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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 113,558 $ 99,066 $ 98,905
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 8,725 7,662 5,359
Provision for credit losses 16,539 8,284 3,486
Deferred income taxes (946) (4,682) 15,272
Stock-based compensation expense 2,678 2,438 2,352
Deferred compensation expense accrued 5,677 4,062 4,580
Gains on other real estate owned, net (85) (129) (1,754)
Amortization of premiums on securities, net 916 1,337 1,933
Caplet amortization 872 1,001 697
Fair value (gain) loss on derivatives 1,262 (1,975) (170)
Ineffectiveness on fair value hedges 77    
Securities losses, net 451   88
Loans originated for sale (69,897) (99,394) (204,449)
Proceeds on sales of loans 70,448 107,487 209,003
Gains on sales of residential real estate loans (1,611) (2,411) (4,397)
Gains on sales of government guaranteed portions of loans (54) (119) (227)
Proceeds from loan securitizations 240,166    
Net gain on securitizations (664)    
Losses on sales and disposals of premises and equipment 388 378 1,059
Amortization of intangibles 2,938 2,854 2,032
Accretion of acquisition fair value adjustments, net (2,173) (8,581) (1,340)
Increase in cash value of bank-owned life insurance (3,053) (2,056) (1,838)
Gain on bank-owned life insurance death benefits (1,131)    
Increase in other assets (40,114) (42,572) (47,006)
Decrease in other liabilities 31,356 46,049 4,633
Net cash provided by operating activities 376,323 118,699 88,218
CASH FLOWS FROM INVESTING ACTIVITIES      
Net (increase) decrease in federal funds sold 21,460 (44,540) (3,290)
Net (increase) decrease in interest-bearing deposits at financial institutions (37,559) 25,066 11,304
Proceeds from sales of other real estate owned 296 482 4,742
Activity in securities portfolio:      
Purchases (187,635) (230,501) (173,204)
Calls, maturities and redemptions 97,362 43,638 106,442
Paydowns 13,986 31,805 65,410
Sales 30,568 111,375 23,874
Activity in restricted investment securities:      
Purchases (2,896) (23,086) (1,280)
Redemptions 3,749 2,158 30
Net increase in loans/leases originated and held for investment (676,700) (654,861) (433,544)
Purchase of premises and equipment (14,945) (33,261) (13,981)
Proceeds from sales of premises and equipment 503 2,060 1,726
Purchase of bank-owned life insurance   (10,000)  
Proceeds from bank-owned life insurance death benefits 2,542    
Net cash acquired from acquisition   144,973  
Net cash used in investing activities (749,269) (634,692) (411,771)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposit accounts 529,788 (15,128) 323,635
Net increase (decrease) in short-term borrowings (128,130) 125,830 (1,630)
Activity in Federal Home Loan Bank advances:      
Term advances 135,000    
Net change in short-term and overnight advances (115,000) 400,000  
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 (4,029) (3,944) (3,793)
Proceeds from issuance of common stock, net 1,403 422 670
Repurchase and cancellation of shares (8,686) (52,954) (14,168)
Net cash provided by financing activities 410,346 538,226 299,714
Net increase in cash and due from banks 37,400 22,233 (23,839)
Cash and due from banks, beginning 59,723 37,490 61,329
Cash and due from banks, ending 97,123 59,723 37,490
Supplemental disclosure of cash flow information, cash payments (receipts) for:      
Interest 187,947 58,652 23,373
Income/franchise taxes 2,855 1,057 48,988
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 8,939 (66,450) 176
Change in retained earnings from adoption of ASU 2016-13     (937)
Transfers of loans to other real estate owned 1,445 431 2,962
Transfer of loans to held for sale (for securitizations) 261,921    
Beneficial interests (trading securities acquired in securitizations) 22,419    
Due to broker for purchases of securities     1,000
Increase (decrease) in the fair value of back-to-back interest rate swap assets and liabilities 15,240 (54,441) (1,376)
Dividends payable 1,004 1,013 $ 935
Measurement period adjustment to goodwill $ 1,420    
Fair value of assets acquired:      
Cash and due from banks   171,844  
Interest-bearing deposits at financial institutions   17,134  
Securities   143,017  
Loans receivable, net   801,697  
Bank-owned life insurance   32,100  
Premises and equipment, net   16,257  
Restricted investment securities   2,220  
Other real estate owned   55  
Intangibles   10,264  
Other assets   23,685  
Total assets acquired   1,218,273  
Fair value of liabilities assumed:      
Deposits   1,076,573  
FHLB advances   16,000  
Subordinated debentures   19,621  
Junior subordinated debentures   10,310  
Other liabilities   15,225  
Total liabilities assumed   1,137,729  
Net assets acquired   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