Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income Attributable to Common Shareowners $ 52,915,000 $ 52,258,000 $ 33,412,000
Adjustments to Reconcile Net Income to Cash From Operating Activities:      
Provision for Credit Losses 4,031,000 9,714,000 7,494,000
Depreciation 7,671,000 7,918,000 7,596,000
Amortization of Premiums, Discounts, and Fees, net 4,192,000 4,221,000 7,772,000
Amortization of Intangible Assets 160,000 160,000 160,000
Gain on Securities Transactions 0 3,000 0
Pension Settlement (Gain) Charges 0 (291,000) 2,321,000
Originations of Loans Held for Sale (485,901,000) (406,803,000) (390,191,000)
Proceeds From Sales of Loans Held for Sale 494,825,000 404,332,000 437,907,000
Mortgage Banking Revenues (14,343,000) (10,400,000) (11,909,000)
Net Additions for Capitalized Mortgage Servicing Rights (102,000) 419,000 726,000
Stock Compensation 1,802,000 1,237,000 1,630,000
Net Tax Benefit from Stock Compensation (5,000) (48,000) (27,000)
Deferred Income Taxes (1,032,000) (483,000) (3,870,000)
Net Change in Operating Leases 213,000 79,000 (108,000)
Net Gain on Sales and Write-Downs of Other Real Estate Owned (979,000) (2,053,000) (422,000)
Net (Increase) Decrease in Other Assets (12,024,000) (1,029,000) (8,636,000)
Net (Decrease) Increase in Other Liabilities 12,150,000 (4,452,000) 8,837,000
Net Cash Provided By Operating Activities 63,573,000 54,782,000 92,692,000
Securities Held to Maturity:      
Purchases (64,031,000) (1,483,000) (219,865,000)
Payments, Maturities, and Calls 121,638,000 36,600,000 55,314,000
Securities Available for Sale:      
Purchases (126,783,000) (8,379,000) (52,238,000)
Proceeds from the Sale of Securities 0 30,420,000 3,365,000
Payments, Maturities, and Calls 63,843,000 62,861,000 81,596,000
Equity Securities:      
Purchases (9,164,000) (13,566,000) 0
Net Decrease in Equity Securities 10,215,000 10,127,000 0
Purchases of Loans Held for Investment (848,000) (2,488,000) (16,753,000)
Net Decrease (Increase) in Loans Held for Investment 39,258,000 (226,896,000) (720,670,000)
Proceeds from Sales of Loans 41,320,000 47,314,000 104,475,000
Proceeds From Sales of Other Real Estate Owned 1,592,000 3,995,000 2,406,000
Purchases of Premises and Equipment, net (8,688,000) (7,046,000) (6,322,000)
Noncontrolling Interest Contributions 0 0 2,867,000
Net Cash Provided By (Used In) Investing Activities 68,352,000 (68,541,000) (765,825,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net (Decrease) Increase in Deposits (29,845,000) (237,495,000) 226,455,000
Net (Decrease) Increase in Short-Term Borrowings (7,236,000) (21,452,000) 22,114,000
Repayment of Other Long-Term Borrowings (116,000) (199,000) (249,000)
Net Increase in Other Long-Term Borrowings 794,000 0 0
Dividends Paid (14,906,000) (12,905,000) (11,191,000)
Payments to Repurchase Common Stock (2,330,000) (3,710,000) 0
Issuance of Common Stock Under Compensation Plans 1,501,000 937,000 1,300,000
Net Cash (Used in) Provided By Financing Activities (52,138,000) (274,824,000) 238,429,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 79,787,000 (288,583,000) (434,704,000)
Cash and Cash Equivalents at Beginning of Year 312,067,000 600,650,000 1,035,354,000
Cash and Cash Equivalents at End of Year 391,854,000 312,067,000 600,650,000
Supplemental Cash Flow Disclosures:      
Interest Paid 35,017,000 21,775,000 6,586,000
Income Taxes Paid 6,137,000 9,118,000 7,466,000
Supplemental Noncash Items:      
Loans Transferred from Held for Investment to Held for Sale, net 36,362,000 35,745,000 108,798,000
Loans and Premises Transferred to Other Real Estate Owned 979,000 1,512,000 2,398,000
Transfer of Temporary Equity to Other Liabilities $ 6,472,000 $ 0 $ 0