XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 46,662 $ 51,168 $ 35,926
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for (recovery of) credit/loan losses 6,572 (8,471) 12,668
Depreciation and amortization of premises and equipment 4,154 4,471 4,458
(Accretion)/amortization of discounts/premiums on investments, net (261) 454 1,468
Amortization of FDIC indemnification asset, net 0 0 1,690
Amortization of intangible assets 1,446 1,446 1,450
Accretion on acquired loans (2,618) (4,656) (7,991)
Gain on divestiture (1,658) 0 0
Equity-based compensation expense 718 1,281 1,643
Issuance of common stock to 401(k) plan 657 492 507
(Gain) loss on sale of premises and equipment, net (772) 499 (59)
Provision expense and loss on sale of other real estate owned 453 231 319
Gain on sale of securities 0 0 (385)
Writedowns of property, plant & equipment 0 0 812
Decrease (increase) in other operating activities 3,671 1,300 (6,662)
Net cash provided by operating activities 59,024 48,215 45,844
Investing activities      
Proceeds from sale of available for sale securities 0 370 51,027
Proceeds from maturities, prepayments, and calls of securities available for sale 25,748 27,256 44,676
Payments to acquire securities available for sale (269,337) (22,394) (10,267)
(Originations of) proceeds from repayments loans, net (236,620) 27,467 (69,259)
Proceeds from bank owned life insurance 1,763 0 0
(Payments for) redemption of FHLB stock, net (240) 1,012 (12)
Cash transferred in divestiture, net (59,039) 0 0
Payments to the FDIC 0 0 (30)
Proceeds from sale of premises and equipment 1,542 2,616 2,861
Payments to acquire premises and equipment (1,160) (3,038) (3,195)
Proceeds from sale of other real estate owned 564 2,061 1,997
Net cash (used in) provided by investing activities (536,779) 35,350 17,798
Financing activities      
Increase in noninterest-bearing deposits, net 47,769 69,988 144,927
(Decrease) increase in interest-bearing deposits, net (37,291) 113,156 71,408
Proceeds from (payments for) in securities sold under agreements to repurchase, net 0 572 (637)
Repayments of FHLB and other borrowings, net 338 0 (40)
Proceeds from stock options exercised 172 538 0
Payments for repurchase of common stock (21,311) (28,882) (21,872)
Payments of common stock dividends (18,515) (18,059) (17,876)
Net cash (used in) provided by financing activities (28,838) 137,313 175,910
Net (decrease) increase in cash and cash equivalents (506,593) 220,878 239,552
Cash and cash equivalents at beginning of period 677,439 456,561 217,009
Cash and cash equivalents at end of period 170,846 677,439 456,561
Supplemental disclosure -- cash flow information      
Cash paid for interest 2,114 3,141 5,500
Cash paid for income taxes 7,590 14,399 9,074
Supplemental transactions -- non-cash items      
Transfer of loans to other real estate 705 1,283 695
Loans originated to finance other real estate 0 59 266
Change in accumulated other comprehensive income/(loss) $ (14,173) $ 377 $ (417)