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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 $ 88,314 $ 75,090 $ 66,336
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 9,407 6,450 1,910
Depreciation and amortization 2,491 2,428 2,632
Net amortization of securities premiums and discounts (109) 376 1,446
Increase in cash surrender value of BOLI (2,027) (2,233) (2,175)
Gain on BOLI death benefit (4,346) 0 0
(Increase)/decrease in deferred income taxes, net (5,603) 4,330 (880)
Losses/(gains) on sale of securities available-for-sale 8,199 10,689 (2,554)
Net changes in:      
Other assets (16,792) (8,262) (12,432)
Other liabilities 13,814 12,910 5,680
Net cash provided by operating activities 93,348 101,778 59,963
Cash flows from investing activities:      
Net change in loans and leases held-for-investment (156,433) (275,061) (137,216)
Purchase of available-for-sale securities (84,114) (10,217) (257,231)
Purchase of held-to-maturity securities (6,850) (173,907) (395,176)
Purchase of non-marketable securities 0 0 (2,856)
Proceeds from sales, maturities, calls and pay downs of available-for-sale securities 59,557 88,504 458,855
Proceeds from maturities, calls and pay downs of held-to-maturity securities 49,063 65,493 43,287
Purchase of bank-owned life insurance (7,271) 0 0
Purchase of premises and equipment (4,972) (4,190) (2,069)
Purchase of other investments (7,306) (6,600) (8,192)
Redemption of other investments 0 0 2,752
Proceeds from bank-owned life insurance 11,751 606 0
Proceeds from sale of assets 27 73 1,696
Net cash used in investing activities (146,548) (315,299) (296,150)
Cash flows from financing activities:      
Net (decrease)/increase in deposits (91,174) 119,117 579,885
Cash dividends paid (12,886) (12,489) (12,075)
Net cash used in share repurchase of common stock (20,355) (20,310) 0
Net cash used in/provided by financing activities (124,415) 86,318 567,810
Net change in cash and cash equivalents (177,615) (127,203) 331,623
Cash and cash equivalents, beginning of period 588,257 715,460 383,837
Cash and cash equivalents, end of period 410,642 588,257 715,460
Supplemental disclosures of cash flow information:      
Cash paid for interest 29,280 5,785 4,369
Income taxes paid 12,662 12,469 29,941
Supplemental disclosures of non-cash transactions:      
Investment securities available-for-sale transferred to held-to-maturity 0 0 316,925
Net change in unrealized gains/(losses) on securities available-for-sale (13,445) 28,326 20,540
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 0 $ 295