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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 93,478 $ 93,767 $ 103,817
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation 5,953 6,173 6,020
Provision for credit losses 16,750 5,850 9,375
Net loss on sale and write down of other real estate owned 23 0 96
Amortization of loan servicing rights 0 0 757
Net change in loan servicing rights valuation allowance 497 540 (715)
Loans originated for sale, including participations (20,969) (8,601) (28,666)
Net gain on sales of loans (556) (292) (1,028)
Proceeds from sale of loans, including participations 20,836 8,022 36,454
Net (gain) loss on Visa shares (8,996) 0 0
Net (gain) loss on sale of premises and equipment 81 3 7
Net (gain) loss on sales and calls of securities available-for-sale 46 25 (21)
Net securities amortization 4,796 4,915 6,342
Stock based compensation expense 4,586 3,653 7,811
Earnings on life insurance (4,210) (3,133) (432)
Gain on life insurance (243) (131) 0
Tax benefit of stock award issuances (215) (718) (514)
Net change:      
Interest receivable and other assets 1,284 (6,169) (10,711)
Interest payable and other liabilities (10,656) 10,077 40,750
Total adjustments 9,007 20,214 65,525
Net cash from operating activities 102,485 113,981 169,342
Cash flows from investing activities:      
Proceeds from sale of securities available-for-sale 7,136 105,175 25,332
Proceeds from sales of Visa shares 8,996 0 0
Proceeds from maturities, calls and principal paydowns of securities available-for-sale 59,669 71,833 108,129
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity 0 5 30
Purchases of securities available-for-sale (27,517) (7,178) (315,272)
Purchase of life insurance (331) (258) (10,808)
Net (increase) decrease in total loans (204,176) (212,906) (427,097)
Proceeds from sales of land, premises and equipment 10 13 6
Purchases of land, premises and equipment (8,634) (5,991) (4,821)
Proceeds from redemption of Federal Home Loan Bank stock 0 0 932
Purchases of Federal Home Loan Bank stock 0 (5,625) (2,955)
Proceeds from sales of other real estate owned 76 0 0
Proceeds from life insurance 536 0 0
Net cash from investing activities (164,235) (54,932) (626,524)
Cash flows from financing activities:      
Net increase (decrease) in total deposits 180,441 259,905 (274,787)
Net increase (decrease) in short-term borrowings 0 (22,000) 22,000
Payments on short-term FHLB borrowings (50,000) (275,000) 0
Proceeds from short-term FHLB borrowings 0 50,000 275,000
Payments on long-term FHLB borrowings 0 0 (75,000)
Common dividends paid (49,281) (47,094) (40,838)
Preferred dividends paid (13) (13) (13)
Payments related to equity incentive plan (2,815) (3,135) (1,780)
Purchase of treasury stock (592) (575) (579)
Sales of treasury stock 391 405 221
Net cash from financing activities 78,131 (37,507) (95,776)
Net change in cash and cash equivalents 16,381 21,542 (552,958)
Cash and cash equivalents at beginning of the year 151,824 130,282 683,240
Cash and cash equivalents at end of the year 168,205 151,824 130,282
Cash paid during the year for:      
Interest 185,256 128,525 36,113
Income taxes 23,750 14,075 20,580
Supplemental non-cash disclosures:      
Loans transferred to other real estate owned 0 284 0
Right-of-use assets obtained in exchange for lease liabilities $ 2,699 $ 0 $ 1,612