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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net Income $ 37,549 $ 30,224
Provision for Loan and Lease Losses 4,238 8,003
Deferred tax expense 2,797 2,218
Depreciation and amortization 1,501 1,847
Net gains on securities and other assets (3,199) (2,330)
Net amortization of premiums and discounts on securities 242 378
Income from increase in cash surrender value of bank owned life insurance (1,294) (1,190)
(Increase) decrease in interest receivable (746) 645
Mortgage loans originated for sale (43,587) (31,165)
Proceeds from sale of mortgage loans 36,926 32,462
Increase in interest payable 5,126 2,146
Increase in income taxes payable 5,925 5,512
Increase (Decrease) in Other Operating Assets and Liabilities, Net 5,833 10,150
Net cash provided by operating activities 39,645 38,600
Investing Activities    
Payments to Acquire Held-to-maturity Securities (55,076) 0
Proceeds from maturities and redemptions of available-for-sale securities 0 30,686
Proceeds from maturities and redemptions of available-for-sale securities 35,970 25,791
Payments to Acquire Debt Securities, Available-for-Sale (48,684) 0
Proceeds from sale and maturity of held-to-maturity securities 9,250 9,733
Purchases of FHLB stock (13,627) (18,262)
Proceeds from the redemption of FHLB stock 39,101 21,134
Proceeds from Life Insurance Policy 0 1,216
Proceeds from Sale of Loans Receivable 28,514 30,425
Proceeds from sale of other assets 1,259 846
Net cash received from business acquisition 0 14,492
Net increase in loans and leases (55,902) (95,513)
Payments for Purchase of Other Assets (5,048) (9,433)
Net cash (used in) provided by investing activities (64,243) 11,115
Financing Activities    
Net decrease in other short-term borrowings (51,294) (266,450)
Net increase in deposits 254,116 472,706
Repayments of other long-term debt (190) (183)
Repayments of Long-term Capital Lease Obligations (139) (131)
Payments of Dividends (12,764) (12,367)
Purchase of treasury stock (1,757) (1,732)
Net cash provided by financing activities 187,972 191,843
Net increase in cash and cash equivalents 163,374 241,558
Cash and cash equivalents at January 1 146,993 154,244
Cash and cash equivalents at March 31 $ 310,367 $ 395,802