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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 50,689 $ 70,403
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (recapture of) credit losses 11,160 10,479
Depreciation and amortization 7,395 7,520
Stock-based compensation expense 5,866 4,616
Pension expense (income) 1,475 875
Net amortization (accretion) on investment securities 1,297 1,894
Net (gain) loss on sales of investment securities 5,277 19
Unrealized gain (loss) on equity securities (90) (140)
Originations of loans held for sale (80,504) (42,174)
Net gains from sales of loans held for sale (3,784) (2,335)
Proceeds from sales of loans held for sale 81,967 41,926
Deferred income taxes 12,828 (8,844)
Operating Lease, Right-of-Use Asset, Amortization Expense 2,044 1,914
Payments for operating leases (2,121) (1,970)
Decrease (increase) cash surrender value of life insurance 1,055 766
Decrease (increase) in interest receivable (2,668) (1,866)
(Decrease) increase in interest payable (3,284) 18,746
Decrease (increase) in other assets (25,049) 145,295
(Decrease) increase in other liabilities (29,512) (73,386)
Net cash provided by (used in) operating activities 31,931 172,206
Investing activities    
Proceeds from Sale of Debt Securities, Available-for-sale 211,959 0
Proceeds from calls, paydowns and maturities of securities available-for-sale 123,893 89,066
Payments to Acquire Debt Securities, Available-for-sale 127,529 27,240
Proceeds from calls, paydowns and maturities of securities held-to-maturity 849 1,009
Proceeds from Sale of Other Investments 11,559 0
Proceeds from Maturities, Prepayments and Calls of Other Investments 4,873 0
Payments to Acquire Other Investments 9,704 306
Net decrease (increase) in interest-bearing deposits with other banks 41,670 82,717
Net decrease (increase) in loans and leases (189,224) (133,223)
Proceeds from disposal of other real estate owned 0 0
Purchases of premises and equipment (7,122) (4,493)
Net change in operating leases (8,259) (62,248)
Cash consideration (96,887) (3,400)
Proceeds from Life Insurance Policy 592 627
Net cash provided by (used in) investing activities (43,330) (57,491)
Financing activities    
Net (decrease) increase in total deposits 96,351 (26,493)
Net (decrease) increase in short-term borrowings (75,669) (69,596)
Payments of long-term debt 1,067 4,215
Cash dividends paid on common stock (21,868) (22,111)
Proceeds from exercise of stock options 0 34
Net cash provided by (used in) financing activities (2,253) (122,381)
Cash and due from banks:    
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (13,652) (7,666)
Cash and due from bank at beginning of period 213,059 207,501
Cash and due from bank at end of period 199,407 199,835
Supplemental Disclosures    
Interest Paid 95,230 30,518
Income Taxes Paid 14 324
Noncash or Part Noncash Acquisition, Investments Acquired 55,965 0
Supplemental schedule for investing activities    
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets, Net Of Purchase Consideration 914 (3,290)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities 2,702 941
Goodwill $ 1,788 $ 4,231