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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 52,421 $ 45,619
Adjustments to reconcile net income to net cash from operating activities:    
Provision for credit losses 4,010 (2,867)
Provision for foreclosed asset losses 97 0
Depreciation and amortization 4,784 5,277
Accretion and amortization 2,731 3,089
Other gains, net (248) (65)
Gain on sale of subsidiary (33,778) 0
Loss on sale of securities 3,409 0
Net gain on sales of loans (9,077) (17,924)
Proceeds from sales of loans held for sale 339,220 659,061
Loans originated for sale (321,163) (594,246)
Deferred income tax expense 128 2,093
Earnings on bank-owned life insurance (930) (896)
Stock-based compensation 1,625 1,866
Change in valuation of mortgage servicing rights 875 (6,030)
Net change in:    
Accrued interest receivable and other assets (4,744) (2,734)
Accrued expenses and other liabilities 12,619 26,702
Net cash provided by operating activities 51,979 118,945
Activity in securities available for sale:    
Purchases 0 (176,713)
Sales 52,828 0
Maturities, prepayments, and calls 31,930 60,772
Loan originations and principal collections, net (247,869) (252,828)
Purchases of premises and equipment (4,682) (3,294)
Proceeds from sales of premises and equipment 939 245
Proceeds from sale of subsidiary 36,080 0
Proceeds from sales of foreclosed assets 1,014 1,884
Net cash used in investing activities (129,760) (369,934)
Cash flows from financing activities:    
Net change in deposits 214,184 119,314
Payments to tax authorities for stock-based compensation (393) (285)
Cash dividends paid on common stock (6,609) (5,973)
Payments to repurchase common stock (11,860) (18,926)
Net cash provided by financing activities 195,322 94,130
Net change in cash and cash equivalents 117,541 (156,859)
Beginning cash and cash equivalents 234,883 486,821
Ending cash and cash equivalents 352,424 329,962
Supplemental disclosures of cash flow information:    
Interest paid on deposits and borrowed funds 49,406 12,953
Income taxes paid 16,231 8,488
Supplemental schedule of noncash activities:    
Loans transferred to foreclosed assets 1,012 465
Premises and equipment transferred to other real estate owned 172 0
Additions to mortgage servicing rights $ 1,150 $ 2,694