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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income $ 26,006 $ 11,827
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,110 2,066
Accretion of discounts on securities, net (634) (44)
Amortization of operating lease right-of-use assets 2,044 1,863
Other amortization and accretion, net 232 (6,636)
Stock based compensation 2,217 2,642
Origination of loans designated for sale (31,264) (27,576)
Sale of loans designated for sale 27,199 28,749
Provision for credit losses 1,368 31,598
Deferred income taxes 4,299 (17,952)
Gains on sale of securities (229) (5)
Gains on sale of loans (934) (860)
Gains on sale and write-downs of other real estate owned (26) 0
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned 286 1,154
Changes in operating assets and liabilities, net of effects from acquired companies:    
Net decrease in other assets 3,127 22,516
Net decrease in other liabilities (11,129) (36,297)
Net cash provided by operating activities 24,672 13,045
Cash Flows from Investing Activities    
Maturities and repayments of debt securities available-for-sale 50,888 36,850
Maturities and repayments of debt securities held-to-maturity 10,441 11,829
Proceeds from sale of debt securities available-for-sale 86,829 30,490
Purchases of debt securities available-for-sale (260,992) (22,402)
Maturities of time deposits with other banks 989 0
Purchases of time deposits with other banks (2,988) 0
Net new loans and principal repayments 87,371 25,883
Proceeds from sale of other real estate owned 1,243 0
Proceeds from sale of FHLB and Federal Reserve Bank Stock 2,483 28,848
Purchase of FHLB and Federal Reserve Bank Stock (5,320) (54,642)
Proceeds from sale of Visa Class B shares 4,104 0
Net cash from bank acquisitions 0 141,674
Additions to bank premises and equipment (762) (5,812)
Net cash (used in) provided by investing activities (25,714) 192,718
Cash Flows from Financing Activities    
Net increase in deposits 238,906 208,765
Net (decrease) increase in repurchase agreements (47,841) 95,577
Repayments of FHLB borrowings (50,000) 0
Proceeds from FHLB borrowings 110,000 90,000
Stock based employee benefit plans 813 3,617
Dividends paid (15,294) (14,419)
Net cash provided by financing activities 236,584 383,540
Net increase in cash and cash equivalents 235,542 589,303
Cash and cash equivalents at beginning of period 447,182 201,940
Cash and cash equivalents at end of period 682,724 791,243
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 70,378 23,457
Cash paid during the period for taxes 0 6
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations 0 1,610
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 0 1,610
Supplemental disclosure of non-cash investing activities:    
Transfers from loans to other real estate owned [1] 89 0
Transfers from bank premises to other real estate owned [1] $ 883 $ 5,455
[1]
1See "Note 11 - Business Combinations" for non cash transactions related to business combinations.