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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 134,230 $ 131,265 $ 144,781
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 7,422 133 17,892
Net depreciation, amortization and accretion 10,445 10,865 7,520
Net (accretion) amortization of discounts and premiums on securities (3,338) 2,837 4,666
Stock-based compensation expense 5,344 4,622 3,874
Loss on sale of securities 2,295 7,938 0
Deferred income taxes 175 (296) 601
(Gain) loss on sale of fixed assets (31) 196 (100)
Gain on sale of loans, net (107) (69) (81)
Loss (gain) on sale and fair value adjustments of other real estate owned, net 4 58 (3,898)
Proceeds from the sale of mortgage loans 3,907 4,552 3,839
Mortgage loans originated for sale (4,810) (4,330) (3,895)
Net change in:      
Net (increase) decrease in interest receivable (226) 2,703 (7,094)
Net (decrease) increase in interest payable (5,285) 4,998 17,763
Net decrease (increase) in other assets 35,193 (1,732) 14,311
Net (decrease) increase in other liabilities (51,602) 9,627 (28,430)
Net Cash Provided by Operating Activities 133,616 173,367 171,749
INVESTING ACTIVITIES      
Purchases of securities (142,389) (313,552) (99,583)
Proceeds from maturities, prepayments and calls of securities 133,387 159,606 147,710
Proceeds from sales of securities 47,038 136,401 0
(Purchases) redemptions of Federal Home Loan Bank stock (799) 9,851 (2,047)
Net increase in loans (360,472) (106,239) (492,795)
Proceeds from sale of portfolio loans 17,486 8,923 11,641
Proceeds from sale of other real estate owned 42 131 7,051
Purchases of premises and equipment, net of proceeds from sales (4,768) (2,936) (5,509)
Proceeds from life insurance settlement 1,739 1,003 1,696
Net payments from cash flow hedge (6,064) (11,480) (12,383)
Net Cash Used in Investing Activities (314,800) (118,292) (444,219)
FINANCING ACTIVITIES      
Net increase (decrease) in demand, money market and savings deposits 93,885 (23,963) (345,260)
Net increase in certificates of deposit 81,829 285,321 647,111
Net increase (decrease) in short-term borrowings 15,000 (265,000) 45,000
Proceeds from long-term borrowings 0 50,000 25,000
Repayments on long-term borrowings (81) (38,381) (5,464)
Repurchase of shares for taxes on restricted stock (1,672) (870) (798)
Cash dividends paid to common shareholders (52,887) (50,974) (49,708)
Repurchase of common stock (36,274) 0 (19,808)
Net Cash Provided by (Used in) Financing Activities 99,800 (43,867) 296,073
Net (decrease) increase in cash and due from banks (81,384) 11,208 23,603
Cash and due from banks at beginning of period 244,820 233,612 210,009
Cash and Due From Banks at End of Period 163,436 244,820 233,612
Supplemental Disclosures      
Right of use assets obtained in exchange for lease obligations 2,400 604 2,009
Cash paid for interest 171,679 176,068 111,303
Cash paid for federal income taxes, net of refunds 25,050 29,730 36,886
Cash paid for state income taxes, net of refunds(1) [1] 1,235 0 0
Transfers of loans to other real estate owned $ 95 $ 122 $ 163
[1]
(1)ASU 2023-09 was adopted on January 1, 2025 requiring cash paid for taxes, net of refunds to be shown separately for federal and state. This ASU was adopted on a prospective basis, therefore prior period amounts have not been adjusted. Cash paid for state taxes, net of refunds is included with cash paid for federal taxes, net of refunds for 2024 and 2023.