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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 113,363 $ 101,292 $ 47,555
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion, net 3,668 17,319 24,643
Provision for (recovery of) credit losses 15,174 (3,510) 731
Bank owned life insurance income (4,151) (2,624) (1,767)
Net loss on investment securities 3,700 61 862
Fair value adjustment on equity investment securities 141 (2) (111)
Loans originated for sale (33,196) (48,081) (94,154)
Proceeds from sales of loans 34,041 50,442 157,349
Net gains on sales of loans (659) (994) (2,994)
Deferred income tax (benefit) expense (238) 18,566 2,874
Increase (decrease) in accrued expenses 13,194 (4,692) 2,433
(Increase) decrease in interest receivable (6,443) (5,836) 1,435
Increase in other assets 962 1,629 2,874
Increase (decrease) in interest payable 6,621 (420) (282)
Increase in operating lease assets (13,817) 0 0
Change in lease right-of-use assets and lease liabilities (335) (38) 509
Stock-based compensation 6,025 4,325 3,890
Other, net 5,593 (7,598) 10,573
Net cash provided by operating activities 143,643 119,839 156,420
Available-for-sale investment securities:      
Purchases (75,351) (246,155) (852,542)
Proceeds from sales 198,893 28,663 544,096
Proceeds from principal payments, calls and prepayments 151,047 190,143 297,693
Held-to-maturity investment securities:      
Purchases (207,428) (206,768) (316,346)
Proceeds from principal payments 84,116 19,033 7,333
Other investment securities:      
Purchases (27,206) (23,632) (1,415)
Proceeds from sales 21,281 5,784 9,299
Net (increase) decrease in loans held for investment (356,075) (58,142) 113,467
Net expenditures for premises and equipment (13,458) (6,753) (6,685)
Proceeds from sales of other real estate owned 129 572 2,073
Investment in bank owned life insurance 0 (30,000) 0
Proceeds from bank owned life insurance 227 689 0
Business acquisitions, net of cash received 92,594 (85,791) 132,719
Investment in limited partnership and tax credit funds (1,699) (1,857) (4,125)
Net cash used in investing activities (132,930) (414,214) (74,433)
Financing activities:      
Net (decrease) increase in non-interest-bearing deposits (284,480) (52,020) 150,986
Net increase (decrease) in interest-bearing deposits 485,921 (93,082) 49,774
Net increase in short-term borrowings 40,983 328,611 14,414
Proceeds from long-term borrowings 115,108 24,804 0
Payments on long-term borrowings (40,165) (125,345) (2,132)
Cash dividends paid (51,845) (42,372) (31,002)
Repurchase of treasury stock under share repurchase program (3,030) (7,407) 0
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock (1,769) (1,745) (1,306)
Proceeds from issuance of common shares 1,264 1,226 906
Net cash provided by financing activities 261,987 32,670 181,640
Net increase (decrease) in cash and cash equivalents 272,700 (261,705) 263,627
Cash and cash equivalents at beginning of period 154,022 415,727 152,100
Cash and cash equivalents at end of period 426,722 154,022 415,727
Supplemental cash flow information:      
Interest paid 90,367 16,270 13,391
Income taxes paid 29,866 4,131 6,693
Supplemental noncash disclosures:      
Transfers from loans to other real estate owned 31 110 298
Noncash recognition of new leases $ 4,428 $ 880 $ 2,482