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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 46,184,000 $ 50,927,000
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and net amortization 4,962,000 5,289,000
Securities premium amortization (discount accretion), net 3,376,000 3,698,000
Loan (discount accretion) premium amortization, net 225,000 187,000
Provision for (reversal of) credit losses (427,000) (114,000)
Stock compensation expense 1,517,000 1,838,000
Deferred tax expense (benefit) 15,000 (316,000)
Net (gain) loss on sale of AFS securities 581,000 5,601,000
Net gain on sale of equity securities 0 (5,058,000)
Net loss on premises and equipment 41,000 88,000
Gross proceeds from sales of loans held for sale 8,731,000 9,025,000
Gross originations of loans held for sale (7,181,000) (10,024,000)
Net (gain) loss on consumer receivables 412,000 0
Net (gain) loss on OREO 58,000 (53,000)
Gain on purchase of subordinated notes (178,000) (587,000)
Net change in:    
Interest receivable 96,000 1,085,000
Other assets (27,625,000) 74,402,000
Interest payable (322,000) 4,962,000
Other liabilities 44,312,000 (82,917,000)
Net cash provided by (used in) operating activities 74,777,000 58,033,000
Securities AFS:    
Purchases (604,133,000) (717,315,000)
Sales 100,259,000 642,230,000
Maturities, calls and principal repayments 435,095,000 15,069,000
Securities HTM:    
Maturities, calls and principal repayments 2,549,000 19,705,000
Proceeds from sales of equity securities 0 6,679,000
Proceeds from redemption of FHLB stock and equity investments 29,930,000 27,525,000
Purchases of FHLB stock and equity investments (50,825,000) (29,148,000)
Net loan paydowns (originations) (66,830,000) (182,187,000)
Proceeds from sales of customer receivables 7,600,000 0
Purchases of premises and equipment (3,668,000) (3,195,000)
Proceeds from (purchases of) BOLI 3,440,000 951,000
Proceeds from sales of premises and equipment (3,000) 370,000
Net proceeds from sales of OREO 58,000 146,000
Proceeds from sales of repossessed assets 97,000 102,000
Net cash provided by (used in) investing activities (146,431,000) (219,068,000)
FINANCING ACTIVITIES:    
Net change in deposits (53,760,000) (80,402,000)
Net change in other borrowings (308,402,000) 279,188,000
Proceeds from FHLB borrowings 3,740,000,000 1,328,000,000
Repayment of FHLB borrowings (3,390,366,000) (1,298,351,000)
Purchase/redemption of subordinated notes (1,805,000) (4,365,000)
Proceeds from stock option exercises 435,000 640,000
Cash paid to tax authority related to tax withholding on share-based awards (251,000) (227,000)
Purchase of common stock (1,510,000) (34,480,000)
Proceeds from the issuance of common stock for dividend reinvestment plan 596,000 601,000
Cash dividends paid (21,797,000) (21,708,000)
Net cash provided by (used in) financing activities (36,860,000) 168,896,000
Net increase (decrease) in cash and cash equivalents (108,514,000) 7,861,000
Cash and cash equivalents at beginning of period 560,510,000 199,252,000
Cash and cash equivalents at end of period 451,996,000 207,113,000
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:    
Interest paid 100,310,000 55,493,000
Income taxes paid 7,000,000 8,000,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Loans transferred to other repossessed assets and real estate through foreclosure 785,000 61,000
Unsettled trades to purchase securities (54,354,000) 0
Unsettled trades to sell securities $ 0 $ 31,548,000