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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 $ 18,228 $ 23,563
Items not requiring (providing) cash    
Credit loss expense (recovery) 242 (1,386)
Depreciation and amortization 2,601 2,742
Share based compensation 758 529
Amortization of mortgage servicing rights 247 750
Impairment (recovery) of mortgage servicing rights 0 (2,594)
Premium amortization on securities, net 2,751 3,068
Loss on sale of investment securities 500 0
Gain on sale of mortgage loans (785) (2,027)
Proceeds from sales of loans 24,444 81,801
Loans originated for sale (20,489) (72,538)
Gain on cash value life insurance (981) (510)
Gain on sale of other real estate owned (103) (411)
Net change in:    
Interest receivable (1,134) (1,339)
Interest payable 542 (815)
Other assets 3,900 657
Other liabilities (5,410) (3,297)
Net cash provided by operating activities 25,311 28,193
Investing Activities    
Purchases of securities available for sale (817) (180,260)
Proceeds from sales of securities available for sale 63,527 0
Proceeds from maturities, calls and principal repayments of securities available for sale 8,386 23,089
Purchases of securities held to maturity (7,935) (345,794)
Proceeds from maturities, calls and principal repayments of securities held to maturity 13,406 13,136
Net change in interest earning time deposits (286) 736
Purchase of FHLB stock (5,587) 0
Redemption of FHLB stock 0 198
Purchase of loans (62,489) 0
Net change in loans (27,865) (68,629)
Proceeds on the sale of OREO and repossessed assets 737 1,606
Premises and equipment expenditures (567) (1,078)
Net cash used in investing activities (19,490) (556,996)
Financing Activities    
Net change in deposits (155,829) 48,506
Proceeds from borrowings 522,548 239,179
Repayment of borrowings (354,634) (235,582)
Net change in repurchase agreements 1,064 12,328
Net settlement of share awards (696) (1,671)
Exercise of stock options 0 94
Dividends paid on common stock (7,057) (6,605)
Net cash provided by financing activities 5,396 56,249
Net Change in Cash and Cash Equivalents 11,217 (472,554)
Cash and Cash Equivalents, Beginning of Period 123,505 593,508
Cash and Cash Equivalents, End of Period 134,722 120,954
Additional Supplemental Information    
Interest paid 26,019 4,726
Income taxes paid 0 0
Transfer of loans to other real estate and repossessed assets 868 100
Transfer of available for sale securities to held to maturity securities $ 0 $ 120,881