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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 33,910 $ 66,723
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,065 13,926
Loss on sale of investments 39,413 8,306
Net (gain)/loss on sale of assets (5,468) 691
Mortgage banking activity (1,625) (30)
Gain on sale of SBA loans (2,265) (1,112)
Gain on sale of mortgage servicing rights 0 (8,305)
Net depreciation, amortization and accretion 10,975 8,798
Decrease/(increase) in other assets 9,938 (34,351)
Increase/(decrease) in other liabilities 8,375 (2,545)
Net amortization on marketable securities 852 1,724
Noncash compensation expense related to stock benefit plans 2,772 2,045
Noncash write-down of other assets 5,795 37
Deferred income tax expense 2,907 1,010
Origination of loans held-for-sale (99,421) (82,984)
Proceeds from sale of loans held-for-sale 102,134 78,822
Net cash provided by operating activities 111,357 52,755
Investing activities:    
Purchase of marketable securities available-for-sale (318,280) (23,502)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity 30,254 32,998
Proceeds from maturities and principal reductions of marketable securities available-for-sale 40,455 57,276
Proceeds from sale of marketable securities available-for-sale 275,585 101,229
Proceeds from bank-owned life insurance 874 1,633
Loan originations (1,969,342) (2,024,737)
Proceeds from sale of mortgage servicing rights 0 13,118
Proceeds from loan maturities and principal reductions 2,020,162 1,673,841
Net proceeds/(redemptions) of FHLB stock 9,304 (4,470)
Proceeds from sale of real estate owned 638 1,257
Purchases of premises and equipment, net (1,988) (1,330)
Net cash provided by/(used in) investing activities 87,662 (172,687)
Financing activities:    
Net increase in deposits 107,477 197,847
Net decrease in short-term borrowings (156,532) (48,852)
Increase in advances by borrowers for taxes and insurance 7,018 9,530
Cash dividends paid on common stock (50,890) (50,829)
Proceeds from stock options exercised 81 498
Net cash (used in)/provided by financing activities (92,846) 108,194
Net increase/(decrease) in cash and cash equivalents 106,173 (11,738)
Cash and cash equivalents at beginning of period 122,260 139,365
Net increase/(decrease) in cash and cash equivalents 106,173 (11,738)
Cash and cash equivalents at end of period 228,433 127,627
Cash paid during the period for:    
Interest on deposits and borrowings (including interest credited to deposit accounts of $81,238 and $30,790, respectively) 109,260 56,218
Income taxes 13,972 24,106
Non-cash activities:    
Loan foreclosures and repossessions 2,294 1,803
Sale of real estate owned financed by the Company $ 0 $ 70