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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 55,239 $ 53,216 $ 45,738
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,848 3,608 3,587
Provision for credit losses 12,250 6,950 4,000
Share-based compensation expense 739 624 646
Deferred income tax (benefit) expense (303) 218 264
Loans originated for sale (4,383) (19,158) (107,097)
Proceeds from sale of loans 4,460 19,712 111,020
Gains on loans held for sale (77) (327) (2,153)
Realized losses (gains) on debt securities, net 266 708 (425)
Gains on equity investments (740) (265) (202)
Gain on disposal of assets (71) (21) (108)
Write-downs of foreclosed properties 132 187 1,417
Amortization of securities premiums, net 1,118 4,746 4,348
Accretion related to acquisition adjustments, net (3,899) (1,111) (1,583)
Amortization of intangibles 3,335 1,440 1,563
Earnings on bank owned life insurance and annuities (1,715) (993) (1,140)
(Increase) decrease in accrued interest receivable (2,638) (5,288) 1,563
Decrease in other assets 1,878 434 139
Increase in other liabilities 4,290 3,264 269
Net cash provided by operating activities 73,729 67,944 61,846
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from maturities and calls of debt securities available for sale 4,492 1,875 8,070
Proceeds from sales of debt securities available for sale 135,701 69,211 64,932
Principal payments received on debt securities available for sale 40,702 37,860 29,869
Purchases of debt securities available for sale (125,547) (168,928) (226,427)
Purchase of equity investments (744) (8,619) (20,000)
Purchases of other investments (28,860) (24,797) (1,152)
Proceeds from redemptions of equity investments 21,413 0 0
Proceeds from redemptions of other investments 23,233 18,489 3,139
Net loan originations (234,696) (323,320) (296,679)
Purchases of premises and equipment (7,087) (1,346) (4,537)
Proceeds from disposal of premises and equipment 116 85 558
Improvements to property held for sale (2) (36) 100
Proceeds from sale of repossessed assets and property held for sale 1,531 4,732 4,715
Cash and cash equivalents from acquisitions, net of cash consideration paid - 2023 - $595; 2021 - $48,920 14,364 0 95,699
Purchases of life insurance contracts and annuities (34) (10,034) (34)
Net cash used in investing activities (155,418) (404,828) (341,747)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in demand deposit, NOW and savings accounts 41,045 399,225 279,913
Net increase (decrease) in time deposits 7,335 (171,524) (95,230)
Net increase in short-term borrowings 59,308 85,853 0
Repayment of long-term borrowings (5,165) (21) (20)
Proceeds from subordinated debt 0 0 75,000
Proceeds from issuance of common stock, net of issuance costs 244 203 294
Proceeds from issuance of preferred stock, net of issuance costs 0 0 14,920
Purchase and retirement of common stock 0 0 (6,710)
Purchase of minority interest (714) 0 0
Exercise of stock options 0 0 16
Dividends paid on common stock (11,949) (9,693) (9,022)
Dividends paid on preferred stock (900) (900) (589)
Net cash provided by financing activities 89,204 303,143 258,572
Increase (decrease) in cash and cash equivalents 7,515 (33,741) (21,329)
Cash and cash equivalents:      
Beginning 44,717 78,458 99,787
Ending 52,232 44,717 78,458
Cash payments for:      
Interest 82,482 27,034 12,425
Income taxes 13,264 12,566 10,257
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Real property and other assets acquired in settlement of loans 217 6 532
Right of use assets obtained in exchange for lease obligations 3,950 370 2,023
SUPPLEMENTAL DISCLOSURES OF NONCASH TRANSACTIONS INCLUDED IN ACQUISITION      
Assets acquired 546,216 0 58,054
Liabilities assumed $ 522,242 $ 0 $ 164,085