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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 33,658 $ 39,126
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 3,909 596
Depreciation and amortization of premises and equipment 2,579 2,420
Net amortization on securities 690 1,036
Amortization of intangible assets 536 636
Amortization of operating lease right-of-use assets 1,647 1,688
Excess tax benefit on stock-based compensation (231) (168)
Stock-based compensation expense 2,465 2,472
Bank owned life insurance income (1,878) (1,654)
Amortization of subordinated debt issuance costs 109 109
Proceeds from sale of loans held for sale 1,571 2,106
Originations of loans held for sale (1,418) (1,479)
Net gain on sale of loans held for sale (16) (60)
Net securities losses 4,998 179
Net gains on sale of other real estate owned 0 (211)
Net change in other assets and other liabilities (26,772) (11,392)
Net cash provided by operating activities 21,847 35,404
Investing activities    
Net cash used in acquisitions (129) (260)
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 30,683 72,281
Purchases 0 (139,273)
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 17,870 29,028
Purchases (5,494) (191,092)
Other:    
Net increase in loans (118,242) (153,963)
Proceeds from Federal Home Loan Bank stock redemption 38,589 93
Purchases of Federal Home Loan Bank stock (39,218) 0
Proceeds from settlement of bank owned life insurance 1,773 913
Purchases of premises and equipment, net (1,392) (1,312)
Proceeds from sales of other real estate owned 0 378
Net cash used in investing activities (75,560) (383,207)
Financing activities    
Net increase in deposits 185,272 227,154
Net decrease in short-term borrowings (109,786) (32,773)
Proceeds from long-term debt 25,000 0
Repayments of long-term debt (25) (24)
Cash paid by employer for tax-withholding on stock issuance (1,432) (1,210)
Purchase of treasury stock 0 (8,152)
Cash dividends (12,871) (12,083)
Net cash provided by financing activities 86,158 172,912
Net increase (decrease) in cash and cash equivalents 32,445 (174,891)
Cash and cash equivalents at beginning of period 197,350 1,269,071
Cash and cash equivalents at end of period 229,795 1,094,180
Cash paid during the period for:    
Interest expense 17,066 5,238
Income taxes paid, net of refund 15,072 2,448
Acquisitions:    
Fair value of assets acquired $ 150 $ 0