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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 81,814 $ 87,939 $ 59,504
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,219 5,033 5,346
Deferred taxes 3,250 2,330 (2,909)
Stock-based compensation 1,366 850 944
Provision for credit losses (recovery) 4,905 (6,386) 16,047
Write-downs of other real estate owned and other repossessed assets 285 864 1,454
Gains on sale of loans held for sale (1,525) (6,820) (7,226)
Securities gains (losses) 81 (60) (1,251)
Fair value adjustment in equity securities 87 218 (518)
(Gains) losses on sale of assets, net (354) (165) 390
Proceeds from sale of mortgage loans held for sale 65,974 307,843 347,048
Funding of mortgage loans held for sale (61,926) (280,396) (361,913)
Amortization of securities premiums and discounts, net 5,466 8,010 5,907
Change in cash surrender value of bank owned life insurance (1,650) (1,873) (1,371)
Payment of operating lease liabilities (1,773) (1,693) (1,682)
Mortgage servicing rights:      
Fair value adjustments (1,069) (428) 1,064
New servicing assets created (625) (2,278) (1,869)
Changes in:      
Accrued interest receivable (4,177) 403 (982)
Other assets 2,507 4,918 1,845
Accrued interest payable 1,221 (227) (1,596)
Other liabilities 608 (2,387) 4,147
Net cash provided by operating activities 99,684 115,695 62,379
Certificates of deposit in other banks:      
Purchase of certificates of deposit 0 0 (245)
Maturity of certificates of deposit 0 0 245
Securities available-for-sale (AFS):      
Purchase of AFS securities (179,627) (797,445) (857,167)
Proceeds from sales of AFS securities 11,462 1,080 186,194
Proceeds from prepayments, calls, and maturities of AFS securities 193,843 305,361 281,487
Securities held-to-maturity (HTM):      
Proceeds from prepayments and maturities of HTM securities 0 0 517
Change in loans, net (302,466) 146,050 (306,523)
Purchase of premises and equipment (6,218) (2,373) (1,482)
Proceeds from sale and retirement of premises and equipment 620 830 1
Redemption of stock by Federal Home Loan Bank 1,463 1,909 426
Proceeds from sale of other real estate owned and repossessed assets 988 2,819 4,754
Additional investment in other real estate owned and repossessed assets (73) 0 0
Additional investment in bank owned life insurance 0 (17,181) (1,733)
Proceeds from settlement of bank owned life insurance 1 330 0
Net cash used in investing activities (280,007) (358,620) (693,526)
Cash flows from financing activities:      
Change in deposits, net 81,851 328,210 610,510
Change in repurchase agreements and federal funds purchased, net (55,657) (84,774) 121,539
Advances from Federal Home Loan Bank 45,000 0 25,000
Payments on advances from Federal Home Loan Bank (45,020) (20) (25,020)
Payment of finance lease liabilities (24) (19) (15)
Repurchase of long-term debt 0 0 0
Issuance of common stock 1,041 965 926
Repurchase of stock 0 0 (1,099)
Dividends paid (29,938) (27,916) (27,142)
Net cash provided by (used in) financing activities (2,747) 216,446 704,699
Net increase (decrease) in cash and cash equivalents (183,070) (26,479) 73,552
Cash and cash equivalents at beginning of year 311,756 338,235 264,683
Cash and cash equivalents at end of year 128,686 311,756 338,235
Supplemental disclosures:      
Income taxes paid 16,293 19,485 13,275
Interest paid 27,419 15,316 27,047
Non-cash activities:      
Loans to facilitate the sale of other real estate owned and repossessed assets 1,124 1,733 9,632
Common stock dividends accrued, paid in subsequent quarter 278 248 238
Real estate and assets acquired in settlement of loans 2,433 1,200 4,446
Right-of-use assets obtained in exchange for new operating/finance lease liabilities $ 5,539 $ 0 $ 0