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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net Income $ 157,063 $ 128,181 $ 138,257
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 14,813 21,106 (1,376)
Deferred Income Taxes and Tax Credits 6,843 (2,011) 1,432
Depreciation and amortization 4,104 10,552 11,442
Net gains on securities and other assets (10,048) (11,556) (22,273)
Net amortization of premiums and discounts on securities 1,328 2,027 4,772
Income from increase in cash surrender value of bank owned life insurance (4,557) (5,261) (6,105)
Mortgage loans originated for sale (186,856) (195,105) (390,940)
Proceeds from Sale of Mortgage Loans Held-for-sale 174,850 198,302 419,574
(Increase) decrease in interest receivable (8,838) (6,846) 5,885
Increase (decrease) in interest payable 5,001 1,172 (412)
(Decrease) increase in income taxes payable (4,609) (4,561) 10,664
Other—net 1,665 15,413 (5,874)
Net cash provided by operating activities 150,759 151,413 165,046
Proceeds from maturities and redemptions 98,309 145,589 433,910
Transactions with securities held to maturity:      
Proceeds from maturities and redemptions 41,824 79,613 120,728
Purchases (200) (200) (361,734)
Transactions with securities available for sale:      
Proceeds from sale 33,756 0 0
Purchases (338,390) 0 (676,861)
Purchases of FHLB stock (103,233) (20,632) (4,453)
Proceeds from the redemption of FHLB stock 91,435 7,056 3,342
Proceeds from Sale of Other Investments 0 0 500
Proceeds from bank owned life insurance 3,232 5,337 7,357
Proceeds from the sale of loans 154,585 68,625 76,414
Proceeds from sales of other assets 4,327 8,609 7,798
Acquisition, net of cash acquired 14,492 0 0
Net increase in loans (552,376) (871,578) (161,667)
Purchases of premises and equipment (22,034) (11,207) (10,639)
Net cash used in investing activities (574,273) (588,788) (565,305)
Financing Activities      
Net increase in other short-term borrowings 52,407 234,379 20,942
Net increase in deposits 430,661 23,007 543,947
Repayments of other long-term debt (740) (712) (50,685)
Repayments of Long-term Capital Lease Obligations 531 496 464
Dividends paid (50,814) (44,578) (43,611)
Proceeds from reissuance of treasury stock 245 245 222
Purchase of treasury stock (14,965) (15,598) (31,301)
Net cash provided by financing activities 416,263 196,247 439,050
Net decrease in cash and cash equivalents (7,251) (241,128) 38,791
Cash and cash equivalents at January 1 154,244 395,372 356,581
Cash and cash equivalents at December 31 $ 146,993 $ 154,244 $ 395,372