v3.25.2
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 $ 38,044 $ 61,155 $ 100,237
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 120,332 82,560 76,764
Depreciation on premises and equipment 4,993 4,778 4,842
Amortization of intangible assets 4,008 4,758 5,410
Amortization of operating lease right-of-use asset 1,657 1,635 1,831
Amortization of loan servicing rights 2,498 1,550 2,294
Share-based compensation expense 3,031 2,489 2,211
Increase in cash surrender value of life insurance (7,683) (4,439) (3,320)
Gain on proceeds from company-owned life insurance 0 0 (264)
Investment securities (accretion) amortization, net (6,789) (2,414) 2,311
Gain on termination of hedged interest rate swaps 0 0 (17,531)
Loss on sales of investment securities, net 230 9,372 230
Gain on repurchase of subordinated debt (231) (676) 0
(Gain) loss on sales of other real estate owned (26) (819) 118
Impairment on other real estate owned 4,866 0 4,277
Origination of loans held for sale (81,077) (58,953) (134,612)
Proceeds from sales of loans and leases held for sale 78,514 57,952 269,958
Gain on sale of loans held for sale (2,307) (2,395) (844)
Impairment on commercial mortgage servicing rights 0 0 1,263
Loss on mortgage servicing rights held for sale 0 0 3,250
Impairment on leased assets and surrendered assets 7,858 0 0
Net change in operating assets and liabilities:      
Accrued interest receivable 8,804 (4,360) (1,448)
Credit enhancement asset (1,415) (2,376) (18,792)
Other assets (16,783) (24,038) 1,213
Accrued expenses and other liabilities 18,022 27,579 (13,579)
Net cash provided by operating activities 176,546 153,358 285,819
Cash flows from investing activities:      
Purchases of investment securities available for sale (605,169) (412,799) (192,349)
Proceeds from sales of investment securities available for sale 74,116 191,733 136,403
Maturities and payments on investment securities available for sale 233,563 74,531 85,077
Purchases of equity securities (268) (286) (511)
Proceeds from sales of equity securities 0 5,148 0
Net decrease (increase) in loans 346,883 72,877 (1,216,352)
Proceeds from loans held for sale previously classified as portfolio loans 84,283 40,899 0
Purchases of premises and equipment (6,901) (8,731) (3,470)
Proceeds from sale of premises and equipment 37 104 175
Purchases of nonmarketable equity securities (172,057) (239,597) (24,787)
Proceeds from redemptions of nonmarketable equity securities 181,755 242,377 14,927
Proceeds from sales of other real estate owned 466 7,547 1,453
(Purchases of) proceeds from company-owned life insurance, net 0 (48,603) 1,518
Net cash acquired in acquisitions 0 0 60,275
Net cash provided by (used in) investing activities 136,708 (74,800) (1,137,641)
Cash flows from financing activities:      
Net (decrease) increase in deposits (112,286) (55,123) 174,210
Net increase (decrease) in short-term borrowings 52,634 (7,446) (34,492)
Net (decrease) increase in short-term FHLB borrowings (166,000) (174,000) 250,000
Proceeds from long-term FHLB borrowings 263,000 215,000 0
Payments made on long-term FHLB borrowings and other borrowings (315,000) (25,000) (100,171)
Payments made on subordinated debt (15,763) (5,845) (40,000)
Proceeds from issuance of preferred stock 0 0 110,548
Cash dividends paid on preferred stock (8,913) (8,913) (3,169)
Cash dividends paid on common stock (27,072) (26,573) (25,923)
Common stock repurchased (5,475) (17,898) (1,109)
Proceeds from issuance of common stock under employee benefit plans 1,326 1,670 2,188
Net cash (used in) provided by financing activities (333,549) (104,128) 332,082
Net decrease in cash and cash equivalents (20,295) (25,570) (519,740)
Cash and cash equivalents:      
Beginning of period 135,061 160,631 680,371
End of period $ 114,766 $ 135,061 $ 160,631