XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net income     $ 39,616 $ 32,370  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for credit losses     4,182 1,700 $ 2,200
Depreciation and amortization of premises and equipment     1,398 1,209  
Amortization of intangibles $ 1,626 $ 751 4,720 1,338  
Net amortization (accretion) of securities     (1,705) 337  
Amortization of stock-based compensation     1,581 1,215  
Accretion of purchase accounting valuations     (6,460) (962)  
Net change in deferred loan fees and costs     (1,159) (946)  
Change in fair value of MSR and other investments     (686) (3,010)  
Loss from sale and disposal of premises and equipment     135    
Net loss (gain) on sale of OREO and valuation allowance 53   542 (146)  
Proceeds from sales of mortgage loans     56,942 74,463  
Originations of mortgage loans held for sale     (56,825) (73,593)  
Gain on sales of mortgage loans (248) (264) (624) (1,338)  
Realized loss on sale of securities     75    
Net earnings on life insurance     (1,131) (636)  
Decrease (increase) in other assets     (1,026) 4,206  
Decrease in other liabilities     (1,676) (11,776)  
Net cash provided by operating activities     32,643 19,995  
Activity in securities available for sale and held to maturity:          
Sales     34,197    
Maturities, prepayments, and calls     123,968 11,836  
Purchases       (138,303)  
Net increase in loans     (51,761) (162,677)  
Proceeds from sale of OREO     1,827 320  
Net sales (purchases) of Federal Home Loan Bank ("FHLB") stock     262 (1,171)  
Net purchases of Federal Reserve Bank ("FRB") stock     (3,880) (1,500)  
Purchases of premises and equipment     (11,312) (5,324)  
Net cash received in business combination     89,959 154,364  
Net cash provided by (used in) investing activities     186,493 (139,230)  
Cash flows from financing activities, net of effects of business combination:          
Net increase (decrease) in deposits     (194,088) 5,020  
Net decrease in securities sold under repurchase agreements     (80,005) (19,159)  
Proceeds from advances of notes payable     121,700 3,122,700  
Repayment of notes payable     (92,507) (3,128,950)  
Proceeds from issuance of subordinated notes       6,000  
Dividends paid     (8,850) (5,567)  
Proceeds from sales of common stock     144 85  
Repurchase of common stock     (9,105) (14,313)  
Net cash used in financing activities     (262,711) (34,184)  
Net decrease in cash and cash equivalents     (43,575) (153,419)  
Cash and cash equivalents at beginning of period     119,351 296,860 296,860
Cash and cash equivalents at end of period 75,776 143,441 75,776 143,441 $ 119,351
Cash paid during the period for:          
Interest     29,487 6,985  
Income taxes     12,606 9,835  
Supplemental schedule of noncash activities:          
MSR resulting from sale of loans     597 658  
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax       (1)  
Change in unrealized gains and losses on investment securities available for sale, net of tax     (4,246) (22,347)  
Acquisition:          
Fair value of assets acquired 615,105 685,840 615,105 685,840  
Fair value of liabilities assumed 549,564 612,700 549,564 612,700  
Excess of assets acquired over liabilities assumed $ 65,541 $ 73,140 65,541 73,140  
Common stock issued in acquisition     115,079 124,771  
Joint Venture | UFS          
Adjustments to reconcile net income to net cash provided by operating activities:          
Undistributed income of joint venture     (2,444) (2,120)  
Activity in securities available for sale and held to maturity:          
Dividends received     1,748 1,861  
Joint Venture | Ansay          
Adjustments to reconcile net income to net cash provided by operating activities:          
Undistributed income of joint venture     (2,812) (2,316)  
Activity in securities available for sale and held to maturity:          
Dividends received     $ 1,485 $ 1,364