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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income $ 34,589 $ 27,206
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 811 973
Provision for Credit Losses 0 5,645
(Accretion) Amortization of premiums and discounts on securities (866) 278
Gain on sales of loans (233) (172)
Net loss on sale of available-for-sale debt securities 4 15
Stock-based compensation expense 1,862 1,692
Gain on sale of premises and equipment (123) (77)
Cash receipts from the sale of loans originated for sale 13,994 5,985
Cash disbursements for loans originated for sale (13,043) (6,956)
Deferred income tax expense (benefit) 111 (1,633)
Changes in    
Interest receivable and other assets 3,043 (1,392)
Interest payable and other liabilities 1,805 1,403
Net cash provided by operating activities 41,954 32,967
Investing Activities    
Maturities of interest-bearing time deposits in other banks 15,223 5,228
Purchases of interest-bearing time deposits in other banks (6,259) (16,936)
Maturities, prepayments and calls of available-for-sale debt securities 191,732 6,029
Purchases of available-for-sale debt securities (83,877) 0
Net change in loans (78,844) (122,242)
Purchases of premises and equipment (2,891) (2,602)
Proceeds from sale of premises and equipment 143 78
Change in nonmarketable equity securities 5 (42)
Net cash provided by (used in) investing activities 35,232 (130,487)
Financing Activities    
Net change in deposits (67,175) 162,172
Cash distributions (5,815) (4,391)
Shares purchased and retired for restricted stock units (425) (367)
Net settlement of stock options 1,906 480
Common stock issued for restricted stock units 1 1
Net cash provided by (used in) financing activities (71,508) 157,895
Net Increase in Cash and Due from Banks 5,678 60,375
Cash and Due from Banks, Beginning of Period 181,042 109,115
Cash and Due from Banks, End of Period 186,720 169,490
Supplemental Disclosure of Cash Flows Information    
Interest paid 34,701 26,899
Income taxes paid 10,872 10,612
Dividends declared and not paid 2,242 1,929
Measurement period goodwill adjustment $ 0 $ (146)