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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 101,292 $ 47,555 $ 34,767
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion, net 17,319 24,643 25,639
(Recovery of) provision for credit losses (3,510) 731 26,254
Bank owned life insurance income (2,624) (1,767) (1,977)
Net loss on investment securities 61 862 368
Fair value adjustment on equity investment securities (2) (111) (660)
Loans originated for sale (48,081) (94,154) (260,974)
Proceeds from sales of loans 50,442 157,349 268,363
Net gains on sales of loans (994) (2,994) (6,446)
Deferred income tax expense (benefit) 18,566 2,874 (8,101)
(Decrease) increase in accrued expenses (4,692) 2,433 799
(Increase) decrease in interest receivable (5,836) 1,435 (865)
Increase in other assets 1,629 2,874 1,006
Change in lease right-of-use assets and lease liabilities (38) 509 48
Other, net (3,693) 14,181 7,262
Net cash provided by operating activities 119,839 156,420 85,483
Available-for-sale investment securities:      
Purchases (246,155) (852,542) (261,395)
Proceeds from sales 28,663 544,096 82,610
Proceeds from principal payments, calls and prepayments 190,143 297,693 356,854
Held-to-maturity investment securities:      
Purchases (206,768) (316,346) (40,112)
Proceeds from principal payments 19,033 7,333 5,123
Other investment securities:      
Purchases (23,632) (1,415) (6,261)
Proceeds from sales 5,784 9,299 12,180
Net (increase) decrease in loans held for investment (58,142) 113,467 (444,128)
Net expenditures for premises and equipment (6,753) (6,685) (4,299)
Proceeds from sales of other real estate owned 572 2,073 269
Investment in bank owned life insurance (30,000) 0 0
Proceeds from bank owned life insurance 689 0 108
Business acquisitions, net of cash received (85,791) 132,719 (94,856)
Investment in limited partnership and tax credit funds (1,857) (4,125) (12)
Net cash used in investing activities (414,214) (74,433) (393,919)
Financing activities:      
Net (decrease) increase in non-interest-bearing deposits (52,020) 150,986 326,115
Net (decrease) increase in interest-bearing deposits (93,082) 49,774 292,822
Net increase (decrease) in short-term borrowings 328,611 14,414 (263,716)
Proceeds from long-term borrowings 24,804 0 50,000
Payments on long-term borrowings (125,345) (2,132) (2,715)
Cash dividends paid (42,372) (31,002) (27,052)
Repurchase of treasury stock under share repurchase program (7,407) 0 (29,281)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock (1,745) (1,306) (1,128)
Proceeds from issuance of common shares 1,226 906 594
Contingent consideration payments made after a business acquisition 0 0 (296)
Net cash provided by financing activities 32,670 181,640 345,343
Net (decrease) increase in cash and cash equivalents (261,705) 263,627 36,907
Cash and cash equivalents at beginning of period 415,727 152,100 115,193
Cash and cash equivalents at end of period 154,022 415,727 152,100
Supplemental cash flow information:      
Interest paid 16,270 13,391 18,939
Income taxes paid 4,131 6,693 12,500
Supplemental noncash disclosures:      
Transfers from loans to other real estate owned 110 298 296
Noncash recognition of new leases $ 880 $ 2,482 $ 62