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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 33,823 $ 33,658
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 5,579 3,909
Depreciation and amortization of premises and equipment 2,855 2,579
Net amortization on securities 657 690
Amortization of intangible assets 2,168 536
Amortization of operating lease right-of-use assets 1,867 1,647
Excess tax benefit on stock-based compensation (116) (231)
Stock-based compensation expense 2,284 2,465
Bank owned life insurance income (2,352) (1,878)
Amortization of subordinated debt issuance costs 109 109
Proceeds from sale of loans held for sale 27,075 1,571
Originations of loans held for sale (26,662) (1,418)
Net gain on sale of loans held for sale (40) (16)
Net securities (gains) losses (2,183) 4,998
Net change in other assets and other liabilities (8,319) (26,772)
Net cash provided by operating activities 36,745 21,847
Investing activities    
Net cash used in acquisitions (743) (129)
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 26,542 30,683
Proceeds from sales 2,284 0
Purchases (19,676) 0
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 21,143 17,870
Purchases (7,071) (5,494)
Equity securities:    
Purchases (7) 0
Other:    
Net increase in loans (42,308) (118,242)
Proceeds from Federal Home Loan Bank stock redemption 26,465 38,589
Purchases of Federal Home Loan Bank stock (17,940) (39,218)
Proceeds from settlement of bank owned life insurance 608 1,773
Purchases of premises and equipment, net (2,425) (1,392)
Net cash used in investing activities (13,128) (75,560)
Financing activities    
Net increase in deposits 226,295 185,272
Net decrease in short-term borrowings (119,517) (109,786)
Proceeds from long-term debt 0 25,000
Repayments of long-term debt (37) (25)
Cash paid by employer for tax-withholding on stock issuance (1,301) (1,432)
Purchase of treasury stock (63) 0
Cash dividends (15,091) (12,871)
Net cash provided by financing activities 90,286 86,158
Net increase in cash and cash equivalents 113,903 32,445
Cash and cash equivalents at beginning of period 205,189 197,350
Cash and cash equivalents at end of period 319,092 229,795
Cash paid during the period for:    
Interest expense 55,313 17,066
Income taxes paid, net of refund 3,500 15,072
Acquisitions:    
Fair value of assets acquired $ 693 $ 150