XML 23 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 $ 140,641 $ 118,782 $ 151,995
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses 19,607 25,274 17,147
Depreciation and amortization of premises and equipment 11,525 10,695 10,155
Net amortization on securities 2,500 2,736 3,460
Amortization of intangible assets 8,443 4,734 2,263
Amortization of operating lease right-of-use assets 7,527 6,843 6,643
Excess tax benefit on stock-based compensation (295) (296) (288)
Stock-based compensation expense 5,992 5,102 4,530
Bank owned life insurance income (8,325) (6,750) (6,044)
Amortization of subordinated debt issuance costs 437 437 437
Discount on repurchase of subordinated debt 0 0 (106)
Proceeds from sale of loans held for sale 153,973 53,969 5,674
Originations of loans held for sale (159,943) (55,960) (5,475)
Net gains on sales of loans held for sale (202) (156) (122)
Net security (gains) losses (2,789) 9,315 1,131
Net gains on sale of other real estate owned (1) (69) (259)
Impairment of a minority interest equity investment 0 4,750 0
Net deferred income tax expense (benefit) 8,729 5,958 (19,850)
Net change in other assets and other liabilities 748 (27,907) 11,932
Net cash provided by operating activities 188,567 157,457 183,223
Investing activities      
Net cash (used in) provided by acquisitions (1,383) 44,564 (2,616)
Securities available for sale:      
Proceeds from maturities, calls and principal paydowns 167,903 116,453 213,722
Proceeds from sales 2,284 124,577 0
Purchases (292,941) 0 (264,569)
Securities held to maturity:      
Proceeds from maturities, calls and principal paydowns 144,301 100,954 177,554
Purchases (83,282) (88,022) (365,033)
Equity securities:      
Purchases (18) (11) (1,000)
Other:      
Net increase in loans (337,661) (338,111) (659,949)
Proceeds from Federal Home Loan Bank stock redemption 74,675 91,535 36,125
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (62,771) (90,945) (55,740)
Proceeds from settlement of bank owned life insurance 1,400 3,766 1,873
Purchases of premises and equipment, net (11,742) (9,254) (7,009)
Proceeds from sales of other real estate owned 75 268 426
Net cash used in investing activities (399,160) (44,226) (926,216)
Financing activities      
Net increase (decrease) in deposits 577,767 164,085 (738,536)
Net (decrease) increase in short-term borrowings (223,709) (231,743) 487,217
Repurchase of subordinated debt 0 0 (2,000)
Proceeds from long-term debt 0 25,000 1,519
Repayments of long-term debt (152) (118) (10,699)
Proceeds from the issuance of shares to employee and other stock plans 61 91 0
Cash paid by employer for tax-withholding on stock issuance (1,993) (1,877) (1,751)
Purchase of treasury stock (251) (4,944) (14,713)
Cash dividends (62,263) (55,886) (49,765)
Net cash provided (used in) by financing activities 289,460 (105,392) (328,728)
Net increase (decrease) in cash and cash equivalents 78,867 7,839 (1,071,721)
Cash and cash equivalents at beginning of year 205,189 197,350 1,269,071
Cash and cash equivalents at end of year 284,056 205,189 197,350
Cash paid during the year for:      
Interest expense 215,154 130,180 20,608
Income taxes paid, net of refund 23,317 27,636 62,795
Noncash investing activities:      
Loans transferred to other real estate owned 256 94 105
Acquisitions:      
Fair value of assets acquired, excluding acquired cash and goodwill 4,360 1,415,712 705
Fair value of liabilities assumed 0 1,380,386 0
Common stock issued $ 0 $ 161,723 $ 0