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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 29,096 $ 39,976
Adjustments to reconcile net income to net cash provided (used) by operating activities    
Deferred income taxes (1,215) 1,176
Provision for loan losses   (2,000)
Depreciation and amortization 6,116 6,726
Amortization and accretion of premiums/discounts on investment securities 2,778 2,506
Amortization of operating lease right-of-use assets (65) (40)
Stock-based compensation 1,392 1,804
Increase in value of bank-owned life insurance (621) (591)
Realized loss (gain) on sale of fixed assets (33) (62)
Realized loss (gain) on derivative instruments 1,031 6,612
Realized loss (gain) on loans sold (10,062) (39,940)
Realized loss (gain) on sale of foreclosed assets (9) (203)
Realized loss (gain) on sale of investment securities   (125)
Realized loss (gain) on servicing rights (683) (369)
Net change in:    
Loans held for sale 30,193 101,482
Accrued interest receivable (1,628) 826
Other assets (13,903) (1,951)
Accrued expenses and other liabilities 12,348 1,913
Net cash provided (used) by operating activities 54,735 117,740
Investing Activities    
Proceeds from sales or calls of investment securities available-for-sale   13,189
Proceeds from maturities of investment securities available-for-sale 88,417 91,240
Purchases of investment securities available-for-sale (96,968) (331,785)
Proceeds from sales or calls of investment securities held-to-maturity 827 1,763
Proceeds from maturities of investment securities held-to-maturity 23,422 2,681
Purchases of investment securities held-to-maturity   (218,443)
Net (increase) decrease in loans (290,565) 177,675
Net cash received for business combinations 101,585  
Purchases of premises and equipment (1,081) (845)
Proceeds from sales of foreclosed assets 143 539
Net cash provided (used) by investing activities (174,220) (263,986)
Financing Activities    
Net increase (decrease) in deposits (312,425) 141,095
Net increase (decrease) in short-term borrowings 253,830  
Repayments of long-term debt (182) (49,861)
Proceeds from the issuance of subordinated debt   50,000
Cash dividends paid on common stock (9,185) (7,975)
Repurchase of common stock (697) (521)
Net cash provided (used) by financing activities (68,659) 132,738
Net change in cash and cash equivalents (188,144) (13,508)
Cash and cash equivalents at beginning of period 242,311 172,962
Cash and cash equivalents at end of period 54,167 159,454
Cash paid for:    
Interest 7,269 3,498
Income taxes 8,713 12,075
Non-cash information    
Loan collateral transferred to foreclosed assets 153 1,135
Unrealized gain (loss) on investment securities available-for-sale (98,364) (9,851)
Accretion of unrealized (gain) loss on investment securities held-to-maturity (290) (221)
Investment securities transferred to held-to-maturity   $ 149,191
Right-of-use assets obtained in exchange for new operating leases 1,452  
Noncash assets acquired 297,667  
Liabilities assumed (354,358)  
Issuance of stock for the acquisition of Metro Phoenix Bank (64,019)  
Net noncash acquired $ (120,710)