XML 23 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 92,785 $ 37,467 $ 57,002
Adjustments to reconcile net income to net cash from operating activities:      
Provision for loan and lease losses 1,457 55,949 20,708
Impairment Loss on Premises and Equipment 2,227 0 0
Impairment Loss on Right-Of-Use Asset 1,872 0 0
Impairment loss on assets held for sale 12,332 4,769 569
Depreciation and amortization of premises and equipment 5,991 6,483 6,389
Net amortization of securities (8,315) 8,311 2,468
Net change in fair value of equity securities, net 62 (729) (1,416)
Net gains on sales of securities available-for-sale (1,435) (5,301) (1,151)
Net losses (gains) on sales and valuation adjustments of premises and equipment (313) 2,952 (56)
Net gains on sales of loans (46,274) (33,349) (31,845)
Originations of U.S. government guaranteed loans (452,803) (369,130) (330,585)
Proceeds from U.S. government guaranteed loans sold 493,823 380,976 340,287
Accretion of premiums and discounts on acquired loans, net (6,451) (13,058) (23,190)
Net change in servicing assets (1,702) (2,571) 222
Net losses on sales and valuation adjustments of other real estate owned 524 1,383 83
Net amortization of other acquisition accounting adjustments 6,999 7,548 7,562
Amortization of subordinated debt issuance cost 175 84 0
Accretion of junior subordinated debentures discount 455 505 566
Loss on redemption of junior subordinated debentures 0 112 0
Share-based compensation expense 4,018 2,579 1,673
Deferred tax benefit (60) (9,101) (882)
Increase in cash surrender value of bank owned life insurance (1,481) (259) (304)
Net gain on death benefit of bank owned life insurance 0 0 (69)
Changes in assets and liabilities:      
Accrued interest receivable and other assets (30,442) 3,908 (13,389)
Accrued interest payable and other liabilities (15,648) 29,495 (5,328)
Net cash provided by operating activities 74,426 109,023 29,314
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of securities available-for-sale (645,461) (977,827) (549,871)
Proceeds from maturities and calls of securities available-for-sale 46,837 193,046 123,617
Proceeds from paydowns of securities available-for-sale 338,943 330,133 104,139
Proceeds from sales and calls of securities available-for-sale 295,597 122,435 92,103
Proceeds from maturities and calls of securities held-to-maturity 500 0 0
Redemptions (purchases) of Federal Home Loan Bank stock, net (11,495) 11,620 (2,511)
Proceeds from other loans sold 3,964 0 709
Net change in loans and leases (207,769) (565,695) (23,154)
Purchases of premises and equipment (2,236) (3,915) (4,267)
Proceeds from sales of premises and equipment 296 32 4
Proceeds from sales of assets held for sale 9,040 1,434 1,373
Proceeds from sales of other real estate owned 4,285 2,313 2,990
Investment in bank owned life insurance 68,549 0 0
Proceeds from bank owned life insurance death benefit 0 69 0
Net cash received in acquisition of business 0 0 4,306
Net cash used in investing activities (236,048) (886,355) (250,562)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in deposits 403,090 604,530 107,665
Proceeds from short-term borrowings and line of credit 13,337,000 9,468,800 8,515,680
Repayments of short-term borrowings and line of credit (13,081,000) (9,724,800) (8,461,635)
Proceeds from Paycheck Protection Program Liquidity Facility 196,679 449,889 0
Repayments of Paycheck Protection Program Liquidity Facility (568,586) (77,982) 0
Proceeds from subordinated notes 0 73,258 0
Repayment of junior subordinated debentures 0 (1,500) 0
Net increase (decrease) in securities sold under agreements to repurchase (12,271) (7,644) 15,472
Dividends paid on preferred stock (783) (783) (783)
Dividends paid on common stock (11,269) (5,711) 0
Proceeds from issuance of common stock 2,140 3,626 3,726
Repurchase of common stock (28,867) (1,668) 0
Net cash provided by financing activities 236,133 780,015 180,125
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 74,511 2,683 (41,123)
CASH AND CASH EQUIVALENTS, beginning of period 83,420 80,737 121,860
CASH AND CASH EQUIVALENTS, end of period 157,931 83,420 80,737
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 13,051 25,853 48,008
Cash payments during the period for taxes 34,824 14,441 19,380
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Transfer of held-to-maturity securities to available-for-sale securities   0 94,837
Reclassification to other equity securities   0 6,609
Common dividend declared, not paid $ 155 55 1,148
Total assets acquired from acquisition   0 321,199
Total liabilities assumed from acquisition   $ 0 $ 305,892