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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 32,732 $ 35,229
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,400 2,000
Net gain on sale of bank-owned property (988) 0
Depreciation of premises and equipment 2,975 3,006
Net amortization of premiums and discounts on securities and loans 878 1,033
Amortization of intangibles 622 635
Share-based compensation 2,078 1,569
Tax benefit (expense) from stock option exercises and other equity awards (134) 0
Income from bank-owned life insurance [1] (2,262) (2,754)
Net gains on loan sales, including changes in fair value (6,599) (3,446)
Proceeds from sales of loans, net 296,376 169,392
Loans originated for sale (291,647) (168,892)
(Increase) decrease in operating lease right-of-use assets 1,752 (726)
Increase (decrease) in operating lease liabilities (1,790) 996
(Increase) decrease in other assets 4,616 (38,002)
Increase (decrease) in other liabilities (1,161) 19,913
Net cash provided by (used in) operating activities 38,848 19,953
Cash flows from investing activities:    
Purchases of mortgage-backed securities available for sale 0 (39,967)
Purchases of other debt securities available for sale (1,050) (20,221)
Maturities, calls and principal payments of mortgage-backed securities available for sale 53,553 55,088
Maturities, calls and principal payments of other debt securities available for sale 500 250
Net redemption (purchases) of Federal Home Loan Bank stock (5,546) (9,205)
Net (increase) decrease in loans 134,633 (494,909)
Purchases of loans (743) (5,428)
Proceeds from the sale of property acquired through foreclosure or repossession 680 0
Purchases of premises and equipment (3,519) (3,524)
Net proceeds from the sale of bank-owned property 1,669 0
Proceeds from bank-owned life insurance 0 1,932
Equity investments in real estate limited partnership (2,841) (7,167)
Purchases of other equity investments, net (250) (375)
Net cash provided by (used in) investing activities 177,086 (523,526)
Cash flows from financing activities:    
Net increase (decrease) in deposits (176,270) 396,601
Proceeds from Federal Home Loan Bank advances 1,970,000 2,895,000
Repayments of Federal Home Loan Bank advances (1,860,000) (2,755,000)
Purchases of treasury stock 0 (8,741)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (267) (637)
Cash dividends paid (28,838) (29,063)
Net cash provided by (used in) financing activities (95,375) 498,160
Net increase (decrease) in cash and cash equivalents 120,559 (5,413)
Cash and cash equivalents at beginning of period 90,184 118,422
Cash and cash equivalents at end of period 210,743 113,009
Noncash Activities:    
Loans charged off 182 157
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 168,036 107,270
Income tax payments $ 6,976 $ 6,826
[1] As reported in the Unaudited Consolidated Statements of Income.