XML 21 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income $ 95,041,000 $ 57,518,000 $ 70,672,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (accretion) amortization of premiums, discounts and deferred loan fees and costs (3,981,000) (728,000) 3,660,000
Depreciation and amortization 5,126,000 3,858,000 1,645,000
Amortization of intangible assets 868,000 1,025,000 1,182,000
Amortization of operating lease right-of-use assets 2,267,000 2,668,000 2,592,000
Provision for loan losses [1] (10,896,000) 27,222,000 2,130,000
Stock-based compensation 4,073,000 2,659,000 2,545,000
Loans originated for sale (56,956,000) (113,203,000) (57,605,000)
Proceeds from sales of loans held for sale 58,612,000 116,933,000 59,748,000
Gains on investment securities transactions, net (9,000) (1,213,000) 0
Gains on sales of loans held for sale (2,264,000) (3,322,000) (1,660,000)
Income on bank owned life insurance (2,550,000) (2,657,000) (2,740,000)
Gain on death benefit from bank owned life insurance (126,000) 0 0
Change in fair value of equity securities 285,000 552,000 (496,000)
(Gains) losses on other real estate and other repossessed assets (32,000) (88,000) 72,000
Loss on sale of premises and equipment 281,000 77,000 497,000
Long-term debt prepayment penalty 0 4,133,000 0
Long-term debt extinguishment costs 831,000 0 0
Deferred tax expense (benefit) 5,422,000 (6,763,000) 2,854,000
Excess tax (deficiencies) benefits (89,000) (132,000) 189,000
Decrease (increase) in other assets 36,589,000 (53,982,000) (13,246,000)
(Decrease) increase in other liabilities (37,389,000) 50,434,000 15,092,000
Net Cash Provided by Operating Activities 95,103,000 84,991,000 87,131,000
Cash Flows from Investing Activities:      
Net cash acquired in acquisitions 0 0 13,454,000
Proceeds from repayments and maturities of available for sale securities 181,706,000 700,409,000 147,130,000
Proceeds from repayments and maturities of held to maturity securities 66,709,000 38,941,000 31,457,000
Proceeds from sales of equity securities 0 4,148,000 1,287,000
Proceeds from sales of available for sale securities 4,402,000 130,912,000 0
Purchase of available for sale securities (611,589,000) (921,343,000) (211,503,000)
Purchase of held to maturity securities (310,128,000) (6,377,000) (21,453,000)
Purchase of equity securities (2,959,000) (2,772,000) (1,343,000)
Proceeds from redemptions of Federal Home Loan Bank stock 13,817,000 106,808,000 95,643,000
Purchases of Federal Home Loan Bank stock (10,887,000) (96,282,000) (103,080,000)
Death benefit proceeds from bank owned life insurance 470,000 0 121,000
Net decrease (increase) in loans 35,945,000 (876,021,000) (252,441,000)
Proceeds from sales of loans previously held for investment 21,765,000 0 0
Proceeds from dispositions and sales of bank premises and equipment 278,000 50,000 1,827,000
Purchases of premises and equipment (4,851,000) (7,539,000) (5,936,000)
Proceeds from sales of other real estate and other repossessed assets 32,000 1,044,000 860,000
Net Cash Used in Investing Activities: (615,290,000) (928,022,000) (303,977,000)
Cash Flows from Financing Activities:      
Net increase in deposits 510,077,000 1,162,206,000 264,279,000
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase (63,107,000) (159,098,000) 94,753,000
Proceeds from other borrowings 0 25,000,000 46,260,000
Repayments of other borrowings 0 (169,948,000) (89,353,000)
Purchase of treasury stock 0 (1,452,000) 0
Proceeds from issuance of subordinated debt, net 147,738,000 0 0
Redemption of subordinated debentures, net (88,330,000) 0 0
Exercise of stock options 19,000 0 313,000
Retirement of restricted stock (651,000) (501,000) (715,000)
Dividends paid (27,119,000) (25,457,000) (24,919,000)
Net Cash Provided by Financing Activities: 478,627,000 830,750,000 290,618,000
Net (decrease) increase in cash and cash equivalents (41,560,000) (12,281,000) 73,772,000
Cash and cash equivalents, beginning of year 270,090,000 282,371,000 208,599,000
Cash and Cash Equivalents, End of Year 228,530,000 270,090,000 282,371,000
Supplemental schedule of non-cash investing and financing activities:      
Cash paid during the period for income taxes 29,111,000 22,486,000 15,944,000
Cash paid during the period for interest 23,372,000 42,600,000 59,949,000
Transfer of debt securities to held to maturity at fair value 494,164,000 0 0
Transfer of loans to loans held for sale 21,689,000 0 0
Transfer of loans into other real estate owned 0 393,000 665,000
Initial recognition of operating lease right-of-use assets 0 0 18,651,000
Initial recognition of operating lease liabilities 0 0 20,203,000
Right-of-use asset obtained in exchange for new operating lease liabilities 717,000 1,159,000 1,748,000
Non-cash assets acquired:      
Federal Home Loan Bank stock 0 0 1,767,000
Investment securities 0 0 22,734,000
Loans, including loans held for sale 0 0 426,118,000
Goodwill and other intangible assets, net 0 0 23,125,000
Other assets 0 0 9,304,000
Total non-cash assets acquired 0 0 483,048,000
Liabilities assumed:      
Deposits 0 0 409,638,000
Other borrowings 0 0 40,957,000
Other liabilities 0 0 2,490,000
Total liabilities assumed 0 0 453,085,000
Common stock issued for acquisitions $ 0 $ 0 $ 43,417,000
[1] The Company adopted ASU 2016-13 as of December 31, 2020. Prior year periods have not been restated.