XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net Income $ 31,821 $ 37,883
Adjustments to reconcile net income to net cash provided by operating activities:    
Originations of mortgage loans held for sale (91,275) (277,778)
Proceeds from the sale of mortgage loans 95,846 312,474
Gain on sale of mortgage loans, net of origination costs (2,165) (9,084)
Provision (credit) for credit losses 1,270 (5,359)
Depreciation and amortization expense 1,774 1,826
Investment securities amortization and accretion, net 2,166 3,733
Stock-based compensation expense 1,517 1,514
Amortization of core deposit intangible assets 313 328
Purchase accounting accretion, net (126) (435)
Net decrease in derivative collateral posted 30,470 22,090
Decrease in other assets 1,265 3,385
Decrease in other liabilities (3,361) (6,072)
Net cash provided by operating activities 69,515 84,505
Investing Activities    
Proceeds from available-for-sale debt securities 130,634 175,036
Purchase of available-for-sale debt securities 80,868 482,156
Proceeds from Sale and Maturity of Held-to-maturity Securities 371 0
Payments to Acquire Held-to-maturity Securities (24,502) 0
Net increase in loans (293,288) (66,366)
Purchase of Federal Home Loan Bank stock (14,840) (12)
Proceeds from sale of Federal Home Loan Bank stock 10,689 1,329
Purchase of premises and equipment 952 1,176
Recoveries of previously charged-off loans 374 208
Proceeds from the sale of other real estate owned 287 465
Net cash used in investing activities (272,095) (372,672)
Financing Activities    
Net (decrease) increase in deposits (81,828) 288,870
Net proceeds from borrowings less than 90 days 159,894 7,974
Repayments of Federal Home Loan Bank long-term advances 0 25,000
Repayment of subordinated debt 0 (15,000)
Common stock repurchases (7,413) (11)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings (390) (308)
Cash dividends paid on common stock 11,805 10,323
Finance lease payments (80) (76)
Net cash provided by financing activities 58,378 246,126
Net decrease in cash, cash equivalents and restricted cash (144,202) (42,041)
Cash, cash equivalents, and restricted cash at beginning of period 220,625 145,774
Cash, cash equivalents and restricted cash at end of period 76,423 103,733
Supplemental information    
Transfer from available-for-sale securities to held-to-maturity securities [1] 592,438 0
Interest paid 5,858 5,874
Income taxes paid 4,811 10,294
Transfer from premises to other real estate owned $ 0 $ 204
[1] During the three months ended June 30, 2022, the Company transferred securities from available-for-sale to held-to-maturity in a non-cash transaction. The amount of $592.4 million was the amortized cost basis of the securities as of the date of transfer. The fair value of the securities at the date of transfer was $520.3 million. The net pretax unrealized losses of $72.1 million was included in AOCI. Refer to Note 3 for further details.