XML 23 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 131,265 $ 144,781 $ 135,520
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 133 17,892 8,366
Net depreciation, amortization and accretion 10,865 7,520 9,027
Net amortization of discounts and premiums on securities 2,837 4,666 6,062
Stock-based compensation expense 4,622 3,874 3,188
Loss on sale of securities 7,938 0 (198)
Deferred income taxes (296) 601 (2,932)
Loss (gain) on sale of fixed assets 196 (100) 61
Gain on sale of loans, net (69) (81) (1,229)
Loss (gain) on sale and fair value adjustments of other real estate owned, net 58 (3,898) (3,119)
Proceeds from the sale of mortgage loans 4,552 3,839 38,583
Mortgage loans originated for sale (4,330) (3,895) (35,848)
Net change in:      
Net decrease (increase) in interest receivable 2,703 (7,094) (10,033)
Net increase in interest payable 4,998 17,763 2,901
Net (increase) decrease in other assets (1,732) 14,311 (24,628)
Net increase (decrease) in other liabilities 9,627 (28,430) 114,804
Net Cash Provided by Operating Activities 173,367 171,749 240,525
INVESTING ACTIVITIES      
Purchases of securities (313,552) (99,583) (401,054)
Proceeds from maturities, prepayments and calls of securities 159,606 147,710 160,830
Proceeds from sales of securities 136,401 0 30,490
Redemption (purchases) of Federal Home Loan Bank stock 9,851 (2,047) (13,515)
Net increase in loans (106,239) (492,795) (192,403)
Proceeds from sale of portfolio loans 8,923 11,641 8,024
Proceeds from sale of other real estate owned 131 7,051 12,529
Purchases of premises and equipment (2,994) (6,219) (3,863)
Proceeds from the sale of premises and equipment 58 710 161
Proceeds from life insurance settlement 1,003 1,696 214
Net payments from cash flow hedge (11,480) (12,383) (91)
Net Cash Used in Investing Activities (118,292) (444,219) (398,678)
FINANCING ACTIVITIES      
Net decrease in demand, money market and savings deposits (23,963) (345,260) (623,076)
Net increase (decrease) in certificates of deposit 285,321 647,111 (153,400)
Net (decrease) increase in short-term borrowings (265,000) 45,000 285,509
Proceeds from long-term borrowings 50,000 25,000 0
Repayments on long-term borrowings (38,381) (5,464) (7,689)
Repurchase of shares for taxes on restricted stock (870) (798) (808)
Cash dividends paid to common shareholders (50,974) (49,708) (46,952)
Repurchase of common stock 0 (19,808) (7,637)
Net Cash (Used in) Provided by Financing Activities (43,867) 296,073 (554,053)
Net increase (decrease) in cash and due from banks 11,208 23,603 (712,206)
Cash and due from banks at beginning of period 233,612 210,009 922,215
Cash and Due From Banks at End of Period 244,820 233,612 210,009
Supplemental Disclosures      
Right of use assets obtained in exchange for lease obligations 604 2,009 0
Cash paid for interest 176,068 111,303 22,068
Cash paid for income taxes, net of refunds 29,730 36,886 31,175
Transfers of loans to other real estate owned $ 122 $ 163 $ 23