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, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income $ 43,224 $ 34,731
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, amortization and accretion 316 1,558
Stock compensation expense 820 703
Provision (benefit) for credit losses 550 [1] (1,125)
Origination of loans for sale (4,145) (26,236)
Proceeds from sales of loans originated for sale 4,425 28,134
Net gains on mortgage loans (65) (706)
Net (gain) loss on sales of other real estate (356) (47)
Deferred income tax expense 535 766
Change in accrued interest receivable and other assets (1,684) (6,051)
Bank-owned life insurance (903) (878)
Change in accrued expenses and other liabilities 1,083 3,951
Net cash from operating activities 43,800 34,800
Cash flows from investing activities    
Loan originations and payments, net (160,507) (68,234)
Purchases of securities available for sale (24,072) (285,572)
Purchases of securities held to maturity (14,789) (166,566)
Maturities and calls of securities available for sale 12,698 24,450
Maturities and calls of securities held to maturity 23,685 41,873
Principal paydowns on securities available for sale 14,679 14,918
Principal paydowns on securities held to maturity 8,268 36,053
Sales of other real estate 2,699 47
Redemption of FHLB stock 0 1,347
Additions to premises and equipment (439) (796)
Net cash for investing activities (137,778) (402,480)
Cash flows from financing activities    
Change in deposits (199,412) 37,184
Repayments and maturities of other borrowed funds 0 (80,000)
Proceeds from other borrowed funds 0 25,000
Cash dividends paid (11,285) (10,915)
Repurchase of shares for taxes withheld on vested restricted stock (143) (207)
Net cash for financing activities (210,840) (28,938)
Net change in cash and cash equivalents (304,818) (396,618)
Cash and cash equivalents at beginning of period 755,170 1,151,788
Cash and cash equivalents at end of period 450,352 755,170
Supplemental cash flow information    
Interest paid 25,577 4,717
Income taxes paid 9,600 6,500
Supplemental noncash disclosures:    
Transfer of securities from available for sale to held to maturity 0 123,469
Security settlement $ 0 $ 0
[1] Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology.