XML 27 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 77,194 $ 75,457 $ 62,919
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 10,209 12,099 12,173
FHLB stock dividends (465) (355) (28)
Provision for credit losses 3,790 14,500 5,605
Deferred income taxes 3,204 7,006 940
Restricted stock expense 4,622 2,302 2,425
Increase in cash value of life insurance (3,820) (3,319) (2,101)
Amortization and accretion, net, related to acquisitions 2,030 (4,432) 1,706
Bank premises and equipment loss/(gain) 183 (35) 116
Acquisition gain 0 0 (281)
Securities loss (gain) 31 9,716 82
Change in value of equity securities 78 0 0
Loss on sale/writedown of other real estate 264 774 159
Residential loans originated and held for sale (85,861) (91,786) (152,776)
Proceeds from sale of residential loans held for sale 85,088 93,315 156,011
Changes in:      
Interest receivable (702) (1,228) (2,987)
Other assets 4,690 16,086 (45,692)
Interest payable (8,846) 19,378 1,613
Operating lease liability (277) (1,260) (1,306)
Other liabilities (5,900) (39,710) 51,449
Net cash provided by operating activities 85,512 108,508 90,027
Available-for-sale securities:      
Sales 0 285,793 21,069
Maturities, prepayments, and calls 235,880 132,919 197,417
Purchases (195,226) (8,473) (6,500)
Held-to-maturity securities:      
Maturities, prepayments, and calls 74,206 40,469 474
Purchases 0 0 (602,718)
Purchase of other securities (9,718) (17,094) (11,444)
Purchase of equity securities (15,684) 0 0
Proceeds from redemption of other securities 3,769 14,466 1,237
Net (increase)/decrease in loans (232,716) (227,896) (326,113)
Net changes to premises and equipment (3,325) (3,688) (15,522)
Bank-owned life insurance - death proceeds 600 221 1,630
Purchase of bank owned life insurance (8,100) 0 0
Proceeds from sale of other real estate owned 1,582 3,069 8,930
Proceeds from sale of premises and equipment 430 1,416 712
Cash received in excess of cash paid for acquisition 0 106,793 23,939
Net cash (used in) provided by investing activities (148,302) 327,995 (706,889)
CASH FLOWS FROM FINANCING ACTIVITIES      
Increase/(decrease) in deposits 141,176 (427,481) (223,322)
Proceeds from borrowed funds 4,032,700 7,600,043 2,055,401
Repayment of borrowed funds (4,212,700) (7,340,143) (1,950,301)
Dividends paid on common stock (30,664) (27,550) (16,275)
Cash paid to repurchase common stock 0 0 (22,180)
Repurchase of restricted stock for payment of taxes (2,275) (361) (683)
Principal payment on finance lease liabilities (183) (179) (176)
Called/repayment of subordinated debt 0 (31,000) 0
Net cash (used in) financing activities (71,946) (226,671) (157,536)
Net change in cash and cash equivalents (134,736) 209,832 (774,398)
Cash and cash equivalents at beginning of year 355,147 145,315 919,713
Cash and cash equivalents at end of year 220,411 355,147 145,315
Supplemental disclosures:      
Interest 127,166 51,101 16,932
Income taxes, net of refunds 16,548 16,084 7,194
Non-cash activities:      
Transfers of loans to other real estate 2,254 6,602 2,560
Transfer of securities available-for-sale to held-to-maturity 0 0 139,598
Issuance of restricted stock grants 165 168 130
Stock issued   221,522 101,469
Dividends on restricted stock grants 497 380 249
Right-of-use assets obtained in exchange for operating lease liabilities 884 817 2,698
BBI Acquisition      
Non-cash activities:      
Stock issued 0 0 101,469
Lease liabilities arising from acquisition 0 0 3,390
HSBI      
Non-cash activities:      
Stock issued 0 221,522 0
Lease liabilities arising from acquisition $ 0 $ 184 $ 0