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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 24,677 $ 34,118
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,130 2,021
Amortization of right-of-use asset 3,317 3,267
Net gain on sale of other real estate owned 0 (175)
Writedown of other real estate owned 0 107
Provision (credit) for credit losses 1,100 (200)
Deferred tax expense 1,094 1,965
Net amortization of securities 627 900
Stock based compensation expense 309 0
Net gain on sale of bank premises and equipment (7) 0
Net unrealized holding gain on equity securities (1,360) 0
Decrease in taxes receivable 4,180 1,394
Increase in interest receivable (966) (270)
(Decrease) Increase in interest payable (167) 1,444
Increase in other assets (2,822) (3,884)
Decrease in operating lease liabilities (3,596) (3,461)
Increase (Decrease) in accrued expenses and other liabilities 99 (2,779)
Total adjustments 3,938 329
Net cash provided by operating activities 28,615 34,447
Cash flows from investing activities:    
Proceeds from sales, paydowns and calls of securities available for sale 20,494 29,469
Proceeds from paydowns of held to maturity securities 516 637
Purchases of securities available for sale (20,000) (5,000)
Proceeds from maturities of securities available for sale 55,000 5,000
Purchases of Federal Home Loan Bank stock (304) (406)
Net increase in loans (37,547) (153,328)
Proceeds from dispositions of other real estate owned 68 718
Proceeds from dispositions of bank premises and equipment 29 0
Purchases of bank premises and equipment (1,611) (1,816)
Net cash provided by (used in) investing activities 16,645 (124,726)
Cash flows from financing activities:    
Net (decrease) increase in deposits (73,810) 65,637
Net change in short-term borrowings 730 (8,935)
Purchases of treasury stock (374) 0
Dividends paid (13,697) (13,665)
Net cash (used in) provided by financing activities (87,151) 43,037
Net decrease in cash and cash equivalents (41,891) (47,242)
Cash and cash equivalents at beginning of period 578,004 650,599
Cash and cash equivalents at end of period 536,113 603,357
Cash paid during the year for:    
Interest paid 46,139 10,586
Income taxes paid 3,559 9,981
Other non cash items:    
Transfer of loans to other real estate owned 2,208 0
Increase in dividends payable 0 33
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes (1,012) 1,533
Change in deferred tax effect on unrealized loss (gain) on securities available for sale 276 (387)
Amortization of net actuarial gain and prior service cost on pension and postretirement plans (399) (222)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans $ 104 $ 58