XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 91,315 $ 89,076
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment, and amortization 4,829 4,489
Amortization of intangible assets 4,902 4,632
Provision for credit losses on loans 16,415 13,645
Amortization of investment securities premium, net 433 6,564
Loss on sale of investment securities 164 0
Originations of loans for resale (33,389) (62,192)
Proceeds from sale of loans originated for resale 35,179 66,973
Gain on sale of loans (883) (2,145)
Change in market value of mortgage servicing rights 215 (443)
Provision for losses on foreclosed assets 679 113
Gain on transfer of loans to foreclosed assets (114) (224)
Gain on sale of foreclosed assets (38) (22)
Operating lease expense payments (4,840) (4,351)
Loss (gain) on disposal of fixed assets 22 (1,069)
Increase in cash value of life insurance (2,274) (2,049)
Gain on life insurance death benefit 0 (309)
Loss on marketable equity securities 81 346
Equity compensation vesting expense 3,054 2,711
Change in:    
Interest receivable (2,739) (4,384)
Interest payable 5,521 (601)
Amortization of operating lease ROUA 4,861 4,432
Other assets and liabilities, net (21,016) (7,201)
Net cash from operating activities 102,377 107,991
Investing activities:    
Proceeds from maturities of securities available for sale 243,245 212,501
Proceeds from maturities of securities held to maturity 21,754 31,421
Proceeds from sale of available for sale securities 24,160 0
Purchases of securities available for sale (34,468) (699,035)
Loan origination and principal collections, net (258,183) (603,581)
Loans purchased (6,423) (21,292)
Proceeds from sale of other real estate owned 165 416
Proceeds from sale of premises and equipment 0 6,689
Purchases of premises and equipment (3,885) (3,130)
Proceeds from conversion of life insurance 0 641
Cash acquired from VRB, net of cash consideration paid 0 426,883
Net cash used by investing activities (13,635) (648,487)
Financing activities:    
Net change in deposits (319,370) 73,131
Net change in other borrowings 273,370 (3,019)
Repurchase of common stock, including tax liability for net settlement of equity awards (9,108) (26,844)
Dividends paid (29,921) (25,796)
Exercise of stock options 156 1,112
Net cash (used by) from financing activities (84,873) 18,584
Net change in cash and cash equivalents 3,869 (521,912)
Cash and cash equivalents, beginning of period 107,230 768,421
Cash and cash equivalents, end of period 111,099 246,509
Supplemental disclosure of noncash activities:    
Unrealized losses on securities available for sale (44,738) (317,659)
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 2,134 2,444
Obligations incurred in conjunction with leased assets 4,311 4,609
Loans transferred to foreclosed assets 105 1,131
Supplemental disclosure of cash flow activity:    
Cash paid for interest expense 46,864 5,515
Cash paid for income taxes 39,800 36,000
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.