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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 125,419,000 $ 117,655,000 $ 64,814,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment, and amortization 6,012,000 6,363,000 6,453,000
Amortization of intangible assets 6,334,000 5,464,000 5,724,000
Provision for (benefit from) credit losses 18,470,000 (6,775,000) 42,813,000
Amortization of investment securities premium, net 6,641,000 6,685,000 2,669,000
Gain on sale of investment securities 0 0 (7,000)
Originations of loans for resale (71,600,000) (217,210,000) (227,831,000)
Proceeds from sale of loans originated for resale 74,922,000 227,938,000 234,424,000
Gain on sale of loans (2,342,000) (9,580,000) (9,122,000)
Change in market value of mortgage servicing rights (301,000) 872,000 2,634,000
(Gain) loss on sale of real estate owned real estate owned (166,000) 0 128,000
Deferred income tax expense (8,022,000) (936,000) (14,154,000)
Gain on transfer of loans to real estate owned (316,000) (233,000) (235,000)
Operating lease payments (5,904,000) (4,964,000) (4,927,000)
(Gain) loss on disposal of fixed assets (1,070,000) (439,000) 67,000
Increase in cash value of life insurance (2,858,000) (2,775,000) (2,949,000)
Gain on life insurance death benefit (309,000) (702,000) (498,000)
(Gain) loss on marketable equity securities 340,000 86,000 (64,000)
Equity compensation vesting expense 3,869,000 2,638,000 2,036,000
Change in value of other real estate 113,000 9,000 0
Change in:      
Interest receivable (9,170,000) 712,000 (1,107,000)
Interest payable (287,000) (434,000) (1,045,000)
Amortization of operating lease right of use asset 6,033,000 5,452,000 5,393,000
Other assets and liabilities, net 17,087,000 2,381,000 9,586,000
Net cash from operating activities 162,895,000 132,207,000 114,802,000
Investing activities:      
Cash acquired in acquisition; net of consideration paid 426,883,000 0 0
Proceeds from maturities of securities available for sale 267,830,000 371,632,000 167,515,000
Proceeds from maturities of securities held to maturity 38,399,000 83,929,000 89,858,000
Proceeds from sale of available for sale securities 0 0 229,000
Purchases of securities available for sale (699,035,000) (1,190,690,000) (617,552,000)
Net redemption of restricted equity securities 0 0 0
Loan origination and principal collections, net (739,037,000) (45,812,000) (415,415,000)
Loans purchased (22,845,000) (108,433,000) (41,126,000)
Proceeds from sale of real estate owned 873,000 1,526,000 570,000
Proceeds from sale of premises and equipment 6,690,000 2,743,000 0
Purchases of premises and equipment (3,623,000) (3,196,000) (2,812,000)
Life insurance proceeds 641,000 4,490,000 2,400,000
Net cash from investing activities (723,224,000) (883,811,000) (816,333,000)
Financing activities:      
Net change in deposits (253,625,000) 861,225,000 1,138,940,000
Net change in other borrowings 214,518,000 23,173,000 8,460,000
Repurchase of common stock, net (27,148,000) (4,344,000) (26,720,000)
Dividends paid (35,797,000) (29,724,000) (26,303,000)
Exercise of stock options, net 1,190,000 144,000 198,000
Net cash from financing activities (100,862,000) 850,474,000 1,094,575,000
Net change in cash and cash equivalents (661,191,000) 98,870,000 393,044,000
Cash and cash equivalents at beginning of year 768,421,000 669,551,000 276,507,000
Cash and cash equivalents at end of year 107,230,000 768,421,000 669,551,000
Supplemental disclosure of cash flow activity:      
Cash paid for interest expense 9,290,000 5,942,000 10,502,000
Cash paid for income taxes 41,000,000 46,300,000 29,500,000
Supplemental disclosure of noncash activities:      
Unrealized gain (loss) on securities available for sale (290,157,000) (19,575,000) 15,796,000
Loans transferred to foreclosed assets 1,349,000 1,052,000 766,000
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes 2,522,000 2,118,000 736,000
Obligations incurred in conjunction with leased assets 6,149,000 2,883,000 4,161,000
Business combination [1]
[1] (1) In the year ended 2022, the VRB acquisition included fair value tangible assets acquired of $1.37 billion, liabilities assumed of $1.28 billion, resulting in goodwill of $0.09 billion.