XML 21 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 83,800 $ 87,715 $ 108,546
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 16,753 24,691 (10,765)
Depreciation and amortization 17,628 12,305 6,830
Net amortization on securities 6,889 8,734 7,758
Accretion of net premium/discount on purchased loans (2,023) (2,840) 0
Amortization of investments in tax credit funds 1,842 1,659 1,825
Loss (gain) on sale of securities, net 11,635 (1,664) (1,748)
Deferred income tax expense 27,714 18,309 6,279
Stock-based compensation expense 5,281 3,449 2,295
Originations of mortgage loans held for sale (187,088) (259,202) (478,325)
Proceeds from mortgage loans held for sale 158,357 264,607 542,638
Gain on mortgage loans held for sale, including origination of mortgage servicing rights (3,819) (7,175) (17,015)
Mortgage servicing rights valuation adjustment 4,089 (1,219) 2,593
Net loss (gain) on disposals of premises and equipment 2 (19) 82
Increase in the cash surrender value of life insurance (865) (688) (810)
Gain on equity securities without a readily determinable fair value (10,096) 0 (19)
Net (gain) losses on sales and write-downs of other real estate owned (66) 194 103
Gain on fair value of previously held interest in Lincoln Agency 0 0 (5,213)
Net change in operating leases (770) (3) 124
(Increase) decrease in other assets (6,627) (2,099) 1,731
Increase (decrease) in other liabilities 7,285 (1,105) 4,577
Net cash provided by operating activities 129,921 145,649 171,486
Cash flows from investing activities:      
Cash acquired in (paid for) business combination 0 69,953  
Cash acquired in (paid for) business combination     (7,457)
Purchases of securities available for sale (10,981) (558,091) (717,028)
Maturities and pay downs of securities available for sale 137,815 165,328 146,941
Proceeds from sales and calls of securities available for sale 291,189 487,544 44,893
Purchase of securities held to maturity 0 (7,000) 0
Maturities, pay downs and calls of securities held to maturity 486 17,750 15,250
Pay downs of securities carried at fair value 285 275 3,243
Net redemption (purchases) of non-marketable equity securities held in other financial institutions 23,980 (15,818) 17,583
Originations of mortgage warehouse loans (6,470,400) (9,126,356) (16,121,464)
Proceeds from pay-offs of mortgage warehouse loans 6,425,300 9,468,569 16,578,387
Payments for (Proceeds from) Loans Receivable (499,558) (949,638) 55,020
Proceeds from bank-owned life insurance 0 0 11
Return of capital and other distributions from limited partnership investments 1,757 6,668 0
Capital calls on limited partnership investments (2,644) (4,057) (225)
Purchase of low-income housing tax credit investments (572) (3,646) (1,254)
Purchases of premises and equipment (26,830) (8,466) (5,015)
Proceeds from sales of premises and equipment 49 0 18
Proceeds from sales of other real estate owned 93 997 3,949
Net cash (used in) provided by investing activities (130,031) (455,988) 12,852
Cash flows from financing activities:      
Net increase (decrease) in deposits 475,423 (361,450) 819,378
Repayments on long-term FHLB advances (266) (250,257) (13,716)
Proceeds from short-term FHLB advances 6,065,000 10,025,000 5,726,000
Repayments on short-term FHLB advances (6,545,000) (9,475,000) (6,376,000)
Repurchase of subordinated debentures, net (4,729) 0 0
Maturities of subordinated debentures (2,625) 0 0
(Repayments on) proceeds from other short-term borrowings (30,000)    
(Repayments on) proceeds from other short-term borrowings   30,000 0
Net (decrease) increase in securities sold under agreements to repurchase (20,797) 8,339 1,039
Dividends paid (18,567) (15,887) (11,525)
Cash received from exercise of stock options 3,140 2,948 146
Common stock repurchased 0 0 (1,256)
Net cash (used in) provided by financing activities (78,421) (36,307) 144,066
Net (decrease) increase in cash and cash equivalents (78,531) (346,646) 328,404
Cash and cash equivalents at beginning of year 358,972 705,618 377,214
Cash and cash equivalents at end of year 280,441 358,972 705,618
Interest paid 215,479 50,104 26,265
Income taxes paid (refund) 383 (6,261) 21,164
Significant non-cash transactions:      
Unsettled liability for investment purchases recorded at trade date 0 751 8,191
Real estate acquired in settlement of loans 3,243 675 3,889
Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation (24,569) (18,786) (12,130)
Recognition of operating right-of-use assets 20,568 13,428 5,776
Recognition of operating lease liabilities 20,653 13,643 6,310
Total assets acquired in BTH merger 0 1,846,598 0
Total liabilities assumed in BTH merger 0 1,633,340 0
Common stock issued in BTH merger as consideration $ 0 $ 292,657 $ 0