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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities:    
Net Income $ 36,801 $ 36,205
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,136 1,183
Depreciation 3,492 3,666
Amortization of intangibles 2,116 1,313
Net amortization of security discounts/premiums 189 305
Noncash operating lease expense 2,119 1,563
Amortization of finance lease right of use asset 135 135
Earnings on cash surrender value of life insurance (1,370) (861)
Mortgage loans originated for sale (33,288) (84,379)
Proceeds from sales of mortgage loans originated for sale 36,547 82,135
Gain on sale of mortgage loans (2,280) (1,820)
SBA loans originated for sale (1,783) (4,375)
Proceeds from sales of SBA loans originated for sale 1,903 4,707
Gain on sale of SBA loans (120) (332)
Gain on sale of property, plant, and equipment (10) (10)
Loss on sale or write-down of foreclosed assets 443 7
Discount on subordinated debt (462) (460)
Stock compensation expense 1,458 825
Change in deferred income taxes 7,378 80
Increase in accrued interest receivable (588) (1,466)
Decrease in other assets 7,007 1,065
Increase in accrued interest payable 2,947 4,738
Increase/(decrease) in operating lease liability 4,101 (1,507)
(Decrease)/increase in other liabilities (2,094) 4,575
Net Cash Provided By Operating Activities 66,777 47,292
Investing Activities:    
Proceeds from the maturity or call of available-for-sale securities 34,397 22,050
Purchases of available-for-sale securities (189,394) (48,051)
Proceeds from the maturity or call of held-to-maturity securities 28,176 12,261
Stock dividends received on FHLB and other bank stock 330 1,136
Reduction of restricted investment in bank stock 394 5,043
Net cash received from acquisitions 218,113 (2,676)
Net decrease/(increase) in loans 17,077 (178,910)
Purchases of bank premises and equipment (6,429) (664)
Proceeds from the sale of premises and equipment 120 152
Proceeds from the sale of foreclosed assets 72 195
Proceeds from bank-owned life insurance 804 2,223
Net change in investments in tax credits and other partnerships 1,688 (407)
Net Cash Provided by (Used in) Investing Activities 105,348 (187,648)
Financing Activities:    
Net increase in deposits 33,033 360,552
Common stock dividends paid (13,078) (9,953)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 479 434
Treasury stock purchased (2,004) (323)
Net change in finance lease liability (109) (98)
Increase in short-term borrowings 222,750 937,960
Repayment of short-term borrowings (224,750) (1,065,395)
Long-term debt repayment (236) (35,189)
Subordinated debt redemption (8,130) 0
Exercise of stock options 6,525 0
Net Cash Provided by Financing Activities 14,480 187,988
Net increase in cash and cash equivalents 186,605 47,632
Cash and cash equivalents, beginning of period 70,564 96,763
Cash and cash equivalents, end of period 257,169 144,395
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 91,310 93,142
Cash paid for income taxes 399 291
Supplemental Noncash Disclosures:    
Recognition of operating lease right of use assets 3,780 0
Recognition of operating lease liabilities 3,780 0
Loans transferred to foreclosed assets held for sale 9,817 164
Fair value of assets acquired in business combinations, excluding cash [1] 687,522 1,547
Goodwill recorded [1] 8,460 1,129
Fair value of liabilities assumed in business combination [1] $ 630,181 $ 0
Fair value of shares issued in business combination (in shares) [2] 103,213,000 0
[1] Includes the impact of the William Penn acquisition on April 30, 2025 and the Charis Insurance Group acquisition on May 12, 2025. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
[2] Includes the impact of the William Penn acquisition on April 30, 2025.