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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net earnings $ 32,425 $ 30,647
Net earnings 32,404 30,647
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 3,180 3,294
Amortization 563 932
Deferred taxes (4,315) (181)
Premium amortization, net of discount accretion 4,211 3,291
Gain on sale of loans (2,125) (4,401)
Provision for (reversal of) credit losses (650) (1,700)
Origination of loans held for sale (62,579) (84,944)
Proceeds from loans held for sale 66,084 92,984
Write-down of other real estate and repossessed assets 19 6
Net (gain) loss on sale of premises, equipment, other real estate owned and other assets (923) 16
Stock based compensation 485 512
Net change in accrued interest receivable and other assets (8,509) (5,034)
Net change in accrued interest payable and other liabilities 420 1,799
Net cash provided by operating activities 28,265 37,221
Securities available for sale:    
Purchases (28,952) (125,826)
Proceeds from maturities and principal repayments 31,248 63,264
Securities held to maturity:    
Purchases (1,043,343) (7,797)
Proceeds from maturities and principal repayments 696,450 938
Net originations of loans (358,088) (105,333)
Purchases of premises and equipment (4,574) (1,912)
Proceeds from BOLI death benefit 0 464
Proceeds from sale of premises, equipment, other real estate owned and other assets 1,853 319
Net cash used in investing activities (705,406) (175,883)
Cash flows from financing activities    
Net change in deposits 120,020 276,681
Net change in securities sold under agreements to repurchase (6,559) (4,436)
Proceeds from FHLB advances 325,000 120,000
Repayment of FHLB advances (147,500) (181,601)
Proceeds from line of credit 1,000 8,000
Repayment of line of credit (6,000) (17,000)
Proceeds from issuance of subordinated debt 34,402 0
Repayments of debentures (3,093) 0
Purchase of treasury stock (8,838) 0
Exercise of stock options 976 1,113
Cash dividends paid (7,703) (7,011)
Net cash provided by financing activities 301,705 195,746
Net change in cash and cash equivalents (375,436) 57,084
Cash and cash equivalents at beginning of period 499,605 351,791
Cash and cash equivalents at end of period 124,169 408,875
Supplemental disclosures of cash flow information    
Interest paid 7,307 5,743
Income taxes paid 7,100 7,850
Supplemental schedule of noncash investing and financing activities    
Cash dividends accrued 2,621 2,416
Lease right of use assets obtained in exchange for lease liabilities 337 1,384
Available for sale securities transferred to held to maturity, net of unrealized loss of 13,186 106,157 0
Transfer of loans to other real estate owned and repossessed assets 32 502
Contributions from noncontrolling interest 577 0
Stock dividend $ 0 $ 35,947