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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 58,669 $ 73,928 $ 79,894
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (credit) for credit losses 15,698 (1,273) (14,591)
Depreciation and amortization of premises and equipment 6,943 6,865 6,984
Net gain (loss) on sales and disposals of premises and equipment (5,059) 295 101
Non-cash lease (income) expense 13 (401) 2,262
Cash flows from operating leases (5,095) (5,896) (6,533)
Amortization of mortgage servicing rights 705 1,295 3,468
Net amortization and accretion of premium/discount on investment securities 3,049 4,395 9,176
Share-based compensation expense 1,636 3,273 3,231
Net loss (gain) on sales of investment securities 2,074 (8,506) (150)
Net gain on sales of residential mortgage loans (721) (1,778) (6,376)
Proceeds from sales of loans held for sale 39,950 80,237 166,144
Origination of loans held for sale (39,902) (76,033) (146,612)
Equity in earnings of unconsolidated entities 22 (184) (365)
Distributions from unconsolidated entities 51 237 480
Net increase in cash surrender value of bank-owned life insurance (5,366) (10) (5,043)
Deferred income tax expense 11,211 25,810 10,828
Net tax benefit from share-based compensation 154 146 200
Net change in other assets and liabilities 21,080 11,721 7,390
Net cash provided by operating activities 105,112 114,121 110,488
Cash flows from investing activities:      
Purchases of available-for-sale investment securities (47,393) (89,058) (1,071,360)
Proceeds from maturities, prepayments and calls of available-for-sale investment securities 60,101 168,224 291,734
Proceeds from sales of available-for-sale and equity investment securities 29,476 8,506 281,191
Purchases of held-to-maturity investment securities 0 (20,041) 0
Proceeds from maturities, prepayments and calls of held-to-maturity investment securities 39,099 33,469 0
Loan payments (originations), net 111,012 (133,501) 128,595
Purchases of loan portfolios (19,659) (323,402) (266,712)
Proceeds from sales of loans originated for investment 9,629 0 0
Purchases of bank-owned life insurance 0 (1,300) (3,550)
Proceeds from bank-owned life insurance death benefits 2,627 2,491 2,606
Net purchases of premises and equipment (12,650) (18,440) (22,161)
Proceeds from sales of premises and equipment 6,216 0 0
Net return of capital from unconsolidated entities 495 0 0
Contributions to unconsolidated entities (1,645) (10,249) (2,912)
Net proceeds from redemption (purchases of) FHLB stock 2,353 (1,182) 273
Net cash provided by (used in) investing activities 179,661 (384,483) (662,296)
Cash flows from financing activities:      
Net increase in deposits 111,369 97,065 843,040
Net (decrease) increase in FHLB advances and other short-term borrowings (5,000) 5,000 (22,000)
Proceeds from long-term debt 50,000 0 0
Cash dividends paid on common stock (28,117) (28,505) (26,959)
Repurchases of common stock (2,632) (20,740) (18,669)
Net proceeds from issuance of common stock and stock option exercises 0 679 1,236
Net cash provided by financing activities 125,620 53,499 776,648
Net increase (decrease) in cash and cash equivalents 410,393 (216,863) 224,840
Cash and cash equivalents at beginning of year 112,044 328,907 104,067
Cash and cash equivalents at end of year 522,437 112,044 328,907
Cash paid during the year for:      
Interest 58,448 13,476 8,320
Income taxes 7,313 5,581 22,672
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan 0 (2,041) (889)
Net transfer of investment securities from available-for-sale to held-to-maturity at fair value 0 675,177 0
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value 7,440 4,295 0
Other intangible assets and services provided in exchange for Swell common stock 0 1,500 0
Other intangible assets received in exchange for Swell common stock $ 1,500 $ 0 $ 0