XML 42 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 51,490 $ 45,270 $ 47,943
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 15,151 16,103 6,433
Depreciation, amortization and accretion, net 14,449 11,721 10,842
Change in cash surrender value of bank owned life insurance (3,039) (1,730) (1,755)
Stock-based compensation expense 1,304 774 453
Operating lease payments (2,872) (2,766) (2,680)
Gains on investment securities, net (124) (1,106) (802)
Losses on sales of other real property owned, net 5,725 195 4
(Gain) loss on write down of premises and equipment 0 (5) 90
Gain on sale of other assets (126) 0 0
Gains on sale of loans held for sale, net (4,256) (5,248) (1,504)
Deferred income taxes (3,355) (4,963) 1,885
Decrease (increase) in accrued interest receivable 2,384 (3,710) 1,304
Increase (decrease) in accrued interest payable (1,812) 327 821
Origination of loans held for sale (149,807) (196,469) (101,714)
Proceeds from sale of loans held for sale 153,239 201,613 102,906
Gains on equity securities (499) (133) 0
Increase in other assets (13,719) (2,045) (4,680)
Increase in other liabilities 5,463 5,713 3,282
Net cash provided by operating activities 69,596 63,541 62,828
Cash flows from investing activities:      
Proceeds from maturities of certificates of deposit investments 490 2,910 2,944
Purchase of certificates of deposit investments (245) (980) 0
Proceeds from sales of securities available-for-sale 611 9,061 60,900
Proceeds from maturities of securities available-for-sale 238,049 324,148 154,167
Proceeds from maturities of securities held-to-maturity 0 55,000 0
Purchases of securities available-for-sale (692,234) (506,458) (188,608)
Net increase in loans (32,032) (445,694) (59,797)
Purchases of premises and equipment (3,702) (2,463) (4,103)
Proceeds from sales of other real property owned 9,503 2,054 2,425
Investment in Bank Owned Life Insurance (30,000) 0 0
Net cash provided by acquisition 27,061 0 0
Net cash used in investing activities (482,499) (562,422) (32,072)
Cash flows from financing activities:      
Net increase (decrease) in deposits 273,292 775,418 (71,320)
Increase (decrease) in federal funds purchased 0 (5,000) 5,000
Increase (decrease) in repurchase agreements (60,669) (1,172) 15,779
Proceeds from FHLB advances 5,000 19,000 50,000
Repayment of FHLB advances (40,083) (39,000) (56,000)
Proceeds from short-term debt 0 5,000 0
Proceeds from long-term debit 0 94,253 0
Repayment of short-term debt 0 (5,000) 0
Repayment of long-term debt 0 0 (7,724)
Repayment of junior subordinated debentures 0 0 (10,310)
Proceeds from issuance of common stock 1,937 610 655
Direct expenses related to capital transactions (206) 0 0
Purchase of treasury stock (326) (213) (1,293)
Dividends paid on common stock (14,721) (12,814) (11,863)
Net cash provided by (used in) financing activities 164,224 831,082 (87,076)
Increase (decrease) in cash and cash equivalents (248,679) 332,201 (56,320)
Cash and cash equivalents at beginning of period 417,281 85,080 141,400
Cash and cash equivalents at end of period 168,602 417,281 85,080
Cash paid during the period for:      
Interest 16,261 16,645 23,544
Income taxes 18,966 18,624 15,556
Loans transferred to other real estate owned 249 783 3,570
Fixed assets transferred to other real estate 3,971    
Dividends reinvested in common stock 333 680 805
Initial recognition of right-of-use assets     14,116
Initial recognition of lease liabilities     14,116
Net tax benefit related to option and deferred compensation plans   $ 22 $ 56
LINCO Bancshares, Inc.      
Supplemental disclosure of purchase of capital stock of LINCO Bancshares, Inc.      
Fair value of assets acquired 1,170,699    
Cash paid 103,500    
Common stock issued 44,191    
Total consideration paid 147,691    
Fair value of liabilities assumed $ 1,023,008