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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net earnings $ 21,522 $ 21,394
Net earnings 21,504 21,394
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 2,146 2,210
Amortization 397 679
Deferred taxes (3,742) (235)
Premium amortization, net of discount accretion 2,914 2,200
Gain on sale of loans (1,787) (2,642)
Reversal of provision for credit losses (1,250) (1,000)
Origination of loans held for sale (48,365) (60,289)
Proceeds from loans held for sale 51,511 63,385
Write-down of other real estate and repossessed assets 0 4
Net (gain) loss on sale of premises, equipment, other real estate owned and other assets (38) 1
Stock based compensation 321 329
Net change in accrued interest receivable and other assets (1,983) (7,420)
Net change in accrued interest payable and other liabilities 1,067 3,049
Net cash provided by operating activities 22,695 21,665
Securities available for sale:    
Purchases (17,201) (112,178)
Proceeds from maturities and principal repayments 24,465 40,437
Securities held to maturity:    
Purchases (1,033,052) 0
Proceeds from maturities and principal repayments 607,338 0
Net originations of loans (230,359) (23,984)
Purchases of premises and equipment (2,882) (1,409)
Proceeds from BOLI death benefit 0 464
Proceeds from sale of premises, equipment, other real estate owned and other assets 77 155
Net cash used in investing activities (651,614) (96,515)
Cash flows from financing activities    
Net change in deposits 109,131 246,636
Net change in securities sold under agreements to repurchase (6,280) (295)
Proceeds from FHLB advances 124,000 80,000
Repayment of FHLB advances (40,000) (140,101)
Proceeds from line of credit 1,000 5,000
Repayment of line of credit (6,000) (17,000)
Proceeds from issuance of subordinated debt 34,336 0
Repayments of debentures (3,093) 0
Purchase of treasury stock (8,151) 0
Exercise of stock options 474 636
Cash dividends paid (5,080) (4,599)
Net cash provided by financing activities 200,337 170,277
Net change in cash and cash equivalents (428,582) 95,427
Cash and cash equivalents at beginning of period 499,605 351,791
Cash and cash equivalents at end of period 71,023 447,218
Supplemental disclosures of cash flow information    
Interest paid 3,312 4,068
Income taxes paid 4,400 6,850
Supplemental schedule of noncash investing and financing activities    
Cash dividends accrued 2,623 2,412
Lease right of use assets obtained in exchange for lease liabilities 337 1,384
Available for sale securities transferred to held to maturity, net of unrealized loss of 13,186 106,157 0
Transfer of loans to other real estate owned and repossessed assets 27 444
Contributions from noncontrolling interest 580 0
Stock dividend $ 0 $ 35,947