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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 $ 78,004 $ 81,814 $ 87,939
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,351 5,219 5,033
Deferred taxes 709 3,250 2,330
Stock-based compensation 1,576 1,366 850
Provision for credit losses (recovery) 6,811 4,905 (6,386)
Write-downs of other real estate owned and other repossessed assets 211 285 864
Gains on sale of loans held for sale (395) (1,525) (6,820)
Securities gains (losses) (4) 81 (60)
Fair value adjustment in equity securities (992) 87 218
Gains on sale of assets, net (408) (354) (165)
Proceeds from sale of mortgage loans held for sale 15,203 65,974 307,843
Funding of mortgage loans held for sale (14,851) (61,926) (280,396)
Amortization of securities premiums and discounts, net 2,658 5,466 8,010
Change in cash surrender value of bank owned life insurance (2,361) (1,650) (1,873)
Payment of operating lease liabilities (1,560) (1,773) (1,693)
Mortgage servicing rights:      
Fair value adjustments 965 (1,069) (428)
New servicing assets created (162) (625) (2,278)
Changes in:      
Accrued interest receivable (3,983) (4,177) 403
Other assets (2,630) 2,507 4,918
Accrued interest payable 5,152 1,221 (227)
Other liabilities (3,562) 608 (2,387)
Net cash provided by operating activities 85,732 99,684 115,695
Certificates of deposit in other banks:      
Purchase of certificates of deposit (245) 0 0
Maturity of certificates of deposit 245 0 0
Securities available-for-sale (AFS):      
Purchase of AFS securities (19,478) (179,627) (797,445)
Proceeds from sales of AFS securities 21,529 11,462 1,080
Proceeds from prepayments, calls, and maturities of AFS securities 124,656 193,843 305,361
Change in loans, net (344,217) (302,466) 146,050
Purchase of premises and equipment (6,322) (6,218) (2,373)
Proceeds from sale and retirement of premises and equipment 375 620 830
Redemption of stock by Federal Home Loan Bank 1,964 1,463 1,909
Proceeds from sale of other real estate owned and repossessed assets 1,295 988 2,819
Additional investment in other real estate owned and repossessed assets (47) (73) 0
Additional investment in bank owned life insurance (6,690) 0 (17,181)
Proceeds from settlement of bank owned life insurance 336 1 330
Net cash used in investing activities (226,599) (280,007) (358,620)
Cash flows from financing activities:      
Change in deposits, net 298,479 81,851 328,210
Change in repurchase agreements and federal funds purchased, net 9,814 (55,657) (84,774)
Advances from Federal Home Loan Bank 225,000 45,000 0
Payments on advances from Federal Home Loan Bank (225,021) (45,020) (20)
Payment of finance lease liabilities (33) (24) (19)
Proceeds from long-term debt/other borrowings 6,563 0 0
Repayment of long-term debt/other borrowings (163) 0 0
Issuance of common stock 1,129 1,041 965
Dividends paid (32,187) (29,938) (27,916)
Net cash provided by (used in) financing activities 283,581 (2,747) 216,446
Net increase (decrease) in cash and cash equivalents 142,714 (183,070) (26,479)
Cash and cash equivalents at beginning of year 128,686 311,756 338,235
Cash and cash equivalents at end of year 271,400 128,686 311,756
Supplemental disclosures:      
Income taxes paid 20,728 16,293 19,485
Interest paid 90,388 27,419 15,316
Non-cash activities:      
Loans to facilitate the sale of other real estate owned and repossessed assets 1,306 1,124 1,733
Common stock dividends accrued, paid in subsequent quarter 291 278 248
Real estate and assets acquired in settlement of loans 658 2,433 1,200
Right-of-use assets obtained in exchange for new operating/finance lease liabilities $ 358 $ 5,539 $ 0