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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 63,188 $ 57,707 $ 32,743
Adjustments to reconcile net income to net cash provided by operations:      
Provision for credit loss expense 8,589 6,003 15,354
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights 6,573 6,241 6,082
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income (3,316) (2,127) (1,955)
Net amortization of deferred costs on borrowings 303 177 0
Accretion of deferred PPP processing fees (1,889) (8,737) (5,140)
Deferred tax (benefit) expense (1,814) (1,691) 1,390
Net realized gains on sales of available-for-sale securities (651) (783) (2,190)
Net realized and unrealized losses (gains) on equity securities 1,149 (790) (328)
Gain on sale of loans held for sale (1,285) (2,737) (2,961)
Net (gains) losses on dispositions of premises and equipment and foreclosed assets (170) 230 1,097
Proceeds from sale of loans receivable 29,151 95,258 82,619
Origination of loans held for sale (34,181) (95,411) (87,528)
Income on bank owned life insurance (2,550) (2,184) (1,747)
Gain on bank owned life insurance (death benefit proceeds in excess of cash surrender value) (883) (454) 0
Restricted stock compensation expense 1,248 1,411 1,410
Stock-based contribution expense 84 75 0
Changes in:      
Accrued interest receivable and other assets (19,065) (1,056) (6,242)
Accrued interest payable, lease liabilities, and other liabilities 19,572 7,788 (3,846)
NET CASH PROVIDED BY OPERATING ACTIVITIES 64,053 58,920 28,758
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from maturities, prepayments and calls of available-for-sale securities 70,033 170,962 164,488
Proceeds from sales of available-for-sale securities 22,164 33,553 57,185
Proceeds from sale of equity securities 0 0 5,935
Purchase of available-for-sale securities (48,433) (341,140) (224,080)
Proceeds from maturities, prepayments and calls of held-to-maturity securities 23,995 0 0
Purchases of held-to-maturity securities (213,853) 0 0
Purchase of equity securities (398) (407) (2,447)
Proceeds from loans held for sale previously classified as portfolio loans 0 1,921 0
Net increase in loans receivable (630,605) (246,043) (244,903)
Purchase of bank owned life insurance (11,644) (22,000) 0
Proceeds from death benefit of bank owned life insurance policies 3,273 1,390 0
Net cash from business combinations 0 0 72,852
Redemption (purchase) of FHLB, other equity, and restricted equity interests (7,439) (2,258) 7,268
Purchase of premises and equipment (12,290) (6,484) (5,644)
Proceeds from the sale of premises and equipment and foreclosed assets 496 746 666
NET CASH USED BY INVESTING ACTIVITIES (804,701) (409,760) (168,680)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (decrease) increase in checking, money market and savings accounts (153,191) 623,967 702,452
Net increase (decrease) in certificates of deposit 60,009 (90,092) (42,510)
Purchase of treasury stock (1,671) (1,163) (1,307)
Proceeds from common stock offering, net of issuance costs 94,051 0 3,257
Proceeds from preferred stock offering, net of issuance costs 0 0 57,785
Cash dividends paid, common stock (12,557) (11,550) (10,981)
Cash dividends paid, preferred stock (4,302) (4,302) (1,147)
Proceeds from issuance of subordinated notes, net of issuance costs 0 83,484 0
Proceeds from long-term borrowings 0 0 231,985
Repayments on long-term borrowings 0 (50,000) (459,892)
Net change in short-term borrowings 132,396 0 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 114,735 550,344 479,642
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (625,913) 199,504 339,720
CASH AND CASH EQUIVALENTS, Beginning 732,198 532,694 192,974
CASH AND CASH EQUIVALENTS, Ending 106,285 732,198 532,694
Cash paid during the period for:      
Interest 26,804 20,030 32,957
Income taxes 17,423 11,788 9,524
SUPPLEMENTAL NONCASH DISCLOSURES:      
Transfers to other real estate owned 785 1,470 241
Transfers from loans held for sale to loans held for investment 6,448 9,965 0
Transfers from loans held for investment to loans held for sale 0 1,921 0
Transfer of securities from available-for-sale to held-to-maturity 220,757 0 0
Grant of restricted stock awards from treasury stock 1,000 1,374 934
Grant of performance based restricted stock awards from treasury stock 173 262 217
Restricted stock forfeiture 36 64 0
Contribution of stock from treasury stock 44 81 0
Lease liabilities arising from obtaining right-of-use assets $ 13,371 $ 2,643 $ 1,386