XML 83 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 25,239 $ 21,900 $ 15,226
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Amortization of operating lease right-of-use assets 729 0 0
Depreciation and amortization 6,926 5,667 5,299
Write-down of other real estate owned 0 2,423 0
Increase in cash surrender value of bank-owned life insurance (943) (954) (910)
Provision for loan losses 5,966 3,892 4,872
Share-based compensation expense 1,680 1,596 1,038
Loss from sale of available-for-sale securities 458 0 8
Loans originated for sale (627,597) (364,630) (412,925)
Proceeds from sale of loans originated for sale 601,215 376,535 425,262
Gain on sale of loans (12,349) (6,605) (8,170)
Increase in fair value of loans held-for-sale (538) (57) (638)
(Gain) loss on derivatives (671) 501 577
Net change in servicing assets (2,481) 0 0
Deferred income tax (4,402) 978 (3,296)
Net change in other assets (42,079) (11,807) (2,273)
Net change in other liabilities 5,270 (83) 554
Net cash (used in) provided by operating activities (43,577) 29,356 24,624
Investing activities      
Net loan activity, excluding sales and purchases (191,070) (463,528) (870,181)
Net change in interest-bearing deposits 0 0 250
Purchase of bank owned life insurance 0 0 (10,000)
Proceeds from sales of other real estate owned 554 332 30
Net proceeds from sales of portfolio loans 293,708 41,916 67,696
Maturities of securities available-for-sale 92,610 62,507 68,342
Proceeds from sales of securities available-for-sale 30,137 0 9,192
Purchase of securities available-for-sale (171,997) (87,993) (91,463)
Purchase of securities held-to-maturity (39,208) (3,554) (2,550)
Purchase of Federal Home Loan Bank of Indianapolis stock (2,025) (4,050) (10,665)
Purchase of premises and equipment (4,105) (2,219) (1,517)
Loans purchased (332,945) (171,958) (67,285)
Other investing activities 11,068 (10,166) 0
Net cash used in investing activities (313,273) (638,713) (908,151)
Financing activities      
Net increase in deposits 482,612 586,410 622,074
Cash dividends paid (2,418) (2,230) (1,675)
Net proceeds from issuance of subordinated debt 35,418 0 0
Repayment of subordinated debt 0 (3,000) 0
Net proceeds from common stock issuance 0 54,334 51,636
Repurchase of common stock (9,784) (216) 0
Proceeds from advances from Federal Home Loan Bank 595,000 375,000 542,000
Repayment of advances from Federal Home Loan Bank (605,000) (260,000) (321,806)
Other, net (329) (210) (173)
Net cash provided by financing activities 495,499 750,088 892,056
Net increase in cash and cash equivalents 138,649 140,731 8,529
Cash and cash equivalents, beginning of year 188,712 47,981 39,452
Cash and cash equivalents, end of year 327,361 188,712 47,981
Supplemental disclosures of cash flows information      
Initial recognition of right-of-use asset 2,096 0 0
Initial recognition of operating lease liabilities 2,096 0 0
Cash paid during the year for interest 81,788 52,403 30,516
Cash paid during the year for taxes 4,561 485 6,568
Loans transferred to other real estate owned 0 227 648
Loans transferred to held-for-sale from portfolio 291,152 16,065 95,531
Cash dividends declared, not paid 585 611 504
Transfer of mutual fund securities to other assets $ 0 $ 2,932 $ 0