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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Operating Activities:      
Net income $ 20,859 $ 60,835 $ 69,486
Adjustments to reconcile net income to net cash provided by operating activities:      
Credit loss expense (benefit) 5,849 4,492 (7,336)
Depreciation, amortization, and accretion 12,572 10,162 1,566
Net change in premises and equipment due to writedown or sale (92) 724 271
Share-based compensation 2,403 2,541 2,153
Net loss (gain) on sale or call of debt securities available for sale 19,768 (271) (242)
Net gain on sale of equity securities (979) 0 0
Net change in foreclosed assets due to writedown or sale (38) (31) 155
Net gain on sale of loans held for sale (1,166) (1,842) (8,052)
Origination and participations purchased of loans held for sale (49,166) (90,493) (293,235)
Proceeds from sales of loans held for sale 49,899 104,640 348,326
Increase in cash surrender value of bank-owned life insurance (2,500) (2,305) (1,889)
(Increase) decrease in deferred income taxes, net (330) 4,326 1,768
Bargain purchase gain 0 (3,769) 0
Change in:      
Other assets 6,420 (37,206) 6,615
Other liabilities (929) 38,525 (8,032)
Net cash provided by operating activities 62,570 90,328 111,554
Investing Activities:      
Purchases of equity securities (1,125) (1,250) 0
Proceeds from sales of equity securities 2,011 0 0
Proceeds from sales of debt securities available for sale 326,179 129,823 52,183
Proceeds from maturities and calls of debt securities available for sale 130,740 142,006 404,894
Purchases of debt securities available for sale (89,815) (386,278) (1,137,996)
Proceeds from maturities and calls of debt securities held to maturity 54,543 125,456 0
Net (increase) decrease in loans held for investment (290,174) (312,562) 251,856
Purchases of premises and equipment (4,055) (2,663) (2,014)
Proceeds from sale of foreclosed assets 184 795 2,117
Proceeds from sale of premises and equipment 1,240 29 642
Net cash acquired in business acquisition 0 31,375 0
Net cash provided by (used in) provided by investing activities 129,728 (273,269) (428,318)
Financing Activities:      
Deposits (73,389) (109,378) 567,302
Short-term borrowings (91,609) 208,964 (49,421)
Payments of subordinated debt issuance costs 0 0 (9)
Redemption of subordinated debentures 0 0 (10,835)
Payments on finance lease liability (183) (164) (145)
Payments of Federal Home Loan Bank borrowings (11,000) (31,000) (43,000)
Proceeds from other long-term debt 0 25,000 0
Payments of other long-term debt (5,000) (10,000) 0
Taxes paid relating to the release/lapse of restriction on RSUs (609) (281) (121)
Dividends paid (15,216) (14,870) (14,282)
Repurchase of common stock 0 (2,725) (11,554)
Net cash (used in) provided by financing activities (197,006) 65,546 437,935
Net change in cash and cash equivalents (4,708) (117,395) 121,171
Cash and cash equivalents at beginning of year 86,435 203,830 82,659
Cash and cash equivalents at end of year 81,727 86,435 203,830
Supplemental disclosures of cash flow information:      
Cash paid during the period for interest 97,505 27,841 21,451
Cash paid during the period for income taxes, net of refunds 3,437 13,222 17,985
Supplemental schedule of non-cash investing and financing activities:      
Transfer of loans to foreclosed assets 3,972 510 313
Investment securities purchased but not settled 0 0 2,480
Transfer of premises and equipment to assets held for sale 327 1,349 0
Transfer of debt securities available for sale to debt securities held to maturity 0 1,253,179 0
ATBancorp      
Non-cash assets acquired:      
Investment securities 0 119,820 0
Total loans held for investment, net 0 281,326 0
Premises and equipment 0 7,363 0
Bank-owned life insurance 0 7,862 0
Other assets 0 6,278 0
Total non-cash assets acquired 0 439,149 0
Liabilities assumed:      
Deposits 0 463,638 0
Short-term borrowings 0 1,541 0
FHLB borrowings 0 250 0
Other liabilities 0 1,326 0
Total liabilities assumed 0 466,755 0
Core deposit intangible | ATBancorp      
Non-cash assets acquired:      
Core deposit intangible $ 0 $ 16,500 $ 0