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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 27,981 $ 93,408 $ 87,091
Items not requiring (providing) cash      
Provision for (recovery of) credit losses 2,459 (1,816) (2,084)
Depreciation and amortization 10,938 10,754 9,802
Share based compensation 3,586 2,475 1,819
Amortization of mortgage servicing rights 1,032 2,345 4,073
Impairment (recovery) of mortgage servicing rights 0 (2,594) (2,578)
Premium amortization on securities, net 10,069 12,148 10,289
Deferred income taxes (3,322) 2,177 2,311
(Gain) loss on sale of investment securities 32,052 0 (914)
Gain on sale of mortgage loans (4,323) (7,165) (19,163)
Proceeds from sales of loans 145,922 225,928 453,087
Loans originated for sale (138,430) (215,174) (437,174)
Gain on cash value life insurance (3,709) (2,594) (2,094)
Gain on other real estate owned (300) (722) (85)
Net change in:      
Interest receivable (3,416) (9,157) (4,222)
Interest payable 16,869 3,145 (493)
Other assets 13,199 (13,964) 9,633
Other liabilities (21,671) (4,814) (2,948)
Net cash provided by operating activities 88,936 94,380 106,350
Investing Activities      
Purchases of securities available for sale (1,525) (180,198) (837,684)
Proceeds from sales of securities available for sale 439,285 0 27,514
Proceeds from maturities, calls and principal repayments of securities available for sale 29,408 69,113 260,200
Purchases of securities held to maturity (10,141) (430,457) (931,029)
Proceeds from maturities of securities held to maturity 80,201 72,968 30,544
Net change in interest earning time deposits 607 1,970 4,183
Purchase of FHLB stock (7,832) (2,435) (1,417)
Redemption of FHLB stock 0 198 0
Purchase of loans (124,946) (55,195) 0
Net change in loans (140,510) (448,284) 480,028
Proceeds on the sale of OREO and repossessed assets 2,981 5,263 1,286
Premises and equipment expenditures (7,775) (6,429) (1,440)
Purchases of bank owned life insurance 0 (50,000) 0
Proceeds from bank owned life insurance 69,765 3,554 783
Cash Acquired from Acquisition 0 0 622,179
Net cash provided by (used in) investing activities 329,518 (1,019,932) (344,853)
Financing Activities      
Net change in deposits (192,881) 54,783 425,449
Proceeds from borrowings 866,099 1,178,746 244,554
Repayment of borrowings (654,157) (755,608) (76,371)
Net change in repurchase agreements (1,841) 7,072 21,336
Net settlement of share awards (1,221) (1,824) (1,355)
Exercise of stock options 0 145 1,062
Repurchase of outstanding stock 0 0 (7,607)
Repayment of subordinated notes (3,132) 0 0
Dividends paid on common stock (28,311) (27,765) (24,768)
Net cash provided by (used in) financing activities (15,444) 455,549 582,300
Net Change in Cash and Cash Equivalents 403,010 (470,003) 343,797
Cash and Cash Equivalents, Beginning of Period 123,505 593,508 249,711
Cash and Cash Equivalents, End of Period 526,515 123,505 593,508
Additional Supplemental Information      
Interest paid 119,692 33,370 18,782
Income taxes paid 2,137 802 1,650
Transfer of loans to other real estate and repossessed assets 3,299 2,009 1,721
Transfer of premises to other real estate 0 1,479 1,753
Transfer of available for sale securities to held to maturity securities 0 120,881 490,200
Redemption of cash value of life insurance, not settled 43,962 0 0
Cash dividends declared, not paid 7,156 7,122 6,666
Qualified affordable housing investments obtained in exchange for funding commitments $ 14,491 $ 0 $ 0