XML 33 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
OPERATING ACTIVITIES:      
Net income $ 86,789,000 $ 83,246,000 $ 91,699,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Net amortization on investment securities and low-income housing investments 4,414,000 3,204,000 761,000
Net accretion on loans and amortization of core deposit intangible and operating lease components (13,973,000) (13,084,000) (3,655,000)
Unrealized losses on equity securities with readily determinable fair value 463,000 105,000 (382,000)
Depreciation of premises and equipment 8,986,000 9,725,000 9,230,000
Amortization of mortgage servicing rights 3,453,000 3,756,000 1,823,000
(Recovery) impairment of mortgage servicing rights (500,000) 500,000  
Provision for on-balance sheet exposures 14,808,000 31,278,000 25,758,000
Provision for off-balance sheet exposures 63,000 533,000  
Net gain on sale of mortgage loans held for sale (19,659,000) (33,179,000) (8,816,000)
Origination of mortgage loans held for sale (680,714,000) (782,939,000) (356,097,000)
Proceeds from sale of mortgage loans held for sale 717,847,000 788,475,000 354,660,000
Net gain on sale of consumer loans held for sale (11,298,000) (4,980,000) (5,102,000)
Origination of consumer loans held for sale (882,180,000) (518,873,000) (710,640,000)
Proceeds from sale of consumer loans held for sale 875,570,000 531,321,000 716,336,000
Net gain realized on sale of other real estate owned (51,000) (65,000) (540,000)
Writedowns of other real estate owned 211,000 105,000  
Impairment of premises held for sale     256,000
Deferred compensation expense - Class A Common Stock 1,024,000 918,000 584,000
Stock-based awards and ESPP expense - Class A Common Stock 1,545,000 953,000 1,035,000
Net gain on branch divestiture     (7,829,000)
Net gain on sale of bank premises and equipment (399,000) (353,000) (339,000)
Increase in cash surrender value of bank owned life insurance (2,242,000) (1,585,000) (1,550,000)
Death benefits in excess of cash surrender value of life insurance (979,000)    
FHLB advances early termination penalties   2,108,000  
Net change in other assets and liabilities:      
Accrued interest receivable 3,048,000 (14,000) 1,031,000
Accrued interest payable (183,000) (2,460,000) 1,718,000
Other assets (940,000) (19,391,000) 9,242,000
Other liabilities (5,672,000) (3,872,000) (13,997,000)
Net cash provided by operating activities 99,431,000 75,432,000 105,186,000
INVESTING ACTIVITIES:      
Net cash provided from branch divestiture     6,071,000
Purchases of available-for-sale debt securities (211,545,000) (298,878,000) (445,681,000)
Proceeds from calls, maturities and paydowns of available-for-sale debt securities 230,457,000 251,930,000 455,823,000
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities 9,139,000 9,009,000 2,667,000
Net change in outstanding warehouse lines of credit 112,246,000 (245,338,000) (248,763,000)
Net change in other loans 207,115,000 (142,811,000) (188,708,000)
Proceeds from redemption of Federal Home Loan Bank stock 7,086,000 22,434,000 3,513,000
Purchase of Federal Home Loan Bank stock   (9,000,000) (2,277,000)
Proceeds from sales of other real estate owned 611,000 324,000 2,063,000
Proceeds from sale of bank premises and equipment 637,000 894,000 909,000
Purchase of bank owned life insurance, net of death benefits received (28,901,000)    
Investments in low-income housing tax partnerships (14,507,000) (6,998,000) (7,941,000)
Net purchases of premises and equipment (5,785,000) (3,582,000) (12,883,000)
Net cash provided by (used in) investing activities 306,553,000 (422,016,000) (435,207,000)
FINANCING ACTIVITIES:      
Net change in deposits 107,237,000 947,173,000 461,715,000
Net change in securities sold under agreements to repurchase and other short-term borrowings 79,941,000 43,409,000 (15,373,000)
Payments of Federal Home Loan Bank advances (235,000,000) (1,105,000,000) (820,000,000)
Proceeds from Federal Home Loan Bank advances 25,000,000 590,000,000 760,000,000
FHLB advances early termination penalties   (2,108,000)  
Payoff of subordinated note, net of common security interest (40,000,000)    
Repurchase of Class A Common Stock (47,528,000) (3,935,000) (1,418,000)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan 591,000 533,000 494,000
Net proceeds from option exercises and equity awards vested - Class A Common Stock (142,000)   (191,000)
Cash dividends paid (24,699,000) (23,204,000) (21,377,000)
Net cash (used in) provided by financing activities (134,600,000) 446,868,000 363,850,000
NET CHANGE IN CASH AND CASH EQUIVALENTS 271,384,000 100,284,000 33,829,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 485,587,000 385,303,000 351,474,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 756,971,000 485,587,000 385,303,000
Cash paid during the period for:      
Interest 5,849,000 22,403,000 43,039,000
Income taxes 20,069,000 24,926,000 17,383,000
SUPPLEMENTAL NONCASH DISCLOSURES:      
Mortgage servicing rights capitalized 5,054,000 5,463,000 2,792,000
Transfers from loans to real estate acquired in settlement of loans 64,000 2,750,000 1,527,000
Loans provided for sales of other real estate owned     51,000
Transfers from loans held for investment to held for sale     131,881,000
Unfunded commitments in low-income-housing investments 10,000,000 10,000,000 18,800,000
Right-of-use assets recorded $ 1,354,000 14,144,000 $ 41,726,000
Allowance for credit losses recorded upon adoption of ASC 326   $ 7,241,000