XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 69,288 $ 64,141
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 4,475 4,579
Provision for credit losses 13,059 5,550
Amortization of loan servicing rights 373 431
Loans originated for sale, including participations (14,399) (6,120)
Net gain on sales of loans (342) (224)
Proceeds from sale of loans, including participations 12,657 6,075
Net gain (loss) on Visa shares (8,996) 0
Net (gain) loss on sales of premises and equipment 74 3
Net (gain) loss on sales and calls of securities available-for-sale 46 16
Net securities amortization 3,638 3,732
Stock based compensation expense 3,135 1,792
Earnings on life insurance (2,994) (2,393)
Gain on life insurance (243) 0
Tax benefit of stock award issuances (208) (720)
Net change:    
Interest receivable and other assets 4,749 (3,386)
Interest payable and other liabilities (20,515) 14,000
Total adjustments (5,491) 23,335
Net cash from operating activities 63,797 87,476
Cash flows from investing activities:    
Proceeds from sale of securities available-for-sale 7,136 102,827
Proceeds from sale of Visa shares 8,996 0
Proceeds from maturities, calls and principal paydowns of securities available-for-sale 44,569 56,830
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity 0 6
Purchases of securities available-for-sale 0 (4,314)
Purchase of life insurance (282) (222)
Net (increase) decrease in total loans (166,860) (166,904)
Proceeds from sales of land, premises and equipment 8 13
Purchases of land, premises and equipment (6,645) (5,010)
Purchase of Federal Home Loan Bank stock 0 (5,625)
Proceeds from life insurance 536 0
Net cash from investing activities (112,542) (22,399)
Cash flows from financing activities:    
Net increase (decrease) in total deposits 116,788 196,455
Net increase (decrease) in short-term borrowings 30,000 (22,000)
Net payments on short-term FHLB borrowings (50,000) (185,000)
Common dividends paid (36,953) (35,311)
Preferred dividends paid (13) (13)
Payments related to equity incentive plans (2,596) (3,124)
Purchase of treasury stock (506) (491)
Sale of treasury stock 391 405
Net cash from financing activities 57,111 (49,079)
Net change in cash and cash equivalents 8,366 15,998
Cash and cash equivalents at beginning of the period 151,824 130,282
Cash and cash equivalents at end of the period 160,190 146,280
Cash paid during the period for:    
Interest 140,912 90,897
Income taxes 17,100 9,275
Supplemental non-cash disclosures:    
Loans transferred to other real estate owned 0 284
Right-of-use assets obtained in exchange for lease liabilities, net $ 2,699 $ 0