v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 21,205 $ 3,385
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 2,941 2,095
Net amortization of premiums and discounts on securities (1,915) (216)
Net amortization of mortgage servicing rights 98 134
Amortization of intangible assets 1,031 1,116
Depreciation and amortization of office properties and equipment 4,218 4,078
Amortization of operating lease right-of-use assets 1,995 1,958
Provision for credit losses 5,401 7,472
(Gain) loss on securities transactions (336) 1,256
Change in fair value of equity securities (580) (452)
Gain on securitizations (70) 0
Gain on sale of loans, net (430) (366)
Gain on disposal of office properties and equipment, net (18) 0
Deferred tax (benefit) expense (5,818) 1,688
(Increase) in accrued interest receivable (778) (1,993)
Gain on sale of other real estate owned (281) 0
Decrease (increase) in other assets 810 (8,123)
(Decrease) increase in accrued expenses and other liabilities (14,599) 18,319
Income on bank-owned life insurance (3,849) (3,584)
Employee stock ownership plan expense 1,674 1,862
Stock based compensation 2,460 4,270
(Increase) in deferred compensation obligations under Rabbi Trust (99) (189)
Net cash provided by operating activities 13,060 32,710
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 15,656 3,495
Proceeds from paydowns/maturities/calls of debt securities available for sale 102,847 62,990
Proceeds from paydowns/maturities/calls of debt securities held to maturity 24,869 6,483
Purchases of debt securities available for sale (118,767) (246,244)
Purchases of debt securities held to maturity (33,369) (16,635)
Proceeds from sales of loans held-for-sale 20,525 6,896
Purchases of loans receivable (150,882) 0
Net (increase) decrease in loans receivable (138,878) 39,419
Proceeds from bank-owned life insurance death benefits 0 5
Proceeds from redemptions of Federal Home Loan Bank stock 19,574 17,553
Purchases of Federal Home Loan Bank stock (27,850) (24,149)
Proceeds from sales of office properties and equipment 18 0
Additions to office properties and equipment (4,622) (3,048)
Proceeds from sales of other real estate owned 1,615 0
Net cash (used in) investing activities (289,264) (153,235)
Cash flows from financing activities:    
Net increase (decrease) in deposits 39,334 (65,009)
Proceeds from long-term borrowings 130,000 210,000
Payments on long-term borrowings (60,000) (70,000)
Net increase in short-term borrowings 121,978 15,204
Increase in advance payments by borrowers for taxes and insurance 4,072 4,333
Exercise of stock options 0 (49)
Purchase of treasury stock 0 (5,894)
Repurchase of shares for taxes (179) (195)
Net cash provided by financing activities 235,205 88,390
Net (decrease) in cash and cash equivalents (40,999) (32,135)
Cash and cash equivalents at beginning of year 289,223 423,249
Cash and cash equivalents at end of period 248,224 391,114
Cash paid during the period for:    
Interest on deposits and borrowings 124,241 134,745
Income tax payments, net of refunds 73 664
Non-cash investing and financing activities:    
Transfer of loans receivable to other real estate owned 0 1,974
Transfer of loans receivable to loans held-for-sale 20,149 6,532
Securitization of loans 7,207 0
Excise tax (benefit)on net stock repurchases $ (7) $ 44