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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 53,412 $ 58,669 $ 73,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (credit) for credit losses 9,826 15,698 (1,273)
Depreciation and amortization of premises and equipment 6,878 6,943 6,865
Net gain (loss) on sales and disposals of premises and equipment 56 (5,059) 295
Non-cash lease expense (income) 159 13 (401)
Cash flows from operating leases (5,073) (5,095) (5,896)
Amortization of mortgage servicing rights 776 705 1,295
Net amortization and accretion of premium/discount on investment securities 1,766 3,049 4,395
Share-based compensation expense 2,072 1,636 3,273
Net loss (gain) on sales of investment securities 9,934 2,074 (8,506)
Net gain on sales of residential mortgage loans (1,257) (721) (1,778)
Proceeds from sales of loans held for sale 68,339 39,950 80,237
Origination of loans held for sale (70,966) (39,902) (76,033)
Equity in earnings of unconsolidated entities 21 22 (184)
Distributions from unconsolidated entities 0 51 237
Net increase in cash surrender value of bank-owned life insurance (6,619) (5,366) (10)
Deferred income tax expense 8,771 11,211 25,810
Net tax benefit from share-based compensation 57 154 146
Amortization and impairment of intangible assets 1,461 0 0
Net change in other assets and liabilities 10,906 21,080 11,721
Net cash provided by operating activities 90,519 105,112 114,121
Cash flows from investing activities:      
Purchases of available-for-sale investment securities (253,580) (47,393) (89,058)
Proceeds from maturities, prepayments and calls of available-for-sale investment securities 57,371 60,101 168,224
Proceeds from sales of available-for-sale and equity investment securities 96,562 29,476 8,506
Purchases of held-to-maturity investment securities 0 0 (20,041)
Proceeds from maturities, prepayments and calls of held-to-maturity investment securities 41,690 39,099 33,469
Loan payments (originations), net 131,598 111,012 (133,501)
Purchases of loan portfolios (49,443) (19,659) (323,402)
Proceeds from sales of loans originated for investment 9,397 9,629 0
Purchases of bank-owned life insurance (3,008) 0 (1,300)
Proceeds from bank-owned life insurance death benefits 4,117 2,627 2,491
Net purchases of premises and equipment (15,092) (12,650) (18,440)
Proceeds from sales of premises and equipment 0 6,216 0
Net return of capital from unconsolidated entities 0 495 0
Contributions to unconsolidated entities (18,822) (1,645) (10,249)
Net proceeds from (purchases) redemption of FHLB stock (136) 2,353 (1,182)
Net cash provided by (used in) investing activities 654 179,661 (384,483)
Cash flows from financing activities:      
Net (decrease) increase in deposits (203,581) 111,369 97,065
Net (decrease) increase in FHLB advances and other short-term borrowings 0 (5,000) 5,000
Proceeds from long-term debt 0 50,000 0
Cash dividends paid on common stock (28,143) (28,117) (28,505)
Repurchases of common stock (945) (2,632) (20,740)
Net proceeds from issuance of common stock and stock option exercises 0 0 679
Net cash (used in) provided by financing activities (232,669) 125,620 53,499
Net (decrease) increase in cash and cash equivalents (141,496) 410,393 (216,863)
Cash and cash equivalents at beginning of year 522,437 112,044 328,907
Cash and cash equivalents at end of year 380,941 522,437 112,044
Cash paid during the year for:      
Interest expense paid 103,263 58,448 13,476
Income taxes (received) paid, net (9,213) 7,313 5,581
Supplemental non-cash disclosures:      
Net change in common stock held by directors' deferred compensation plan 0 0 (2,041)
Net transfer of investment securities from available-for-sale to held-to-maturity at fair value 0 0 675,177
Right-of-use lease assets obtained in exchange for lease liabilities 5,117 0 0
Amortization of unrealized losses on investment securities transferred to held-to-maturity at fair value 7,159 7,440 4,295
Other intangible assets and services provided in exchange for Swell common stock 0 0 1,500
Other intangible assets received in exchange for Swell common stock $ 0 $ 1,500 $ 0