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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income $ 18,571 $ 20,628 $ 24,360 $ 16,271 $ 58,896 $ 64,410  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation, amortization, and accretion         14,188 3,969  
Provision for credit loss         2,650 13,250  
Loss on sale or write-down of ORE         199 753  
Securities (gain) loss         (191) 46  
Loss (gain) on disposal of premises and equipment         181 (559)  
Restricted stock expense         1,994 1,650  
Increase in cash value of life insurance         (2,852) (2,390)  
Federal Home Loan Bank stock dividends         (301) (279)  
Residential loans originated and held for sale         (65,936) (76,169)  
Proceeds from sale of residential loans held for sale         65,863 74,652  
Changes in:              
Interest receivable         (84) 1,530  
Interest payable         (8,982) 10,476  
Operating lease liability         (419) (1,208)  
Other, net         2,602 (9,774)  
Net cash provided by operating activities         67,808 80,357  
Available-for-sale securities:              
Sales         0 171,150  
Maturities, prepayments, and calls         206,577 88,490  
Purchases         (198,269) 0  
Held-to-maturity securities:              
Maturities, prepayments, and calls         51,961 35,827  
Purchases of other securities         (14,835) (10,563)  
Proceeds from other securities         3,991 8,741  
Net increase in loans         (143,941) (145,047)  
Net changes in premises and equipment         (2,293) (2,749)  
Proceeds from sale of other real estate owned         1,077 1,098  
Proceeds from the sale of premises and equipment         424 1,416  
Benefits received on bank owned life insurance policies         522 0  
Cash received in excess of cash paid for acquisitions         0 106,973  
Net cash (used in) provided by investing activities         (94,786) 255,336  
Cash flows from financing activities:              
Increase (decrease) in deposits         91,982 (408,603)  
Proceeds from borrowed funds         2,615,700 3,346,693  
Repayments of borrowed funds         (2,798,200) (3,174,793)  
Principal payments on finance lease liabilities         (137) (134)  
Dividends paid on common stock         (22,995) (20,200)  
Called/repayment of subordinated debt         0 (26,000)  
Repurchase of restricted stock for payment of taxes         (384) (339)  
Net cash used in financing activities         (114,034) (283,376)  
Net change in cash and cash equivalents         (141,012) 52,317  
Beginning cash and cash equivalents   $ 355,147   145,315 355,147 145,315 $ 145,315
Ending cash and cash equivalents $ 214,135   $ 197,632   214,135 197,632 $ 355,147
Cash paid during the year for:              
Interest         98,453 33,966  
Income taxes, (net of refunds)         14,798 9,284  
Non-cash activities:              
Loans transferred to other real estate         1,112 1,543  
Issuance of restricted stock grants         147 168  
Dividends on restricted stock grants         362 273  
Stock issued in connection with HSBI acquisition       $ 221,522      
Lease liabilities arising from obtaining right-of-use assets         482 560  
HSBI              
Non-cash activities:              
Stock issued in connection with HSBI acquisition         0 221,522  
Lease liabilities arising from HSBI acquisition         $ 0 $ 184