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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 35,429 $ 27,981 $ 93,408
Items not requiring (providing) cash      
Provision for (recovery of) credit losses 5,389 2,459 (1,816)
Depreciation and amortization 10,331 10,938 10,754
Share based compensation 4,586 3,586 2,475
Amortization of mortgage servicing rights 1,971 1,032 2,345
Impairment (recovery) of mortgage servicing rights 0 0 (2,594)
Net amortization of premiums and discounts on securities 8,407 10,069 12,148
Deferred income taxes (17,000) (3,322) 2,177
(Gain) loss on sale of investment securities 39,140 32,052 0
Gain on sale of mortgage loans (4,215) (4,323) (7,165)
Proceeds from sales of loans 435,522 145,922 225,928
Loans originated for sale (499,688) (138,430) (215,174)
Gain on cash value life insurance (1,300) (3,709) (2,594)
Gain on other real estate owned (450) (300) (722)
Net change in:      
Interest receivable (1,037) (3,416) (9,157)
Interest payable (11,112) 16,869 3,145
Other assets (9,698) 13,199 (13,964)
Other liabilities 10,093 (21,671) (4,814)
Net cash provided by operating activities 6,368 88,936 94,380
Investing Activities      
Purchases of securities available for sale 0 (1,525) (180,198)
Proceeds from sales of securities available for sale 293,138 439,285 0
Proceeds from maturities, calls and principal repayments of securities available for sale 16,712 29,408 69,113
Purchases of securities held to maturity (312) (10,141) (430,457)
Proceeds from maturities of securities held to maturity 71,649 80,201 72,968
Net change in interest earning time deposits 1,470 607 1,970
Purchase of FHLB stock (19,317) (7,832) (2,435)
Redemption of FHLB stock 0 0 198
Purchase of loans (240,020) (124,946) (55,195)
Net change in loans (217,055) (140,510) (448,284)
Proceeds on the sale of OREO and repossessed assets 2,000 2,981 5,263
Premises and equipment expenditures (5,084) (7,775) (6,429)
Purchases of bank owned life insurance 0 0 (50,000)
Proceeds from bank owned life insurance 44,043 69,765 3,554
Net cash received in branch acquisition 0 0 0
Net cash provided by (used in) investing activities (52,776) 329,518 (1,019,932)
Financing Activities      
Net change in deposits (64,241) (192,881) 54,783
Proceeds from borrowings 512,759 866,099 1,178,746
Repayment of borrowings (563,523) (654,157) (755,608)
Net change in repurchase agreements (46,118) (1,841) 7,072
Net settlement of share awards (1,371) (1,221) (1,824)
Proceeds from sale of SERP shares 4,146 0 0
Exercise of stock options 0 0 145
Repurchase of outstanding stock 0 0 0
Repayment of subordinated notes 0 (3,132) 0
Dividends paid on common stock (28,328) (28,311) (27,765)
Net cash provided by (used in) financing activities (186,676) (15,444) 455,549
Net Change in Cash and Cash Equivalents (233,084) 403,010 (470,003)
Cash and Cash Equivalents, Beginning of Period 526,515 123,505 593,508
Cash and Cash Equivalents, End of Period 293,431 526,515 123,505
Additional Supplemental Information      
Interest paid 178,891 119,692 33,370
Income taxes paid 10,710 2,137 802
Transfer of loans to other real estate and repossessed assets 2,690 3,299 2,009
Transfer of loans held for investment to loans held for sale 87,638    
Transfer of premises to other real estate 0 0 1,479
Transfer of available for sale securities to held to maturity securities 0 0 120,881
Redemption of cash value of life insurance, not settled 0 43,962 0
Cash dividends declared, not paid 7,081 7,156 7,122
Qualified affordable housing investments obtained in exchange for funding commitments $ 0 $ 14,491 $ 0