XML 31 R8.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 $ 113,850 $ 113,558 $ 99,066
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 8,470 8,725 7,662
Provision for credit losses 17,098 16,539 8,284
Deferred income taxes (7,192) (946) (4,682)
Stock-based compensation expense 2,825 2,678 2,438
Deferred compensation expense accrued 5,793 5,677 4,062
Gains on other real estate owned, net (224) (85) (129)
Amortization of premiums on securities, net 200 916 1,337
Caplet amortization 511 872 1,001
Fair value (gain) loss on derivatives and trading securities 2,779 1,262 (1,975)
Ineffectiveness on fair value hedges 16 77  
Securities losses, net   451  
Loans originated for sale (86,023) (69,897) (99,394)
Proceeds on sales of loans 88,600 70,448 107,487
Gains on sales of residential real estate loans (2,041) (1,611) (2,411)
Gains on sales of government guaranteed portions of loans (85) (54) (119)
Proceeds from loan securitizations 327,242 240,166  
Net gain on securitizations (955) (664) 0
Losses on sales and disposals of premises and equipment 143 388 378
Amortization of intangibles 2,761 2,938 2,854
Accretion of acquisition fair value adjustments, net (1,565) (2,173) (8,581)
Increase in cash value of bank-owned life insurance (3,210) (3,053) (2,056)
Gain on bank-owned life insurance death benefits (2,232) (1,131)  
Goodwill impairment 432    
Increase (decrease) in other assets 4,264 (40,114) (42,572)
Decrease (increase) in other liabilities (26,919) 31,356 46,049
Net cash provided by operating activities 444,538 376,323 118,699
CASH FLOWS FROM INVESTING ACTIVITIES      
Net (increase) decrease in federal funds sold 8,300 21,460 (44,540)
Net (increase) decrease in interest-bearing deposits at financial institutions (38,523) (37,559) 25,066
Proceeds from sales of other real estate owned 1,687 296 482
Activity in securities portfolio:      
Purchases (213,532) (187,635) (230,501)
Calls, maturities and redemptions 60,660 97,362 43,638
Paydowns 17,255 13,986 31,805
Sales 445 30,568 111,375
Activity in restricted investment securities:      
Purchases (811) (2,896) (23,086)
Redemptions 7,047 3,749 2,158
Net increase in loans/leases originated and held for investment (642,855) (676,700) (654,861)
Purchase of premises and equipment (44,491) (14,945) (33,261)
Proceeds from sales of premises and equipment 2 503 2,060
Purchase of swaptions (4,500)    
Purchase of bank-owned life insurance     (10,000)
Proceeds from bank-owned life insurance death benefits 4,085 2,542  
Net cash acquired from acquisition     144,973
Net cash used in investing activities (845,231) (749,269) (634,692)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposit accounts 547,182 529,788 (15,128)
Net increase (decrease) in short-term borrowings 300 (128,130) 125,830
Activity in Federal Home Loan Bank advances:      
Term advances 10,383 135,000  
Net change in short-term and overnight advances (160,000) (115,000) 400,000
Prepayments     (16,000)
Activity in other borrowings:      
Proceeds from other borrowings     10,000
Paydown of revolving line of credit     (10,000)
Proceeds from subordinated notes     100,000
Payment of cash dividends on common stock (4,032) (4,029) (3,944)
Proceeds from issuance of common stock, net 1,469 1,403 422
Repurchase and cancellation of shares   (8,686) (52,954)
Net cash provided by financing activities 395,302 410,346 538,226
Net increase (decrease) in cash and due from banks (5,391) 37,400 22,233
Cash and due from banks, beginning 97,123 59,723 37,490
Cash and due from banks, ending 91,732 97,123 59,723
Supplemental disclosure of cash flow information, cash payments for:      
Interest 247,669 187,947 58,652
Income/franchise taxes 4,854 2,855 1,057
Supplemental schedule of noncash investing activities:      
Change in fair value of fair value hedges 2,973 (3,308)  
Transfers of loans to other real estate owned 777 1,445 431
Transfer of loans to held for sale for securitizations in preparation 386,521 261,921  
Beneficial interests (trading securities) acquired in securitizations 60,233 22,419  
Increase (decrease) in the fair value of back-to-back interest rate swap assets and liabilities 1,906 15,240 (54,441)
Dividends payable $ 1,013 1,004 1,013
Measurement period adjustment to goodwill   $ 1,420  
Fair value of assets acquired:      
Cash and due from banks     171,844
Interest-bearing deposits at financial institutions     17,134
Securities     143,017
Loans receivable, net     801,697
Bank-owned life insurance     32,100
Premises and equipment, net     16,257
Restricted investment securities     2,220
Other real estate owned     55
Intangibles     10,264
Other assets     23,685
Total assets acquired     1,218,273
Fair value of liabilities assumed:      
Deposits     1,076,573
FHLB advances     16,000
Subordinated debentures     19,621
Junior subordinated debentures     10,310
Other liabilities     15,225
Total liabilities assumed     1,137,729
Net assets acquired     80,544
Consideration paid:      
Cash paid *     26,871
Common stock     117,214
Total consideration paid     144,085
Goodwill     63,541
Net cash paid     $ 144,973