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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 104,636 $ 88,336
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 17,398 20,148
Depreciation and amortization of premises and equipment 8,609 7,808
Net amortization on securities 1,926 2,057
Amortization of intangible assets 6,363 2,603
Amortization of operating lease right-of-use assets 5,615 5,029
Excess tax benefit on stock-based compensation (185) (239)
Stock-based compensation expense 5,155 4,137
Bank owned life insurance income (6,054) (4,974)
Amortization of subordinated debt issuance costs 328 328
Proceeds from sale of loans held for sale 85,479 26,108
Originations of loans held for sale (85,484) (29,167)
Net gain on sale of loans held for sale (136) (88)
Net securities (gains) losses (2,567) 9,822
Net gains on sale of other real estate owned 0 (50)
Net change in other assets and other liabilities (1,688) (10,054)
Net cash provided by operating activities 139,395 121,804
Investing activities    
Net cash (used in) provided by acquisitions (983) 44,564
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 101,583 90,415
Proceeds from sales 2,284 124,577
Purchases (135,436) 0
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 121,314 81,949
Purchases (71,984) (77,930)
Equity securities:    
Purchases (18) (4)
Other:    
Net increase in loans (268,954) (349,168)
Proceeds from Federal Home Loan Bank stock redemption 70,143 84,378
Purchases of Federal Reserve and Federal Home Loan Bank stock (62,014) (88,260)
Proceeds from settlement of bank owned life insurance 608 3,185
Purchases of premises and equipment, net (8,111) (6,333)
Proceeds from sales of other real estate owned 0 229
Net cash used in investing activities (251,568) (92,398)
Financing activities    
Net increase in deposits 619,284 596,543
Net decrease in short-term borrowings (181,692) (128,214)
Proceeds from long-term debt 0 25,000
Repayments of long-term debt (114) (80)
Proceeds from the issuance of shares to employee and other stock plans 61 0
Cash paid by employer for tax-withholding on stock issuance (1,623) (1,595)
Purchase of treasury stock (251) (4,944)
Cash dividends (46,222) (40,812)
Net cash provided by financing activities 389,443 445,898
Net increase in cash and cash equivalents 277,270 475,304
Cash and cash equivalents at beginning of period 205,189 197,350
Cash and cash equivalents at end of period 482,459 672,654
Cash paid during the period for:    
Interest expense 162,973 78,130
Income taxes paid, net of refund 17,115 26,663
Noncash investing activities:    
Loans transferred to other real estate owned 127 74
Acquisitions:    
Fair value of assets acquired, excluding acquired cash and goodwill 1,763 1,417,392
Fair value of liabilities assumed $ 0 $ 1,380,386