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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 53,667 $ 41,767
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,554 2,367
Amortization of premium and accretion of discount on securities, net 2,331 4,502
Amortization of restricted stock 6,300 5,229
Amortization of intangible assets 1,204 1,167
Amortization of subordinated debt costs 215 931
Provision for credit losses [1] 4,423 2,725
Swap valuation allowance 673 1,350
Deferred tax benefit (5,907) (3,247)
Stock-based compensation and employee stock purchase plan expense 114 93
Fair value adjustment for equity security 1,728 293
Loss on securities available for sale 6,609  
Loans originated for sale [2] (58,409) (131,427)
Proceeds from sales of loans held for sale [2] 85,663 142,141
Gain on loans held for sale [2] (6,599) (5,792)
Gain on loans held for sale at lower of cost or fair value   (1,407)
Gain on OREO sold   (51)
Gain on life insurance death benefit   (455)
Increase in cash surrender value of life insurance, net (409) (465)
Decrease/(Increase) in accrued interest receivable 3,773 (295)
Decrease in other assets 3,952 2,998
Increase in accrued expenses and other liabilities 3,709 7,390
NET CASH PROVIDED BY OPERATING ACTIVITIES 105,591 68,464
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 305,337 338,596
Principal repayments, maturities and calls of securities held to maturity 5,046 807
Redemptions of FHLB and FRB stock 26,567  
Proceeds from sales of securities available for sale 118,972  
Purchase of securities available for sale (229,941) (578,336)
Purchase of FHLB and FRB stock (28,603) (48)
Proceeds from sales of loans held for sale at lower of cost or fair value   54,123
Net increase in loans, net of participations sold (372,026) (253,638)
Proceeds from sales of other real estate   101
Purchase of premises and equipment (2,730) (3,371)
Purchase of wealth management company   (5,500)
Proceeds from life insurance death benefit   1,219
NET CASH USED IN INVESTING ACTIVITIES (177,378) (446,047)
FINANCING ACTIVITIES:    
Net increase in deposits 33,035 557,857
Net increase in short-term borrowings 32,369  
Repayments of Paycheck Protection Program Liquidity Facility   (128,590)
Repayments of FHLB advances   (15,000)
Dividends paid on common stock (2,748) (2,843)
Exercise of stock options, net of stock swaps 126 40
Restricted stock repurchased on vesting to pay taxes (2,701) (2,231)
Repayments of subordinated debt   (50,000)
Issuance of shares for employee stock purchase plan 715 656
Shares repurchased (27,533) (19,416)
NET CASH PROVIDED BY FINANCING ACTIVITIES 33,263 340,473
Net decrease in cash and cash equivalents (38,524) (37,110)
Cash and cash equivalents at beginning of period 146,804 653,322
Cash and cash equivalents at end of period 108,280 616,212
Cash paid during the period for:    
Interest 17,155 16,128
Income tax, net 16,311 13,448
Transfer of loans to loans held for sale   $ 45,776
Transfer of loans to other real estate owned $ 116  
[1] Commencing on January 1, 2022, the allowance calculation is based on the CECL methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.
[2] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.