v3.25.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 36,745 $ 33,823
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 7,554 5,579
Depreciation and amortization of premises and equipment 2,958 2,855
Net amortization on securities 552 657
Amortization of intangible assets 2,111 2,168
Amortization of operating lease right-of-use assets 1,957 1,867
Excess tax benefit on stock-based compensation (384) (116)
Stock-based compensation expense 2,174 2,284
Bank owned life insurance income (3,397) (2,352)
Amortization of subordinated debt issuance costs 109 109
Proceeds from sale of loans held for sale 83,400 27,075
Originations of loans held for sale (87,851) (26,662)
Net gains on sales of loans held for sale (141) (40)
Net securities losses (gains) 104 (2,183)
Net change in other assets and other liabilities (3,886) (8,319)
Net cash provided by operating activities 42,005 36,745
Investing activities    
Net cash used in acquisitions (1,550) (743)
Securities available for sale:    
Proceeds from maturities, calls and principal paydowns 36,025 26,542
Proceeds from sales 0 2,284
Purchases (139,534) (19,676)
Securities held to maturity:    
Proceeds from maturities, calls and principal paydowns 24,713 21,143
Purchases (18,958) (7,071)
Equity securities:    
Purchases 0 (7)
Other:    
Net increase in loans (16,329) (42,308)
Proceeds from Federal Home Loan Bank stock redemption 13,816 26,465
Purchases of Federal Home Loan Bank stock (11,976) (17,940)
Proceeds from settlement of bank owned life insurance 4,331 608
Purchases of premises and equipment, net (3,701) (2,425)
Net cash used in investing activities (113,163) (13,128)
Financing activities    
Net increase (decrease) in deposits 161,750 226,295
Net decrease in short-term borrowings (77,345) (119,517)
Repayments of long-term debt (25,039) (37)
Cash paid by employer for tax-withholding on stock issuance (2,114) (1,301)
Purchase of treasury stock 0 (63)
Cash dividends (16,067) (15,091)
Net cash provided (used in) by financing activities 41,185 90,286
Net (decrease) increase in cash and cash equivalents (29,973) 113,903
Cash and cash equivalents at beginning of period 284,056 205,189
Cash and cash equivalents at end of period 254,083 319,092
Cash paid during the period for:    
Interest expense 49,543 55,313
Income taxes paid, net of refunds 1,800 3,500
Noncash investing activities:    
Loans transferred to other real estate owned 126 0
Acquisitions:    
Fair value of assets acquired $ 0 $ 693