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Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Operating Activities    
Net income $ 12,640 $ 17,290
Adjustments to reconcile net income to net cash provided (used) by operating activities    
Deferred income taxes (676) 857
Provision for credit losses 4,489 550
Depreciation and amortization 4,271 4,239
Amortization and accretion of premiums/discounts on investment securities 853 1,092
Amortization of operating lease right-of-use assets 11 1,571
Share-based compensation expense 714 815
Originations on loans held for sale (154,739) (146,664)
Proceeds on loans held for sale 131,532 138,818
(Increase) in value of bank-owned life insurance (337) (434)
Realized loss (gain) on derivative instruments (913) 1,344
Realized loss (gain) on loans sold (3,497) (3,531)
Realized loss (gain) on sale of foreclosed assets 1 5
Realized loss (gain) on BOLI mortality   (1,196)
Realized loss (gain) on servicing rights (134) (25)
Net change in:    
Accrued interest receivable (1,177) (718)
Other assets (1,335) 1,758
Accrued expenses and other liabilities 8,799 (3,771)
Net cash provided (used) by operating activities 502 12,000
Investing Activities    
Proceeds from sales of trading investment securities 7,443  
Purchases of trading investment securities (10,211)  
Proceeds from maturities of investment securities available-for-sale 22,384 34,549
Proceeds from calls of investment securities held-to-maturity 251 126
Proceeds from maturities and paydowns of investment securities held-to-maturity 12,209 12,492
Net (increase) decrease in loans (158,937) (89,295)
Net (increase) decrease in FHLB stock 4,952 (5,020)
Purchases of BOLI (1,935)  
Proceeds from BOLI mortality claim   2,828
Purchases of premises and equipment (4,566) (1,088)
Proceeds from sales of foreclosed assets 36 25
Net cash provided (used) by investing activities (128,374) (45,383)
Financing Activities    
Net increase (decrease) in deposits 202,964 (62,629)
Net increase (decrease) in short-term borrowings 240,830 113,980
Repayments of long-term debt 1  
Cash dividends paid on common stock (7,519) (7,425)
Repurchase of common stock (156) (3,314)
Net cash provided (used) by financing activities 436,120 40,612
Net change in cash and cash equivalents 308,248 7,229
Cash and cash equivalents at beginning of period 129,893 58,242
Cash and cash equivalents at end of period 438,141 65,471
Supplemental Cash Flow Disclosures    
Interest paid 47,719 31,723
Income taxes paid 174 3,720
Cash dividends declared, not paid 3,962 3,804
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 318 $ 2,286
Change in fair value hedges presented within residential real estate loans and other assets $ 143