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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net Income $ 110,343 $ 21,040 $ 98,234
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses [1] 16,215 131,424 14,873
Provision for unfunded loan commitments 0 0 436
Depreciation and amortization 11,480 12,066 11,724
Net amortization of discounts and premiums 5,482 4,205 3,243
Stock-based compensation expense 2,427 724 2,441
Securities (gains) losses (29) (142) 26
Deferred income taxes 2,383 (4,402) (381)
Loss (gain) on sale of fixed assets 30 (23) 37
Gain on the sale of loans, net (8,856) (8,998) (1,887)
Pension contribution 0 (115) 0
Net change in:      
Mortgage loans originated for sale (286,257) (361,704) (109,624)
Proceeds from sale of mortgage loans 311,479 357,613 109,082
Net decrease (increase) in interest receivable 3,561 (2,560) (3,768)
Net decrease in interest payable (2,087) (3,178) (2,223)
Net decrease (increase) in other assets 85,509 (142,891) (8,286)
Net (decrease) increase in other liabilities (35,569) 50,392 24,496
Net Cash Provided by Operating Activities 216,111 53,451 138,423
INVESTING ACTIVITIES      
Purchases of securities available-for-sale (313,617) (178,389) (129,973)
Proceeds from maturities, prepayments and calls of securities available-for-sale 144,905 205,606 92,412
Proceeds from sales of securities available-for-sale 1,917 1,349 59,934
Purchases of Federal Home Loan Bank stock (22,515) (33,755) (61,852)
Proceeds from redemption of Federal Home Loan Bank stock 26,026 43,702 68,467
Net decrease (increase) in loans 173,401 (194,768) (298,741)
Proceeds from the sale of loans not originated for resale 5,107 547 520
Purchases of premises and equipment (3,611) (5,416) (5,153)
Proceeds from the sale of premises and equipment 14 23 71
Net cash acquired from bank acquisitions 0 0 63,759
Proceeds from settlement of bank owned life insurance 353 0 0
Net Cash Provided by (Used in) Investing Activities 11,980 (161,101) (210,556)
FINANCING ACTIVITIES      
Net increase in core deposits 875,378 591,932 423,203
Net decrease in certificates of deposit (299,292) (207,106) (27,632)
Net increase in securities sold under repurchase agreements 19,328 45,275 1,505
Net decrease in short-term borrowings (75,000) (206,319) (200,000)
Proceeds from long-term borrowings 0 0 10,000
Repayments of long-term borrowings (11,001) (27,187) (35,936)
Treasury shares issued - net (630) (594) (915)
Repurchase common stock 0 (12,559) (18,222)
Costs to issue equity securities 0 0 (176)
Cash dividends paid to common shareholders (44,325) (43,949) (37,360)
Net Cash Provided by Financing Activities 464,458 139,493 114,467
Net increase in cash and cash equivalents 692,549 31,843 42,334
Cash and cash equivalents at beginning of year 229,666 197,823 155,489
Cash and Cash Equivalents at End of Year 922,215 229,666 197,823
Supplemental Disclosures      
Interest paid 15,236 44,353 75,278
Income taxes paid, net of refunds 24,213 6,231 14,663
Loans transferred to held for sale 4,467 640 456
Leased right-of-use operating assets and lease liabilities added to Balance Sheet 2,987 91 49,490
Net assets (liabilities) from acquisitions, excluding cash and cash equivalents 0 0 43,637
Transfers to other real estate owned and other repossessed assets $ 12,392 $ 631 $ 2,592
[1] (1)Beginning January 1, 2020, provision for credit losses is based on current expected credit loss methodology due to the adoption of CECL. Prior to January 1, 2020, it was based on incurred loss methodology.