v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:        
Net income $ 64,028,000 $ 32,082,000    
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization of intangibles 13,165,000 2,801,000    
Provision charge (benefit) for credit losses on loans and securities 638,000 (320,000)    
Deferred tax expense 3,600,000 4,419,000    
Amortization of operating lease right-of-use assets 3,544,000 2,627,000    
Income on Bank-owned life insurance (2,092,000) (1,817,000)    
Net amortization of premiums and discounts on securities 4,272,000 1,824,000    
Accretion of net deferred loan fees (1,522,000) (1,866,000)    
Amortization of premiums on purchased loans, net 62,000 50,000    
Originations of loans held for sale (15,683,000) (2,169,000)    
Proceeds from sales of loans originated for sale 10,640,000 645,000    
ESOP expense 0 753,000    
Allocation of stock award expense 2,153,000 1,521,000    
Allocation of stock option expense 17,000 28,000    
Net gain on sale of loans (368,000) (45,000)    
Net (gain) loss on securities transactions (87,000) 1,000    
Net gain on sale of premises and equipment (624,000) 0    
Net gain on sale of foreclosed assets 0 (42,000)    
(Increase) decrease in accrued interest receivable (616,000) 289,000    
Decrease (increase) in other assets 43,106,000 (13,379,000)    
(Decrease) increase in other liabilities (35,718,000) 14,007,000    
Net cash provided by operating activities 88,515,000 41,409,000    
Cash flows from investing activities:        
Net (increase) decrease in loans (112,317,000) 34,378,000    
Purchases of loans (321,000) 0    
Proceeds from sales of foreclosed assets 0 98,000    
Proceeds from maturities, calls and paydowns of held to maturity debt securities 14,113,000 13,983,000    
Purchases of investment securities held to maturity (700,000) (5,743,000)    
Proceeds from sales of available for sale debt securities 1,670,000 0    
Proceeds from maturities, calls and paydowns of available for sale debt securities 150,843,000 40,891,000    
Purchases of available for sale debt securities (217,721,000) (30,775,000)    
Proceeds from redemption of Federal Home Loan Bank stock 76,930,000 28,792,000    
Purchases of Federal Home Loan Bank stock (91,086,000) (27,325,000)    
BOLI claim benefits received 906,000 820,000    
Proceeds from sales of premises and equipment 2,348,000 0    
Purchases of premises and equipment (1,142,000) (536,000)    
Net cash (used in) provided by investing activities (176,477,000) 54,583,000    
Cash flows from financing activities:        
Net decrease in deposits (174,950,000) (193,622,000)    
Increase in mortgage escrow deposits 9,014,000 7,043,000    
Cash dividends paid to stockholders (31,874,000) (18,144,000)    
Purchase of employee restricted shares to fund statutory tax withholding (1,847,000) (1,237,000)    
Proceeds from long-term borrowings 0 0    
Payments on long-term borrowings (254,600,000) 0    
Net increase in short-term borrowings 570,356,000 88,065,000    
Net cash provided by (used in) financing activities 116,099,000 (117,895,000)    
Net increase (decrease) in cash and cash equivalents 28,137,000 (21,903,000)    
Cash and cash equivalents at beginning of period 205,869,000 180,185,000    
Restricted cash at beginning of period 70,000 70,000    
Total cash, cash equivalents and restricted cash at beginning of period 234,076,000 158,352,000 $ 205,939,000 $ 180,255,000
Cash and cash equivalents at end of period 234,076,000 158,282,000    
Restricted cash at end of period 0 70,000    
Total cash, cash equivalents and restricted cash at end of period 234,076,000 158,352,000    
Cash paid during the period for:        
Interest on deposits and borrowings 125,711,000 65,911,000    
Income taxes 1,029,000 1,317,000    
Transfer of loans receivable to foreclosed assets $ 0 $ 0