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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income $ 38,130,000 $ 33,157,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,727,000 2,650,000
Provision for credit losses 5,450,000 2,500,000
Share-based compensation expense 469,000 448,000
Deferred income tax expense 487,000 44,000
Loans originated for sale (18,857,000) (94,025,000)
Proceeds from sale of loans 19,048,000 96,519,000
Gains on loans held for sale (326,000) (1,890,000)
Realized losses (gains) on debt securities, net 684,000 (534,000)
Loss on equity investments 14,000 0
Loss on disposal of assets 7,000 113,000
Write-downs of foreclosed properties 42,000 1,006,000
Amortization of securities premiums, net 3,626,000 3,163,000
Accretion related to acquisition adjustments, net (973,000) (1,271,000)
Amortization of intangibles 1,088,000 1,176,000
Earnings on bank owned life insurance and annuities (603,000) (803,000)
(Increase) decrease in accrued interest receivable (2,664,000) 1,657,000
Decrease (increase) in other assets 1,491,000 (207,000)
Increase in other liabilities 526,000 642,000
Net cash provided by operating activities 50,366,000 44,345,000
Cash Flows from Investing Activities    
Proceeds from maturities and calls of debt securities available for sale 1,795,000 6,455,000
Proceeds from sales of debt securities available for sale 61,471,000 15,704,000
Principal payments received on debt securities available for sale 29,023,000 22,925,000
Purchases of debt securities available for sale (131,913,000) (190,653,000)
Purchase of equity investments (4,930,000)
Purchases of other investments (17,699,000) (343,000)
Proceeds from redemptions of other investments 10,009,000 3,139,000
Net loan originations (315,676,000) (90,086,000)
Purchases of premises and equipment (1,111,000) (3,683,000)
Proceeds from disposal of premises and equipment 55,000 59,000
Improvements to property held for sale (17,000) 100,000
Proceeds from sales of repossessed assets & property held for sale 4,732,000 2,457,000
Purchase of life insurance contracts and annuities (10,000,000) 0
Cash and cash equivalents from acquisitions, net of cash consideration paid 2021 - $9,807 0 95,699,000
Net cash used in investing activities (374,261,000) (138,227,000)
Cash Flows from Financing Activities    
Net increase in demand deposit, NOW and savings accounts 283,192,000 275,730,000
Net decrease in time deposits (117,424,000) (78,560,000)
Net increase in short-term borrowings 133,002,000 0
Repayment of long-term borrowings (16,000) (15,000)
Proceeds from issuance of common stock 150,000 213,000
Proceeds from issuance of preferred stock, net of issuance costs 0 14,920,000
Exercise of stock options 0 13,000
Dividends paid on common stock (7,141,000) (6,733,000)
Dividends paid on preferred stock (675,000) (364,000)
Net cash provided by financing activities 291,088,000 205,204,000
(Decrease) increase in cash and cash equivalents (32,807,000) 111,322,000
Cash and cash equivalents:    
Beginning 78,458,000 99,787,000
Ending 45,651,000 211,109,000
Cash payments for:    
Interest 14,089,000 9,671,000
Income taxes 9,195,000 9,017,000
Supplemental Disclosures of Noncash Investing and Financing Activities    
Real property and other assets acquired in settlement of loans 6,000 532,000
Right of use assets obtained in exchange for lease obligations 0 1,950,000
Supplemental Disclosures of Noncash Transactions Included in Acquisition    
Assets acquired 0 58,054,000
Liabilities assumed $ 0 $ 164,085,000