Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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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 Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396
Adjustments to Reconcile Net Income to Cash From Operating Activities:      
Provision for Credit Losses 9,714 7,494 (1,553)
Depreciation 7,918 7,596 7,607
Amortization of Premiums, Discounts, and Fees, net 4,221 7,772 14,072
Amortization of Intangible Assets 160 160 107
Gain on Securities Transactions 3 0 0
Pension Settlement (Gain) Charges (291) 2,321 3,072
Originations of Loans Held for Sale (306,714) (437,827) (1,262,746)
Proceeds From Sales of Loans Held for Sale 315,812 475,359 1,376,678
Mortgage Banking Revenues (10,400) (11,909) (52,425)
Net Additions for Capitalized Mortgage Servicing Rights 419 726 72
Change in Valuation Provision for Mortgage Servicing Rights 0 0 (250)
Stock Compensation 1,237 1,630 843
Net Tax Benefit from Stock Compensation (48) (27) (4)
Deferred Income Taxes (483) (3,870) (4,157)
Net Change in Operating Leases 79 (108) (165)
Net Gain on Sales and Write-Downs of Other Real Estate Owned (2,053) (422) (1,662)
Net (Increase) Decrease in Other Assets (1,029) (8,636) 10,885
Net (Decrease) Increase in Other Liabilities (4,452) 8,837 (7,846)
Net Cash Provided By (Used In) Operating Activities 66,351 82,508 115,924
Securities Held to Maturity:      
Purchases (1,483) (219,865) (251,525)
Payments, Maturities, and Calls 36,600 55,314 78,544
Securities Available for Sale:      
Purchases (8,379) (52,238) (523,961)
Proceeds from the Sale of Securities 30,420 3,365 495
Payments, Maturities, and Calls 62,861 81,596 178,425
Equity Securities:      
Purchases (13,566) 0 0
Net Decrease in Equity Securities 10,127 0 0
Purchases of Loans Held for Investment (2,488) (16,753) (20,209)
Net (Increase) Decrease in Loans (191,151) (606,011) 88,545
Net Cash Paid for Acquisitions 0 0 (4,482)
Proceeds From Sales of Other Real Estate Owned 3,995 2,406 4,502
Purchases of Premises and Equipment, net (7,046) (6,322) (5,193)
Noncontrolling Interest Contributions 0 2,867 7,139
Net Cash Used In Investing Activities (80,110) (755,641) (447,720)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net (Decrease) Increase in Deposits (237,495) 226,455 495,302
Net (Decrease) Increase in Short-Term Borrowings (21,452) 22,114 (45,938)
Repayment of Other Long-Term Borrowings (199) (249) (1,332)
Dividends Paid (12,905) (11,191) (10,459)
Payments to Repurchase Common Stock (3,710) 0 0
Issuance of Common Stock Under Compensation Plans 937 1,300 1,028
Net Cash (Used in) Provided By Financing Activities (274,824) 238,429 438,601
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (288,583) (434,704) 106,805
Cash and Cash Equivalents at Beginning of Year 600,650 1,035,354 928,549
Cash and Cash Equivalents at End of Year 312,067 600,650 1,035,354
Supplemental Cash Flow Disclosures:      
Interest Paid 21,775 6,586 3,547
Income Taxes Paid 9,118 7,466 16,339
Noncash Investing and Financing Activities:      
Loans and Premises Transferred to Other Real Estate Owned $ 1,512 $ 2,398 $ 1,717