XML 20 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 60,672 $ 71,109 $ 52,987
Adjustments to reconcile net income to net cash provided by operating activities:      
Net amortization (accretion) of premiums and discounts on investments 5,057 6,551 8,433
Provision for credit losses 7,295 (2,025) 2,466
Securities (gains)/losses 1 (3) (114)
Depreciation and amortization 6,530 6,111 6,154
Provision for deferred income taxes (472) (3,150) (1,568)
Net change in accrued interest receivable (3,589) (4,342) 982
Contribution of shares to ESOP 1,518 1,451 1,402
Restricted stock compensation 895 825 807
Gain on sale of mortgage loans (966) (1,994) (5,003)
(Gain) Loss on sale of other real estate 31 55 18
Origination of loans held for sale (31,498) (65,412) (115,144)
Proceeds from loans held for sale 31,611 69,946 123,079
Other, net 9,005 (335) (19,432)
NET CASH FROM OPERATING ACTIVITIES 86,090 78,787 55,067
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of securities available-for-sale     9,369
Calls, maturities and principal reductions on securities available-for-sale 111,541 179,597 262,209
Purchases of securities available-for-sale (30,460) (345,201) (589,802)
Proceeds from loans sold previously classified as portfolio loans   12,802  
Loans made to customers, net of repayment (106,031) (271,503) 31,628
Net change in federal funds sold 9,092 (9,066) 10,463
Purchase of bank owned life insurance     (10,000)
Redemption of restricted stock 40 1,871  
Purchase of restricted stock (26) (1,049) (25)
Cash received (disbursed) from acquisitions     (23,092)
Proceeds from sales of other real estate owned 287 286 929
Additions to premises and equipment (6,541) (1,426) (3,835)
NET CASH FROM INVESTING ACTIVITIES (22,098) (433,689) (312,156)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net change in deposits (278,199) (39,547) 367,985
Net change in short-term borrowings (3,654) (22,499) (22,687)
Dividends paid (15,383) (14,459) (14,181)
Purchase of treasury stock (11,514) (27,701) (42,471)
Proceeds from other borrowings 2,080,000    
Maturities of other borrowings (1,981,000) (6,402) (1,000)
NET CASH FROM FINANCING ACTIVITIES (209,750) (110,608) 287,646
NET CHANGE IN CASH AND CASH EQUIVALENTS (145,758) (465,510) 30,557
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD 222,517 688,027 657,470
CASH AND DUE FROM BANKS, END OF PERIOD 76,759 222,517 688,027
SUPPLEMENTAL DISCLOSURES OF CASH FLOW AND NONCASH INFORMATION:      
Interest 59,031 18,463 9,144
Income Taxes $ 11,350 $ 13,525 $ 15,025