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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 36,261 $ 46,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,185 2,211
Provision for credit losses 6,500 4,000
Amortization of intangibles 642 743
Net accretion of loans (472) (1,248)
Accretion on bank premises (24) (24)
Accretion on deposits (65) (177)
Amortization on borrowings, net 11 11
Stock-based compensation 2,097 2,365
Losses on equity securities, net 123 401
Gains on sale of loans held-for-sale, net (1,783) (599)
Loans originated for resale (12,511) (10,084)
Proceeds from sale of loans held-for-sale 13,859 18,382
Loss on sale of other real estate owned 0 22
Increase in cash surrender value of bank owned life insurance (3,341) (3,084)
Amortization of premium and accretion of discounts on securities available-for-sale 401 565
Amortization of subordinated debentures issuance costs 253 932
Decrease (increase) in accrued interest receivable 846 (175)
Net change in operating leases (88) (85)
Decrease (increase) in other assets 1,176 (5,378)
Decrease in other liabilities (3,251) (17,463)
Net cash provided by operating activities 42,819 37,638
Cash flows from investing activities    
Purchases (48,814) (14,678)
Maturities, calls and principal repayments 30,209 32,403
Purchase of equity securities (1,302) (2,540)
Net redemptions (purchases) of restricted investment in bank stocks 8,054 (84)
Payments on loans held-for-sale 0 25
Net decrease (increase) in loans 181,281 (48,168)
Purchases of premises and equipment (263) (3,480)
Proceeds from sale of OREO 0 242
Net cash provided by (used in) investing activities 169,165 (36,280)
Cash flows from financing activities    
Net increase in deposits 39,877 181,852
Advances of Federal Home Loan Bank (“FHLB”) borrowings 595,587 1,377,000
Repayments of FHLB borrowings (773,033) (1,407,032)
Repayments of subordinated debt 0 (75,000)
Cash dividends on preferred stock (3,018) (3,018)
Cash dividends paid on common stock (13,454) (12,722)
Repurchase of treasury stock (5,820) (9,078)
Proceeds from exercise of stock options 0 85
Share redemption for tax withholdings on performance units and deferred stock units earned (1,324) (1,836)
Net cash (used in) provided by financing activities (161,185) 50,251
Net change in cash and cash equivalents 50,799 51,609
Cash and cash equivalents at beginning of period 242,714 268,315
Cash and cash equivalents at end of period 293,513 319,924
Supplemental disclosures of cash flow information    
Interest paid on deposits and borrowings 137,520 104,752
Income taxes 15,594 18,655
Supplemental disclosures of noncash activities    
Transfer of loans from held-for-sale to held-for-investment 0 16,156
Transfer of loans from held-for-investment to held-for-sale $ 0 $ 11,197