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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 earnings $ 30,009 $ 40,423 $ 39,806
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation 4,042 4,211 4,358
Amortization 734 724 1,154
Deferred taxes 346 (1,157) (143)
Premium amortization, net of discount accretion 2,070 4,919 4,368
Net realized loss (gain) on sales of securities available for sale 229 (172) 0
Gain on sale of loans (1,201) (2,435) (5,528)
Provision for (reversal of provision for) credit losses 0 2,150 (1,700)
Origination of loans held for sale (39,066) (73,292) (118,500)
Proceeds from loans held for sale 42,447 76,700 125,441
Write-down of other real estate and repossessed assets 0 19 6
Net gain on sale of premises, equipment, other real estate owned and other assets (2,943) (925) (23)
Stock based compensation 594 688 733
Gain on BOLI death benefits 0 0 (277)
Net change in accrued interest receivable and other assets (1,860) (14,446) (8,565)
Net change in accrued interest payable and other liabilities 3,806 1,439 2,414
Net cash provided by operating activities 39,207 38,846 43,544
Securities available for sale:      
Purchases (1,671,050) (641,739) (1,223,595)
Proceeds from Sales 21,268 26,130 0
Proceeds from maturities and principal repayments 1,641,283 628,160 1,079,462
Securities held to maturity:      
Purchases 0 (457,452) (15,057)
Proceeds from maturities and principal repayments 102,681 234,150 890
Net repayment (originations) of loans 53,072 (470,389) (43,148)
Purchases of premises and equipment (6,779) (5,684) (2,896)
Proceeds from BOLI death benefit 0 0 464
Proceeds from sale of premises, equipment, other real estate owned and other assets 3,558 1,860 1,202
Net cash provided by investing activities 144,033 (684,964) (202,678)
Cash flows from financing activities      
Net change in deposits (47,908) 10,664 384,437
Net change in securities sold under agreements to repurchase 17,951 (6,930) (1,480)
Proceeds from FHLB advances 3,275,000 1,135,000 160,000
Repayment of FHLB advances (3,425,000) (892,500) (221,601)
Proceeds from line of credit 17,500 1,000 10,000
Repayment of line of credit (13,000) (6,000) (17,000)
Proceeds from issuance of subordinated debt 0 34,436 0
Repayments of debentures (3,500) (5,093) 0
Purchase of treasury stock (11,227) (8,838) 0
Exercise of stock options 698 1,565 2,019
Cash dividends paid (10,697) (10,324) (9,427)
Net cash (used in) financing activities (200,183) 252,980 306,948
Net change in cash and cash equivalents (16,943) (393,138) 147,814
Cash and cash equivalents at beginning of period 106,467 499,605 351,791
Cash and cash equivalents at end of period 89,524 106,467 499,605
Supplemental disclosures of cash flow information      
Interest paid 56,588 13,513 7,315
Income taxes paid 7,580 9,940 9,650
Supplemental schedule of noncash investing and financing activities      
Cash dividends accrued 2,654 2,627 2,424
Lease right of use assets obtained in exchange for lease liabilities 1,695 337 1,085
Available for sale securities transferred to held to maturity, net of unrealized loss of $13,186 for 2022 and net of unrealized gain of $10,235 for 2021. 0 106,157 172,292
Transfer of loans to other real estate owned and repossessed assets 292 70 509
Contributions from noncontrolling interest 0 574 0
Stock dividend $ 0 $ 0 $ 35,947