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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 117,205 $ 113,363 $ 101,292
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion, net 3,514 3,668 17,319
Provision for (recovery of) credit losses 24,787 15,174 (3,510)
Bank owned life insurance income (4,216) (4,151) (2,624)
Net loss on investment securities 416 3,700 61
Fair value adjustment on equity investment securities (50) 141 (2)
Loans originated for sale (65,356) (33,196) (48,081)
Proceeds from sales of loans 65,984 34,041 50,442
Net gains on sales of loans (1,376) (659) (994)
Deferred income tax (benefit) expense 6,973 (238) 18,566
(Decrease) increase in accrued expenses (4,216) 13,194 (4,692)
Decrease (increase) in interest receivable 1,293 (6,443) (5,836)
Increase in other assets 5,626 962 1,629
Increase (decrease) in interest payable (1,674) 6,621 (420)
Increase in operating lease assets (16,217) (13,817) 0
Change in lease right-of-use assets and lease liabilities 158 (335) (38)
Stock-based compensation 7,324 6,025 4,325
Other, net 3,012 5,593 (7,598)
Net cash provided by operating activities 143,187 143,643 119,839
Available-for-sale investment securities:      
Purchases (331,274) (75,351) (246,155)
Proceeds from sales 28,369 198,893 28,663
Proceeds from principal payments, calls and prepayments 255,744 151,047 190,143
Held-to-maturity investment securities:      
Purchases (253,546) (207,428) (206,768)
Proceeds from principal payments 162,497 84,116 19,033
Other investment securities:      
Purchases (28,431) (27,206) (23,632)
Proceeds from sales 32,049 21,281 5,784
Net (increase) decrease in loans held for investment (199,243) (356,075) (58,142)
Net expenditures for premises and equipment (6,822) (13,458) (6,753)
Proceeds from sales of other real estate owned 9 129 572
Investment in bank owned life insurance 0 0 (30,000)
Proceeds from bank owned life insurance 1,060 227 689
Business acquisitions, net of cash received (1,579) 92,594 (85,791)
Investment in limited partnership and tax credit funds (3,142) (1,699) (1,857)
Net cash used in investing activities (344,309) (132,930) (414,214)
Financing activities:      
Net (decrease) increase in non-interest-bearing deposits (59,988) (284,480) (52,020)
Net increase (decrease) in interest-bearing deposits 547,098 436,545 (93,082)
Net (decrease) increase in short-term borrowings (457,023) 90,359 328,611
Proceeds from long-term borrowings 55,277 115,108 24,804
Payments on long-term borrowings (34,641) (40,165) (125,345)
Cash dividends paid (55,828) (51,845) (42,372)
Repurchase of treasury stock under share repurchase program (3,000) (3,030) (7,407)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock (1,309) (1,769) (1,745)
Proceeds from issuance of common shares 1,478 1,264 1,226
Net cash (used in) provided by financing activities (7,936) 261,987 32,670
Net (decrease) increase in cash and cash equivalents (209,058) 272,700 (261,705)
Cash and cash equivalents at beginning of period 426,722 154,022 415,727
Cash and cash equivalents at end of period 217,664 426,722 154,022
Supplemental cash flow information:      
Interest paid 172,712 90,367 16,270
Income taxes paid 28,489 30,073 4,131
Supplemental noncash disclosures:      
Transfers from loans to other real estate owned 235 31 110
Noncash recognition of new leases $ 1,660 $ 4,428 $ 880