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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 35,024 $ 36,053 $ 29,649
Adjustments to reconcile net income to net cash from operating activities      
Provision for credit losses 5,511 4,774 6,217
Depreciation, amortization and accretion 10,566 12,649 14,004
Compensation expense related to stock options and restricted stock awards 1,806 2,010 1,971
Benefit for deferred income taxes (2,023) (693) (844)
Change in cash surrender value of BOLI (990) (920) (876)
Gain on sale of loans held for sale (8,557) (6,711) (7,321)
Gain on sale of portfolio loans 0 0 (596)
Gain on sale of MSRs (8,356) 0 0
Loss on sale of investment securities, net 7,836 0 0
Origination of loans held for sale (535,623) (377,144) (566,898)
Proceeds from sale of loans held for sale 571,287 411,484 708,400
Gain on purchase of tax credits (2,277) 0 0
Purchase of tax credits (26,217) 0 0
(Recovery) impairment of MSRs (38) 48 (1)
Gain on sale of OREO 0 (148) 0
Changes in operating assets and liabilities      
Accrued interest receivable 124 (2,331) (3,550)
Other assets 8,051 (4,495) 2,127
Other liabilities (5,301) 3,093 2,616
Net cash from operating activities 50,823 77,669 184,898
CASH FLOWS (USED BY) FROM INVESTING ACTIVITIES      
Proceeds from sale of investment securities 101,907 0 0
Maturities, prepayments, and calls 17,716 17,295 21,201
Purchases (110,340) (76,030) (22,968)
Purchases 0 0 (1,000)
Maturities of certificates of deposit at other financial institutions 25,148 4,186 5,830
Purchase of certificates of deposit at other financial institutions (2,708) (23,641) 0
Portfolio loan originations and principal collections, net (73,841) (185,024) (534,335)
Net cash from acquisitions 0 336,157 0
Proceeds from sale of MSRs 16,309 0 0
Proceeds from sale of portfolio loans 0 0 39,034
Purchase of portfolio loans (63,427) (2,818) (5,736)
Proceeds from sale of OREO, net 0 718 145
Purchase of premises and equipment (1,635) (1,671) (1,551)
Proceeds from bank owned life insurance death benefits 181 0 1,169
Change in FHLB stock, net (13,507) 8,497 (5,833)
Net cash (used by) from investing activities (104,197) 77,669 (504,044)
CASH FLOWS FROM (USED BY) FINANCING ACTIVITIES      
Net (decrease) increase in deposits (183,025) (30,704) 211,935
Proceeds from borrowings 967,769 2,164,338 3,003,617
Repayments of borrowings (753,709) (2,257,120) (2,859,617)
Dividends paid on common stock (8,265) (7,764) (7,096)
(Disbursements) proceeds from stock options exercised, net (1,633) (273) 568
Common stock repurchased for employee/director taxes paid on restricted stock awards (386) (355) (190)
Issuance of common stock - employee stock purchase plan 1,075 1,017 503
Common stock repurchased (2,508) (223) (15,628)
Net cash from (used by) financing activities 19,318 (131,084) 334,092
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (34,056) 24,254 14,946
CASH AND CASH EQUIVALENTS, beginning of year 65,691 41,437 26,491
CASH AND CASH EQUIVALENTS, end of year 31,635 65,691 41,437
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION      
Interest on deposits and borrowings 63,061 38,744 10,968
Income taxes 2,370 10,396 4,693
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES      
Change in fair value on available-for-sale investment securities 6,665 6,779 (41,849)
Change in fair value on fair value and cash flow hedges 1,188 (3,814) 8,857
Change in fair value on portfolio loans measured under the fair value option 52 447 (1,654)
Retention in gross MSRs from loan sales 2,415 2,772 5,400
OREO received in settlement of loans 0 0 145
Transfer of closed retail branch to OREO 0 0 570
ROU assets in exchange for lease liabilities 422 2,034 3,049
Acquisitions:      
Assets acquired 0 87,512 0
Liabilities assumed $ 0 $ 424,949 $ 0