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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 35,833 $ 20,374
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment, and amortization 1,566 1,409
Amortization of intangible assets 1,656 1,228
Provision for credit losses 4,195 8,330
Amortization of investment securities premium, net 174 5,618
Loss on sale of investment securities 164 0
Originations of loans for resale (6,281) (30,187)
Proceeds from sale of loans originated for resale 8,058 33,509
Gain on sale of loans (206) (1,246)
Change in market value of mortgage servicing rights 209 (274)
Operating lease expense payments (1,653) (1,292)
Gain on disposal of fixed assets 0 (1,078)
Increase in cash value of life insurance (802) (638)
(Gain) loss on marketable equity securities (42) 137
Equity compensation vesting expense 1,041 812
Change in:    
Interest receivable 468 (83)
Interest payable 476 (801)
Amortization of operating lease ROUA 1,739 1,374
Other assets and liabilities, net (7,640) (2,347)
Net cash from operating activities 38,955 34,845
Investing activities:    
Proceeds from maturities of securities available for sale 56,905 85,298
Proceeds from maturities of securities held to maturity 8,842 12,894
Proceeds from sale of available for sale securities 24,160 0
Purchases of securities available for sale 0 (247,354)
Loan origination and principal collections, net 26,558 (161,865)
Proceeds from sale of premises and equipment 0 6,689
Purchases of premises and equipment (1,213) (631)
Cash acquired from VRB, net of cash consideration paid 0 426,883
Net cash from investing activities 115,252 121,914
Financing activities:    
Net change in deposits (303,148) 131,839
Net change in other borrowings 169,535 (13,903)
Repurchase of common stock, net of option exercises (7,595) 0
Dividends paid (9,972) (7,433)
Exercise of stock options 78 0
Net cash (used by) from financing activities (151,102) 110,503
Net change in cash and cash equivalents 3,105 267,262
Cash and cash equivalents, beginning of period 107,230 768,421
Cash and cash equivalents, end of period 110,335 1,035,683
Supplemental disclosure of noncash activities:    
Unrealized gain (loss) on securities available for sale 34,540 (111,302)
Loans transferred to held-for-sale 0 12,044
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes 621 55
Obligations incurred in conjunction with leased assets 4,484 521
Loans transferred to foreclosed assets 0 313
Supplemental disclosure of cash flow activity:    
Cash paid for interest expense 9,095 1,546
Cash paid for income taxes 0 0
Business combination [1]
[1] (1) During the period ended March 31, 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.