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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 78,120,000 $ 91,801,000 $ 46,916,000
Provision (reversal of provision) for credit losses 12,198,000 (10,132,000) 40,794,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 4,465,000 4,662,000 4,780,000
Net gain on sales of investment securities [1] (30,000) (145,000) (871,000)
Net gain on mortgage banking activities [1] (4,412,000) (15,141,000) (16,442,000)
Bank owned life insurance income [1] (3,787,000) (3,981,000) (2,940,000)
Net amortization of investment securities premiums and discounts 1,462,000 2,676,000 2,594,000
Amortization, fair market value adjustments and capitalization of servicing rights (693,000) (1,470,000) 218,000
Net (accretion) amortization of acquisition accounting fair value adjustments (130,000) (144,000) 42,000
Stock-based compensation 4,120,000 3,698,000 1,480,000
Intangible expenses 1,293,000 979,000 1,216,000
Other adjustments to reconcile net income to cash used in by operating activities (4,094,000) (4,963,000) (5,485,000)
Deferred tax (benefit) expense (545,000) 3,553,000 (9,854,000)
Originations of loans held for sale (233,634,000) (495,710,000) (484,842,000)
Proceeds from the sale of loans held for sale 255,240,000 527,855,000 468,070,000
Contributions to pension and other postretirement benefit plans (252,000) (265,000) (270,000)
Increase in accrued interest receivable and other assets (5,859,000) (3,131,000) (2,835,000)
Increase in accrued interest payable and other liabilities 5,993,000 2,195,000 8,608,000
Net cash provided by operating activities 109,455,000 102,337,000 51,179,000
Cash flows from investing activities:      
Net cash paid due to acquisitions 0 3,820,000 0
Proceeds from sale of premises and equipment 6,845,000 0 4,000
Purchases of premises and equipment (5,221,000) (5,878,000) (3,753,000)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity 32,021,000 64,583,000 81,850,000
Proceeds from maturities, calls and principal repayments of securities available-for-sale 31,600,000 50,431,000 54,758,000
Proceeds from sales 1,530,000 4,636,000 66,421,000
Purchases of investment securities held-to-maturity 10,428,000 91,979,000 43,115,000
Purchases of investment securities available-for-sale (116,599,000) (154,270,000) (91,273,000)
Proceeds from sales of money market mutual funds 4,015,000 7,328,000 12,297,000
Purchases of money market mutual funds (3,793,000) (6,887,000) (13,139,000)
Net (increase) decrease in other investments (5,655,000) (3,000) 71,000
Proceeds from sale of loans originally held-for-investment 2,500,000 996,000 14,416,000
Net increase in loans and leases (836,616,000) (2,171,000) (947,204,000)
Proceeds from sales of other real estate owned 0 7,255,000 1,275,000
Proceeds from bank owned life insurance 2,189,000 3,000,000 0
Net cash used in investing activities (897,612,000) (126,779,000) (867,392,000)
Cash flows from financing activities:      
Net (decrease) increase in deposits (141,628,000) 812,375,000 882,625,000
Net increase (decrease) in short-term borrowings 177,035,000 2,200,000 (774,000)
Proceeds from issuance of long-term debt 0 0 125,000,000
Repayment of long-term debt 0 (15,000,000) (165,000,000)
Proceeds from issuance of subordinated notes 50,000,000 0 100,000,000
Subordinated notes issuance costs (949,000) 0 (1,552,000)
Repayment of subordinated notes 0 (85,000,000) (10,000,000)
Payment of contingent consideration on acquisitions 0 (58,000) (121,000)
Payment for shares withheld to cover taxes on vesting of restricted stock units (903,000) (355,000) (70,000)
Purchases of treasury stock (11,381,000) (295,000) (4,382,000)
Stock issued under dividend reinvestment and employee stock purchase plans 2,541,000 2,384,000 2,369,000
Proceeds from exercise of stock options 698,000 2,058,000 384,000
Cash dividends paid (24,607,000) (23,575,000) (17,536,000)
Net cash provided by financing activities 50,806,000 694,734,000 910,943,000
Net (decrease) increase in cash and cash equivalents (737,351,000) 670,292,000 94,730,000
Cash and cash equivalents at beginning of year 890,150,000 219,858,000 125,128,000
Cash and cash equivalents at end of year 152,799,000 890,150,000 219,858,000
Supplemental disclosures of cash flow information:      
Cash paid for interest 32,668,000 21,824,000 29,233,000
Cash paid for income taxes, net of refunds 11,859,000 26,589,000 17,316,000
Non cash transactions:      
Transfer of loans to other real estate owned 18,325,000 126,000 8,405,000
Transfer of loans to loans held for sale 2,500,000 996,000 14,416,000
Contingent consideration recorded as goodwill $ 0 $ 1,618,000 $ 0
[1] Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities.