Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 20,044,000
|
$ 27,825,000
|
$ 39,455,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Net premium / discount amortization on securities |
2,932,000
|
2,329,000
|
2,726,000
|
| Securities (gains) losses, net |
(232,000)
|
25,000
|
(4,511,000)
|
| Provision (release) for credit losses |
4,326,000
|
10,413,000
|
1,600,000
|
| Originations of loans held-for-sale |
(239,175,000)
|
(384,379,000)
|
(164,696,000)
|
| Proceeds from sales of loans held-for-sale |
254,374,000
|
388,538,000
|
168,472,000
|
| Net gains on sales of mortgage loans |
(9,300,000)
|
(15,519,000)
|
(5,112,000)
|
| Mortgage servicing rights mark to market loss |
(1,261,000)
|
3,999,000
|
2,662,000
|
| Net accretion of discount on loans |
(1,177,000)
|
(911,000)
|
(1,025,000)
|
| Net change in cash surrender value of BOLI |
(1,390,000)
|
(1,233,000)
|
(1,415,000)
|
| Net gains on sale of other real estate owned |
(41,000)
|
(204,000)
|
(264,000)
|
| Provision for other real estate owned valuation losses |
79,000
|
357,000
|
519,000
|
| Depreciation of fixed assets and amortization of leasehold improvements |
3,152,000
|
2,798,000
|
2,462,000
|
| Write-down of fixed assets |
3,809,000
|
|
|
| Amortization of core deposit intangibles |
644,000
|
494,000
|
539,000
|
| Change in current income taxes receivable |
(9,286,000)
|
811,000
|
1,546,000
|
| Deferred tax expense (benefit) |
6,479,000
|
(646,000)
|
6,436,000
|
| Change in accrued interest receivable and other assets |
6,865,000
|
(17,692,000)
|
(6,350,000)
|
| Accretion of purchase accounting adjustment on time deposits |
(155,000)
|
|
(38,000)
|
| Amortization of purchase accounting adjustment on notes payable and other borrowings |
(4,000)
|
27,000
|
92,000
|
| Amortization of junior subordinated debentures issuance costs |
|
643,000
|
48,000
|
| Amortization of subordinated debentures issuance costs |
64,000
|
|
|
| Amortization of senior notes issuance costs |
105,000
|
105,000
|
112,000
|
| Change in accrued interest payable and other liabilities |
(11,240,000)
|
6,118,000
|
6,863,000
|
| Stock based compensation |
1,435,000
|
2,089,000
|
2,516,000
|
| Net cash provided by operating activities |
31,047,000
|
25,987,000
|
52,637,000
|
| Cash flows from investing activities |
|
|
|
| Proceeds from maturities and calls, including pay down of securities available-for-sale |
138,874,000
|
48,054,000
|
41,752,000
|
| Proceeds from sales of securities available-for-sale |
605,846,000
|
18,006,000
|
191,298,000
|
| Purchases of securities available-for-sale |
(886,103,000)
|
(65,229,000)
|
(159,544,000)
|
| Proceeds from sales of FHLBC/FRBC stock |
|
|
6,875,000
|
| Purchases of FHLBC/FRBC stock |
|
|
(3,359,000)
|
| Net change in loans |
122,102,000
|
(103,887,000)
|
(34,440,000)
|
| Purchases of BOLI policies |
(591,000)
|
(590,000)
|
|
| Proceeds from claims on BOLI, net of claims receivable |
|
484,000
|
1,196,000
|
| Proceeds from sales of other real estate owned, net of participations and improvements |
5,828,000
|
3,275,000
|
2,779,000
|
| Proceeds from disposition of fixed assets |
|
|
32,000
|
| Net purchases of premises and equipment |
(2,033,000)
|
(3,921,000)
|
(4,377,000)
|
| Cash and cash equivalents acquired, net of cash paid for acquisition |
148,995,000
|
|
|
| Net cash provided by (used in) investing activities |
132,918,000
|
(103,808,000)
|
42,212,000
|
| Cash flows from financing activities |
|
|
|
| Net change in deposits |
235,078,000
|
410,324,000
|
10,114,000
|
| Net change in securities sold under repurchase agreements |
(16,643,000)
|
18,287,000
|
2,061,000
|
| Net change in other short-term borrowings |
|
(48,500,000)
|
(101,000,000)
|
| Redemption of junior subordinated debentures |
|
(32,604,000)
|
|
| Issuance of subordinated debentures, net of issuance costs |
59,148,000
|
|
|
| Issuance of term note |
|
20,000,000
|
|
| Repayment of term note |
(4,000,000)
|
(3,000,000)
|
|
| Net change in notes payable and other borrowings, excluding term note |
(315,000)
|
(307,000)
|
(8,798,000)
|
| Proceeds from exercise of stock options |
|
|
32,000
|
| Dividends paid on common stock |
(4,612,000)
|
(1,186,000)
|
(1,195,000)
|
| Purchase of treasury stock |
(10,417,000)
|
(5,922,000)
|
(666,000)
|
| Net cash provided by (used in) financing activities |
258,239,000
|
357,092,000
|
(99,452,000)
|
| Net change in cash and cash equivalents |
422,204,000
|
279,271,000
|
(4,603,000)
|
| Cash and cash equivalents at beginning of period |
329,903,000
|
50,632,000
|
55,235,000
|
| Cash and cash equivalents at end of period |
752,107,000
|
329,903,000
|
50,632,000
|
| Supplemental cash flow information |
|
|
|
| Income taxes paid, net |
10,612,000
|
7,922,000
|
4,425,000
|
| Interest paid for deposits |
2,752,000
|
7,255,000
|
9,686,000
|
| Interest paid for borrowings |
5,366,000
|
5,093,000
|
9,073,000
|
| Non-cash transfer of loans to other real estate owned |
$ 196,000
|
$ 898,000
|
$ 863,000
|