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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 118,782 $ 151,995 $ 154,885
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses 25,274 17,147 (8,257)
Depreciation and amortization of premises and equipment 10,695 10,155 9,896
Net amortization on securities 2,736 3,460 5,832
Amortization of intangible assets 4,734 2,263 2,808
Amortization of operating lease right-of-use assets 6,843 6,643 7,176
Excess tax benefit on stock-based compensation (296) (288) (385)
Stock-based compensation expense 5,102 4,530 4,414
Bank owned life insurance income (6,750) (6,044) (6,217)
Amortization of subordinated debt issuance costs 437 437 438
Discount on repurchase of subordinated debt 0 (106) 0
Proceeds from sale of loans held for sale 53,969 5,674 55,065
Originations of loans held for sale (55,960) (5,475) (54,608)
Net gain on sale of loans held for sale (156) (122) (361)
Net security losses (gains) 9,315 1,131 (566)
Net (gains) losses on sale of other real estate owned (69) (259) 182
Impairment of a minority interest equity investment 4,750 0 0
Net deferred income tax expense (benefit) 5,958 (19,850) 864
Net change in other assets and other liabilities (27,907) 11,932 (11,981)
Net cash provided by operating activities 157,457 183,223 159,185
Investing activities      
Net cash provided by (used in) acquisitions 44,564 (2,616) (1,550)
Securities available for sale:      
Proceeds from maturities, calls and principal paydowns 116,453 213,722 395,386
Proceeds from sales 124,577 0 0
Purchases 0 (264,569) (775,963)
Securities held to maturity:      
Proceeds from maturities, calls and principal paydowns 100,954 177,554 181,620
Purchases (88,022) (365,033) (299,014)
Equity securities:      
Proceeds from calls 0 0 1,000
Purchases (11) (1,000) 0
Other:      
Net increase in loans (338,111) (659,949) (9,305)
Proceeds from Federal Home Loan Bank stock redemption 91,535 36,125 2,422
Purchases of Federal Reserve and Federal Home Loan Bank stock (90,945) (55,740) (167)
Proceeds from settlement of bank owned life insurance 3,766 1,873 4,413
Purchases of bank owned life insurance 0 0 (40,000)
Purchases of premises and equipment, net (9,254) (7,009) (7,740)
Proceeds from sales of other real estate owned 268 426 1,290
Net cash (used in) provided by investing activities (44,226) (926,216) (547,608)
Financing activities      
Net increase (decrease) in deposits 164,085 (738,536) 1,152,777
Net (decrease) increase in short-term borrowings (231,743) 487,217 (70,592)
Repurchase of subordinated debt 0 (2,000) 0
Proceeds from long-term debt 25,000 1,519 0
Repayments of long-term debt (118) (10,699) (25,101)
Proceeds from the issuance of shares to employee and other stock plans 91 0 112
Cash paid by employer for tax-withholding on stock issuance (1,877) (1,751) (2,931)
Purchase of treasury stock (4,944) (14,713) (21,714)
Cash dividends (55,886) (49,765) (47,738)
Net cash (used in) provided by financing activities (105,392) (328,728) 984,813
Net increase (decrease) in cash and cash equivalents 7,839 (1,071,721) 596,390
Cash and cash equivalents at beginning of year 197,350 1,269,071 672,681
Cash and cash equivalents at end of year 205,189 197,350 1,269,071
Cash paid during the period for:      
Interest expense 130,180 20,608 20,285
Income taxes paid, net of refund 27,636 62,795 46,097
Noncash investing activities:      
Loans transferred to other real estate owned 94 105 181
Acquisitions:      
Fair value of assets acquired, excluding acquired cash and goodwill 1,415,712 705 0
Fair value of liabilities assumed 1,380,386 0 0
Common stock issued $ 161,723 $ 0 $ 0