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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net (loss) income from continuing operations $ (46,014) $ 21,273
Net income from discontinued operations 0 337
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Goodwill impairment 26,826 0
Depreciation and amortization 1,290 1,513
Deferred income tax expense 163 11,219
Provision for credit losses - loans 21,103 13,894
Benefit for credit losses - unfunded commitments (1,550) 0
Accretion of fair value adjustments (discounts) on acquired loans (1,785) (4,816)
Accretion of fair value adjustments (premiums) on acquired time deposits (666) (1,166)
Accretion of fair value adjustments (premiums) on acquired subordinated notes (75) (75)
Proceeds from sale of mortgage loans held for sale 186,460 460,655
Mortgage loans held for sale, originated (189,340) (361,895)
Gain on sale of mortgage loans (1,523) (2,617)
Proceeds from sale of guaranteed government loans held for sale 69,455 0
Guaranteed government loans held for sale, originated (35,027) 0
Gain on sale of guaranteed government loans (4,799) 0
Loss (gain) on disposal of premises and equipment 14 (405)
Loss on disposal of other assets 528 0
Realized loss on sale of securities available for sale 649 0
Realized gain on sale of other equity securities (207) 0
Investment amortization expense, net 510 1,095
Amortization of subordinated debt issuance costs 26 26
Intangible amortization 998 1,160
Fair value adjustments of other equity investments 277 (9,228)
Fair value adjustments attributable to mortgage servicing rights 726 (3,496)
Increase in cash surrender value of bank owned life insurance (885) (946)
Increase in accrued interest receivable (4,818) (4)
Increase in other assets (21,658) (12,630)
Increase in other liabilities 22,910 9,139
Net cash provided by operating activities - continuing operations 23,588 123,033
Net cash provided by operating activities - discontinued operations 0 55
Cash provided by operating activities 23,588 123,088
Cash Flows From Investing Activities    
Net increase in loans held for investment (72,400) (381,956)
Net (increase) decrease in federal funds sold (1,158) 33,322
Purchases of securities available for sale 0 (68,261)
Proceeds from calls, sales, paydowns and maturities of securities available for sale 28,774 23,348
Proceeds from sales of other equity investments 1,297 0
Proceeds from sale of other real estate owned 264 70
Net decrease in Paycheck Protection Program loans 5,553 17,258
Net change in restricted equity and other investments 4,413 (6,098)
Purchase of premises and equipment (713) (261)
Proceeds from sale of premises and equipment 55 1,937
Proceeds from sale of other assets 950 0
Proceeds from sale of LSMG 250 0
Capital calls of small business investment company funds and other investments (3,816) (4,179)
Nonincome distributions from limited liability companies 1,221 918
Net cash used in investing activities - continuing operations (35,310) (383,902)
Net cash provided by investing activities - discontinued operations 0 245
Cash used in investing activities (35,310) (383,657)
Cash Flows From Financing Activities:    
Net (decrease) increase in demand, savings, and other interest-bearing deposits (62,655) 239,055
Net increase (decrease) in time deposits 336,965 (126,174)
Common stock dividends paid (4,641) (6,854)
FHLB advances 1,500,000 335,000
FHLB repayments (1,661,700) (194,900)
FRB advances 65,000 0
FRB repayments (51) (17,846)
Stock option exercises 26 14
Dividend reinvestment plan issuances 77 31
Net cash provided by financing activities - continuing operations 173,021 228,326
Net cash provided by financing activities - discontinued operations 0 0
Cash provided by financing activities 173,021 228,326
Net increase (decrease) in cash and due from banks 161,299 (32,243)
Cash and due from banks at beginning of period 77,274 130,548
Cash and due from banks at end of period 238,573 98,305
Supplemental Schedule of Cash Flow Information    
Interest 48,974 8,794
Income taxes 6,656 1,892
Non-cash investing and financing activities:    
Unrealized losses on securities available for sale (11,821) (57,908)
Restricted stock awards, net of forfeitures 1,382 997
Cumulative effect adjustment due to adoption of accounting standard, net of income taxes $ (8,111) $ 0
Cumulative effect adjustment of change in accounting method, net of income taxes 3,542