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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 12,845 $ 11,782
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 1,011 1,742
Depreciation and amortization of premises and equipment 1,096 921
Accretion of discounts on investments (200) (523)
Amortization of intangible assets 530 234
Accretion on acquired loans (781) (193)
Equity-based compensation expense 81 120
Issuance of common stock to 401(k) plan 3 8
Gain on sale of premises and equipment, net (5) (2)
Loss on sale of other real estate owned 14 51
Net gain on sale of securities [1] 0 (7)
Decrease in accrued interest receivable 162 633
Increase in other operating activities 2,176 1,061
Net cash provided by operating activities 16,932 15,827
Investing activities    
Proceeds from sale of securities available-for-sale 0 17,007
Proceeds from maturities, prepayments, and calls of securities available-for-sale 118,968 10,618
Payments to acquire securities available-for-sale (5,252) (31,859)
Net decrease (increase) in loans 51,235 9,695
Purchase of FHLB stock, net 265 (3,829)
Proceeds from bank owned life insurance 585 3,717
Proceeds from sale of premises and equipment 10 4
Payments to acquire premises and equipment (1,780) (1,012)
Proceeds from sale of other real estate owned 76 228
Net cash provided by (used in) investing activities 164,107 4,569
Financing activities    
Decrease in noninterest-bearing deposits, net (29,524) (48,871)
Decrease in interest-bearing deposits, net (10,586) (45,320)
Repayments from securities sold under agreements to repurchase, net (113) (8)
Proceeds from stock options exercised 0 48
Payments for repurchase of common stock (2,973) 0
Payments of common dividends (5,358) (4,706)
Net cash (used in) provided by financing activities (48,554) (98,857)
Net decrease in cash and cash equivalents 132,485 (78,461)
Cash and cash equivalents at beginning of period 116,420 170,846
Cash and cash equivalents at end of period 248,905 92,385
Supplemental disclosure -- cash flow information    
Cash paid for interest 4,281 726
Cash paid for income taxes 0 0
Supplemental transactions -- noncash items    
Transfer of loans to other real estate owned 272 57
Increase in accumulated other comprehensive income (loss), net of taxes $ (948) $ 2,494
[1] Amortization is included in net periodic pension cost. See Note 10, "Employee Benefit Plans."