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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income     $ 68,160 $ 71,896  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation     5,699 4,087  
Provision for credit losses     8,284 6,713  
Stock-based compensation expense     1,678 1,865  
Deferred compensation expense accrued     3,027 3,288  
Gains on other real estate owned, net     (19) (1,754)  
Amortization of premiums on securities, net     939 1,506  
Caplet amortization     723 495  
Fair value gain on derivatives $ (904) $ 17 (2,242) (73)  
Securities losses, net       88  
Loans originated for sale     (82,009) (157,392)  
Proceeds on sales of loans     88,010 161,173  
Gains on sales of residential real estate loans (641) (954) (1,943) (3,475)  
Gains on sales of government guaranteed portions of loans (50)   (69)    
Losses on sales and disposals of premises and equipment     520 1,457  
Amortization of intangibles 787 508 2,067 1,524  
Accretion of acquisition fair value adjustments, net     (2,893) (1,251)  
Increase in cash value of bank-owned life insurance     (1,301) (1,368)  
Increase in other assets     (33,840) (37,632)  
Increase in other liabilities     21,843 13,161  
Net cash provided by operating activities     76,634 64,308  
CASH FLOWS FROM INVESTING ACTIVITIES          
Net (increase) decrease in federal funds sold     (15,840) 2,095  
Net decrease in interest-bearing deposits at financial institutions     49,593 22,755  
Proceeds from sales of other real estate owned     223 4,592  
Activity in securities portfolio:          
Purchases     (173,331) (151,702)  
Calls, maturities and redemptions     30,597 81,000  
Paydowns     27,311 50,177  
Sales     111,375 23,874  
Activity in restricted investment securities:          
Purchases     (19,885) (4,280)  
Redemptions     2,159 2,447  
Net increase in loans/leases originated and held for investment     (524,877) (353,616)  
Purchase of premises and equipment     (27,119) (7,866)  
Proceeds from sales of premises and equipment     413 22  
Purchase of bank-owned life insurance     (10,000)    
Net cash acquired from acquisition     144,973    
Net cash used in investing activities     (404,408) (330,502)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Net increase (decrease) in deposit accounts     (58,310) 272,691  
Net increase (decrease) in short-term borrowings     81,380 (3,830)  
Activity in Federal Home Loan Bank advances:          
Net change in short-term and overnight advances     320,000 15,000  
Prepayments     (16,000)    
Activity in other borrowings:          
Proceeds from other borrowings     10,000    
Paydown of revolving line of credit     (10,000)    
Prepayments of subordinated notes       (5,000)  
Proceeds from subordinated notes     100,000    
Payment of cash dividends on common stock     (2,933) (2,847)  
Proceeds from issuance of common stock, net     345 328  
Repurchase and cancellation of shares     (47,916) (14,167)  
Net cash provided by financing activities     376,566 262,175  
Net increase (decrease) in cash and due from banks     48,792 (4,019)  
Cash and due from banks, beginning     37,490 61,329 $ 61,329
Cash and due from banks, ending 86,282 $ 57,310 86,282 57,310 $ 37,490
Supplemental disclosure of cash flow information, cash payments (receipts) for:          
Interest     32,046 18,617  
Income/franchise taxes     107 36,987  
Supplemental schedule of noncash investing activities:          
Change in accumulated other comprehensive income, unrealized losses on securities available for sale and derivative instruments, net     (76,409) (118)  
Transfers of loans to other real estate owned     326 2,812  
Decrease in the fair value of back-to-back interest rate swap assets and liabilities     (48,195) (25,503)  
Dividends payable     1,012 $ 946  
Fair value of assets acquired:          
Cash and due from banks 171,844   171,844    
Interest-bearing deposits at financial institutions 17,134   17,134    
Securities 143,017   143,017    
Loans receivable, net 801,697   801,697    
Bank-owned life insurance 32,100   32,100    
Premises and equipment, net 16,257   16,257    
Restricted investment securities 2,220   2,220    
Other real estate owned 55   55    
Intangibles 10,264   10,264    
Other assets 23,685   23,685    
Total assets acquired 1,218,273   1,218,273    
Fair value of liabilities assumed:          
Deposits 1,076,573   1,076,573    
FHLB advances 16,000   16,000    
Subordinated debentures 19,621   19,621    
Junior subordinated debentures 10,310   10,310    
Other liabilities 15,225   15,225    
Total liabilities assumed 1,137,729   1,137,729    
Net assets acquired $ 80,544   80,544    
Consideration paid:          
Cash paid     26,871    
Common stock     117,214    
Total consideration paid     144,085    
Goodwill     63,541    
Net cash paid     $ 144,973