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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net Income $ 49,653 $ 48,612
Items not requiring (providing) cash    
Depreciation and amortization 3,716 3,993
Provision for credit losses [1] 4,844 1,000
Accretion of discounts and amortization of premiums on securities 3,259 3,876
Stock based compensation 3,304 3,373
Foreclosed asset impairment 0 630
Deferred income taxes 1,713 2,233
Net increase in bank owned life insurance (1,200) (3,088)
Net unrealized losses on equity securities 261 6,243
Net realized (gains) losses on available-for-sale securities 43 (1,043)
Changes in    
Interest receivable (4,530) 1,308
Other assets 3,802 (1,753)
Other liabilities (2,989) (541)
Net cash provided by operating activities 61,876 64,843
Investing Activities    
Net change in loans (425,494) 196,637
Purchases of available-for-sale securities (82,305) (168,705)
Proceeds from maturities of available-for-sale securities 29,587 83,546
Proceeds from sale of available-for-sale securities 0 15,923
Proceeds from the sale of foreclosed assets 237 628
Purchase of premises and equipment (1,878) (671)
Proceeds from the sale of premises and equipment and related insurance claims 0 547
Purchase of restricted equity securities (6,957) 0
Proceeds from sale of restricted equity securities 10,111 3,143
Proceeds from death benefit on bank owned life insurance 0 3,483
Net cash provided by (used in) investing activities (476,699) 134,531
Financing Activities    
Net increase in demand deposits, savings, NOW and money market accounts 178,134 84,218
Net increase (decrease) in time deposits 125,784 (342,361)
Net decrease in fed funds purchased and repurchase agreements 0 (2,306)
Proceeds from Federal Home Loan Bank advances 50,000 0
Repayment of Federal Home Loan Bank advances (149,000) (16,500)
Net proceeds of Federal Home Loan Bank line of credit 67,748 0
Issuance of common shares, net of issuance cost 171 3
Proceeds from employee stock purchase plan 364 172
Repurchase of common stock (30,981) (13,939)
Acquisition of common stock for tax withholding obligations (995) (784)
Net decrease in employee receivables 6 35
Net cash provided by (used in) financing activities 241,231 (291,462)
Decrease in Cash and Cash Equivalents (173,592) (92,088)
Cash and Cash Equivalents, Beginning of Period 482,727 408,810
Cash and Cash Equivalents, End of Period 309,135 316,722
Supplemental Cash Flows Information    
Interest paid 25,648 19,402
Income taxes paid $ 10,545 $ 8,370
[1]
For the three-
 
and nine-months ended September 30, 2021, this line represents the provision for
 
loan and lease losses. See further
discussion of this change in “Note 1: Nature of Operations and Summary of Significant Accounting Policies”
in the Notes to
Condensed Consolidated Financial Statements (unaudited).