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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 27,157 $ 23,624
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,006 1,297
Provision for credit losses 3,928 (2,916)
Stock-based compensation expense 953 751
Deferred compensation expense accrued 1,272 1,026
Gains on other real estate owned, net (85)  
Amortization of premiums on securities, net 389 336
Caplet amortization 201 221
Fair value (gain) loss on derivatives 427 (906)
Securities losses, net 463  
Loans originated for sale (13,353) (25,749)
Proceeds on sales of loans 13,766 27,121
Gains on sales of residential real estate loans (312) (493)
Gains on sales of government guaranteed portions of loans (30) (19)
Gains on sales and disposals of premises and equipment   (10)
Amortization of intangibles 766 493
Accretion of acquisition fair value adjustments, net (828) (118)
Increase in cash value of bank-owned life insurance (707) (346)
Increase in other assets (13,148) (16,243)
Decrease in other liabilities (1,101) (1,123)
Net cash provided by operating activities 21,764 6,946
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in federal funds sold 40,545 2,735
Net (increase) decrease in interest-bearing deposits at financial institutions (170,272) 18,537
Proceeds from sales of other real estate owned 218  
Activity in securities portfolio:    
Purchases (23,022) (52,403)
Calls, maturities and redemptions 45,685 7,213
Paydowns 5,915 10,113
Sales 28,628  
Activity in restricted investment securities:    
Purchases (3,177) (11,389)
Redemptions 13,764 20
Net increase in loans/leases originated and held for investment (54,025) (148,521)
Purchase of premises and equipment (1,699) (3,428)
Proceeds from sales of premises and equipment   37
Net cash used in investing activities (117,440) (177,086)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposit accounts 517,446 (83,083)
Net decrease in short-term borrowings (128,530) (2,610)
Activity in Federal Home Loan Bank advances:    
Term advances 135,000  
Net change in short-term and overnight advances (415,000) 275,000
Payment of cash dividends on common stock (1,013) (935)
Proceeds from issuance of common stock, net 64 (767)
Repurchase and cancellation of shares (7,719) (4,415)
Net cash provided by financing activities 100,248 183,190
Net increase in cash and due from banks 4,572 13,050
Cash and due from banks, beginning 59,723 37,490
Cash and due from banks, ending 64,295 50,540
Supplemental disclosure of cash flow information, cash payments (receipts) for:    
Interest 38,053 6,271
Income/franchise taxes (299) 38
Supplemental schedule of noncash investing activities:    
Change in accumulated other comprehensive income (loss), unrealized gains (losses) on securities available for sale and derivative instruments, net 9,325 (27,340)
Transfers of loans to other real estate owned 61  
Due to broker for purchases of securities   7,533
Decrease in the fair value of back-to-back interest rate swap assets and liabilities (46,248) (119,357)
Dividends payable 1,010 $ 939
Transfer of loans to loans held for sale 139,224  
Measurement period adjustment to goodwill $ 867