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

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income Attributable to Common Shareowners $ 61,557,000 $ 52,915,000 $ 52,258,000
Adjustments to Reconcile Net Income to Cash From Operating Activities:      
Provision for Credit Losses 5,264,000 4,031,000 9,714,000
Depreciation 7,409,000 7,671,000 7,918,000
Amortization of Premiums, Discounts, and Fees, net 4,300,000 4,192,000 4,221,000
Amortization of Intangible Assets 107,000 160,000 160,000
Gain on Securities Transactions 0 0 3,000
Gain on Sale of Subsidiary (773,000) 0 0
Pension Settlement Gain (1,552,000) 0 (291,000)
Originations of Loans Held for Sale (441,019,000) (485,901,000) (406,803,000)
Proceeds From Sales of Loans Held for Sale 461,891,000 494,825,000 404,332,000
Mortgage Banking Revenues (16,959,000) (14,343,000) (10,400,000)
Net Additions (Deletions) for Capitalized Mortgage Servicing Rights 9,000 (102,000) 419,000
Stock Compensation 2,324,000 1,802,000 1,237,000
Net Tax Benefit from Stock Compensation (154,000) (5,000) (48,000)
Deferred Income Taxes 1,589,000 (1,032,000) (483,000)
Net Change in Operating Leases 31,000 213,000 79,000
Net Gain on Sales and Write-Downs of Other Real Estate Owned (4,486,000) (979,000) (2,053,000)
Net Decrease (Increase) in Other Assets 7,482,000 (12,024,000) (1,029,000)
Net Increase (Decrease) in Other Liabilities 594,000 12,150,000 (4,452,000)
Net Cash Provided By Operating Activities 87,614,000 63,573,000 54,782,000
Securities Held to Maturity:      
Purchases (94,089,000) (64,031,000) (1,483,000)
Payments, Maturities, and Calls 283,296,000 121,638,000 36,600,000
Securities Available for Sale:      
Purchases (307,446,000) (126,783,000) (8,379,000)
Proceeds from the Sale of Securities 0 0 30,420,000
Payments, Maturities, and Calls 78,962,000 63,843,000 62,861,000
Equity Securities:      
Purchases (120,000) (9,164,000) (13,566,000)
Net Decrease in Equity Securities 1,327,000 10,215,000 10,127,000
Purchases of Loans Held for Investment (1,183,000) (848,000) (2,488,000)
Net Decrease (Increase) in Loans Held for Investment 34,675,000 39,258,000 (226,896,000)
Proceeds from Sales of Loans 66,857,000 41,320,000 47,314,000
Net Cash Received for Divestitures 2,375,000 0 0
Proceeds From Sales of Other Real Estate Owned 7,342,000 1,592,000 3,995,000
Purchases of Premises and Equipment, net (7,589,000) (8,688,000) (7,046,000)
Net Cash Provided By (Used In) Investing Activities 64,407,000 68,352,000 (68,541,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Decrease in Deposits (9,665,000) (29,845,000) (237,495,000)
Net (Decrease) Increase in Short-Term Borrowings 21,788,000 (7,236,000) (21,452,000)
Principal Payments of Subordinated Notes (10,305,000) 0 0
Repayment of Other Long-Term Borrowings 0 (116,000) (199,000)
Net Increase in Other Long-Term Borrowings 0 794,000 0
Dividends Paid (17,063,000) (14,906,000) (12,905,000)
Payments to Repurchase Common Stock 0 (2,330,000) (3,710,000)
Issuance of Common Stock Under Compensation Plans 1,341,000 1,501,000 937,000
Net Cash (Used in) Provided By Financing Activities (13,904,000) (52,138,000) (274,824,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 138,117,000 79,787,000 (288,583,000)
Cash and Cash Equivalents at Beginning of Year 391,854,000 312,067,000 600,650,000
Cash and Cash Equivalents at End of Year 529,971,000 391,854,000 312,067,000
Supplemental Cash Flow Disclosures:      
Interest Paid 32,281,000 35,017,000 21,775,000
Income Taxes Paid 12,650,000 3,864,000 8,350,000
State and Local Income Taxes Paid:      
Florida 1,035,000 2,227,000 735,000
All Other 247,000 46,000 33,000
Supplemental Noncash Items:      
Loans Transferred from Held for Investment to Held for Sale, net 59,600,000 36,362,000 35,745,000
Loans and Premises Transferred to Other Real Estate Owned 4,424,000 979,000 1,512,000
Transfer of Temporary Equity to Other Liabilities $ 0 $ 6,472,000 $ 0