XML 21 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 103,533,000 $ 59,182,000 $ 43,164,000
Adjustments to reconcile income to net cash provided by operating activities:      
Provision for credit losses 18,247,000 18,050,000 3,000,000
Depreciation and amortization on premises and equipment 7,420,000 7,953,000 7,181,000
Deferred tax expense 3,012,000 9,203,000 3,145,000
Amortization of net premium on securities 1,004,000 2,076,000 3,399,000
Accretion of net discount on acquired loans (3,204,000) (1,308,000) (1,142,000)
Net change in deferred loan origination fees and costs (1,178,000) 1,182,000 617,000
Amortization of core deposits and other intangible assets 4,822,000 4,215,000 1,417,000
Amortization of premium on acquired deposits (966,000) (1,052,000) (45,000)
Accretion of discount on subordinated debt 286,000 254,000 256,000
Amortization of issuance costs on subordinated debt 147,000 145,000 93,000
Accretion of discount on convertible notes payable 101,000 1,131,000 746,000
Accretion of discount on Federal Home Loan Bank advances 0 76,000 0
Increase in cash surrender value of bank-owned life insurance (1,928,000) (1,682,000) (1,276,000)
Impairment of premises and equipment 0 720,000 0
Impairment of other real estate owned and foreclosed assets 286,000 94,000 217,000
Federal Home Loan Bank stock dividends (1,560,000) (712,000) (407,000)
Share-based compensation expense 2,127,000 1,448,000 2,998,000
Decrease (increase) in fair value of mortgage servicing rights 6,649,000 (12,418,000) 5,606,000
Net loss on sales of loans held-for-investment 0 0 701,000
Net loss on disposal of premises and equipment 120,000 86,000 76,000
Net loss (gain) on other real estate owned and foreclosed assets activity 106,000 (164,000) (824,000)
Net gain on sales of loans held-for-sale (3,491,000) (11,782,000) (61,403,000)
Origination of loans held-for-sale (791,017,000) (1,090,759,000) (2,165,255,000)
Proceeds from sales of loans held-for-sale 788,367,000 1,137,793,000 2,292,828,000
Changes in operating assets and liabilities:      
Lease right-of-use assets (660,000) 3,282,000 0
Accrued interest receivable (8,556,000) (9,835,000) 655,000
Prepaid expenses and other assets (11,397,000) (22,992,000) (6,769,000)
Accrued interest payable 7,782,000 3,022,000 (223,000)
Accrued expenses and other liabilities 5,124,000 (293,000) (15,646,000)
Net cash provided by (used in) operating activities 125,176,000 96,915,000 113,109,000
Cash flows from investing activities:      
Cash acquired in excess of cash paid in connection with Pioneer Merger 0 444,542,000 0
Purchases of held-to-maturity securities 0 (335,000) 0
Proceeds from maturities of held-to-maturity securities 2,007,000 3,626,000 13,835,000
Purchases of available-for-sale securities (21,555,000) (66,606,000) (248,736,000)
Proceeds from sale or maturities of available-for-sale securities 41,669,000 170,410,000 131,899,000
Loan originations, net of repayments (362,778,000) (1,064,293,000) (215,281,000)
Proceeds from the sale of loans held-for-sale previously classified as held-for-investment 0 0 18,544,000
Purchases of premises and equipment (4,268,000) (2,196,000) (3,455,000)
Proceeds from the sale of premises and equipment 0 2,000 5,000
Proceeds from sales of other real estate owned and foreclosed assets 5,952,000 867,000 2,089,000
Purchases of restricted equity securities (51,076,000) (39,785,000) (57,000)
Proceeds from the sale or redemption of restricted equity securities 64,779,000 15,842,000 7,400,000
Purchase of other investments (2,677,000) (939,000) (686,000)
Proceeds from the sale or redemption of other investments 668,000 745,000 519,000
Net cash used in investing activities (327,279,000) (538,120,000) (293,924,000)
Cash flows from financing activities:      
Net change in deposits 610,007,000 (280,914,000) 701,444,000
Net change in securities sold under agreements to repurchase (12,028,000) (55,372,000) (23,278,000)
Proceeds from Federal Home Loan Bank advances 2,041,468,000 760,885,000 0
Repayments of Federal Home Loan Bank advances (2,295,885,000) (317,000,000) (30,411,000)
Proceeds from subordinated debt, net 0 24,466,000 0
Proceeds from issuance of common stock, net of issuance costs (167,000) (579,000) (456,000)
Repayments of convertible notes payable (5,456,000) (15,217,000) 0
Net cash provided by financing activities 337,939,000 116,269,000 647,299,000
Net increase (decrease) in cash and cash equivalents 135,836,000 (324,936,000) 466,484,000
Cash and cash equivalents, beginning of period 343,526,000 668,462,000 201,978,000
Cash and cash equivalents, end of period 479,362,000 343,526,000 668,462,000
Supplemental disclosures of cash flow information:      
Interest paid on deposits 92,085,000 12,040,000 8,753,000
Interest paid on borrowed funds 20,459,000 14,118,000 5,667,000
Cash paid for income taxes, net 28,459,000 6,183,000 6,601,000
Non-cash investing and financing activities:      
Assets acquired from merger with Pioneer Bancshares, Inc. 0 1,085,506,000 0
Liabilities assumed from merger with Pioneer Bancshares, Inc. 0 1,354,387,000 0
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities 2,696,000 35,212,000 0
Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale 1,291,000 (45,647,000) (9,870,000)
Loan charge-offs 9,672,000 2,587,000 4,861,000
Premises and equipment transferred to other real estate owned and foreclosed assets 0 338,000 1,038,000
Loans transferred to other real estate owned and foreclosed assets 4,086,000 1,331,000 2,577,000
Mortgage servicing rights resulting from sale or securitization of mortgage loans $ 9,253,000 $ 14,287,000 $ 23,854,000