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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 22,050 $ 35,663 $ 22,037
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (discount accretion) premium amortization (12,523) 2,040 1,893
Depreciation and amortization expense 9,690 4,340 4,620
Provision for credit losses - loans 17,408 1,682 4,160
Provision for credit losses - unfunded loan commitments (862) 0 28
Share-based compensation 8,719 2,356 2,154
Gains on sales of loans originated for sale (810) (283) (1,283)
Fair value adjustment on loans held for sale (131) 323 1,373
Mortgage loans originated for sale (43,928) (18,437) (82,708)
Proceeds from sales of loans originated for sale 44,071 23,461 77,291
Gains on sale of portfolio loans (20) 0 (306)
Net gain on disposal of OREO and premises held for sale 0 (436) 0
Writedown of OREO and premises held for sale 0 0 1,297
Net loss on disposal of premises and equipment 381 252 530
Deferred income tax benefit (867) (651) (591)
Investment securities (gains) losses (249) 47 160
Provision for legal settlement 478 0 13,000
Payment of legal settlement 0 0 (13,000)
Return on investments in limited partnerships (146) (43) (976)
Net losses (gains) on derivatives (276) 373 114
Income from life insurance (3,866) (2,482) (2,339)
Premium on branch sale 0 (1,102) 0
(Increase) decrease in accrued interest receivable and other assets (10,610) 1,571 (4,168)
Increase (decrease) in accrued interest payable and other liabilities 4,165 (5,651) 10,863
Other, net 2,285 678 2,043
Net cash provided by operating activities 34,959 43,701 36,192
Cash flows from investing activities      
Proceeds from sales of AFS securities 162,669 22,006 31,330
Maturities, repayments and calls of AFS securities 76,054 34,989 50,105
Purchases of AFS securities (227,979) (45,565) (181,529)
Net cash and cash equivalents received from acquisitions 45,280 0 0
Net purchases of restricted investments in bank stocks (7,072) (1,350) (3,390)
Net decrease (increase) decrease in loans 19,725 (145,301) (172,607)
Proceeds from sales of portfolio loans 7,036 0 4,443
Investment in limited partnerships (7,764) (871) 1,410
Purchases of bank premises and equipment (1,582) (2,293) (895)
Proceeds from disposal of OREO and premises held for sale 0 2,536 0
Proceeds from disposal of bank premises and equipment 0 43 0
Net cash paid in branch sale 0 (17,641) 0
Purchases of bank owned life insurance (5,000) 0 0
Death benefit proceeds from life insurance contracts 0 342 142
Other (374) (143) 0
Net cash provided by (used in) investing activities 60,993 (153,248) (270,991)
Cash flows from financing activities      
Net increase in deposits 116,884 101,302 11,307
Net (increase) decrease in borrowings with original maturities less than 90 days (14,365) (14,650) 98,634
Proceeds from FHLB advances with original maturities greater than 90 days 0 40,000 0
Payments on FHLB advances with original maturities greater than 90 days 0 (1,455) (441)
Dividends paid (13,177) (8,485) (8,264)
Acquisition of treasury stock 0 (2,585) (14,172)
Shares repurchased as treasury stock for employee taxes associated with restricted stock vesting (2,393) (378) (285)
Proceeds from issuance of employee stock purchase plan shares 267 136 133
Other, net 545 0 0
Net cash provided by financing activities 87,761 113,885 86,912
Net increase (decrease) in cash and cash equivalents 183,713 4,338 (147,887)
Cash and cash equivalents at beginning of year 65,161 60,823 208,710
Cash and cash equivalents at end of year 248,874 65,161 60,823
Supplemental disclosure of cash flow information:      
Cash paid for interest 93,315 42,888 8,721
Cash paid for income taxes 9,625 7,450 4,900
Supplemental schedule of noncash investing and financing activities:      
Loans transferred from LHFS to portfolio loans 0 0 1,510
OREO acquired in settlement of loans 0 85 0
Premises and equipment transferred to held for sale 1,925 0 2,991
Lease liabilities arising from obtaining ROU assets 0 2,416 94
Deposits held for assumption in connection with sale of bank branch 0 0 31,307
Fair Value of Assets Acquired 2,156,831 0 0
Liabilities Assumed $ 2,018,067 $ 0 $ 0