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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 24,929 $ 31,381
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,076 983
Provision for credit losses 1,000 1,450
Amortization of intangibles 372 433
Net accretion of loans (743) (874)
Accretion on bank premises (12) (12)
Accretion on deposits (101) (321)
Amortization on borrowings, net 5 16
Stock-based compensation 1,143 1,147
Losses on equity securities, net 191 596
Gains on sale of loans held-for-sale, net (49) (701)
Loans originated for resale (854) (8,872)
Proceeds from sale of loans held-for-sale 1,202 9,472
Loss on sale of other real estate owned 22 0
Increase in cash surrender value of bank owned life insurance (1,531) (1,206)
Amortization of premium and accretion of discounts on securities available-for-sale 268 872
Amortization of subordinated debentures issuance costs 805 76
(Increase) decrease in accrued interest receivable (239) 71
Net change in operating leases (42) (27)
Increase in other assets (13,321) (10,585)
Increase in other liabilities 2,253 21,945
Net cash provided by operating activities 16,374 45,844
Cash flows from investing activities    
Purchases (4,763) (52,970)
Maturities, calls and principal repayments 16,906 43,950
Purchase of equity securities (2,405) 0
Net redemptions of restricted investment in bank stocks 225 2,572
Payments on loans held-for-sale 17 0
Net increase in loans (33,911) (153,048)
Purchases of premises and equipment (2,867) (718)
Proceeds from sale of OREO 242 0
Net cash used in investing activities (26,556) (160,214)
Cash flows from financing activities    
Net increase in deposits 396,654 227,773
Advances of Federal Home Loan Bank (“FHLB”) borrowings 750,000 150,000
Repayments of FHLB borrowings (755,016) (206,039)
Repayment of subordinated debt (75,000) 0
Cash dividends on preferred stock (1,509) (1,509)
Cash dividends paid on common stock (6,074) (5,152)
Repurchase of treasury stock (4,853) (4,786)
Proceeds from exercise of stock options 81 91
Net cash provided by financing activities 304,283 160,378
Net change in cash and cash equivalents 294,101 46,008
Cash and cash equivalents at beginning of period 268,315 265,536
Cash and cash equivalents at end of period 562,416 311,544
Supplemental disclosures of cash flow information    
Interest paid on deposits and borrowings 46,590 8,794
Income taxes 1,257 300
Supplemental disclosures of noncash activities    
Transfer of loans to other real estate owned 0 316
Transfer of loans from held-for-sale to held-for-investment 13,456 0
Transfer of loans from held-for-investment to held-for-sale $ 11,197 $ 2,391