Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 33,729 $ 22,614
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 266 1,493
Stock compensation expense 533 536
Provision for credit losses (1) [1] 150 (1,500)
Origination of loans for sale (2,904) (25,009)
Proceeds from sales of loans originated for sale 3,156 26,855
Net gains on mortgage loans (37) (673)
Net gain on sales of other real estate (356) (47)
Deferred income tax expense 336 585
Earnings in bank-owned life insurance (660) (687)
Change in accrued interest receivable and other assets (2,657) (5,536)
Change in accrued expenses and other liabilities (554) 1,499
Net cash from operating activities 31,002 20,130
Cash flows from investing activities    
Loan originations and payments, net (113,452) (29,220)
Purchases of securities available for sale (24,072) (232,108)
Purchases of securities held to maturity (9,613) (160,481)
Maturities and calls of securities available for sale 8,160 17,486
Maturities and calls of securities held to maturity 23,300 37,998
Principal paydowns on securities available for sale 10,740 12,003
Principal paydowns on securities held to maturity 5,016 33,149
Sales of other real estate 2,699 47
Redemption of FHLB stock 0 1,347
Additions to premises and equipment (698) (605)
Net cash for investing activities (97,920) (320,384)
Cash flows from financing activities    
Change in deposits (169,556) (21,761)
Repayments and maturities of other borrowed funds 0 (80,000)
Proceeds from other borrowed funds 0 25,000
Repurchase of shares for taxes withheld on vested restricted stock (22) (35)
Cash dividends paid (8,201) (8,186)
Net cash for financing activities (177,779) (84,982)
Net change in cash and cash equivalents (244,697) (385,236)
Cash and cash equivalents at beginning of period 755,170 1,151,788
Cash and cash equivalents at end of period 510,473 766,552
Supplemental cash flow information    
Interest paid 17,499 2,204
Income taxes paid 7,400 5,000
Supplemental noncash disclosures:    
Security settlement 0 1,000
Transfer of securities from available for sale to held to maturity $ 0 $ 123,469
[1] Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology.