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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 $ 79,894 $ 37,273 $ 58,322
Adjustments to reconcile net income to net cash provided by operating activities:      
(Credit) provision for credit losses (14,591) 42,111 6,346
Depreciation and amortization of premises and equipment 6,984 6,223 6,139
Loss on disposals of premises and equipment 101 839 0
Non-cash lease expense 2,262 1,051 284
Cash flows for operating leases (6,533) (6,371) (6,230)
Amortization of mortgage servicing rights 3,468 6,167 2,460
Write down of other real estate, net of loss on sale 0 79 252
Net amortization and accretion of premium/discount on investment securities 9,176 9,905 9,271
Share-based compensation expense 3,231 3,231 2,735
Net (gain) loss on sales of investment securities (150) 201 (36)
Net gain on sales of residential mortgage loans (6,376) (16,043) (4,128)
Proceeds from sales of loans held for sale 166,144 418,381 207,686
Origination of loans held for sale (146,612) (409,942) (205,994)
Equity in earnings of unconsolidated entities (365) (415) (257)
Distributions from unconsolidated entities 480 330 246
Net increase in cash surrender value of bank-owned life insurance (5,043) (5,845) (3,259)
Deferred income tax expense (benefit) 10,828 (13,087) (3,965)
Net tax benefit (expense) from share-based compensation 200 (258) 253
Net change in other assets and liabilities 7,390 2,962 2,067
Net cash provided by operating activities 110,488 76,792 72,192
Cash flows from investing activities:      
Proceeds from maturities of and calls on available-for-sale investment securities 291,734 351,180 252,079
Proceeds from sales of available-for-sale and equity investment securities 281,191 180,103  
Proceeds from sales of available-for-sale and equity investment securities     53,935
Purchases of available-for-sale investment securities (1,071,360) (581,008)  
Purchases of available-for-sale investment securities     (55,011)
Redemption of MasterCard Class B common stock 0 0 2,555
Loan payments (originations), net 128,595 (479,619) (237,493)
Purchases of loan portfolios (266,712) (53,158) (140,085)
Proceeds from sales of loans originated for investment 0 10,691 0
Proceeds from sales of foreclosed loans and other real estate 0 213 140
Payment to Acquire Life Insurance Policy, Investing Activities (3,550) 0 0
Proceeds from bank-owned life insurance death benefits 2,606 2,340 1,043
Purchases of premises and equipment (22,161) (25,997) (7,197)
Distributions from unconsolidated entities 0 0 622
Contributions to unconsolidated entities (2,912) (8,437) (1,222)
Proceeds from redemption of FHLB stock 273 6,746 1,662
Net cash used in investing activities (662,296) (596,946) (128,972)
Cash flows from financing activities:      
Net increase in deposits 843,040 676,095 173,533
Proceeds from long-term debt 0 119,782 0
Repayments of long-term debt 0 115,944 20,619
Net decrease in FHLB advances and other short-term borrowings (22,000) (128,000) (47,000)
Cash dividends paid on common stock (26,959) (25,935) (25,706)
Repurchases of common stock (18,669) (4,749) (22,793)
Net proceeds from issuance of common stock and stock option exercises 1,236 0 151
Net cash provided by financing activities 776,648 521,249 57,566
Net increase in cash and cash equivalents 224,840 1,095 786
Cash and cash equivalents:      
At beginning of year 104,067 102,972 102,186
At end of year 328,907 104,067 102,972
Cash paid during the year for:      
Interest 8,320 17,296 33,072
Income taxes 22,678 20,044 24,101
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan (889) 218 416
Net reclassification of loans to foreclosed loans and other real estate 0 128 142
Net transfer of portfolio loans to loans held for sale 0 6,565 0
Net transfer of investment securities from held-to-maturity to available-for-sale 0 0 (149,042)
Right-of-use lease assets obtained in exchange for lease liabilities $ 0 $ 0 $ 56,779