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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 18,362 $ 18,143
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 5,699 5,300
Increase in cash surrender value of bank-owned life insurance (712) (705)
Provision for loan losses 6,461 5,498
Share-based compensation expense 1,600 1,278
Write-down of other real estate owned 2,065 0
Gain (loss) on sale of available-for-sale securities (139) 458
Loans originated for sale (431,384) (430,453)
Proceeds from sale of loans 429,284 415,171
Gain on loans sold (19,544) (7,057)
Decrease (increase) in fair value of loans held-for-sale 116 (452)
Gain on derivatives (1,974) (1,295)
Settlement of derivatives (46,109) 0
Net change in servicing asset (337) 0
Net change in accrued income and other assets 491 (49,036)
Net change in accrued expenses and other liabilities 1,098 2,297
Net cash used in operating activities (35,023) (40,853)
Investing Activities    
Net loan activity, excluding purchases 2,284 (173,220)
Maturities and calls of securities available-for-sale 142,432 58,106
Proceeds from sale of securities available-for-sale 893 30,137
Purchase of securities available-for-sale (119,263) (136,602)
Purchase of securities held-to-maturity (2,000) (24,116)
Purchase of Federal Home Loan Bank of Indianapolis stock 0 (2,025)
Purchase of premises and equipment (18,571) (3,581)
Loans purchased (260,841) (208,795)
Net proceeds from sale of portfolio loans 234,619 238,016
Net cash used in investing activities (20,447) (222,080)
Financing Activities    
Net increase in deposits 218,428 476,891
Cash dividends paid (1,773) (1,808)
Net proceeds from issuance of subordinated debt 0 35,418
Repurchase of common stock 0 (9,784)
Proceeds from advances from Federal Home Loan Bank 330,000 485,000
Repayment of advances from Federal Home Loan Bank (330,000) (495,000)
Other, net (93) (94)
Net cash provided by financing activities 216,562 490,623
Net Increase in Cash and Cash Equivalents 161,092 227,690
Cash and Cash Equivalents, Beginning of Period 327,361 188,712
Cash and Cash Equivalents, End of Period 488,453 416,402
Supplemental Disclosures    
Initial recognition of right-of-use asset 0 2,096
Initial recognition of operating lease liabilities 0 2,096
Cash paid during the period for interest 60,058 60,417
Income Taxes Paid, Net 2,516 4,527
Loans transferred to held-for-sale from portfolio 185,797 237,942
Cash dividends declared, paid in subsequent period 588 585
Securities purchased during the period, settled in subsequent period 5,547 3,000
Transfer of available-for-sale municipal securities to held-to-maturity municipal securities $ 4,479 $ 0