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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 117,390,000 $ 125,419,000 $ 117,655,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment, and amortization 6,366,000 6,012,000 6,363,000
Amortization of intangible assets 6,118,000 6,334,000 5,464,000
Provision for (benefit from) credit losses on loans 23,990,000 18,470,000 (6,775,000)
Amortization of investment securities premium, net 312,000 6,641,000 6,685,000
Loss on sale of investment securities 284,000 0 0
Originations of loans for resale (43,313,000) (71,600,000) (217,210,000)
Proceeds from sale of loans originated for resale 45,467,000 74,922,000 227,938,000
Gain on sale of loans (1,166,000) (2,342,000) (9,580,000)
Change in market value of mortgage servicing rights 506,000 (301,000) 872,000
Gain on sale of real estate owned, net (18,000) (166,000) 0
Deferred income tax expense (2,399,000) (8,022,000) (936,000)
Gain on transfer of loans to real estate owned (114,000) (316,000) (233,000)
Operating lease payments (6,378,000) (5,904,000) (4,964,000)
Loss (gain) on disposal of fixed assets 23,000 (1,070,000) (439,000)
Increase in cash value of life insurance (3,150,000) (2,858,000) (2,775,000)
Gain on life insurance death benefit 0 (309,000) (702,000)
(Gain) loss on marketable equity securities (36,000) 340,000 86,000
Equity compensation vesting expense 4,125,000 3,869,000 2,638,000
Change in value of other real estate 797,000 113,000 9,000
Amortization of operating lease right of use asset 6,364,000 6,033,000 5,452,000
Change in:      
Interest receivable (4,912,000) (9,170,000) 712,000
Interest payable 7,278,000 (287,000) (434,000)
Other assets and liabilities, net (18,647,000) 17,087,000 2,381,000
Net cash from operating activities 138,887,000 162,895,000 132,207,000
Investing activities:      
Cash acquired in acquisition; net of consideration paid 0 426,883,000 0
Maturities and principal repayments of securities available for sale 321,738,000 267,830,000 371,632,000
Maturities and principal repayments of securities held to maturity 27,260,000 38,399,000 83,929,000
Proceeds from sale of available for sale securities 71,024,000 0 0
Purchases of securities available for sale (34,468,000) (699,035,000) (1,190,690,000)
Loan origination and principal collections, net (345,902,000) (739,037,000) (45,812,000)
Loans purchased (6,423,000) (22,845,000) (108,433,000)
Proceeds from sale of real estate owned 224,000 873,000 1,526,000
Proceeds from sale of premises and equipment 0 6,690,000 2,743,000
Purchases of premises and equipment (4,886,000) (3,623,000) (3,196,000)
Life insurance proceeds 0 641,000 4,490,000
Net cash from (used in) investing activities 28,567,000 (723,224,000) (883,811,000)
Financing activities:      
Net change in deposits (494,975,000) (253,625,000) 861,225,000
Net change in other borrowings 367,977,000 214,518,000 23,173,000
Repurchase of common stock, net (9,240,000) (27,148,000) (4,344,000)
Dividends paid (39,901,000) (35,797,000) (29,724,000)
Exercise of stock options, net 156,000 1,190,000 144,000
Net cash (used in) from financing activities (175,983,000) (100,862,000) 850,474,000
Net change in cash and cash equivalents (8,529,000) (661,191,000) 98,870,000
Cash and cash equivalents at beginning of year 107,230,000 768,421,000 669,551,000
Cash and cash equivalents at end of year 98,701,000 107,230,000 768,421,000
Supplemental disclosure of cash flow activity:      
Cash paid for interest expense 74,399,000 9,290,000 5,942,000
Cash paid for income taxes 45,300,000 41,000,000 46,300,000
Supplemental disclosure of noncash activities:      
Unrealized gain (loss) on securities available for sale 58,727,000 (290,157,000) (19,575,000)
Loans transferred to foreclosed assets 155,000 1,349,000 1,052,000
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes 2,266,000 2,522,000 2,118,000
Obligations incurred in conjunction with leased assets 4,300,000 6,149,000 2,883,000
Business combination [1]
[1]
(1) In the year ended 2022, the VRB acquisition included fair value tangible assets acquired of $1.37 billion, liabilities assumed of $1.28 billion, resulting in goodwill of $0.09 billion.