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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 13,991 $ 18,228
Items not requiring (providing) cash    
Credit loss expense (recovery) 805 242
Depreciation and amortization 2,649 2,601
Share based compensation 907 758
Amortization of mortgage servicing rights 476 247
Premium amortization on securities, net 2,182 2,751
Loss on sale of investment securities 0 500
Gain on sale of mortgage loans (626) (785)
Proceeds from sales of loans 21,432 24,444
Loans originated for sale (20,517) (20,489)
Gain on cash value life insurance (298) (981)
Gain on sale of other real estate owned (64) (103)
Net change in:    
Interest receivable (1,298) (1,134)
Interest payable (14,396) 542
Other assets (4,548) 3,900
Other liabilities 5,849 (5,410)
Net cash provided by operating activities 6,544 25,311
Investing Activities    
Purchases of securities available for sale 0 (817)
Proceeds from sales of securities available for sale 0 63,527
Proceeds from maturities, calls and principal repayments of securities available for sale 4,369 8,386
Purchases of securities held to maturity 0 (7,935)
Proceeds from maturities, calls and principal repayments of securities held to maturity 18,233 13,406
Net change in interest earning time deposits 490 (286)
Purchase of FHLB stock (19,317) (5,587)
Purchase of loans (153,743) (62,489)
Net change in loans (47,365) (27,865)
Proceeds on the sale of OREO and repossessed assets 369 737
Premises and equipment expenditures (1,178) (567)
Proceeds from bank owned life insurance 22,917 0
Net cash used in investing activities (175,225) (19,490)
Financing Activities    
Net change in deposits (85,023) (155,829)
Proceeds from borrowings 403,026 522,548
Repayment of borrowings (400,235) (354,634)
Net change in repurchase agreements 3,280 1,064
Net settlement of share awards (708) (696)
Dividends paid on common stock (7,086) (7,057)
Net cash provided by financing activities (86,746) 5,396
Net Change in Cash and Cash Equivalents (255,427) 11,217
Cash and Cash Equivalents, Beginning of Period 526,515 123,505
Cash and Cash Equivalents, End of Period 271,088 134,722
Additional Supplemental Information    
Interest paid 56,372 26,019
Income taxes paid 0 0
Transfer of loans to other real estate and repossessed assets 253 868
Cash dividends declared, not paid $ 7,156 $ 7,122