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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 48,176 $ 71,681 $ 76,870
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 3,200 (1,300) (4,822)
Depreciation of premises and equipment 4,005 3,465 3,411
Net amortization of premiums and discounts on debt securities and loans 1,352 2,893 3,446
Amortization of intangibles 843 860 890
Share–based compensation 2,064 3,247 3,316
Tax (expense) benefit from stock option exercises and other equity awards (34) 78 182
Deferred income tax (benefit) expense (3,690) 1,160 2,155
Income from bank-owned life insurance [1] (3,488) (2,591) (2,925)
Net gains on loan sales, including changes in fair value (4,514) (6,730) (28,195)
Proceeds from sales of loans, net 219,568 309,749 934,516
Loans originated for sale (221,637) (272,855) (887,341)
(Increase) decrease in operating lease right-of-use assets (2,208) (464) 2,829
Increase (decrease) in operating lease liabilities 2,469 547 (2,708)
(Increase) decrease in other assets (3,000) (30,804) 38,935
Increase (decrease) in other liabilities (11,503) 34,070 (39,747)
Net cash provided by (used in) operating activities 31,603 113,006 100,812
Cash flows from investing activities:      
Purchases of mortgage-backed available for sale debt securities (39,967) (223,380) (347,913)
Purchases of other available for sale debt securities (20,221) (10,747) (251,443)
Maturities and principal payments of mortgage-backed available for sale debt securities 71,732 116,116 337,751
Maturities and principal payments of other available for sale debt securities 750 0 82,800
Net (purchases) redemptions of Federal Home Loan Bank stock (8,430) (30,432) 17,254
Purchases of other equity investments, net (263) (375) (650)
Net increase in loans (537,467) (832,450) (27,921)
Purchases of loans (5,743) (2,773) (41,863)
Purchases of premises and equipment (5,048) (6,139) (3,490)
Purchases of bank-owned life insurance 0 (7,000) (7,000)
Proceeds from bank-owned life insurance 1,932 0 1,526
Proceeds from sale of equity investment in real estate limited partnership 0 0 50
Equity investment in real estate limited partnership (8,115) (1,861) 0
Net cash provided by (used in) investing activities (550,840) (999,041) (240,899)
Cash flows from financing activities:      
Net increase in deposits 329,198 38,911 601,698
Proceeds from Federal Home Loan Bank advances 3,515,000 3,156,112 1,294,176
Repayment of Federal Home Loan Bank advances (3,305,000) (2,321,112) (1,743,036)
Treasury stock purchased (8,814) (9,479) 0
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (754) (821) (177)
Cash dividends paid (38,631) (37,647) (36,349)
Net cash provided by (used in) financing activities 490,999 825,964 116,312
Net increase (decrease) in cash and cash equivalents (28,238) (60,071) (23,775)
Cash and cash equivalents at beginning of year 118,422 178,493 202,268
Cash and cash equivalents at end of year 90,184 118,422 178,493
Noncash Activities:      
Loans charged-off 577 184 663
Loans transferred to property acquired through foreclosure or repossession 683 0 0
Commitment for equity investments in real estate limited partnerships 3,020 8,360 0
Supplemental Disclosures:      
Interest payments 156,648 32,096 18,313
Income tax payments $ 9,926 $ 17,706 $ 19,641
[1] As reported in the Consolidated Statements of Income.