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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 63,730 $ 76,901
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 7,515 4,986
Depreciation and amortization of premises and equipment 5,145 5,003
Net amortization on securities 1,392 1,927
Amortization of intangible assets 994 1,181
Amortization of operating lease right-of-use assets 3,278 3,341
Excess tax benefit on stock-based compensation (241) (176)
Stock-based compensation expense 3,312 3,279
Bank owned life insurance income (3,406) (3,065)
Amortization of subordinated debt issuance costs 218 218
Proceeds from sale of loans held for sale 12,550 2,728
Originations of loans held for sale (13,476) (2,139)
Net gain on sale of loans held for sale (62) (78)
Net securities losses 9,639 766
Net gains on sale of other real estate owned 0 (259)
Net change in other assets and other liabilities (23,417) 9,483
Net cash provided by operating activities 67,171 104,096
Investing activities    
Net cash used in acquisitions (2,213) (1,833)
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 59,168 133,012
Proceeds from sales 2,550 0
Purchases 0 (201,985)
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 52,554 109,956
Purchases (46,559) (313,825)
Other:    
Net increase in loans (215,634) (282,417)
Proceeds from Federal Home Loan Bank stock redemption 65,923 572
Purchases of Federal Home Loan Bank stock (74,286) (367)
Proceeds from settlement of bank owned life insurance 2,415 913
Purchases of premises and equipment, net (2,876) (2,267)
Proceeds from sales of other real estate owned 0 426
Net cash used in investing activities (158,958) (557,815)
Financing activities    
Net increase (decrease) in deposits 33,986 (205,761)
Net increase (decrease) in short-term borrowings 67,401 (35,250)
Proceeds from long-term debt 25,000 0
Repayments of long-term debt (51) (10,648)
Cash paid by employer for tax-withholding on stock issuance (1,488) (1,289)
Purchase of treasury stock (2,778) (14,713)
Cash dividends (25,745) (24,075)
Net cash provided by (used in) financing activities 96,325 (291,736)
Net increase (decrease) in cash and cash equivalents 4,538 (745,455)
Cash and cash equivalents at beginning of period 197,350 1,269,071
Cash and cash equivalents at end of period 201,888 523,616
Cash paid during the period for:    
Interest expense 40,751 8,452
Income taxes paid, net of refund 21,318 24,203
Noncash investing activities:    
Loans transferred to other real estate owned 74 0
Acquisitions:    
Fair value of assets acquired $ 150 $ 429