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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net Income (Loss) $ 6,368 $ 9,137
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization 4,547 3,515
Net amortization (accretion) of premiums and discounts (635) 312
Provision for credit losses 9,615 521
Origination of loans held for sale (301,161) (26,998)
Proceeds from sale of loans held for sale 270,852 31,273
Net gains on mortgage banking (9,513) (593)
Net gains on sale of loans (51) 0
Loss on bank premises and equipment and assets held for sale 0 620
Earnings on bank-owned life insurance (784) (753)
Gain on bank-owned life insurance death benefit (30) 0
Stock-based compensation expense 181 843
Gain on other real estate owned 0 (59)
Benefit for deferred income taxes (2,704) 0
Net change in fair value of Consumer Program derivative (11,100) 273
Net increase in other assets (5,539) (2,510)
Net increase (decrease) in other liabilities 4,266 (3,147)
Net cash and cash equivalents (used in) provided by operating activities (35,688) 12,434
Investing activities:    
Purchases of securities available-for-sale (5,000) (27,573)
Proceeds from paydowns, maturities and calls of securities available-for-sale 17,373 16,896
Proceeds from paydowns, maturities and calls of securities held-to-maturity 1,124 7,907
Net decrease of FRB and FHLB stock 13,732 2,581
Net increase in loans (250,736) (287,662)
Proceeds from bank-owned life insurance death benefit 873 138
Proceeds from sales of other real estate owned, net of improvements 0 181
Purchases of bank premises and equipment (1,405) (536)
Business acquisition, net of cash acquired 0 (4,554)
Net cash and cash equivalents used in investing activities (224,039) (292,622)
Financing activities:    
Net (decrease) increase in deposits 594,529 (80,411)
Cash dividends paid on common stock (4,937) (4,922)
Proceeds from exercised stock options 85 279
Repurchase of restricted stock (12) (8)
Proceeds from secured borrowings, net of repayments 20,595 0
Repayment of short-term FHLB advances, net of proceeds 0 (75,000)
Repayment of short-term borrowings (325,000) (19,254)
Increase (decrease) in securities sold under agreements to repurchase (2,524) 58
Net cash and cash equivalents provided by (used in) financing activities 282,736 (179,258)
Net change in cash and cash equivalents 23,009 (459,446)
Cash and cash equivalents at beginning of period 77,859 530,167
Cash and cash equivalents at end of period 100,868 70,721
Cash payments for:    
Interest 41,605 7,698
Income taxes 3,908 1,556
Non-cash investing and financing activities:    
Initial recognition of operating lease right-of-use assets $ 5,372 $ 0