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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income   $ 80,703 $ 68,160
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation   6,132 5,699
Provision for credit losses   11,340 8,284
Stock-based compensation expense   2,153 1,678
Deferred compensation expense accrued   4,188 3,027
Gains on other real estate owned, net   (84) (19)
Amortization of premiums on securities, net   964 939
Caplet amortization   638 723
Fair value (gain) loss on derivatives $ (904) 680 (2,242)
Securities losses, net   451  
Loans originated for sale   (55,271) (82,009)
Proceeds on sales of loans   57,171 88,010
Gains on sales of residential real estate loans (641) (1,288) (1,943)
Gains on sales of government guaranteed portions of loans (50) (30) (69)
Losses on sales and disposals of premises and equipment   386 520
Amortization of intangibles 787 2,222 2,067
Accretion of acquisition fair value adjustments, net   (1,501) (2,893)
Increase in cash value of bank-owned life insurance   (2,221) (1,301)
Gain on bank-owned life insurance death benefits   (1,131)  
Increase in other assets   (34,126) (33,840)
Decrease in other liabilities   13,973 21,843
Net cash provided by operating activities   85,349 76,634
CASH FLOWS FROM INVESTING ACTIVITIES      
Net (increase) decrease in federal funds sold   36,610 (15,840)
Net decrease in interest-bearing deposits at financial institutions   7,010 49,593
Proceeds from sales of other real estate owned   295 223
Activity in securities portfolio:      
Purchases   (102,669) (173,331)
Calls, maturities and redemptions   76,011 30,597
Paydowns   11,660 27,311
Sales   30,556 111,375
Activity in restricted investment securities:      
Purchases   (4,908) (19,885)
Redemptions   3,661 2,159
Net increase in loans/leases originated and held for investment   (479,757) (524,877)
Purchase of premises and equipment   (8,023) (27,119)
Proceeds from sales of premises and equipment   510 413
Purchase of bank-owned life insurance     (10,000)
Proceeds from bank-owned life insurance death benefits   2,543  
Net cash acquired from acquisition     144,973
Net cash used in investing activities   (426,501) (404,408)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposit accounts   510,635 (58,310)
Net increase (decrease) in short-term borrowings   (129,160) 81,380
Activity in Federal Home Loan Bank advances:      
Term advances   135,000  
Net change in short-term and overnight advances   (120,000) 320,000
Prepayments     (16,000)
Activity in other borrowings:      
Proceeds from other borrowings     10,000
Calls, maturities and scheduled principal payments     (10,000)
Proceeds from subordinated notes     100,000
Payment of cash dividends on common stock   (3,026) (2,933)
Proceeds from issuance of common stock, net   931 345
Repurchase and cancellation of shares   (8,686) (47,916)
Net cash provided by financing activities   385,694 376,566
Net increase in cash and due from banks   44,542 48,792
Cash and due from banks, beginning   59,723 37,490
Cash and due from banks, ending 86,282 104,265 86,282
Supplemental disclosure of cash flow information, cash payments (receipts) for:      
Interest   (258,779) 32,046
Income/franchise taxes   2,214 107
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   (16,426) (76,409)
Increase in fair value of fair value hedges   3,997  
Transfers of loans to other real estate owned   218 326
Increase (decrease) in the fair value of back-to-back interest rate swap assets and liabilities   110,641 (48,195)
Dividends payable   1,003 1,012
Transfer of loans to loans held for sale   277,995  
Measurement period adjustment to goodwill   $ 1,420  
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