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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 $ 62,919 $ 64,167 $ 52,505
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,173 13,792 12,354
FHLB stock dividends (28) (27) (133)
Provision for credit losses 5,605 (1,104) 25,151
Deferred income taxes 940 1,739 (3,015)
Restricted stock expense 2,425 3,100 2,352
Increase in cash value of life insurance (2,101) (1,955) (1,514)
Amortization and accretion, net, related to acquisitions 1,706 (30) (3,945)
Bank premises and equipment loss/(gain) 116 264 (443)
Acquisition gain (281) (1,300) (7,835)
Securities loss (gain) 82 (143) (281)
Loss on sale/writedown of other real estate 159 815 1,352
Residential loans originated and held for sale (152,776) (230,456) (318,969)
Proceeds from sale of residential loans held for sale 156,011 244,210 308,347
Changes in:      
Interest receivable (2,987) 3,218 (9,185)
Other assets (45,692) (1,056) (5,313)
Interest payable 1,613 (463) (374)
Operating lease liability (1,306) (1,839) (1,545)
Other liabilities 51,449 2,783 1,676
Net cash provided by operating activities 90,027 95,715 51,185
Available-for-sale securities:      
Sales 21,069 0 579
Maturities, prepayments and calls 197,417 229,091 203,670
Purchases (6,500) (988,536) (356,755)
Held-to-maturity securities:      
Maturities, prepayments and calls 474 0 0
Purchases (602,718) 0 0
Purchases of other securities (11,444) 0 (3,056)
Proceeds from redemption of other securities 1,237 5,276 3,407
Net (increase)/decrease in loans (326,113) 202,194 (131,589)
Net changes to premises and equipment (15,522) (7,125) (4,398)
Bank-owned life insurance - death proceeds 1,630 0 0
Purchase of bank owned life insurance 0 (11,733) (5,683)
Proceeds from sale of other real estate owned 8,930 4,562 4,036
Proceeds from sale of land 712 0 1,416
Cash received in excess of cash paid for acquisition 23,939 358,916 29,245
Net cash used in investing activities (706,889) (207,355) (259,128)
CASH FLOWS FROM FINANCING ACTIVITIES      
Increase/(decrease) in deposits (223,322) 601,575 664,413
Net change in borrowed funds 105,100 (114,647) (109,172)
Dividends paid on common stock (16,275) (11,991) (8,589)
Cash paid to repurchase common stock (22,180) (5,171) (8,067)
Repurchase of restricted stock for payment of taxes (683) (721) (494)
Principal payment on finance lease liabilities (176) (187) (183)
Issuance of subordinated debt, net 0 0 63,725
Payment on subordinated debt issuance costs 0 (59) 0
Net cash provided by (used in) financing activities (157,536) 468,799 601,633
Net change in cash and cash equivalents (774,398) 357,159 393,690
Cash and cash equivalents at beginning of year 919,713 562,554 168,864
Cash and cash equivalents at end of year 145,315 919,713 562,554
Supplemental disclosures:      
Interest 16,932 16,368 22,476
Income taxes, net of refunds 7,194 15,717 13,971
Non-cash activities:      
Transfers of loans to other real estate 2,560 2,143 3,595
Transfer of securities available-for-sale to held-to-maturity 139,598 0 0
Issuance of restricted stock grants 130 94 78
Dividends on restricted stock grants 249 189 135
Right-of-use assets obtained in exchange for operating lease liabilities 2,698 168 3,162
Lease liabilities arising from BBI acquisition 3,390 0 0
SWG Acquisition      
Non-cash activities:      
Issuance of share for acquisition 0 0 47,858
BBI Acquisition      
Non-cash activities:      
Issuance of share for acquisition $ 101,469 $ 0 $ 0