v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 36,946 $ 30,395
Proceeds from sales of loans held for sale 70,978 85,303
Originations of loans held for sale (67,720) (90,455)
Items not requiring (providing) cash:    
Depreciation 3,950 4,177
Amortization 267 1,154
Compensation expense for stock option grants 912 866
Provision for credit losses on loans   500
Provision (credit) for unfunded commitments (458) (477)
Net gain on loan sales (1,494) (1,804)
Net (gain) loss on sale of premises and equipment (29) 8
Net (gain) loss on sale/write-down of other real estate owned and repossessions 5 (33)
Accretion of deferred income, premiums, discounts and other (7,478) (6,601)
Loss on derivative interest rate products 52 20
Net non-cash gain recorded on contract termination   (2,762)
Deferred income taxes (277) (810)
Changes in:    
Interest receivable (214) (1,214)
Prepaid expenses and other assets 1,142 4,049
Accrued expenses and other liabilities 18,021 (6,247)
Income taxes refundable/payable (295) 497
Net cash provided by operating activities 54,308 16,566
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans 157,762 (45,807)
Purchase of loans   (6,251)
Purchase of premises and equipment (6,329) (2,320)
Proceeds from sale of premises and equipment 33 26
Proceeds from sale of other real estate owned and repossessions 37 1,122
Proceeds from maturities and calls of available-for-sale securities 1,617  
Principal reductions on mortgage-backed securities 28,100 16,718
Purchase of available-for-sale securities (5,951) (92,631)
Investment in tax credit partnerships (9,003) (11,306)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets 4,678 (3,739)
Net cash provided by (used in) investing activities 170,944 (144,188)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in certificates of deposit 43,118 (55,665)
Net increase (decrease) in checking and savings deposits 35,459 (50,720)
Net increase in short-term borrowings 26,018 47,049
Proceeds from borrowing under Federal Reserve Bank Term Funding Program   180,000
Repayment of borrowing under Federal Reserve Bank Term Funding Program (180,000)  
Redemption of subordinated notes (75,000)  
Advances from borrowers for taxes and insurance 3,550 3,294
Repurchase of the Company's common stock (20,007) (12,361)
Dividends paid (9,318) (9,402)
Stock options exercised 1,085 563
Net cash provided by (used in) financing activities (175,095) 102,758
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 50,157 (24,864)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 195,756 211,333
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 245,913 $ 186,469