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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net earnings $ 40,423 $ 39,806 $ 27,402
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation 4,211 4,358 4,117
Amortization 724 1,154 1,349
Deferred taxes (1,157) (143) (3,056)
Premium amortization, net of discount accretion 4,919 4,368 3,988
Net realized gain on sales of securities available for sale (172) 0 0
Gain on sale of loans (2,435) (5,528) (6,834)
Provision for (reversal of) credit losses 2,150 (1,700) 13,200
Origination of loans held for sale (73,292) (118,500) (161,169)
Proceeds from loans held for sale 76,700 125,441 164,829
Write-down of other real estate and repossessed assets 19 6 358
Net (gain) loss on sale of premises, equipment, other real estate owned and other assets (925) (23) 37
Stock based compensation 688 733 749
Gain on BOLI death benefits 0 (277) 0
Net change in accrued interest receivable and other assets (14,446) (8,565) (3,908)
Net change in accrued interest payable and other liabilities 1,439 2,414 1,459
Net cash (used in) provided by operating activities 38,846 43,544 42,521
Securities available for sale:      
Purchases (51,739) (1,223,595) (662,046)
Proceeds from Sales 26,130 0 0
Proceeds from maturities and principal repayments 38,160 1,079,462 657,653
Securities held to maturity:      
Purchases (1,047,452) (15,057) 0
Proceeds from maturities and principal repayments 824,150 890 3,024
Net originations of loans (470,389) (43,148) (159,357)
Purchases of premises and equipment (5,684) (2,896) (5,902)
Proceeds from BOLI death benefit 0 464 0
Proceeds from sale of premises, equipment, other real estate owned and other assets 1,860 1,202 860
Net cash provided by investing activities (684,964) (202,678) (165,768)
Cash flows from financing activities      
Net change in deposits 10,664 384,437 329,586
Net change in securities sold under agreements to repurchase (6,930) (1,480) 4,531
Proceeds from FHLB advances 1,135,000 160,000 390,000
Repayment of FHLB advances (892,500) (221,601) (336,017)
Proceeds from line of credit 1,000 10,000 30,000
Repayment of line of credit (6,000) (17,000) (18,000)
Proceeds from issuance of subordinated debt 34,436 0 10,000
Repayments of debentures (5,093) 0 (1,000)
Purchase of treasury stock (8,838) 0 (16,927)
Exercise of stock options 1,565 2,019 638
Cash dividends paid (10,324) (9,427) (8,487)
Net cash used in financing activities 252,980 306,948 384,324
Net change in cash and cash equivalents (393,138) 147,814 261,077
Cash and cash equivalents at beginning of period 499,605 351,791 90,714
Cash and cash equivalents at end of period 106,467 499,605 351,791
Supplemental disclosures of cash flow information      
Interest paid 13,513 7,315 13,898
Income taxes paid 9,940 9,650 8,245
Supplemental schedule of noncash investing and financing activities      
Cash dividends accrued 2,627 2,424 2,188
Lease right of use assets obtained in exchange for lease liabilities 337 1,085 1,737
Available for sale securities transferred to held to maturity, net of unrealized loss of $5,861 and unrealized gain of $8,860, respectively 106,157 172,292 0
Transfer of loans to other real estate owned and repossessed assets 70 509 666
Contributions from noncontrolling interest 574 0 0
Stock dividend $ 0 $ 35,947 $ 0