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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 39,409,000 $ 46,078,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 2,438,000 6,460,000
Depreciation, amortization and accretion 8,097,000 9,237,000
Deferred income tax expense 1,706,000 2,667,000
Proceeds from sale of MSR 23,011,000 0
Gain on sale of MSR (3,472,000) 0
Funding of mortgage loans held for sale (260,424,000) (258,946,000)
Proceeds from sales of mortgage loans held for sale 250,399,000 212,755,000
Gains on sales of mortgage loans held for sale (4,535,000) (4,769,000)
Debt prepayment benefit (56,000) 0
Losses on sales of premises and equipment 50,000 2,000
Stock-based compensation expense 3,992,000 3,445,000
Decrease (increase) in other assets 9,904,000 (10,945,000)
Increase in other liabilities (5,462,000) (13,366,000)
Net cash provided by (used in) operating activities 65,057,000 (7,382,000)
Investing activities    
Purchases of securities available for sale (46,975,000) 0
Proceeds from sales of securities available for sale 177,185,000 0
Proceeds from call/maturities of securities available for sale 22,148,000 45,342,000
Proceeds from call/maturities of securities held to maturity 24,159,000 25,424,000
Net increase in loans (148,854,000) (195,617,000)
Purchases of premises and equipment (3,296,000) (8,237,000)
Proceeds from sales of premises and equipment 256,000 0
Net change in FHLB stock 5,120,000 (22,130,000)
Proceeds from sales of other assets 132,000 647,000
Other, net 93,000 1,340,000
Net cash provided by (used in) investing activities 29,968,000 (153,231,000)
Financing activities    
Net decrease in noninterest-bearing deposits (67,511,000) (313,879,000)
Net increase in interest-bearing deposits 227,889,000 738,933,000
Net (decrease) increase in short-term borrowings (199,456,000) 19,825,000
Repayment of long-term debt (245,000) 0
Cash paid for dividends (12,653,000) (12,561,000)
Net cash (used in) provided by financing activities (51,976,000) 432,318,000
Net increase in cash and cash equivalents 43,049,000 271,705,000
Cash and cash equivalents at beginning of period 801,351,000 575,992,000
Cash and cash equivalents at end of period 844,400,000 847,697,000
Supplemental disclosures    
Cash paid for interest 91,121,000 41,239,000
Cash paid for income taxes 0 17,443,000
Noncash transactions:    
Transfers of loans to other real estate owned 195,000 3,623,000
Recognition of operating right-of-use assets 1,157,000 531,000
Recognition of operating lease liabilities $ 1,157,000 $ 531,000