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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 4,274 $ 29,190
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,019 6,745
Increase in cash surrender value of bank-owned life insurance (760) (712)
Provision for credit losses 13,059 2,868
Share-based compensation expense 873 1,967
Loans originated for sale (248,622) (431,053)
Proceeds from sale of loans 249,296 466,148
Gain on loans sold (14,969) (13,629)
Decrease in fair value of loans held-for-sale 143 599
Gain (loss) on derivatives 362 (3,625)
Loan servicing asset revaluation 670 1,100
Net change in accrued income and other assets (4,385) 19,262
Net change in accrued expenses and other liabilities (3,584) (5,084)
Net cash provided by operating activities (624) 73,776
Investing Activities    
Net loan activity, excluding purchases (51,677) (87,883)
Proceeds from sale of other real estate owned 0 1,188
Maturities and calls of securities available-for-sale 39,749 69,798
Purchase of securities available-for-sale (110,749) (12,133)
Maturities and calls of securities held-to-maturity 14,236 5,927
Purchase of securities held-to-maturity (53,573) (41,246)
Redemption of Federal Home Loan Bank of Indianapolis stock 0 431
Purchase of Federal Home Loan Bank of Indianapolis stock 0 (3,131)
Purchase of premises and equipment (4,970) (14,368)
Loans purchased (194,318) (295,254)
Net proceeds from sale of portfolio loans 0 14,466
Other investing activities (3,442) 374
Net cash used in investing activities (364,744) (361,831)
Financing Activities    
Net increase in deposits 640,370 13,685
Cash dividends paid (1,623) (1,733)
Repurchase of common stock (8,620) (20,626)
Proceeds from advances from Federal Home Loan Bank 415,000 455,000
Repayment of advances from Federal Home Loan Bank (415,000) (380,000)
Other, net (106) (179)
Net cash provided by financing activities 630,021 66,147
Net Increase (Decrease) in Cash and Cash Equivalents 264,653 (221,908)
Cash and Cash Equivalents, Beginning of Period 256,552 442,960
Cash and Cash Equivalents, End of Period 521,205 221,052
Supplemental Disclosures    
Cash paid during the period for interest 118,019 35,946
Cash paid during the period for taxes 864 1,893
Loans transferred to other real estate owned 106 0
Loans transferred to held-for-sale from portfolio 0 14,049
Cash dividends declared, paid in subsequent period 520 557
Securities purchased during the period, settled in subsequent period 2,632 2,997
Transfer of available-for-sale mortgage-backed securities to held-to-maturity mortgage-backed securities at fair value $ 0 $ 96,220