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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 19,795 $ 19,805
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of premiums, discounts and deferred loan fees and costs 1,136 1,287
Depreciation and amortization 1,509 1,011
Amortization of intangible assets 436 516
Amortization of operating lease right-of-use assets 999 1,032
(Benefit) provision for credit losses (2,692) 7,893
Loans originated for sale (13,782) (10,341)
Proceeds from sales of loans held for sale 14,186 11,307
Loss (gain) on equity securities 129 (148)
Income on bank owned life insurance (868) (776)
Gains on proceeds from bank owned life insurance policies (24) 0
Gains on sales of loans held for sale (305) (430)
Gains on other real estate and other repossessed assets (10) (4)
Loss on sales of premises and equipment 37 0
Loss on sale of assets 0 41
Stock-based compensation 1,635 1,725
Excess tax (deficiencies) benefits (242) 138
(Increase) decrease in other assets (5,542) 22,861
Increase (decrease) in other liabilities 8,214 (19,156)
Net Cash Provided by Operating Activities 24,611 36,761
Cash Flows from Investing Activities:    
Proceeds from repayments and maturities of available for sale securities 33,012 28,151
Proceeds from repayments and maturities of held to maturity securities 8,889 19,579
Purchase of held to maturity securities (700) 0
Purchase of equity securities (77) (65)
Death benefit proceeds from bank owned life insurance policy 168 0
Proceeds from redemptions of Federal Home Loan Bank stock 62,863 48,022
Purchases of Federal Home Loan Bank stock (62,550) (51,345)
Net decrease (increase) in loans 23,830 (85,085)
Proceeds from sales of other real estate and repossessed assets 10 1,919
Purchases of premises and equipment (825) (2,012)
Net Cash Provided by (Used in) Investing Activities 64,620 (40,836)
Cash Flows from Financing Activities:    
Net decrease in deposits (80,772) (30,471)
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase (111,195) 84,531
Retirement of restricted stock (780) (1,493)
Dividends paid (9,520) (9,500)
Net Cash (Used in) Provided by Financing Activities (202,267) 43,067
Net (decrease) increase in cash and cash equivalents (113,036) 38,992
Cash and cash equivalents, beginning of period 320,655 235,950
Cash and cash equivalents, end of period 207,619 274,942
Supplemental schedule of non-cash investing and financing activities:    
Cash paid during the period for income taxes 365 257
Cash paid during the period for interest 65,050 37,444
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 309