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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 113,401 $ 82,153 $ 74,554
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and net amortization 11,421 12,084 12,111
Securities premium amortization (discount accretion), net 22,770 24,291 13,874
Loan (discount accretion) premium amortization, net (829) (1,107) (1,211)
Provision for (reversal of) credit losses (16,964) 20,201 5,101
Stock compensation expense 3,020 3,020 2,388
Deferred tax expense (benefit) 4,752 (4,430) 122
Net gain on sale of AFS securities (3,862) (8,257) (756)
Net loss on premises and equipment 324 877 592
Gross proceeds from sales of loans held for sale 45,803 74,814 22,041
Gross originations of loans held for sale (43,792) (78,126) (21,823)
Net (gain) loss on OREO (174) 151 (100)
Retirement plan curtailment expense 0 163 0
Recognition of loss due to settlement 0 215 0
Loss on redemption of subordinated notes 1,118 0 0
Net change in:      
Interest receivable (437) (10,256) (1,165)
Other assets (2,672) (6,445) (12,275)
Interest payable (2,257) (3,234) 530
Other liabilities 24,482 (15,594) (13,377)
Net cash provided by operating activities 156,104 90,520 80,606
Securities AFS:      
Purchases (692,675) (916,873) (1,253,139)
Sales 160,498 316,043 751,116
Maturities, calls and principal repayments 315,455 437,098 201,529
Securities HTM:      
Maturities, calls and principal repayments 18,304 26,044 27,833
Proceeds from redemption of FHLB stock and equity investments 32,174 31,000 8,788
Purchases of FHLB stock and equity investments (21,221) (5,689) (26,483)
Net loan paydowns (originations) 11,891 (90,206) (262,137)
Purchases of premises and equipment (8,365) (11,435) (15,883)
Purchases of BOLI (13,000) (12,500) 0
Proceeds from sales of premises and equipment 1,861 1,846 96
Net proceeds from sales of OREO 816 766 1,122
Proceeds from sales of repossessed assets 254 171 328
Net cash used in investing activities (194,008) (223,735) (566,830)
FINANCING ACTIVITIES:      
Net change in deposits 789,968 249,321 272,638
Net change in other borrowings 47 (5,186) (8,452)
Proceeds from FHLB borrowings 14,998,118 21,797,280 6,914,800
Repayment of FHLB borrowings (15,486,607) (21,937,497) (6,661,119)
Net proceeds from issuance of subordinated notes (95) 98,478 0
Redemption of subordinated notes (100,011) 0 0
Proceeds from stock option exercises 7,672 1,692 1,986
Cash paid to tax authority related to tax withholding on share-based awards (479) (393) (394)
Purchase of common stock (34,148) (30,989) (2,181)
Proceeds from the issuance of common stock for dividend reinvestment plan 1,353 1,424 1,445
Cash dividends paid (44,569) (43,204) (42,521)
Net Cash Provided by (Used in) Financing Activities, Total 131,249 130,926 476,202
Net increase (decrease) in cash and cash equivalents 93,345 (2,289) (10,022)
Cash and cash equivalents at beginning of period 108,408 110,697 120,719
Cash and cash equivalents at end of period 201,753 108,408 110,697
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:      
Interest paid 28,687 47,201 70,452
Income taxes paid 10,750 12,000 10,500
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Loans transferred to other repossessed assets and real estate through foreclosure 740 749 649
Unsettled trades to purchase securities (18,995) 0 (17,538)
Unsettled issuances of brokered CDs $ 0 $ 0 $ 20,000