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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 21,751 $ 24,068
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,200 1,500
Net gain on sale of bank-owned property (988) 0
Depreciation of premises and equipment 1,998 1,979
Net amortization of premiums and discounts on securities and loans 573 707
Amortization of intangibles 416 424
Share-based compensation 1,278 945
Tax benefit (expense) from stock option exercises and other equity awards (135) (5)
Income from bank-owned life insurance [1] (1,492) (2,044)
Net gains on loan sales, including changes in fair value (4,135) (1,871)
Proceeds from sales of loans, net 178,728 86,762
Loans originated for sale (181,608) (97,701)
(Increase) decrease in operating lease right-of-use assets 977 (1,477)
Increase (decrease) in operating lease liabilities (1,015) 1,744
(Increase) decrease in other assets (746) (23,820)
Increase (decrease) in other liabilities (3,673) (1,113)
Net cash provided by (used in) operating activities 13,129 (9,902)
Cash flows from investing activities:    
Purchases of mortgage-backed securities available for sale 0 (39,967)
Purchases of other debt securities available for sale (400) (20,221)
Maturities, calls and principal payments of mortgage-backed securities available for sale 34,073 35,133
Maturities, calls and principal payments of other debt securities available for sale 500 250
Net redemption (purchases) of Federal Home Loan Bank stock (14,273) (2,405)
Net (increase) decrease in loans 20,162 (267,157)
Purchases of loans (597) (3,653)
Purchases of premises and equipment (2,246) (3,020)
Net proceeds from the sale of bank-owned property 1,669 0
Proceeds from bank-owned life insurance 0 1,566
Equity investments in real estate limited partnership (2,841) (7,167)
Purchases of other equity investments, net (250) (188)
Net cash provided by (used in) investing activities 35,797 (306,829)
Cash flows from financing activities:    
Net increase (decrease) in deposits (372,034) 295,516
Proceeds from Federal Home Loan Bank advances 1,770,000 1,985,000
Repayments of Federal Home Loan Bank advances (1,410,000) (1,925,000)
Purchases of treasury stock 0 (8,741)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (267) (638)
Cash dividends paid (19,278) (19,512)
Net cash provided by (used in) financing activities (31,579) 326,625
Net increase (decrease) in cash and cash equivalents 17,347 9,894
Cash and cash equivalents at beginning of period 90,184 118,422
Cash and cash equivalents at end of period 107,531 128,316
Noncash Activities:    
Loans charged off 123 113
Loans transferred to property acquired through foreclosure or repossession 0 683
Commitment for equity investment in real estate limited partnerships 178 3,967
Supplemental Disclosures:    
Interest payments 114,441 64,691
Income tax payments $ 4,646 $ 4,446
[1] As reported in the Unaudited Consolidated Statements of Income.