XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net income $ 27,642 $ 26,281
Adjustments to reconcile net income to net cash from operating activities    
Provision for credit losses 3,989 3,372
Depreciation, amortization and accretion 7,948 9,505
Compensation expense related to stock options and restricted stock awards 1,248 1,608
Change in cash surrender value of BOLI (734) (681)
Gain on sale of loans held for sale (6,824) (5,298)
Gain on sale of MSRs (8,356) 0
Loss on sale of investment securities, net 7,836 0
Origination of loans held for sale (426,672) (292,309)
Proceeds from sale of loans held for sale 430,421 324,083
Gain on purchase of tax credits (2,262) 0
Purchase of tax credits (26,007) 0
Impairment of MSRs 545 0
Changes in operating assets and liabilities    
Accrued interest receivable (9) (2,251)
Other assets 3,758 (4,074)
Other liabilities (2,781) 4,798
Net cash from operating activities 9,742 65,034
CASH FLOWS (USED BY) FROM INVESTING ACTIVITIES    
Proceeds from sale of investment securities 101,907 0
Maturities, prepayments, and calls 13,403 13,492
Purchases (47,729) (46,906)
Maturities of certificates of deposit at other financial institutions 14,874 0
Purchase of certificates of deposit at other financial institutions (2,708) (12,924)
Portfolio loan originations and principal collections, net (37,873) (150,385)
Net cash from acquisitions 0 336,157
Proceeds from sale of MSRs 16,311 0
Purchase of portfolio loans (50,099) (2,475)
Purchase of premises and equipment (1,253) (1,395)
Change in FHLB stock, net (7,390) 6,915
Net cash (used by) from investing activities (557) 142,479
CASH FLOWS USED BY FINANCING ACTIVITIES    
Net decrease in deposits (95,097) (98,500)
Proceeds from borrowings 707,768 1,725,337
Repayments of borrowings (637,708) (1,789,970)
Dividends paid on common stock (6,153) (5,814)
(Disbursements) proceeds from stock options exercised, net (1,284) 244
Common stock repurchased for employee/director taxes paid on restricted stock awards (386) (355)
Issuance of common stock - employee stock purchase plan 832 781
Common stock repurchased (2,508) 0
Net cash used by financing activities (34,536) (168,277)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (25,351) 39,236
CASH AND CASH EQUIVALENTS, beginning of period 65,691 41,437
CASH AND CASH EQUIVALENTS, end of period 40,340 80,673
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION    
Interest on deposits and borrowings 47,071 26,280
Income taxes 2,435 8,355
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES    
Change in fair value on available-for-sale investment securities 11,689 (9,341)
Change in fair value on fair value and cash flow hedges (5,288) 4,523
Change in fair value on portfolio loans measured under the fair value option 448 (285)
Retention in gross MSRs from loan sales 1,891 2,279
ROU assets in exchange for lease liabilities 0 2,034
Acquisitions:    
Assets acquired 0 87,512
Liabilities assumed $ 0 $ 424,949