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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 66,539 $ 63,730
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 14,478 7,515
Depreciation and amortization of premises and equipment 5,721 5,145
Net amortization on securities 1,305 1,392
Amortization of intangible assets 4,301 994
Amortization of operating lease right-of-use assets 3,729 3,278
Excess tax benefit on stock-based compensation (135) (241)
Stock-based compensation expense 4,191 3,312
Bank owned life insurance income (4,186) (3,406)
Amortization of subordinated debt issuance costs 219 218
Proceeds from sale of loans held for sale 51,664 12,550
Originations of loans held for sale (51,139) (13,476)
Net gain on sale of loans held for sale (72) (62)
Net securities (gains) losses (2,091) 9,639
Net change in other assets and other liabilities (7,261) (23,417)
Net cash provided by operating activities 87,263 67,171
Investing activities    
Net cash used in acquisitions (743) (2,213)
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 54,196 59,168
Proceeds from sales 2,284 2,550
Purchases (66,970) 0
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 85,547 52,554
Purchases (59,856) (46,559)
Equity securities:    
Purchases (16) 0
Other:    
Net increase in loans (212,351) (215,634)
Proceeds from Federal Home Loan Bank stock redemption 51,481 65,923
Purchases of Federal Reserve and Federal Home Loan Bank stock (43,934) (74,286)
Proceeds from settlement of bank owned life insurance 608 2,415
Purchases of premises and equipment, net (3,804) (2,876)
Net cash used in investing activities (193,558) (158,958)
Financing activities    
Net increase in deposits 302,465 33,986
Net (decrease) increase in short-term borrowings (161,948) 67,401
Proceeds from long-term debt 0 25,000
Repayments of long-term debt (75) (51)
Cash paid by employer for tax-withholding on stock issuance (1,382) (1,488)
Purchase of treasury stock (251) (2,778)
Cash dividends (30,183) (25,745)
Net cash provided by financing activities 108,626 96,325
Net increase in cash and cash equivalents 2,331 4,538
Cash and cash equivalents at beginning of period 205,189 197,350
Cash and cash equivalents at end of period 207,520 201,888
Cash paid during the period for:    
Interest expense 108,183 40,751
Income taxes paid, net of refund 9,213 21,318
Noncash investing activities:    
Loans transferred to other real estate owned 74 74
Acquisitions:    
Fair value of assets acquired $ 693 $ 150