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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 30,395 $ 38,776
Proceeds from sales of loans held for sale 85,303 72,658
Originations of loans held for sale (90,455) (77,429)
Items not requiring (providing) cash:    
Depreciation 4,177 4,438
Amortization 1,154 335
Compensation expense for stock option grants 866 796
Provision for credit losses on loans 500 1,500
Provision (credit) for unfunded commitments (477) (2,445)
Net gain on loan sales (1,804) (1,098)
Net loss on sale of premises and equipment 8 18
Net (gain) loss on sale/write-down of other real estate owned and repossessions (33) 63
Accretion of deferred income, premiums, discounts and other (6,601) (6,819)
Loss on derivative interest rate products 20 289
Net non-cash gain recorded on contract termination (2,762)  
Deferred income taxes (810) 244
Changes in:    
Interest receivable (1,214) 1,929
Prepaid expenses and other assets 4,049 3,369
Accrued expenses and other liabilities (6,247) 21,916
Income taxes refundable/payable 497 504
Net cash provided by operating activities 16,566 59,044
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans (45,807) (7,932)
Purchase of loans (6,251) (400)
Purchase of premises and equipment (2,320) (4,217)
Proceeds from sale of premises and equipment 26 55
Proceeds from sale of other real estate owned and repossessions 1,122 225
Proceeds from maturities and calls of available-for-sale securities   1,015
Principal reductions on mortgage-backed securities 16,718 17,072
Purchase of available-for-sale securities (92,631)  
Investment in tax credit partnerships (11,306) (11,416)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets (3,739) (1,944)
Net cash used in investing activities (144,188) (7,542)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in certificates of deposit (55,665) 67,374
Net increase (decrease) in checking and savings deposits (50,720) 72,630
Net increase (decrease) in short-term borrowings 47,049 (135,059)
Proceeds from borrowing under Federal Reserve Bank Term Funding Program 180,000  
Advances from borrowers for taxes and insurance 3,294 2,752
Repurchase of the Company's common stock (12,361) (14,289)
Dividends paid (9,402) (9,746)
Stock options exercised 563 255
Net cash provided by (used in) financing activities 102,758 (16,083)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (24,864) 35,419
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 211,333 168,520
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 186,469 $ 203,939