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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 53,216 $ 45,738 $ 31,326
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,608 3,587 3,223
Provision for credit losses 6,950 4,000 14,500
Share-based compensation expense 624 646 527
Deferred income tax expense (benefit) 218 264 (4,201)
Loans originated for sale (19,158) (107,097) (97,805)
Proceeds from sale of loans 19,712 111,020 98,933
Gains on loans held for sale (327) (2,153) (1,806)
Realized losses (gains) on debt securities, net 708 (425) (3,472)
Gains on equity investments (265) (202) 0
(Gain) loss on disposal of assets (21) (108) 221
Write-downs of foreclosed properties 187 1,417 1,783
Amortization of securities premiums, net 4,746 4,348 3,024
Accretion related to acquisition adjustments, net (1,111) (1,583) (1,571)
Amortization of intangibles 1,440 1,563 1,659
Earnings on bank owned life insurance and annuities (993) (1,140) (1,716)
(Increase) decrease in accrued interest receivable (5,288) 1,563 (1,996)
Decrease in other assets 434 139 314
Increase in other liabilities 3,264 269 1,738
Net cash provided by operating activities 67,944 61,846 44,681
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities and calls of debt securities available for sale 1,875 8,070 3,525
Proceeds from maturities and calls of debt securities held to maturity 0 0 1,000
Proceeds from sales of debt securities available for sale 69,211 64,932 124,809
Principal payments received on debt securities available for sale 37,860 29,869 24,654
Purchases of debt securities available for sale (168,928) (226,427) (64,740)
Purchases of debt securities held to maturity 0 0 (101,994)
Purchase of equity investments (8,619) (20,000) 0
Purchases of other investments (24,797) (1,152) (14,700)
Proceeds from redemptions of other investments 18,489 3,139 16,461
Net loan originations (323,320) (296,679) (301,654)
Purchases of premises and equipment (1,346) (4,537) (8,637)
Proceeds from disposal of premises and equipment 85 558 293
Improvements to property held for sale (36) 100 (1,352)
Proceeds from sale of repossessed assets and property held for sale 4,732 4,715 4,191
Cash and cash equivalents from acquisitions, net of cash consideration paid - 2021 - $9,807; 2020 - $48,920 0 95,699 175,013
Purchases of life insurance contracts and annuities (10,034) (34) (9,332)
Net cash used in investing activities (404,828) (341,747) (152,463)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in demand deposit, NOW and savings accounts 399,225 279,913 376,704
Net decrease in time deposits (171,524) (95,230) (160,373)
Net increase (decrease) in short-term borrowings 85,853 0 (62,199)
Repayment of long-term borrowings (21) (20) (21,301)
Proceeds from subordinated debt 0 75,000 30,000
Purchase of interest rate caps 0 0 (7,098)
Proceeds from issuance of common stock, net of issuance costs 203 294 178
Proceeds from issuance of preferred stock, net of issuance costs 0 14,920 0
Purchase and retirement of common stock 0 (6,710) (1,444)
Exercise of stock options 0 16 0
Dividends paid on common stock (9,693) (9,022) (8,786)
Dividends paid on preferred stock (900) (589) 0
Net cash provided by financing activities 303,143 258,572 145,681
(Decrease) increase in cash and cash equivalents (33,741) (21,329) 37,899
Cash and cash equivalents:      
Beginning 78,458 99,787 61,888
Ending 44,717 78,458 99,787
Cash payments for:      
Interest 27,034 12,425 19,975
Income taxes 12,566 10,257 11,440
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Real property and other assets acquired in settlement of loans 6 532 1,146
Right of use assets obtained in exchange for lease obligations 370 2,023 5,147
SUPPLEMENTAL DISCLOSURES OF NONCASH TRANSACTIONS INCLUDED IN ACQUISITION      
Assets acquired 0 58,054 302,333
Liabilities assumed $ 0 $ 164,085 $ 494,596