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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 earnings $ 31,491 $ 30,009 $ 40,423
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation 4,311 4,042 4,211
Amortization 702 734 724
Deferred taxes 164 346 (1,157)
Premium amortization, net of discount accretion 1,246 2,070 4,919
Net realized loss (gain) on sales of securities available for sale 0 229 (172)
Gain on sale of loans (991) (1,201) (2,435)
(Reversal of) provision for credit losses (2,200) 0 2,150
Origination of loans held for sale (32,249) (39,066) (73,292)
Proceeds from loans held for sale 34,073 42,447 76,700
Write-down of other real estate and repossessed assets 923 0 19
Net gain on sale of premises, equipment, other real estate owned and other assets (299) (2,943) (925)
Stock based compensation 542 594 688
Net change in accrued interest receivable and other assets 10,722 (1,860) (14,446)
Net change in accrued interest payable and other liabilities (1,012) 3,806 1,439
Net cash provided by operating activities 47,423 39,207 38,846
Securities available for sale:      
Purchases (2,177,093) (1,671,050) (641,739)
Proceeds from Sales 0 21,268 26,130
Proceeds from maturities and principal repayments 2,031,252 1,641,283 628,160
Securities held to maturity:      
Purchases 0 0 (457,452)
Proceeds from maturities and principal repayments 67,856 102,681 234,150
Net repayment (originations) of loans 174,205 53,072 (470,389)
Purchases of premises and equipment (3,317) (6,779) (5,684)
Proceeds from sale of premises, equipment, other real estate owned and other assets 14,805 3,558 1,860
Net cash provided by investing activities 107,708 144,033 (684,964)
Cash flows from financing activities      
Net change in deposits 58,921 (47,908) 10,664
Net change in securities sold under agreements to repurchase 5,903 17,951 (6,930)
Proceeds from FHLB advances 1,595,000 3,275,000 1,135,000
Repayment of FHLB advances (1,735,000) (3,425,000) (892,500)
Proceeds from line of credit 3,000 17,500 1,000
Repayment of line of credit (7,500) (13,000) (6,000)
Proceeds from issuance of subordinated debt 0 0 34,436
Repayments of debentures (4,000) (3,500) (5,093)
Purchase of treasury stock (6,368) (11,227) (8,838)
Exercise of stock options 2,257 698 1,565
Cash dividends paid (10,904) (10,697) (10,324)
Net cash (used in) financing activities (98,691) (200,183) 252,980
Net change in cash and cash equivalents 56,440 (16,943) (393,138)
Cash and cash equivalents at beginning of period 89,524 106,467 499,605
Cash and cash equivalents at end of period 145,964 89,524 106,467
Supplemental disclosures of cash flow information      
Interest paid 65,437 56,588 13,513
Income taxes paid 5,535 7,580 9,940
Supplemental schedule of noncash investing and financing activities      
Cash dividends accrued 2,744 2,654 2,627
Lease right of use assets obtained in exchange for lease liabilities 1,215 1,695 337
Available for sale securities transferred to held to maturity, net of unrealized loss of $13,186. 0 0 106,157
Transfer of loans to other real estate owned and repossessed assets 16,311 292 70
Contributions from noncontrolling interest $ 76 $ 0 $ 574