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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 58,020 $ 63,188 $ 57,707
Adjustments to reconcile net income to net cash provided by operations:      
Provision for credit loss expense 5,993 8,589 6,003
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights 7,739 6,573 6,241
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income (3,155) (3,316) (2,127)
Net amortization of deferred costs on borrowings 303 303 177
Accretion of deferred PPP processing fees (3) (1,889) (8,737)
Deferred tax (benefit) expense 1,111 (1,814) (1,691)
Net realized gains on sales of available-for-sale securities (52) (651) (783)
Net realized and unrealized losses (gains) on equity securities 387 1,149 (790)
Gain on sale of loans held for sale (447) (1,285) (2,737)
Net losses (gains) on dispositions of premises and equipment and foreclosed assets 27 (170) 230
Proceeds from sale of loans receivable 16,263 29,151 95,258
Origination of loans held for sale (17,874) (34,181) (95,411)
Income on bank owned life insurance (2,945) (2,550) (2,184)
Gain on bank owned life insurance (death benefit proceeds in excess of cash surrender value) 0 (883) (454)
Restricted stock compensation expense 1,688 1,248 1,411
Stock-based contribution expense 55 84 75
Changes in:      
Accrued interest receivable and other assets (5,894) (19,065) (1,056)
Accrued interest payable, lease liabilities, and other liabilities (14,193) 19,572 7,788
NET CASH PROVIDED BY OPERATING ACTIVITIES 47,023 64,053 58,920
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from maturities, prepayments and calls of available-for-sale securities 42,726 70,033 170,962
Proceeds from sales of available-for-sale securities 13,151 22,164 33,553
Proceeds from sale of equity securities 296 0 0
Purchase of available-for-sale securities (19,253) (48,433) (341,140)
Proceeds from maturities, prepayments and calls of held-to-maturity securities 16,806 23,995 0
Purchases of held-to-maturity securities 0 (213,853) 0
Purchase of equity securities (369) (398) (407)
Proceeds from loans held for sale previously classified as portfolio loans 4,994 0 1,921
Net increase in loans receivable (197,594) (630,605) (246,043)
Purchase of bank owned life insurance 0 (11,644) (22,000)
Proceeds from death benefit of bank owned life insurance policies 0 3,273 1,390
Redemption (purchase) of FHLB, other equity, and restricted equity interests 704 (7,439) (2,258)
Purchase of premises and equipment (10,847) (12,290) (6,484)
Proceeds from the sale of premises and equipment and foreclosed assets 52 496 746
Purchase of other intangibles (125) 0 0
NET CASH USED BY INVESTING ACTIVITIES (149,459) (804,701) (409,760)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in checking, money market and savings accounts 316,280 (153,191) 623,967
Net increase (decrease) in certificates of deposit 60,033 60,009 (90,092)
Purchase of treasury stock (6,724) (1,671) (1,163)
Proceeds from common stock offering, net of issuance costs 0 94,051 0
Cash dividends paid, common stock (14,694) (12,557) (11,550)
Cash dividends paid, preferred stock (4,302) (4,302) (4,302)
Proceeds from issuance of subordinated notes, net of issuance costs 0 0 83,484
Repayments on long-term borrowings 0 0 (50,000)
Net change in short-term borrowings (132,396) 132,396 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 218,197 114,735 550,344
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 115,761 (625,913) 199,504
CASH AND CASH EQUIVALENTS, Beginning 106,285 732,198 532,694
CASH AND CASH EQUIVALENTS, Ending 222,046 106,285 732,198
Cash paid during the period for:      
Interest 102,156 26,804 20,030
Income taxes 12,006 17,423 11,788
SUPPLEMENTAL NONCASH DISCLOSURES:      
Transfers to other real estate owned 874 785 1,470
Transfers from loans held for sale to loans held for investment 1,666 6,448 9,965
Transfers from loans held for investment to loans held for sale 166 0 1,921
Transfer of securities from available-for-sale to held-to-maturity 0 220,757 0
Grant of restricted stock awards from treasury stock 2,743 1,000 1,374
Grant of performance based restricted stock awards from treasury stock 111 173 262
Restricted stock forfeiture 134 36 64
Contribution of stock from treasury stock 81 44 81
Lease liabilities arising from obtaining right-of-use assets $ 5,001 $ 13,371 $ 2,643