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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 29,945 $ 29,937
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses, loans 1,937 1,419
Provision for credit losses, AFS debt securities 646 0
Net accretion of purchase premiums and discounts on securities (189) (195)
Depreciation and amortization 1,732 2,078
PPP deferred fees and costs 25 (90)
Deferred income tax benefit (2,116) (522)
Net realized security gains (95) (243)
Stock compensation expense 1,381 1,269
Gain on sale of mortgage loans, net (1,134) (1,195)
Gain on sale of SBA loans held for sale, net (613) (896)
BOLI income (389) (843)
Net change in other assets and liabilities (6,163) (8,712)
Net cash provided by operating activities 24,967 22,007
INVESTING ACTIVITIES    
Purchases of equity securities (2,247) (126)
Purchases of AFS securities (10,500) (650)
Redemption (purchase) of FHLB stock, at cost, net 3,851 (818)
Maturities and principal payments on HTM securities 100  
Maturities and principal payments on AFS securities 5,113 3,259
Proceeds from sales of equity securities 785 1,338
Net decrease in SBA PPP loans 737 3,491
Net increase in loans (46,052) (69,742)
Proceeds from BOLI   2,397
Purchases of premises and equipment (354) (794)
Net cash used in investing activities (48,567) (61,645)
FINANCING ACTIVITIES    
Net increase in deposits 121,997 97,382
Repayments of short-term borrowings (94,000) (14,390)
Proceeds from long-term borrowings 4,360 20,000
Proceeds from exercise of stock options 924 1,128
Dividends on common stock (3,757) (3,549)
Purchase of treasury stock, including excise tax accrual (6,199) (14,279)
Net cash provided by financing activities 23,325 86,292
(Decrease) increase in cash and cash equivalents (275) 46,654
Cash and cash equivalents, beginning of year 194,776 114,793
Cash and cash equivalents, end of period 194,501 161,447
SUPPLEMENTAL DISCLOSURES    
Interest paid 43,512 34,049
Income taxes paid 10,487 10,101
Noncash activities:    
Capitalization of servicing rights $ 175 430
Transfer of loans to OREO   $ 251