XML 25 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2022
Cash flows from operating activities:        
Net income $ 19,313   $ 19,728  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 907   813  
Non-cash operating lease expense 398   207  
Deferred taxes 228   307  
Stock-based compensation 377   484  
Provision for credit losses 1,116 $ 1,500 875 $ 4,905
Write-downs of other real estate owned and other repossessed assets 81   246  
Gains on sale of mortgage loans held for sale (121)   (597)  
Securities gains (4)   0  
Fair value adjustments in equity securities (214)   (99)  
Gains on sale of assets, net (37)   (5)  
Proceeds from sale of mortgage loans held for sale 4,658   26,257  
Funding of mortgage loans held for sale (4,610)   (24,969)  
Amortization of securities premiums and discounts, net 752   1,801  
Change in cash surrender value of bank owned life insurance (578)   (434)  
Changes in lease liabilities (376)   (203)  
Mortgage servicing rights:        
Fair value adjustments 397   (745)  
New servicing assets created (50)   (229)  
Changes in:        
Accrued interest receivable 580   391  
Other assets (658)   627  
Accrued interest payable 1,901   290  
Other liabilities 1,113   2,605  
Net cash provided by operating activities 25,173   27,350  
Securities available-for-sale (AFS):        
Purchase of AFS securities (161)   (176,730)  
Proceeds from sales of AFS securities 18,561   0  
Proceeds from prepayments, calls, and maturities of AFS securities 20,710   48,630  
Change in loans, net (67,837)   (106,591)  
Purchase of premises and equipment (910)   (1,072)  
Proceeds from sale of stock by Federal Home Loan Bank 1,850   0  
Proceeds from sale of other real estate owned and repossessed assets 204   486  
Proceeds from settlement of bank owned life insurance 0   1  
Net cash used in investing activities (27,583)   (235,276)  
Cash flows from financing activities:        
Change in deposits, net 117,281   84,012  
Change in repurchase agreements and federal funds purchased, net (6,654)   (16,465)  
Proceeds from Federal Home Loan Bank advances 50,000   0  
Payments on advances from Federal Home Loan Bank (50,005)   (5)  
Payment of finance lease liabilities 0   (6)  
Proceeds from long term debt/other borrowings 6,563   0  
Issuance of common stock 278   248  
Dividends paid (7,865)   (7,129)  
Net cash provided by financing activities 109,598   60,655  
Net increase (decrease) in cash and cash equivalents 107,188   (147,271)  
Cash and cash equivalents at beginning of period 128,686   311,756 311,756
Cash and cash equivalents at end of period 235,874 $ 128,686 164,485 $ 128,686
Supplemental disclosures:        
Income taxes paid 578   50  
Interest paid 15,177   3,205  
Non-cash activities:        
Loans to facilitate the sale of other real estate owned and repossessed assets 698   597  
Common stock dividends accrued, paid in subsequent quarter 279   250  
Real estate acquired in settlement of loans 51   137  
Right-of-use assets obtained in exchange for new lease liabilities $ 364   $ 0