XML 22 R7.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
Operating Activities      
Net income $ 40,005 $ 52,681 $ 44,675
Adjustments to reconcile net income to net cash provided (used) by operating activities      
Deferred income taxes 913 2,786 (4,434)
Provision for loan losses   (3,500) 10,900
Depreciation and amortization 8,467 8,868 8,950
Amortization and accretion of premiums/discounts on investment securities 3,387 3,744 1,760
Amortization of operating lease right-of-use assets (229) (58) (25)
Stock-based compensation 1,904 3,095 1,927
Increase in value of bank-owned life insurance (835) (793) (797)
Realized loss (gain) on sale of fixed assets (33) (62) 707
Realized loss (gain) on derivative instruments 2,006 8,459 1,927
Realized loss (gain) on loans sold (11,616) (48,038) (57,070)
Realized loss (gain) on sale of foreclosed assets 71 (275) (28)
Realized loss (gain) on sale of investment securities   (125) (2,737)
Realized loss (gain) on servicing rights (702) (638) 936
Net change in:      
Loans held for sale 48,539 123,945 (18,621)
Accrued interest receivable (3,241) 1,125 (2,111)
Other assets 5,357 (7,247) (2,684)
Accrued expenses and other liabilities 8,973 5,865 (5,527)
Net cash provided (used) by operating activities 102,966 149,832 (22,252)
Investing Activities      
Proceeds from sales or calls of investment securities available-for-sale   13,189 75,647
Proceeds from maturities of investment securities available-for-sale 105,633 125,581 69,680
Purchases of investment securities available-for-sale (95,600) (571,595) (414,724)
Proceeds from sales or calls of investment securities held-to-maturity 963 1,772  
Proceeds from maturities of investment securities held-to-maturity 27,429 12,545  
Purchases of investment securities held-to-maturity   (218,363)  
Net (increase) decrease in equity securities     2,808
Net (increase) decrease in loans (416,150) 221,006 (259,130)
Net (increase) decrease in FHLB stock (15,556) (716) (10)
Net cash received (paid) for business combinations 101,511   (9,279)
Purchases of premises and equipment (1,789) (1,706) (3,811)
Proceeds from sales of foreclosed assets 937 629 429
Net cash provided (used) by investing activities (292,622) (417,658) (538,390)
Financing Activities      
Net increase (decrease) in deposits (358,752) 348,558 600,677
Net increase (decrease) in short-term borrowings 378,080    
Repayments of long-term debt (203) (49,920) (210)
Proceeds from the issuance of subordinated debt   50,000  
Cash dividends paid on common stock (12,800) (10,751) (10,387)
Repurchase of common stock (738) (712) (482)
Net cash provided (used) by financing activities 5,587 337,175 589,598
Net change in cash and cash equivalents (184,069) 69,349 28,956
Cash and cash equivalents at beginning of period 242,311 172,962 144,006
Cash and cash equivalents at end of period 58,242 242,311 172,962
Cash paid for:      
Interest 15,095 4,538 12,641
Income taxes 12,531 13,124 13,582
Cash and cash equivalents acquired 101,696   513
Non-cash information      
Loan collateral transferred to foreclosed assets 153 1,176 456
Unrealized gain (loss) on investment securities available-for-sale (94,004) (14,567) 8,702
Accretion of unrealized (gain) loss on investment securities held-to-maturity (382) (326)  
Investment securities transferred to held-to-maturity   149,191  
Right-of-use assets obtained in exchange for new operating leases 4,266 $ 267 1,555
Noncash assets acquired 297,745   14,627
Liabilities assumed (354,358)   (5,348)
Issuance of common stock for the acquisition of Metro Phoenix Bank (64,019)    
Net noncash acquired $ (120,632)   $ 9,279