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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income $ 20,702 $ 19,135
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 1,569 586
Provision for unfunded commitments 1 0
Depreciation and amortization 1,165 1,150
Provision for loss on premises held for sale 0 20
Loans originated for resale (1,800) (1,479)
Proceeds from sale of loans originated for sale 1,838 1,514
Net losses (gains) on sale of loans held for sale 2 (30)
(Gains) losses on sale of loans (209) 191
Net gains on the sale of OREO 0 (16)
Gains on sales of investment securities 0 (586)
Unrealized losses on equity securities 564 94
Gains on sale of assets 0 (68)
Net amortization of premium/discount on investment securities 2,148 636
Net accretion of merger accounting adjustments (168) (256)
Net amortization of debt issuance costs 42 (30)
Amortization of core deposit intangible 308 380
Amortization of right of use asset 288 304
Net change in right of use assets and lease liabilities (241) (302)
Increase in OREO valuation allowance 0 641
Increase in cash surrender value of bank owned life insurance (651) (652)
(Decrease) increase in deferred income tax benefit (237) 710
(Increase) decrease in accrued interest receivable (1,203) 2,672
Stock based compensation 646 561
Net change in fair market value above (below) cost of leveraged ESOP shares released 11 (2)
(Increase) decrease in net deferred loan costs (441) 2,324
Increase in accrued expenses and other liabilities 2,927 3,886
Decrease (increase) in other assets 269 (917)
Net Cash Provided by Operating Activities 27,530 30,466
Cash Flows from Investing Activities    
Purchase of AFS investment securities (69,078) (265,704)
Proceeds from redemption or principal payments of AFS investment securities 43,480 36,408
Proceeds from sale of AFS investment securities 0 12,540
Net decrease of FHLB stock 246 1,305
Net change in loans (142,537) 9,617
Purchase of premises and equipment (1,364) (2,264)
Proceeds from sale of OREO 0 947
Proceeds from sale of loans 3,588 11,965
Proceeds from disposal of asset 0 12
Net Cash Used in Investing Activities (165,665) (195,174)
Cash Flows from Financing Activities    
Net increase in deposits 70,393 259,005
Payments of long-term debt (12,231) (15,053)
Dividends paid (2,823) (2,355)
Repurchase of common stock (3,555) (6,711)
Net Cash Provided by Financing Activities 51,784 234,886
(Decrease) increase in Cash and Cash Equivalents (86,351) 70,178
Cash and Cash Equivalents - January 1 139,654 77,065
Cash and Cash Equivalents - September 30 53,303 147,243
Cash paid during the period for    
Interest 4,138 3,205
Income taxes 6,239 6,278
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 355 164
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cumulative effect adjustment for adoption of ASU 2016-13 $ 2,006 $ 0