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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 provided by (used in) operating activities      
Net income $ 113,691 $ 122,565 $ 128,311
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for credit losses 8,590 2,399 4,623
Amortization of intangible assets 10,057 10,432 11,628
Amortization of mortgage servicing rights 997 2,785 3,540
Amortization of New Markets Tax Credit 0 8,999 6,333
Depreciation and amortization of premises and equipment 9,503 9,488 10,482
Net amortization (accretion) on portfolio loans 4,372 6,971 3,932
Net amortization (accretion) of premium (discount) on investment securities 8,857 14,406 20,799
Net amortization (accretion) of premium (discount) on time deposits 101 (270) (403)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings 1,158 1,027 1,400
Impairment of OREO and other repossessed assets 0 100 611
Impairment of fixed assets held for sale 637 0 427
Impairment of mortgage servicing rights 0 1 (8)
Impairment of leases 0 0 84
Unrealized (gains) losses recognized on equity securities, net (931) 2,171 2,183
(Gain) loss on sales of equity securities, net 0 (5,475) (24)
(Gain) loss on sales of debt securities, net 7,033 5,503 (26)
Realized net gains (losses) on the sale of mortgage servicing rights (7,724) 0 0
(Gain) loss on sales of loans, net (1,761) (733) (1,944)
(Gain) loss on sales of OREO and other repossessed assets (585) (46) (54)
(Gain) loss on sales of premises and equipment (138) (450) (825)
(Gain) loss on life insurance proceeds (895) (759) 0
(Increase) decrease in cash surrender value of bank owned life insurance (4,235) (3,942) (3,663)
Provision for deferred income taxes 1,384 (2,920) (1,272)
Stock-based compensation 7,726 6,595 8,968
Proceeds from the sale of mortgage servicing rights 9,796 0 0
Mortgage loans originated for sale (104,176) (35,413) (70,953)
Proceeds from sales of mortgage loans 104,670 35,018 95,289
(Increase) decrease in other assets 19,752 (17,888) (56,284)
Increase (decrease) in other liabilities (9,612) 12,826 2,633
Net cash provided by (used in) operating activities 178,267 173,390 165,787
Cash flows provided by (used in) investing activities      
Purchases of equity securities (30,422) (6,617) (14,820)
Purchases of debt securities available for sale (182,603) (10,436) (280,083)
Proceeds from sales of equity securities 25,303 11,644 15,418
Proceeds from sales of debt securities available for sale 101,361 105,044 0
Proceeds from paydowns and maturities of debt securities held to maturity 48,822 48,927 70,116
Proceeds from paydowns and maturities of debt securities available for sale 370,774 326,252 470,134
Purchases of restricted bank stock (43,954) (30,957) (12,969)
Proceeds from the redemption of restricted bank stock 884 43,926 225
Purchases of loans (14,602) 0 0
Net (increase) decrease in loans 364,455 65,240 (541,713)
Net cash received in (paid for) acquisitions 18,377 0 0
Cash paid for premiums on bank-owned life insurance (74) (80) (106)
Proceeds from life insurance 3,092 2,292 219
Purchases of premises and equipment (6,430) (9,533) (4,989)
Proceeds from disposition of premises and equipment 2,247 4,425 4,528
Proceeds from sales of OREO and other repossessed assets, including cash payments collected 673 860 3,184
Net cash provided by (used in) investing activities 657,903 550,987 (290,856)
Cash flows provided by (used in) financing activities      
Net increase (decrease) in deposits (701,605) 220,146 (696,894)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase (32,969) (42,410) (40,333)
Net increase (decrease) in short-term borrowings (36,000) (335,000) 330,000
Proceeds from other borrowings, net of debt issuance costs 0 0 98,094
Repayment of other borrowings (31,450) (16,054) (112,678)
Cash dividends paid (54,169) (53,076) (50,863)
Purchase of treasury stock 0 (4,482) (9,912)
Cash paid for withholding taxes on stock-based payments (1,755) (1,093) (1,276)
Proceeds from stock options exercised (3) 0 0
Proceeds from stock warrants exercised 0 9 0
Common stock issuance costs (141) 0 0
Net cash provided by (used in) financing activities (858,092) (231,960) (483,862)
Net increase (decrease) in cash and cash equivalents (21,922) 492,417 (608,931)
Cash and cash equivalents, beginning of period 719,581 227,164 836,095
Cash and cash equivalents, ending of period 697,659 719,581 227,164
Cash payments for:      
Interest 208,359 135,482 35,297
Income taxes 12,907 25,408 30,676
Non-cash investing and financing activities:      
OREO acquired in settlement of loans 26 189 175
Transfer of debt securities available for sale to held to maturity $ 0 $ 0 $ 985,199