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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income (Loss) $ 107,878 $ 87,954 $ 92,785
Adjustments to reconcile net income to net cash from operating activities:      
Provision for credit losses 31,653 23,879 973
Impairment Loss on Premises and Equipment 0 0 2,227
Impairment loss on right-of-use asset 395 0 1,872
Impairment loss on assets held for sale 2,000 372 12,332
Depreciation and amortization of premises and equipment 4,529 4,288 5,991
Net amortization of securities 894 4,272 8,315
Net change in fair value of equity securities, net (1,071) 603 62
Net gains on sales of securities available-for-sale 0 (50) (1,435)
Net losses (gains) on sales and valuation adjustments of premises and equipment (723) 297 (313)
Net gains on sales of loans (22,805) (31,899) (46,274)
Originations of U.S. government guaranteed loans (331,923) (360,454) (452,803)
Proceeds from U.S. government guaranteed loans sold 360,943 417,849 493,823
Accretion of premiums and discounts on acquired loans, net (16,726) (4,555) (6,451)
Net change in servicing assets (672) 4,572 (1,702)
Net losses on sales and valuation adjustments of other real estate owned 508 247 524
Net amortization of other acquisition accounting adjustments 7,983 6,671 6,999
Amortization of subordinated debt issuance cost 175 174 175
Accretion of junior subordinated debentures discount 453 432 455
Share-based compensation expense 6,715 5,334 4,018
Deferred tax provision (benefit) 26,578 25,564 (60)
Increase in cash surrender value of bank owned life insurance (2,345) (2,052) (1,481)
Changes in assets and liabilities:      
Accrued interest receivable and other assets (1,061) (74,591) (30,442)
Accrued interest payable and other liabilities (7,311) 111,426 (15,164)
Net cash provided by operating activities 166,067 220,333 74,426
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of securities available-for-sale (185,527) (104,083) (645,461)
Proceeds from maturities and calls of securities available-for-sale 11,161 26,750 46,837
Proceeds from paydowns of securities available-for-sale 101,396 139,383 338,943
Proceeds from sales and calls of securities available-for-sale 163,649 23,293 295,597
Proceeds from maturities and calls of securities held-to-maturity 1,545 1,170 500
Redemptions (purchases) of Federal Home Loan Bank stock, net 14,956 (6,200) (11,495)
Proceeds from other loans sold 6,750 0 3,964
Net change in loans and leases (460,262) (900,334) (207,769)
Purchases of premises and equipment (3,861) (3,633) (2,236)
Proceeds from sales of premises and equipment 0 28 296
Proceeds from sales of assets held for sale 2,538 3,277 9,040
Proceeds from sales of other real estate owned 3,580 491 4,285
Investment in bank owned life insurance 0 0 (68,549)
Net cash received in acquisition of business 7,834 0 0
Net cash used in investing activities (336,241) (819,858) (236,048)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in deposits 515,415 540,074 403,090
Proceeds from short-term borrowings 17,695,200 22,269,500 13,337,000
Repayments of short-term borrowings (18,035,200) (22,134,500) (13,081,000)
Proceeds from revolving line of credit 15,000 0 0
Repayments of revolving line of credit (3,750) 0 0
Proceeds from term loan 20,000 0 0
Repayments of term loan (1,667) 0 0
Proceeds from Paycheck Protection Program Liquidity Facility 0 0 196,679
Repayments of Paycheck Protection Program Liquidity Facility 0 0 (568,586)
Net change in securities sold under agreements to repurchase 24,753 (14,324) (12,271)
Dividends paid on preferred stock 0 (196) (783)
Dividends paid on common stock (14,585) (13,401) (11,269)
Proceeds from issuance of common stock 1,791 1,506 2,140
Redemption of preferred stock 0 (10,438) 0
Repurchase of common stock 0 (17,274) (28,867)
Net cash provided by financing activities 216,957 620,947 236,133
NET INCREASE IN CASH AND CASH EQUIVALENTS 46,783 21,422 74,511
CASH AND CASH EQUIVALENTS, beginning of period 179,353 157,931 83,420
CASH AND CASH EQUIVALENTS, end of period 226,136 179,353 157,931
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 128,636 31,181 13,051
Cash payments during the period for taxes 12,244 28,652 34,824
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Reclassification from equity securities to other assets 0 2,236 0
Transfer of loans to other real estate owned 571 3,343 436
Right of use asset exchanged for operating lease liabilties 4,786 3,006 5,141
Common stock issued due to acquisition of a business 107,107 0 0
Common dividend declared, not paid 51 142 155
Common share withholding 2,251 4,733 0
Total assets acquired from acquisition 1,160,491 0 0
Value ascribed to goodwill 33,352 0 0
Total liabilities assumed from acquisition $ 1,054,929 $ 0 $ 0