XML 21 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 59,021,000 $ 44,138,000 $ 49,456,000
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 13,678,000 9,425,000 9,553,000
Accretion of acquired loans (135,000) (449,000) (686,000)
Provision (benefit) for loan losses (4,300,000) 14,050,000 1,750,000
Deferred income tax expense (benefit) 2,020,000 (4,141,000) 26,000
Stock-based compensation expense 3,784,000 2,325,000 2,931,000
Stock grants to directors for retainer fee 344,000 394,000 375,000
Proceeds from sales of mortgage loans held for sale 686,418,000 677,634,000 261,021,000
Origination of mortgage loans held for sale (649,245,000) (665,992,000) (256,767,000)
Net gain on sales of mortgage loans held for sale (30,402,000) (29,541,000) (8,108,000)
Net gain from sales and valuation write-downs of foreclosed assets (78,000) (325,000) (254,000)
Net gain from sale and write-downs on former bank premises (140,000) (27,000) (436,000)
Net loss from sales and disposals of premises and equipment 246,000 1,514,000 294,000
Earnings on bank owned life insurance (1,164,000) (1,214,000) (3,886,000)
Gain on sale of branch (1,058,000) 0 0
Net change in:      
Accrued interest receivable 1,528,000 (917,000) (48,000)
Other assets (16,279,000) (10,892,000) (7,636,000)
Accrued interest and other liabilities 335,000 1,895,000 (2,818,000)
Net cash from operating activities 64,573,000 37,877,000 44,767,000
Cash flows from investing activities      
Purchases of securities available for sale (298,708,000) (369,682,000) (62,084,000)
Proceeds from maturities, calls and repayments of securities available for sale 80,432,000 321,164,000 79,478,000
Purchases of Federal Home Loan Bank stock 0 0 (1,980,000)
Loan originations and payments, net (267,899,000) (341,461,000) (99,620,000)
Purchases of bank owned life insurance (2,000,000) (700,000) (4,500,000)
Proceeds from bank owned life insurance cash value release and death benefits 0 0 7,708,000
Net cash transferred in branch sale (2,679,000) 0 0
Net purchases of premises and equipment and lease activity (5,602,000) (8,989,000) (13,484,000)
Proceeds from sales of former bank premises 753,000 162,000 854,000
Proceeds from sales of foreclosed assets 196,000 700,000 790,000
Net cash for investing activities (495,507,000) (398,806,000) (92,838,000)
Cash flows from financing activities      
Net (decrease) increase in time deposits (120,512,000) (99,294,000) 170,921,000
Net increase in all other deposits 806,796,000 820,463,000 55,755,000
Net (decrease) increase in securities sold under agreements to repurchase 79,098,000 15,690,000 (844,000)
Proceeds from Federal Home Loan Bank advances 0 60,000,000 44,000,000
Maturities of Federal Home Loan Bank advances (20,000,000) (20,000,000) (40,000,000)
Net proceeds from subordinated notes issuance 73,635,000 0 0
Proceeds from stock option exercises, net of cashless exercises 50,000 3,000 128,000
Employee stock purchase plan 48,000 49,000 50,000
Dividend reinvestment plan 877,000 814,000 729,000
Repurchases of common stock (21,380,000) (6,591,000) (7,183,000)
Payment of cash dividends to common shareholders (18,524,000) (17,930,000) (17,108,000)
Net cash from financing activities 780,088,000 753,204,000 206,448,000
Net change in cash and cash equivalents 349,154,000 392,275,000 158,377,000
Cash and cash equivalents at beginning of period 626,006,000 233,731,000 75,354,000
Cash and cash equivalents at end of period 975,160,000 626,006,000 233,731,000
Supplemental disclosures of cash flows information      
Interest 20,352,000 27,703,000 32,103,000
Federal income taxes 17,550,000 10,950,000 11,975,000
Noncash financing and investing activities:      
Transfers from loans to foreclosed assets 30,000 146,000 337,000
Transfers from bank premises to other real estate owned $ 0 $ 613,000 $ 258,000