XML 23 R9.htm IDEA: XBRL DOCUMENT v3.22.4
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 $ 146,936 $ 95,644 $ 81,477
Reconciliation of net income to net cash provided by operating activities:      
Provision for credit losses 12,400 15,031 35,039
Net security premium amortization 12,005 14,058 5,019
Deferred tax benefit (1,810) (4,800) (10,007)
Loan discount accretion (5,622) (8,814) (6,328)
Other purchase accounting accretion and amortization, net (340) (47) 81
Foreclosed property (gains) losses/write-downs, net (372) 24 547
Losses (gains) on securities available for sale 0 1,237 (8,024)
Other (gains) losses (4,069) (1,648) 54
Bank-owned life insurance income (3,847) (2,885) (2,533)
(Decrease) increase in net deferred loan fees (301) (1,994) 5,639
Depreciation of premises and equipment 6,859 6,187 5,838
Amortization of operating lease right-of-use assets 1,986 1,937 2,012
Repayments of lease obligations (1,801) (1,814) (1,844)
Stock-based compensation expense 2,982 2,268 2,540
Amortization of intangible assets 3,684 3,531 3,956
Amortization of SBA servicing assets 2,800 2,272 1,795
Fees/gains from sales of presold mortgages and SBA loans (7,178) (18,304) (22,156)
Originations of presold mortgage loans in process of settlement (104,596) (326,019) (418,394)
Proceeds from sales of presold mortgage loans in process of settlement 124,181 359,300 410,898
Origination of SBA loans for sale (74,452) (88,304) (147,934)
Proceeds from sales of SBA loans 119,549 79,125 115,460
Increase in accrued interest receivable (3,814) (773) (3,624)
Decrease in other assets 11,352 17,412 267
Increase (decrease) in accrued interest payable 2,131 (683) (1,250)
(Decrease) increase in other liabilities (8,009) 394 9,805
Net cash provided by operating activities 230,654 142,335 58,333
Cash Flows From Investing Activities      
Purchases of securities available for sale (354,765) (1,572,355) (1,060,054)
Purchases of securities held to maturity (39,004) (271,169) (133,611)
Proceeds from maturities/issuer calls of securities available for sale 251,314 358,259 223,842
Proceeds from maturities/issuer calls of securities held to maturity 6,500 13,642 33,030
Proceeds from sales of securities available for sale 0 106,484 219,697
(Purchases) redemptions of FRB and FHLB stock, net (17,244) 2,043 9,851
Purchases of bank owned life insurance 0 (25,000) 0
Proceeds from bank owned life insurance death benefits 8,312 0 0
Purchases of other investments (7,990) (3,434) (1,258)
Net increase in loans (558,398) (97,559) (233,788)
Proceeds from sales of foreclosed properties 2,904 3,995 2,485
Purchases of premises and equipment (5,287) (9,402) (12,363)
Proceeds from sales of premises and equipment 299 313 189
Net cash received (paid) in acquisition activities 0 208,992 (9,559)
Net cash received in disposition activities 0 11,314 0
Net cash used by investing activities (713,359) (1,273,877) (961,539)
Cash Flows From Financing Activities      
Net increase in deposits 103,494 1,258,193 1,342,340
Net increase (decrease) in short-term borrowings 220,000 0 (198,000)
Proceeds from long-term borrowings 0 0 150,000
Payments on long-term borrowings (133) (5,729) (202,035)
Cash dividends paid – common stock (30,660) (22,228) (20,936)
Repurchases of common stock 0 (4,036) (31,868)
Payment of taxes related to stock withheld (840) (786) (307)
Net cash provided by financing activities 291,861 1,225,414 1,039,194
(Decrease) increase in Cash and Cash Equivalents (190,844) 93,872 135,988
Cash and Cash Equivalents, Beginning of Year 461,162 367,290 231,302
Cash and Cash Equivalents, End of Year 270,318 461,162 367,290
Supplemental Disclosures of Cash Flow Information:      
Cash paid during the period for interest 14,312 10,206 20,812
Cash paid during the period for income taxes 39,722 32,506 29,604
Non-cash:  Foreclosed loans transferred to foreclosed real estate 119 2,285 1,583
Non-cash:  Unrealized (loss) gain on securities available for sale, net of taxes (317,319) (41,400) 14,425
Non-cash:  Accrued dividends at period end 7,857 7,125 5,144
Non-cash: Initial recognition of operating lease right-of-use assets and liabilities 0 2,191 253
Non-cash: Derecognition of intangible assets related to sale of insurance operations $ 0 $ (10,229) $ 0