v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 6,000 $ 7,778
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 737 498
Stock compensation expense 197 164
Provision for loan losses (1,500) 0
Origination of loans for sale (10,148) (47,296)
Proceeds from sales of loans originated for sale 11,008 45,418
Net gains on mortgage loans (308) (2,015)
Write-down of other real estate 0 4
Net loss on sales of other real estate 0 14
Deferred income tax expense (benefit) 456 (528)
Earnings in bank-owned life insurance (240) (276)
Change in accrued interest receivable and other assets 504 505
Change in accrued expenses and other liabilities (551) 421
Net cash from operating activities 6,155 4,687
Cash flows from investing activities    
Loan originations and payments, net 7,318 46,424
Purchases of securities available for sale (72,557) (23,106)
Purchases of securities held to maturity (28,120) (10,172)
Proceeds from:    
Maturities and calls of securities 8,305 14,239
Principal paydowns on securities 35,341 9,197
Sales of other real estate 0 148
Proceeds from redemption of FHLB stock 1,347 0
Proceeds from payout of bank-owned insurance claim 0 560
Additions to premises and equipment (235) (458)
Net cash from investing activities (48,601) 36,832
Cash flows from financing activities    
Change in deposits 4,339 89,358
Repayments and maturities of other borrowed funds (25,000) 0
Proceeds from other borrowed funds 25,000 0
Repurchase of shares for taxes withheld on vested restricted stock (13) (5)
Cash dividends paid (2,728) (2,723)
Net cash from financing activities 1,598 86,630
Net change in cash and cash equivalents (40,848) 128,149
Cash and cash equivalents at beginning of period 1,151,788 783,736
Cash and cash equivalents at end of period 1,110,940 911,885
Supplemental cash flow information    
Interest paid 481 786
Income taxes paid 0 0
Supplemental noncash disclosures:    
Security settlement 5,747 0
Transfer of securities from available for sale to held to maturity $ 123,469 $ 0

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