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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net earnings $ 21,483 $ 24,143
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 3,084 3,036
Amortization 527 556
Deferred taxes 428 (1,157)
Premium amortization, net of discount accretion 1,219 1,613
Net realized loss on sales of securities available for sale 0 229
Gain on sale of loans (751) (1,005)
Reversal of provision for credit losses (1,950) 0
Origination of loans held for sale (24,784) (32,719)
Proceeds from loans held for sale 25,741 34,374
Write-down of other real estate and repossessed assets 923 0
Net gain on sale of premises, equipment, other real estate owned and other assets (47) (2,944)
Stock based compensation 409 445
Net change in accrued interest receivable and other assets 9,086 (21,196)
Net change in accrued interest payable and other liabilities 1,523 2,778
Net cash provided by operating activities 36,891 8,153
Securities available for sale:    
Purchases (1,493,974) (1,404,235)
Proceeds from Sales 0 21,268
Proceeds from maturities and principal repayments 1,420,794 1,386,666
Securities held to maturity:    
Proceeds from maturities and principal repayments 61,050 99,020
Net repayments of loans 168,942 58,082
Purchases of premises and equipment (3,133) (5,464)
Proceeds from sale of premises, equipment, other real estate owned and other assets 414 3,498
Net cash provided by investing activities 154,093 158,835
Cash flows from financing activities    
Net change in deposits 35,668 (22,861)
Net change in securities sold under agreements to repurchase 5,992 12,145
Proceeds from FHLB advances 1,395,000 2,480,000
Repayment of FHLB advances (1,535,000) (2,595,000)
Proceeds from line of credit 3,000 15,000
Repayment of line of credit (7,500) (13,000)
Repayments of debentures (2,000) (1,500)
Purchase of treasury stock (6,266) (10,539)
Exercise of stock options 1,710 516
Cash dividends paid (8,166) (8,039)
Net cash used in financing activities (117,562) (143,278)
Net change in cash and cash equivalents 73,422 23,710
Cash and cash equivalents at beginning of period 89,524 106,467
Cash and cash equivalents at end of period 162,946 130,177
Supplemental disclosures of cash flow information    
Interest paid 49,637 39,832
Income taxes paid 4,225 6,580
Supplemental schedule of noncash investing and financing activities    
Cash dividends accrued 2,738 2,658
Lease right of use assets obtained in exchange for lease liabilities 1,205 568
Transfer of loans to other real estate owned and repossessed assets $ 16,292 $ 0