XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income from continuing operations $ 9,602 $ 17,156
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 3,222 3,128
Net amortization (accretion) of premiums and discounts 312 (137)
Provision for (recovery of) credit losses 521 (5,587)
Origination of loans held for sale (26,998) 0
Proceeds from sale of loans held for sale 31,273 0
Loss on bank premises and equipment 620 0
Net gains on sale of mortgage loans (593) 0
Earnings on bank-owned life insurance and gain on death benefit (753) (765)
Stock-based compensation expense 843 557
(Gain) loss on other real estate owned (59) 17
Provision (benefit) for deferred income taxes 0 (39)
Net (increase) decrease in other assets (2,168) 916
Net decrease in other liabilities (3,296) (1,793)
Net cash and cash equivalents provided by operating activities from continuing operations 12,526 13,453
Investing activities:    
Purchases of securities available-for-sale (27,573) (68,519)
Proceeds from paydowns, maturities and calls of securities available-for-sale investment securities 16,896 18,528
Proceeds from paydowns, maturities and calls of securities held-to-maturity investment securities 7,907 12,065
Net decrease of FRB and FHLB stock 2,581 1,406
Net (increase) decrease in loans (287,754) 156,018
Proceeds from bank-owned life insurance death benefit 138 225
Proceeds from sales of other real estate owned, net of improvements 181 1,788
Purchases of bank premises and equipment (536) (948)
Business acquisition, net of cash acquired (4,554) 0
Net cash and cash equivalents (used in) provided by investing activities from continuing operations (292,714) 120,563
Financing activities:    
Net (decrease) increase in deposits (80,411) 318,458
Cash dividends paid on common stock (4,922) (4,895)
Proceeds from exercised stock options 279 1,324
Repurchase of restricted stock (8) (14)
Extinguishment of senior subordinated notes 0 (20,000)
Repayment of FHLB advances (75,000) 0
Repayment of short-term borrowings acquired (19,254) 0
Increase (decrease) in securities sold under agreements to repurchase 58 (3,544)
Net cash and cash equivalents (used in) provided by financing activities from continuing operations (179,258) 291,329
Net change in cash and cash equivalents from continuing operations (459,446) 425,345
Cash flows used in discontinued operation:    
Net cash and cash equivalents used in operating activities 0 (691)
Net change in cash and cash equivalents from discontinued operation 0 (691)
Net change in cash and cash equivalents (459,446) 424,654
Cash and cash equivalents at beginning of period 530,167 196,185
Cash and cash equivalents at end of period 70,721 620,839
Cash payments for:    
Interest 7,698 11,211
Income taxes 1,556 5,995
Supplemental disclosure of noncash investing activities:    
Fair value of tangible assets acquired 24,382 0
Goodwill resulting from acquisition 2,790 0
Fair value of liabilities assumed $ 20,172 $ 0