XML 21 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 72,952 $ 51,490 $ 45,270
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 4,806 15,151 16,103
Depreciation, amortization and accretion, net 15,060 14,449 11,721
Change in cash surrender value of bank owned life insurance (3,559) (3,039) (1,730)
Stock-based compensation expense 1,802 1,304 774
Operating lease payments (3,061) (2,872) (2,766)
Gains on investment securities, net (33) (124) (1,106)
Losses on sales of other real property owned, net 97 5,725 195
Gain on write down of premises and equipment 0 0 (5)
(Gain) loss on sale of other assets 125 (126) 0
Gains on sale of loans held for sale, net (1,159) (4,256) (5,248)
Deferred income taxes (2,232) (3,355) (4,963)
Decrease (increase) in accrued interest receivable (6,717) 2,384 (3,710)
Increase (decrease) in accrued interest payable 1,538 (1,812) 327
Origination of loans held for sale (59,893) (149,807) (196,469)
Proceeds from sale of loans held for sale 63,462 153,239 201,613
Gains on equity securities (1,145) (499) (133)
Increase in other assets (19,537) (13,719) (2,045)
Increase in other liabilities 3,318 5,463 5,713
Net cash provided by operating activities 65,824 69,596 63,541
Cash flows from investing activities:      
Proceeds from maturities of certificates of deposit investments 1,225 490 2,910
Purchase of certificates of deposit investments (245) (245) (980)
Proceeds from sales of securities available-for-sale 36,257 611 9,061
Proceeds from maturities of securities available-for-sale 144,734 238,049 324,148
Proceeds from maturities of securities held-to-maturity 5,000 0 55,000
Purchases of securities available-for-sale (12,754) (692,234) (506,458)
Net increase in loans (416,204) (32,032) (445,694)
Purchases of premises and equipment (5,020) (3,702) (2,463)
Proceeds from sales of other real property owned 996 9,503 2,054
Investment in Bank Owned Life Insurance 0 (30,000) 0
Net cash provided by acquisition 67,323 27,061 0
Net cash used in investing activities (178,688) (482,499) (562,422)
Cash flows from financing activities:      
Net increase (decrease) in deposits (259,862) 273,292 775,418
Decrease in federal funds purchased 0 0 (5,000)
Increase (decrease) in repurchase agreements 39,623 (60,669) (1,172)
Proceeds from FHLB advances 359,745 5,000 19,000
Repayment of FHLB advances (25,856) (40,083) (39,000)
Proceeds from short-term debt 0 0 5,000
Proceeds from long-term debit 0 0 94,253
Repayment of short-term debt 0 0 (5,000)
Proceeds from issuance of common stock 1,244 1,937 610
Direct expenses related to capital transactions (29) (206) 0
Purchase of treasury stock (340) (326) (213)
Dividends paid on common stock (17,830) (14,721) (12,814)
Net cash provided by financing activities 96,695 164,224 831,082
Increase (decrease) in cash and cash equivalents (16,169) (248,679) 332,201
Cash and cash equivalents at beginning of period 168,602 417,281 85,080
Cash and cash equivalents at end of period 152,433 168,602 417,281
Cash paid during the period for:      
Interest 29,614 16,261 16,645
Income taxes 22,988 18,966 18,624
Loans transferred to other real estate owned 383 249 783
Fixed assets transferred to other real estate 0 3,971 0
Initial recognition of right-of-use assets 715 0 0
Initial recognition of lease liabilities 715 0 0
Dividends reinvested in common stock 0 333 680
Net tax benefit related to option and deferred compensation plans 0 0 $ 22
Supplemental disclosure of purchase of capital stock      
Fair value of assets acquired 750,063 1,170,699  
Cash paid 15,150 103,500  
Common stock issued 92,172 44,191  
Total consideration paid 107,322 147,691  
Fair value of liabilities assumed $ 642,741 $ 1,023,008