XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ 21,698 $ 20,610
Adjustments to reconcile net income to net cash used in operating activities:    
Net amortization of investment securities 130 670
Stock dividends received on correspondent bank stock (381) (86)
Provision for loan losses 3,682 1,230
Net gain on mortgage loans (5,306) (16,060)
Origination of mortgage loans (439,682) (1,425,713)
Proceeds from mortgage loans 465,819 1,564,466
Gain on disposal of fixed assets and intangibles (21) 0
Depreciation and amortization 2,012 1,256
Net amortization of purchase accounting adjustments 55 187
Deferred income tax expense (benefit), net of valuation allowance 557 (668)
Increase in cash surrender value of company-owned life insurance (349) (354)
Stock-based compensation 2,562 2,903
Gain on sale of other real estate owned (44) 0
Change in fair value of equity securities (342) (469)
Change in fair value of loans accounted for under the fair value option 891 0
Change in fair value of mortgage loans and mortgage banking derivatives 1,903 12,244
(Gain)/loss on assets held for sale (4) 27
Net changes in operating assets and liabilities:    
Change in accounts receivable 426 (275)
Change in accrued interest receivable and other assets (3,647) 695
Change in accrued interest payable and other liabilities (1,681) 1,852
Net cash provided by operating activities 48,278 162,515
Investment securities available-for-sale:    
Maturities, prepayments, and calls 3,218 16,241
Purchases (9,000) (17,667)
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 9,040 0
Purchases (31,189) 0
Purchases of correspondent bank stock (13,999) (1)
Redemption of correspondent bank stock 9,854 983
Contributions to low-income housing tax credit investments (214) (2,087)
Loan and note receivable originations and principal collections, net (487,973) (159,577)
Purchases of premises and equipment (2,967) (2,108)
Purchase of loans (36,115) 0
Proceeds from sale of assets held for sale 125 0
Proceeds from sale of other real estate owned 422 194
Net cash received on acquisitions 0 120,997
Net cash used in investing activities (558,798) (43,025)
Cash flows from financing activities    
Net change in deposits 199,555 206,566
Payments to Federal Home Loan Bank borrowings (545,920) 0
Proceeds from Federal Home Loan Bank borrowings 677,418 0
Payments to Federal Reserve borrowings (23,241) (194,608)
Proceeds from Federal Reserve borrowings 0 83,674
Payments on subordinated notes (6,575) 0
Proceeds from subordinated notes, net of issuance costs 19,509 14,667
Proceeds from the exercise of stock options 179 1,706
Settlement of restricted stock (876) (501)
Net cash provided by financing activities 320,049 111,504
Net change in cash and cash equivalents (190,471) 230,994
Cash and cash equivalents, beginning of year 386,983 155,989
Cash and cash equivalents, end of period 196,512 386,983
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 16,500 5,514
Income tax payment, net of refunds received 5,242 6,336
Cash paid for lease liabilities 3,354 2,947
Supplemental noncash disclosures:    
Change in unrealized (loss)/gain on available-for-sale securities (2,591) (620)
Lease right-of-use-asset obtained in exchange for lease liabilities 801 2,262
Transfer of securities from available-for-sale to held-to-maturity 58,727 0
Transfer from loans to other real estate owned 378 0
Transfer of loans held for investment to loans held for sale $ 1,985 $ 0
Common stock issued for Teton acquisition 0 39,818