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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 6,432 $ 8,186
Adjustments to reconcile net income to net cash provided (used) by operating activities    
Deferred income taxes   1,459
Provision for credit losses   550
Depreciation and amortization 2,100 2,130
Amortization and accretion of premiums/discounts on investment securities 424 527
Amortization of operating lease right-of-use assets (8) (43)
Share-based compensation expense 593 159
Originations on loans held for sale (53,129) (56,347)
Proceeds on loans held for sale 55,362 50,381
(Increase) in value of bank-owned life insurance (160) (224)
Realized loss (gain) on derivative instruments (678) (253)
Realized loss (gain) on loans sold (1,438) (1,344)
Realized loss (gain) on sale of foreclosed assets   8
Realized loss (gain) on BOLI mortality   (1,196)
Realized loss (gain) on servicing rights (20) 38
Net change in:    
Accrued interest receivable (449) (114)
Other assets (1,071) 2,052
Accrued expenses and other liabilities 4,031 (8,352)
Net cash provided (used) by operating activities 11,989 (2,383)
Investing Activities    
Proceeds from sales of trading investment securities 5,502  
Purchases of trading investment securities (10,008)  
Proceeds from maturities of investment securities available-for-sale 10,818 16,139
Proceeds from calls of investment securities held-to-maturity 251 126
Proceeds from maturities and paydowns of investment securities held-to-maturity 7,043 7,578
Net (increase) decrease in loans (40,223) (42,801)
Net (increase) decrease in FHLB stock 5,075 (225)
Proceeds from BOLI mortality claim   2,828
Purchases of premises and equipment (881) (923)
Proceeds from sales of foreclosed assets 34 22
Net cash provided (used) by investing activities (22,389) (17,256)
Financing Activities    
Net increase (decrease) in deposits 189,358 116,494
Net increase (decrease) in short-term borrowings 240,830 (5,935)
Repayments of long-term debt 1  
Cash dividends paid on common stock (3,757) (3,620)
Repurchase of common stock (153) (361)
Net cash provided (used) by financing activities 426,279 106,578
Net change in cash and cash equivalents 415,879 86,939
Cash and cash equivalents at beginning of period 129,893 58,242
Cash and cash equivalents at end of period 545,772 145,181
Supplemental Cash Flow Disclosures    
Interest paid 22,339 15,167
Income taxes paid 1  
Cash dividends declared, not paid 3,763 3,620
Supplemental Disclosures of Noncash Investing and Financing Activities    
Loan collateral transferred to foreclosed assets (5)  
Right-of-use assets obtained in exchange for new operating lease liabilities, net 108 $ 257
Change in fair value hedges presented within residential real estate loans and other assets $ 268