XML 27 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 182,481 $ 131,924 $ 188,081
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 13,676 12,991 14,411
Amortization of intangible assets 14,259 14,511 15,214
Net amortization (accretion) on securities, loans, finance leases and borrowings 10,818 5,838 (18,738)
Stock-based compensation 8,374 9,269 7,738
Gain on debt extinguishment 0 (242) 0
Provision for credit losses 22,773 11,203 14,773
Provision for deferred income taxes 674 (7,503) 1,309
Amortization of mortgage servicing rights 722 849 801
Loss on sales of investment securities 487 52,329 0
Unrealized (gain) loss on equity securities (1,231) 47 44
Income from bank-owned life insurance policies (2,496) (2,412) (2,147)
Net gain on sale of assets (2,383) (1,490) (655)
Change in other assets and liabilities (5,878) 1,106 (6,231)
Net cash provided by operating activities 242,276 228,420 214,600
Investing activities:      
Proceeds from maturities, calls and paydowns of available-for-sale investment securities 59,688 597,823 262,256
Proceeds from maturities, calls and paydowns of held-to-maturity investment securities 9,103 208 0
Proceeds from maturities and redemptions of equity and other investment securities, net 398 14,945 4,683
Proceeds from sales of available-for-sale investment securities 57,538 733,789 0
Purchases of available-for-sale investment securities 0 0 (1,355,475)
Purchases of held-to-maturity investment securities (152,645) (63,284) 0
Purchases of equity and other securities, net (13,538) (4,796) (35,303)
Net increase in loans (765,581) (923,280) (1,003,741)
Cash paid for acquisitions, net of cash received (15,620) (8,517) (668)
Proceeds from sales of premises, equipment and other assets 5,743 7,473 2,432
Purchases of premises and equipment (20,703) (18,585) (12,922)
Real estate limited partnership investments 0 0 (247)
Net cash (used in) provided by investing activities (835,617) 335,776 (2,138,985)
Financing activities:      
Net increase (decrease) in deposits 513,586 (84,187) (421,155)
Net increase (decrease) in overnight borrowings 65,000 (715,400) 768,400
Net (decrease) increase in securities sold under agreement to repurchase, short-term (43,042) (42,058) 21,932
Proceeds from other Federal Home Loan Bank borrowings 250,000 400,000 0
Payments on and maturities of other Federal Home Loan Bank borrowings (47,073) (11,971) (95)
Payments of contingent consideration for acquisitions (3,087) (1,214) 0
Redemption of subordinated notes payable 0 (3,000) 0
Proceeds from the issuance of common stock 7,091 1,015 1,184
Purchases of treasury stock (46,029) (30,233) (16,614)
Increase in deferred compensation agreements 193 217 236
Cash dividends paid (95,777) (95,102) (93,387)
Withholding taxes paid on share-based compensation (1,479) (1,197) (1,284)
Net cash provided by (used in) financing activities 599,383 (583,130) 259,217
Change in cash, cash equivalents and restricted cash 6,042 (18,934) (1,665,168)
Cash, cash equivalents and restricted cash at beginning of year 190,962 209,896 1,875,064
Cash, cash equivalents and restricted cash at end of year 197,004 190,962 209,896
Supplemental disclosures of cash flow information:      
Cash paid for interest 192,871 100,040 23,402
Cash paid for income taxes 43,728 41,661 57,131
Supplemental disclosures of noncash financing and investing activities:      
Dividends declared and unpaid 24,410 24,168 23,762
Transfers from loans to other real estate 3,109 1,051 543
Transfers from premises and equipment, net to other assets 2,398 2,899 5,795
Finance lease right of use asset in exchange for finance lease liability 8,608 0 0
Acquisitions:      
Fair value of assets acquired, excluding acquired cash and intangibles 497 243 490,637
Fair value of liabilities assumed 1,908 18 543,541
Contingent consideration in exchange for acquired assets $ 3,816 $ 1,450 $ 0