Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 29,014 $ 30,165
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, amortization and accretion 2,724 2,621
Stock compensation expense 684 505
Provision for loan losses (2,050) 3,000
Origination of loans for sale (124,287) (156,410)
Proceeds from sales of loans originated for sale 132,993 160,759
Net gains on mortgage loans (4,691) (6,477)
Write-down of other real estate 4 32
Net (gain) loss on sales of other real estate 20 (13)
Deferred income tax (benefit) expense 1,095 (603)
Deferred tax asset valuation allowance change 0 (92)
Change in accrued interest receivable and other assets 3,640 (7,780)
Earnings in bank-owned life insurance (1,033) (874)
Change in accrued expenses and other liabilities (2,189) 5,742
Net cash from operating activities 35,924 30,575
Cash flows from investing activities    
Loan originations and payments, net 320,869 (46,496)
Purchases of securities available for sale (263,766) (138,492)
Purchases of securities held to maturity (83,316) (29,745)
Purchase of bank-owned life insurance (10,000) 0
Proceeds from:    
Maturities and calls of securities 64,984 111,261
Principal paydowns on securities 40,545 41,938
Sales of other real estate 170 192
Proceeds from payout of bank-owned insurance claim 908 0
Additions to premises and equipment (993) (2,274)
Net cash from investing activities 69,401 (63,616)
Cash flows from financing activities    
Change in deposits 279,371 545,293
Repayments and maturities of other borrowed funds (30,619) 0
Proceeds from other borrowed funds 25,000 10,000
Cash dividends paid (10,895) (10,880)
Repurchase of shares for taxes withheld on vested restricted stock (130) (86)
Net cash from financing activities 262,727 544,327
Net change in cash and cash equivalents 368,052 511,286
Cash and cash equivalents at beginning of period 783,736 272,450
Cash and cash equivalents at end of period 1,151,788 783,736
Supplemental cash flow information    
Interest paid 2,735 5,963
Income taxes paid 5,650 5,315
Supplemental noncash disclosures:    
Transfers from loans to other real estate 0 0
Security settlement $ 1,000 $ 10,153