
Proceeds from redemption of company-owned life insurance 594  
Purchase of premises and equipment (1,082) (442)
Net cash provided by investing activities 171,610 47,844
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 66,152 111,168
Exercise of stock options 443 997
Payment of cash dividends (15,921) (15,856)
Net cash provided by financing activities 50,674 96,309
Net increase in cash and cash equivalents 240,131 204,899
Cash and cash equivalents, beginning of period 408,129 306,603
Cash and cash equivalents, end of period 648,260 511,502
Supplemental disclosures of cash flow information:    
Interest paid 35,591 17,280
Income taxes paid, net 9,697 65
Supplemental schedule of non-cash activity:    
Recording of right of use assets in exchange for lease obligations $ 3,045 $ 541