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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 54,287 $ 8,099
Adjustments to reconcile income to net cash provided by operating activities:    
Provision for credit losses 7,782 8,700
Depreciation 3,423 3,385
Deferred tax expense 54 0
Amortization of net premium on securities 523 1,226
Accretion of net discount on acquired loans (1,695) (1,104)
Net change in deferred loan origination fees and costs (485) 1,689
Amortization of core deposits and other intangible assets 3,094 1,262
Amortization of software implementation costs 368 437
Amortization of premium on acquired deposits (540) (396)
Accretion of discount on subordinated debt 127 127
Amortization of issuance costs on subordinated debt 73 71
Accretion of discount on convertible notes payable 76 1,055
Accretion of discount (amortization of premium) on Federal Home Loan Bank advances 0 44
Increase in cash surrender value of bank-owned life insurance (932) (765)
Impairment of premises and equipment 0 720
Impairment of other real estate owned and foreclosed assets 285 21
Federal Home Loan Bank stock dividends (1,158) (136)
Share-based compensation expense 1,083 620
Decrease (increase) in fair value of mortgage servicing rights 651 (10,463)
Net loss on disposal of premises and equipment 17 84
Net gain on other real estate owned and foreclosed assets activity 0 (9)
Net gain on sales of loans held-for-sale (2,217) (9,990)
Origination of loans held-for-sale (433,293) (616,115)
Proceeds from sales of loans held-for-sale 431,540 663,522
Changes in operating assets and liabilities:    
Lease right-of-use assets (243) 0
Accrued interest receivable (921) (1,595)
Prepaid expenses and other assets (10,213) (18,504)
Accrued interest payable 7,744 (45)
Accrued expenses and other liabilities 3,740 747
Deferred tax assets 2,341 669
Net cash provided by (used in) operating activities 65,511 33,356
Cash flows from investing activities:    
Cash acquired in excess of cash paid in connection with Pioneer Merger 0 444,541
Proceeds from maturities of held-to-maturity securities 1,060 2,359
Purchases of available-for-sale securities (1,757) (66,606)
Proceeds from sale or maturities of available-for-sale securities 18,470 136,952
Loan originations, net of repayments (245,914) (540,552)
Purchases of premises and equipment (1,211) (1,058)
Proceeds from the sale of premises and equipment 45 2
Proceeds from sales of other real estate owned and foreclosed assets 0 713
Purchases of restricted equity securities (18,529) (10,575)
Proceeds from the sale or redemption of restricted equity securities 23,537 8,432
Purchase of other investments (948) 0
Proceeds from the sale or redemption of other investments 158 500
Net cash used in investing activities (225,089) (25,292)
Cash flows from financing activities:    
Net change in deposits 385,895 (113,611)
Net change in securities sold under agreements to repurchase (3,861) (21,255)
Proceeds from Federal Home Loan Bank advances 1,107,000 0
Repayments of Federal Home Loan Bank advances (1,180,300) (40,000)
Repayments of other borrowings 0 (15,217)
Proceeds from subordinated debt, net 0 24,466
Proceeds from issuance of common stock, net of issuance costs 53 (208)
Net cash provided by (used in) financing activities 308,787 (165,825)
Net increase (decrease) in cash and cash equivalents 149,209 (157,761)
Cash and cash equivalents, beginning of period 343,526 668,462
Cash and cash equivalents, end of period 492,735 510,701
Supplemental disclosures of cash flow information:    
Interest paid on deposits 26,034 3,670
Interest paid on borrowed funds 18,120 4,557
Cash paid for income taxes, net 30,905 10,276
Non-cash investing and financing activities:    
Assets acquired from Merger with Pioneer Bancshares, Inc. 0 1,085,506
Liabilities assumed from Merger with Pioneer Bancshares, Inc. 0 1,354,387
Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale (3,736) (54,470)
Loan charge-offs 920 2,112
Premises and equipment transferred to other real estate owned and foreclosed assets 0 338
Loans transferred to other real estate owned and foreclosed assets 4,065 291
Premises and equipment transferred (from) to other assets (331) 64
Mortgage servicing rights resulting from sale or securitization of mortgage loans $ 4,944 $ 8,192