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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 32,373 $ 27,612
Items not requiring (providing) cash    
Depreciation and amortization 2,474 2,715
Provision for Credit Losses [1] 1,510 11,000
Accretion of discounts and amortization of premiums on securities 2,192 2,624
Stock based compensation 2,235 2,224
Foreclosed asset impairment 0 630
Deferred income taxes 2,557 1,235
Net increase in bank owned life insurance (795) (2,661)
Net realized (gains) on available-for-sale securities 38 3
Changes in    
Interest receivable (1,886) 1,420
Other assets 3,780 (2,160)
Other liabilities (21,268) (3,151)
Net cash provided by operating activities 23,210 41,491
Investing Activities    
Net change in loans (274,206) 193,151
Purchases of available-for-sale securities (73,399) (124,570)
Proceeds from maturities of available-for-sale securities 22,513 60,773
Proceeds from the sale of foreclosed assets 237 0
Purchase of premises and equipment (1,135) (152)
Proceeds from the sale of premises and equipment and related insurance claims 13 108
Purchase of restricted equity securities (4,208) 0
Proceeds from sale of restricted equity securities 1,544 2,539
Proceeds from death benefit on bank owned life insurance 0 3,483
Net cash used in investing activities (328,641) 135,332
Financing Activities    
Net decrease in demand deposits, savings, NOW and money market accounts (47,861) (98,678)
Net increase (decrease) in time deposits 108,684 (239,435)
Net increase (decrease) in fed funds purchased and repurchase agreements 6 (2,306)
Proceeds from Federal Home Loan Bank advances 50,000 0
Repayment of Federal Home Loan Bank advances (130,000) (10,000)
Net proceeds (repayments) of Federal Home Loan Bank line of credit 140,000 0
Issuance of common shares, net of issuance cost 170 2
Proceeds from employee stock purchase plan 364 172
Repurchase of common stock (20,154) (13,939)
Acquisition of common stock for tax withholding obligations (833) (670)
Net decrease in employee receivables 6 35
Net cash provided by (used in) financing activities 100,382 (364,819)
(Decrease) in Cash and Cash Equivalents (205,049) (187,996)
Cash and Cash Equivalents, Beginning of Period 482,727 408,810
Cash and Cash Equivalents, End of Period 277,678 220,814
Supplemental Cash Flows Information    
Interest paid 10,862 13,687
Income taxes paid $ 3,880 $ 4,270
[1]
For the three-
 
and six-months ended June 30, 2021, this line represents the provision
 
for loan and lease losses. See further
discussion of this change in “Note 1: Nature of Operations and Summary of Significant Accounting Policies”
in the Notes to
Condensed Consolidated Financial Statements (unaudited).