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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 35,229 $ 55,108
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,000 (2,100)
Depreciation of premises and equipment 3,006 2,554
Net amortization of premiums and discounts on securities and loans 1,033 2,485
Amortization of intangibles 635 648
Share-based compensation 1,569 2,589
Tax benefit (expense) from stock option exercises and other equity awards 0 71
Income from bank-owned life insurance [1] (2,754) (1,900)
Net gains on loan sales, including changes in fair value (3,446) (6,164)
Proceeds from sales of loans, net 169,392 262,907
Loans originated for sale (168,892) (242,153)
(Increase) decrease in operating lease right-of-use assets (726) (1,096)
Increase (decrease) in operating lease liabilities 996 1,179
(Increase) decrease in other assets (38,002) (27,734)
Increase (decrease) in other liabilities 19,913 25,451
Net cash provided by (used in) operating activities 19,953 71,845
Cash flows from investing activities:    
Purchases of mortgage-backed securities available for sale (39,967) (203,826)
Purchases of other debt securities available for sale (20,221) (10,747)
Maturities, calls and principal payments of mortgage-backed securities available for sale 55,088 97,495
Maturities, calls and principal payments of other debt securities available for sale 250 0
Net redemption (purchases) of Federal Home Loan Bank stock (9,205) (19,909)
Purchases of other equity investments, net (375) (375)
Net (increase) decrease in loans (494,909) (571,950)
Purchases of loans (5,428) (1,764)
Purchases of premises and equipment (3,524) (3,824)
Purchases of bank-owned life insurance 0 (7,000)
Proceeds from bank-owned life insurance 1,932 0
Equity investment in real estate limited partnership (7,167) (1,861)
Net cash provided by (used in) investing activities (523,526) (723,761)
Cash flows from financing activities:    
Net increase (decrease) in deposits 396,601 89,806
Proceeds from Federal Home Loan Bank advances 2,895,000 1,946,112
Repayments of Federal Home Loan Bank advances (2,755,000) (1,391,112)
Purchases of treasury stock (8,741) (9,479)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (637) (723)
Cash dividends paid (29,063) (28,342)
Net cash provided by (used in) financing activities 498,160 606,262
Net increase (decrease) in cash and cash equivalents (5,413) (45,654)
Cash and cash equivalents at beginning of period 118,422 178,493
Cash and cash equivalents at end of period 113,009 132,839
Noncash Activities:    
Loans charged off 157 122
Loans transferred to property acquired through foreclosure or repossession 683 0
Commitment for equity investment in real estate limited partnerships 3,967 8,360
Supplemental Disclosures:    
Interest payments 107,270 15,677
Income tax payments $ 6,826 $ 13,021
[1] As reported in the Unaudited Consolidated Statements of Income.