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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows provided by (used in) operating activities    
Net income $ 36,786 $ 28,439
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 953 (253)
Amortization of intangible assets 2,729 3,011
Amortization of mortgage servicing rights 749 980
Amortization of NMTC 2,221 1,341
Depreciation and amortization of premises and equipment 2,371 2,756
Net amortization (accretion) on portfolio loans 1,803 (36)
Net amortization (accretion) of premium (discount) on investment securities 4,231 5,930
Net amortization (accretion) of premium (discount) on time deposits (80) (124)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings 252 212
Impairment of OREO and other repossessed assets 113 611
Impairment of mortgage servicing rights 1 (9)
Unrealized (gains) losses recognized on equity securities, net 620 720
(Gain) loss on sales of debt securities, net (4) (106)
(Gain) loss on sales of loans, net (159) (1,089)
(Gain) loss on sales of premises and equipment (266) (838)
(Gain) loss on life insurance proceeds (707) 1
(Increase) decrease in cash surrender value of bank owned life insurance (945) (885)
Provision for deferred income taxes (1,617) (157)
Stock-based compensation 1,669 1,909
Mortgage loans originated for sale (9,524) (33,506)
Proceeds from sales of mortgage loans 8,219 51,350
(Increase) decrease in other assets (2,119) (16,429)
Increase (decrease) in other liabilities (2,000) (1,323)
Net cash provided by (used in) operating activities 45,296 42,505
Cash flows provided by (used in) investing activities    
Purchases of equity securities (14) (5,948)
Purchases of debt securities available for sale (2,449) (274,964)
Proceeds from sales of equity securities 14 0
Proceeds from paydowns and maturities of debt securities held to maturity 11,708 9,585
Proceeds from paydowns and maturities of debt securities available for sale 107,492 166,709
Purchases of FHLB and other bank stock (17,891) 0
Proceeds from the redemption of FHLB and other bank stock 6,086 0
Net (increase) decrease in loans (60,807) (83,392)
Cash paid for premiums on bank-owned life insurance (76) (96)
Proceeds from life insurance 2,026 217
Purchases of premises and equipment (2,380) (734)
Proceeds from disposition of premises and equipment 284 1,305
Proceeds from sales of OREO 42 331
Net cash provided by (used in) investing activities 44,035 (186,987)
Cash flows provided by (used in) financing activities    
Net increase (decrease) in deposits (270,031) (176,617)
Net change in federal funds purchased and securities sold under agreements to repurchase (18,829) (14,471)
Proceeds from FHLB advances 265,000 0
Repayment of FHLB advances (173) (168)
Repayment of other borrowings (3,000) (3,000)
Cash dividends paid (13,268) (12,739)
Purchase of treasury stock (534) (5,220)
Cash paid for withholding taxes on stock-based payments (100) (170)
Proceeds from stock warrants exercised 9 0
Net cash provided by (used in) financing activities (40,926) (212,385)
Net increase (decrease) in cash and cash equivalents 48,405 (356,867)
Cash and cash equivalents, beginning of period 227,164 836,095
Cash and cash equivalents, ending of period 275,569 479,228
Cash payments for:    
Interest 19,961 3,647
Non-cash investing and financing activities:    
OREO acquired in settlement of loans 64 132
Transfer of debt securities available for sale to held to maturity $ 0 $ 985,199