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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 $ 73,928 $ 79,894 $ 37,273
Adjustments to reconcile net income to net cash provided by operating activities:      
(Credit) provision for credit losses (1,273) (14,591) 42,111
Depreciation and amortization of premises and equipment 6,865 6,984 6,223
Loss on disposals of premises and equipment 295 101 839
Non-cash lease (income) expense (401) 2,262 1,051
Cash flows for operating leases (5,896) (6,533) (6,371)
Amortization of mortgage servicing rights 1,295 3,468 6,167
Write down of other real estate, net of loss on sale 0 0 79
Net amortization and accretion of premium/discount on investment securities 4,395 9,176 9,905
Share-based compensation expense 3,273 3,231 3,231
Net (gain) loss on sales of investment securities (8,506) (150) 201
Net gain on sales of residential mortgage loans (1,778) (6,376) (16,043)
Proceeds from sales of loans held for sale 80,237 166,144 418,381
Origination of loans held for sale (76,033) (146,612) (409,942)
Equity in earnings of unconsolidated entities (184) (365) (415)
Distributions from unconsolidated entities 237 480 330
Net increase in cash surrender value of bank-owned life insurance (10) (5,043) (5,845)
Deferred income tax expense (benefit) 25,810 10,828 (13,087)
Net tax benefit (expense) from share-based compensation 146 200 (258)
Net change in other assets and liabilities 11,721 7,390 2,962
Net cash provided by operating activities 114,121 110,488 76,792
Cash flows from investing activities:      
Proceeds from maturities of and calls on available-for-sale investment securities 168,224 291,734 351,180
Proceeds from sales of available-for-sale and equity investment securities 0 281,191 180,103
Purchases of available-for-sale investment securities (89,058) (1,071,360) (581,008)
Sale of Visa Class B common stock 8,506 0 0
Proceeds from maturities of and calls on held-to-maturity investment securities 33,469 0 0
Purchases of held-to-maturity investment securities (20,041) 0  
Loan (originations) payments, net (133,501) 128,595 (479,619)
Purchases of loan portfolios (323,402) (266,712) (53,158)
Proceeds from sales of loans originated for investment 0 0 10,691
Proceeds from sales of foreclosed loans and other real estate 0 0 213
Purchases of bank-owned life insurance (1,300) (3,550) 0
Proceeds from bank-owned life insurance death benefits 2,491 2,606 2,340
Purchases of premises and equipment (18,440) (22,161) (25,997)
Contributions to unconsolidated entities (10,249) (2,912) (8,437)
(Purchases of) proceeds from redemption of FHLB stock (1,182) 273 6,746
Net cash used in investing activities (384,483) (662,296) (596,946)
Cash flows from financing activities:      
Net increase in deposits 97,065 843,040 676,095
Proceeds from long-term debt 0 0 119,782
Repayments of long-term debt 0 0 115,944
Net increase (decrease) in FHLB advances and other short-term borrowings 5,000 (22,000) (128,000)
Cash dividends paid on common stock (28,505) (26,959) (25,935)
Repurchases of common stock (20,740) (18,669) (4,749)
Net proceeds from issuance of common stock and stock option exercises 679 1,236 0
Net cash provided by financing activities 53,499 776,648 521,249
Net (decrease) increase in cash and cash equivalents (216,863) 224,840 1,095
Cash and cash equivalents:      
At beginning of year 328,907 104,067 102,972
At end of year 112,044 328,907 104,067
Cash paid during the year for:      
Interest 13,476 8,320 17,296
Income taxes 5,581 22,672 20,044
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan (2,041) (889) 218
Net reclassification of loans to foreclosed loans and other real estate 0 0 128
Net transfer of portfolio loans to loans held for sale 0 0 6,565
Net transfer of investment securities from available-for-sale to held-to-maturity at fair value 675,177 0 0
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value 4,295 0 0
Other intangible assets and services provided in exchange for Swell common stock $ 1,500 $ 0 $ 0