XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 35,211 $ 38,982
Proceeds from sales of loans held for sale 49,626 189,430
Originations of loans held for sale (40,209) (184,625)
Items not requiring (providing) cash:    
Depreciation 4,291 4,766
Amortization 542 989
Compensation expense for stock option grants 702 597
Provision (credit) for credit losses on loans   (700)
Provision (credit) for unfunded commitments 2,030 (981)
Net gain on loan sales (1,632) (5,301)
Net (gain) loss on sale of premises and equipment (1,054) 1
Net gain on sale/write-down of other real estate owned and repossessions (120) (86)
Net gain on sale of available-for-sale investments (7)  
Accretion of deferred income, premiums, discounts and other (2,686) (4,731)
Gain on derivative interest rate products (297) (295)
Deferred income taxes (1,422) 492
Changes in:    
Interest receivable (2,853) 827
Prepaid expenses and other assets (13,250) 11,031
Accrued expenses and other liabilities 3,923 885
Income taxes refundable/payable 3,990 3,506
Net cash provided by operating activities 36,785 54,787
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans (200,386) 129,451
Purchase of loans (152,615) (52,071)
Purchase of premises and equipment (10,911) (2,281)
Proceeds from sale of premises and equipment 3,811 65
Proceeds from sale of other real estate owned and repossessions 2,049 1,536
Proceeds from sale of available-for-sale securities 4,936  
Proceeds from maturities and calls of available-for-sale securities 750 5,830
Principal reductions on mortgage-backed securities 48,050 28,807
Purchase of available-for-sale securities (336,183) (80,904)
Redemption (purchase) of Federal Home Loan Bank stock and change in other interest-earning assets (6,709) 3,051
Net cash provided by (used in) investing activities (647,208) 33,484
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in certificates of deposit 54,262 (231,587)
Net increase (decrease) in checking and savings deposits (90,158) 281,037
Net increase (decrease) in short-term borrowings 178,772 (6,142)
Advances from borrowers for taxes and insurance 2,727 1,192
Dividends paid (9,325) (9,332)
Purchase of the Company's common stock (50,381) (7,460)
Stock options exercised 2,967 2,096
Net cash provided by financing activities 88,864 29,804
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (521,559) 118,075
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 717,267 563,729
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 195,708 $ 681,804