XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 20,596,000 $ 72,539,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 12,346,000 5,953,000
Provision charge for credit losses 69,385,000 16,490,000
Deferred tax benefit (1,020,000) (2,332,000)
Amortization of operating lease right-of-use assets 6,398,000 5,257,000
Income on Bank-owned life insurance (5,140,000) (3,018,000)
Net amortization of premiums and discounts on securities 694,000 4,012,000
Accretion of net deferred loan fees (3,611,000) (4,691,000)
Amortization of premiums on purchased loans, net 100,000 120,000
Originations of loans held for sale (5,285,000) (11,490,000)
Proceeds from sales of loans originated for sale 3,005,000 11,938,000
ESOP expense 1,442,000 1,866,000
Allocation of stock award expense 3,425,000 4,830,000
Allocation of stock option expense 44,000 77,000
Net gain on sale of loans (385,000) (972,000)
Net loss (gain) on securities transactions 2,974,000 (24,000)
Net gain on sale of premises and equipment 0 (197,000)
Net gain on sale of foreclosed assets (203,000) (2,789,000)
Increase in accrued interest receivable (7,634,000) (1,942,000)
(Increase) decrease in other assets (27,968,000) 7,490,000
Increase (decrease) in other liabilities 48,748,000 (17,719,000)
Net cash provided by operating activities 117,911,000 85,398,000
Cash flows from investing activities:    
Net decrease (increase) in loans 5,236,000 (285,500,000)
Purchases of loans 0 (3,394,000)
Proceeds from sales of foreclosed assets 426,000 3,485,000
Proceeds from maturities, calls and paydowns of held to maturity debt securities 22,908,000 17,545,000
Purchases of investment securities held to maturity (15,122,000) (9,130,000)
Proceeds from sales of available for sale debt securities 568,360,000 0
Proceeds from maturities, calls and paydowns of available for sale debt securities 122,363,000 92,681,000
Purchases of available for sale debt securities (60,338,000) (34,802,000)
Proceeds from redemption of Federal Home Loan Bank stock 121,738,000 112,279,000
Purchases of Federal Home Loan Bank stock (142,589,000) (137,055,000)
Cash received, net of cash consideration paid for acquisition 194,548,000 0
BOLI claim benefits received 1,356,000 2,347,000
Proceeds from sales of premises and equipment 0 62,000
Purchases of premises and equipment (1,513,000) (2,959,000)
Net cash provided by (used in) investing activities 817,373,000 (244,441,000)
Cash flows from financing activities:    
Net decrease in deposits (562,194,000) (301,904,000)
Increase in mortgage escrow deposits 8,324,000 8,575,000
Cash dividends paid to stockholders (37,159,000) (36,727,000)
Purchase of treasury stock 0 0
Purchase of employee restricted shares to fund statutory tax withholding (1,290,000) (1,671,000)
Stock options exercised 0 790,000
Proceeds from subordinated debentures and long-term borrowings 221,243,000 446,531,000
Payments on long-term borrowings 0 (32,500,000)
Net (decrease) increase in short-term borrowings (453,902,000) 98,313,000
Net cash (use in) provided by financing activities (824,978,000) 181,407,000
Net increase in cash and cash equivalents 110,306,000 22,364,000
Cash and cash equivalents at beginning of period 180,185,000 186,438,000
Restricted cash at beginning of period 70,000 70,000
Total cash and cash equivalents 290,561,000 208,872,000
Cash and cash equivalents at end of period 290,491,000 208,802,000
Restricted cash at end of period 70,000 70,000
Cash paid during the period for:    
Interest on deposits and borrowings 137,204,000 81,490,000
Income taxes 18,419,000 26,591,000
Non-cash investing activities:    
Initial recognition of operating lease right-of-use assets 14,742,000 0
Initial recognition of operating lease liabilities 14,742,000 0
Transfer of loans receivable to foreclosed assets 0 12,341,000
Non-cash assets acquired at fair value:    
Investment securities 1,632,107,000 0
Loans held for sale 1,494,000
Loans held for investment 7,889,138,000 0
Bank-owned life insurance 160,646,000 0
Goodwill and other intangible assets 400,773,000 0
Bank premises and equipment 60,578,000 0
Other assets 269,251,000 0
Total non-cash assets acquired at fair value 10,413,987,000 0
Liabilities assumed    
Deposits 8,622,924,000 0
Borrowings 785,927,000 0
Subordinated debentures 180,198,000 0
Other Liabilities 142,708,000 0
Total liabilities assumed 9,731,757,000 0
Common stock issued for acquisitions $ 876,778,000 $ 0