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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income from continuing operations $ 4,593,000 $ 8,352,000
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 1,596,000 1,603,000
Net amortization (accretion) of premiums and discounts 166,000 (43,000)
Provision for (recovery of) credit losses 99,000 (1,372,000)
Earnings on bank-owned life insurance (375,000) (380,000)
Stock-based compensation expense 751,000 482,000
Gain on bank-owned life insurance death benefit 0 (6,000)
Gain on other real estate owned (59,000) (60,000)
Provision (benefit) for deferred income taxes 0 (39,000)
Net decrease in other assets 469,000 2,337,000
Net decrease in other liabilities (4,197,000) (2,025,000)
Net cash and cash equivalents provided by operating activities from continuing operations 3,043,000 8,849,000
Investing activities:    
Purchases of held-to-maturity investment securities 0 0
Purchases of available-for-sale investment securities (22,585,000) (28,155,000)
Proceeds from paydowns, maturities and calls of available-for-sale investment securities 8,516,000 9,096,000
Proceeds from paydowns, maturities and calls of held-to-maturity investment securities 6,775,000 7,632,000
Net decrease of FRB and FHLB stock 3,594,000 1,406,000
Net (increase) decrease in loans (53,248,000) 49,678,000
Proceeds from bank-owned life insurance death benefit 0 225,000
Proceeds from sales of other real estate owned, net of improvements 181,000 882,000
Purchases of bank premises and equipment (47,000) (383,000)
Net cash and cash equivalents provided by (used in) investing activities from continuing operations (56,814,000) 40,381,000
Financing activities:    
Net (decrease) increase in deposits (76,972,000) 255,980,000
Cash dividends paid on common stock (2,457,000) (2,442,000)
Proceeds from exercised stock options 0 1,238,000
Repurchase of restricted stock (6,000) (7,000)
Extinguishment of senior subordinated notes 0 (20,000,000)
Repayment of FHLB advances (100,000,000) 0
Increase in securities sold under agreements to repurchase 1,269,000 380,000
Net cash and cash equivalents provided by (used in) financing activities from continuing operations (178,166,000) 235,149,000
Net change in cash and cash equivalents from continuing operations (231,937,000) 284,379,000
Cash flows used in discontinued operation:    
Net cash and cash equivalents used in operating activities 0 (284,000)
Net change in cash and cash equivalents from discontinued operation 0 (284,000)
Net change in cash and cash equivalents (231,937,000) 284,095,000
Cash and cash equivalents at beginning of period 530,167,000 196,185,000
Cash and cash equivalents at end of period 298,230,000 480,280,000
Cash payments for:    
Interest 4,259,000 6,964,000
Income taxes $ 5,000 $ 55,000