v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 22,614 $ 22,798
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,493 1,863
Stock compensation expense 536 497
Provision for loan losses (1,500) (1,300)
Origination of loans for sale (25,009) (107,845)
Proceeds from sales of loans originated for sale 26,855 114,809
Net gains on mortgage loans (673) (4,177)
Write-down of other real estate 0 4
Net (gain) / loss on sales of other real estate (47) 20
Deferred income tax expense 585 656
Earnings in bank-owned life insurance (687) (787)
Change in accrued interest receivable and other assets (5,536) 4,071
Change in accrued expenses and other liabilities 1,499 (1,865)
Net cash from operating activities 20,130 28,744
Cash flows from investing activities    
Loan originations and payments, net (29,220) 293,142
Purchases of securities available for sale (232,108) (71,864)
Purchases of securities held to maturity (160,481) (72,916)
Purchase of bank-owned life insurance 0 (10,000)
Proceeds from:    
Maturities and calls of securities available for sale 17,486 38,964
Maturities and calls of securities held to maturity 37,998 8,256
Principal paydowns on securities available for sale 12,003 24,758
Principal paydowns on securities held to maturity 33,149 6,559
Sales of other real estate 47 170
Redemption of FHLB stock 1,347 0
Payout of bank-owned insurance claim 0 560
Additions to premises and equipment (605) (935)
Net cash from investing activities (320,384) 216,694
Cash flows from financing activities    
Change in deposits (21,761) 254,588
Repayments and maturities of other borrowed funds (80,000) (30,619)
Proceeds from other borrowed funds 25,000 25,000
Repurchase of shares for taxes withheld on vested restricted stock (35) (34)
Cash dividends paid (8,186) (8,171)
Net cash from financing activities (84,982) 240,764
Net change in cash and cash equivalents (385,236) 486,202
Cash and cash equivalents at beginning of period 1,151,788 783,736
Cash and cash equivalents at end of period 766,552 1,269,938
Supplemental cash flow information    
Interest paid 2,204 2,227
Income taxes paid 5,000 4,750
Supplemental noncash disclosures:    
Security settlement 1,000 0
Transfer of securities from available for sale to held to maturity $ 123,469 $ 0

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