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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 50,927,000 $ 50,401,000
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and net amortization 5,289,000 5,561,000
Securities premium amortization (discount accretion), net 3,698,000 9,346,000
Loan (discount accretion) premium amortization, net 187,000 (323,000)
Provision for (reversal of) credit losses (114,000) (339,000)
Stock compensation expense 1,838,000 1,666,000
Deferred tax expense (benefit) (316,000) 643,000
Net (gain) loss on sale of AFS securities 5,601,000 3,720,000
Net (gain) loss on sale of equity securities (5,058,000) 0
Loss on impairment of investments 0 38,000
Net loss on premises and equipment 88,000 433,000
Gross proceeds from sales of loans held for sale 9,025,000 15,835,000
Gross originations of loans held for sale (10,024,000) (14,966,000)
Net (gain) loss on OREO (53,000) (12,000)
Gain on purchase of subordinated notes (587,000) 0
Net change in:    
Interest receivable 1,085,000 (2,394,000)
Other assets 74,402,000 (3,472,000)
Interest payable 4,962,000 (346,000)
Other liabilities (82,917,000) 62,242,000
Net cash provided by (used in) operating activities 58,033,000 128,033,000
Securities AFS:    
Purchases (717,315,000) (523,339,000)
Sales 642,230,000 264,792,000
Maturities, calls and principal repayments 15,069,000 78,779,000
Securities HTM:    
Maturities, calls and principal repayments 19,705,000 6,097,000
Proceeds from sales of equity securities 6,679,000 0
Proceeds from redemption of FHLB stock and equity investments 27,525,000 11,041,000
Purchases of FHLB stock and equity investments (29,148,000) (9,833,000)
Net loan paydowns (originations) (182,187,000) (317,731,000)
Purchases of premises and equipment (3,195,000) (4,965,000)
Proceeds from BOLI 951,000 0
Proceeds from sales of premises and equipment 370,000 7,000
Net proceeds from sales of OREO 146,000 34,000
Proceeds from sales of repossessed assets 102,000 47,000
Net cash provided by (used in) investing activities (219,068,000) (495,071,000)
FINANCING ACTIVITIES:    
Net change in deposits (80,402,000) 526,069,000
Net change in other borrowings 279,188,000 35,259,000
Proceeds from FHLB borrowings 1,328,000,000 1,050,000,000
Repayment of FHLB borrowings (1,298,351,000) (1,240,337,000)
Purchase of subordinated notes (4,365,000) 0
Proceeds from stock option exercises 640,000 409,000
Cash paid to tax authority related to tax withholding on share-based awards (227,000) (352,000)
Purchase of common stock (34,480,000) (12,200,000)
Proceeds from the issuance of common stock for dividend reinvestment plan 601,000 635,000
Cash dividends paid (21,708,000) (21,909,000)
Net cash provided by (used in) financing activities 168,896,000 337,574,000
Net increase (decrease) in cash and cash equivalents 7,861,000 (29,464,000)
Cash and cash equivalents at beginning of period 199,252,000 201,753,000
Cash and cash equivalents at end of period 207,113,000 172,289,000
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:    
Interest paid 55,493,000 11,334,000
Income taxes paid 8,000,000 5,200,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Loans transferred to other repossessed assets and real estate through foreclosure 61,000 197,000
Transfer of AFS to HTM securities 0 1,089,978,000
Unsettled trades to purchase securities 0 (174,038,000)
Unsettled trades to sell securities $ 31,548,000 $ 72,001,000