v3.25.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 40,548 $ 53,042
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 5,083 5,696
Allocation of ESOP stock 566 516
Stock compensation 2,546 3,132
Net excess tax expense on stock compensation 195 365
Amortization of servicing asset 163 120
Net premium amortization in excess of discount accretion on securities 82 349
Net amortization of deferred costs on borrowings 239 309
Amortization of intangibles 1,846 1,654
Net accretion of purchase accounting adjustments (691) (2,056)
Net amortization of deferred fees/costs and premiums/discounts on loans (4,668) (1,103)
Provision for credit losses 8,379 3,705
Net loss on sale of other real estate owned 22 0
Net loss (gain) on sale of fixed assets 2 (168)
Net loss on sales of available-for-sale securities 56 106
Net gain on equity investments (693) (2,810)
Net gain on sales of loans (2,035) (777)
Proceeds from sales of residential loans held for sale 249,458 75,786
Residential loans originated for sale (241,956) (71,905)
Write down of other real estate owned 194 0
Increase in value of bank owned life insurance (3,638) (4,181)
Decrease in interest and dividends receivable 1,882 898
Deferred tax (benefit) provision (39) 920
Decrease (increase) in other assets 33,053 (23,414)
(Decrease) increase in other liabilities (63,797) 29,644
Total adjustments (13,751) 16,786
Net cash provided by operating activities 26,797 69,828
Cash flows from investing activities:    
Net (increase) decrease in loans receivable (56,273) 174,954
Proceeds from sales of non-performing loans 6,361 0
Purchase of loan pools (26,859) 0
Discounts received on purchased loan pool 2,562 0
Purchase of debt securities available-for-sale (51,661) (14,280)
Purchase of debt securities held-to-maturity 0 (6,069)
Purchase of equity investments (3,220) (1,495)
Proceeds from maturities and calls of debt securities available-for-sale 3,250 15,410
Proceeds from maturities and calls of debt securities held-to-maturity 27,004 11,490
Proceeds from sales of debt securities available-for-sale 5,444 2,394
Principal repayments on debt securities available-for-sale 139,898 34,496
Principal repayments on debt securities held-to-maturity 51,515 49,286
Proceeds from bank owned life insurance 2,662 2,812
Proceeds from the redemption of restricted equity investments 127,306 55,020
Purchases of restricted equity investments (125,210) (53,933)
Proceeds from sale of other real estate owned 402 0
Purchases of premises and equipment (3,249) (4,862)
Proceeds from disposal of premises and equipment 0 3,369
Net cash provided by investing activities 99,932 268,592
Cash flows from financing activities:    
Increase (decrease) in deposits 166,102 (440,854)
Increase in short-term borrowings 885 6,807
Net repayment of FHLB advances (133,924) (59,299)
Net proceeds from other borrowings 0 227,495
(Decrease) increase in advances by borrowers for taxes and insurance (4,272) 2,761
Exercise of stock options 136 0
Payment of employee taxes withheld from stock awards and phantom stock units (1,383) (2,207)
Purchase of treasury stock (24,308) (20,082)
Dividends paid (25,345) (25,561)
Redemption of preferred stock (57,370) 0
Distributions to non-controlling interest (266) 0
Net cash used in provided by financing activities (79,745) (310,940)
Net increase in cash and due from banks and restricted cash 46,984 27,480
Cash and due from banks and restricted cash at beginning of period 123,615 153,718
Cash and due from banks and restricted cash at end of period 170,599 181,198
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks at beginning of period 123,615 153,718
Restricted cash at beginning of period 0 0
Cash and due from banks and restricted cash at beginning of period 123,615 153,718
Cash and due from banks at end of period 170,599 181,198
Restricted cash at end of period 0 0
Cash and due from banks and restricted cash at end of period 170,599 181,198
Cash paid during the period for:    
Interest 133,527 145,401
Income taxes 12,957 19,704
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 291 200
Net loan charge-offs 2,854 1,801
Transfer of securities from held-to-maturity to available-for-sale 0 500
Transfer of loans receivable to other real estate owned 6,487 0
Transfer of loans receivable to loans held-for-sale $ 6,361 $ 0