v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net Income $ 21,883 $ 7,326
Adjustments to reconcile net income to net cash provided by operating activities:    
Originations of mortgage loans held for sale (63,035) (41,934)
Proceeds from the sale of mortgage loans 61,010 42,320
Gain on sale of mortgage loans, net of origination costs (704) (497)
Provision for credit losses 553 9,429
Depreciation and amortization expense 1,265 1,512
Investment securities amortization and accretion, net 262 248
Stock-based compensation expense 730 827
Amortization of core deposit intangible assets 1,354 1,473
Purchase accounting accretion, net (4,345) (5,016)
Deferred income tax expense (benefit) 2,102 (678)
Decrease (increase) in other assets 3,306 (537)
Net increase (decrease) in derivative collateral received from counterparties 360 (1,340)
Decrease in other liabilities (4,735) (12,099)
Net cash provided by operating activities 20,006 1,034
Investing Activities    
Cash received in acquisition of Northway Financial, Inc. 0 48,261
Proceeds from sales of available-for-sale debt securities 0 56,432
Purchase of available-for-sale debt securities (3,518) (75,582)
Proceeds from maturities of available-for-sale debt securities 30,312 22,025
Proceeds from maturities and recoveries of held-to-maturity securities 13,392 7,442
Purchase of held-to-maturity securities 0 5,000
Net decrease in loans 4,106 11,163
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (5,012) (10,623)
Proceeds from sale of Federal Home Loan Bank stock 8,098 9,438
Purchase of premises and equipment 1,776 1,761
Payment to Acquire Life Insurance Policy, Investing Activities 419 0
Recoveries of previously charged-off loans 164 171
Net cash provided by investing activities 46,185 61,966
Financing Activities    
Net increase (decrease) in deposits 47,571 (7,418)
Net (repayments) proceeds from borrowings less than 90 days (68,350) 1,316
Proceeds from Federal Home Loan Bank long-term advances 0 (45,000)
Common stock repurchases 1,486 0
Issuance of restricted stock, net of repurchase for tax withholdings (348) (153)
Cash dividends paid on common stock 7,131 7,097
Finance lease payments (203) (197)
Net cash used in financing activities (29,947) (58,549)
Net increase in cash, cash equivalents and restricted cash 36,244 4,451
Cash, cash equivalents, and restricted cash at beginning of period 97,492 214,963
Cash, cash equivalents and restricted cash at end of period 133,736 219,414
Supplemental information    
Interest paid 26,350 29,476
Income taxes paid 226 126
Cash dividends declared, not paid 7,147 7,097
Change in fair value hedges presented within residential real estate loans and other assets (1,184) 2,131
Assets acquired in Northway Financial, Inc. acquisition, excluding cash received 0 1,108,194
Liabilities assumed in Northway Financial, Inc. acquisition 0 1,116,773
Common stock issued for Northway Financial, Inc. acquisition $ 0 $ 96,490