XML 29 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Operating activities:      
Net income $ 34,767,000 $ 53,695,000 $ 46,255,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion, net 25,639,000 17,861,000 18,204,000
Provision for credit losses 26,254,000 2,504,000 5,448,000
Bank owned life insurance income (1,977,000) (2,430,000) (1,955,000)
Net loss (gain) on investment securities 368,000 (164,000) 146,000
Loans originated for sale (260,974,000) (156,058,000) (123,134,000)
Proceeds from sales of loans 268,363,000 157,752,000 124,796,000
Net gains on sales of loans (6,446,000) (3,667,000) (2,846,000)
Deferred income tax (benefit) expense (8,101,000) 109,000 (309,000)
Increase in accrued expenses 799,000 366,000 147,000
(Increase) decrease in interest receivable (865,000) 613,000 (854,000)
Increase (decrease) in other assets 1,006,000 (1,227,000) (533,000)
Non cash lease expense 47,000 55,000  
Other, net 7,263,000 (1,421,000) 10,085,000
Net cash provided by operating activities 85,483,000 67,157,000 75,243,000
Available-for-sale investment securities:      
Purchases (261,395,000) (271,924,000) (137,818,000)
Proceeds from sales 82,610,000 72,706,000 14,489,000
Proceeds from principal payments, calls and prepayments 356,854,000 199,870,000 122,986,000
Held-to-maturity investment securities:      
Purchases (40,112,000) 0 0
Proceeds from principal payments 5,123,000 4,945,000 4,281,000
Other investment securities:      
Purchases (6,261,000) (3,114,000) (2,689,000)
Proceeds from sales 12,180,000 7,340,000 7,622,000
Proceeds from insurance claim 0 26,000  
Net increase in loans held for investment 444,128,000 10,661,000 134,071,000
Net expenditures for premises and equipment (4,299,000) (2,809,000) (4,531,000)
Proceeds from sales of other real estate owned 269,000 239,000 278,000
Proceeds from bank owned life insurance 108,000 1,642,000  
Business acquisitions, net of cash received (94,856,000) 7,814,000 4,695,000
Investment in limited partnership and tax credit funds (12,000) (5,021,000) (5,398,000)
Net cash (used in) provided by investing activities (393,919,000) 1,053,000 (130,156,000)
Financing activities:      
Net increase in non-interest-bearing deposits 326,115,000 4,832,000 22,380,000
Net increase in interest-bearing deposits 292,822,000 72,841,000 3,449,000
Net (decrease) increase in short-term borrowings (263,716,000) (76,809,000) 61,883,000
Proceeds from long-term borrowings 50,000,000 0 0
Payments on long-term borrowings (2,715,000) (3,501,000) (4,591,000)
Cash dividends paid (27,052,000) (25,942,000) (20,915,000)
Repurchase of treasury stock under share repurchase program (29,281,000) (805,000) 0
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock 1,128,000 845,000 1,380,000
Proceeds from issuance of common shares 594,000 6,000 25,000
Contingent consideration payments made after a business acquisition (296,000) (406,000) (520,000)
Net cash provided by (used in) financing activities 345,343,000 (30,629,000) 60,331,000
Net increase in cash, cash equivalents and restricted cash 36,907,000 37,581,000 5,418,000
Cash, cash equivalents and restricted cash at beginning of period 115,193,000 77,612,000 72,194,000
Cash, cash equivalents, and restricted cash at end of period 152,100,000 115,193,000 77,612,000
Supplemental cash flow information:      
Interest paid 18,939,000 28,887,000 19,920,000
Income taxes paid 12,500,000 11,450,000 6,135,000
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Transfers from loans to other real estate owned 296,000 153,000 90,000
Lease right-of-use assets obtained in exchange for lessee operating lease liabilities 62,000 3,701,000  
Other Real Estate Owned 134,000 227,000  
Servicing rights (b)(c) 2,486,000 2,742,000 2,655,000
Level 1 | Nonrecurring Basis      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Impaired Financing Receivable, Fair Value Disclosure 0 0  
Other Real Estate Owned 0 0  
Servicing rights (b)(c) 0 0  
Level 2 | Nonrecurring Basis      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Impaired Financing Receivable, Fair Value Disclosure 0 0  
Other Real Estate Owned 0 0  
Servicing rights (b)(c) 0 0  
Level 3 | Nonrecurring Basis      
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Impaired Financing Receivable, Fair Value Disclosure 0 29,100,000  
Other Real Estate Owned 134,000 227,000  
Servicing rights (b)(c) 2,591,000 3,881,000  
Accounting Standards Update 2016-01 [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Fair value adjustment on equity investment securities $ (660,000) $ (831,000) $ (207,000)