v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 14,984,000 $ 12,655,000
Adjustments to reconcile net income to net cash from operating activities:    
Net (accretion) amortization of available-for-sale securities (55,000) 41,000
Amortization of core deposit intangible 892,000 37,000
Provision for credit losses 6,328,000 1,158,000
Loan hedge fair value adjustments, net 19,000 39,000
Change in net deferred loan origination fees 2,479,000 233,000
Loans originated for sale (2,792,000) (340,000)
Proceeds from sale of loans held for sale 2,984,000 1,384,000
Gain on sale of loans (17,000) (27,000)
Depreciation and amortization expense 901,000 693,000
Gain from BOLI death benefit   (25,000)
Increase in cash surrender values of BOLI (853,000) (1,006,000)
Deferred income tax benefit (12,000) (9,000)
ESOP expense 885,000 783,000
Stock-based compensation 1,443,000  
Changes in operating assets and liabilities:    
Net change in loans held for sale 3,622,000  
Accrued interest receivable (1,760,000) 152,000
Prepaid expenses and other assets 424,000 3,295,000
Accrued expenses and other liabilities (1,750,000) (5,575,000)
Accrued retirement liabilities (391,000) (3,540,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 27,331,000 9,948,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Loan originations and purchases, net of repayments (241,442,000) (134,195,000)
Purchases of available-for-sale securities (34,070,000) (12,808,000)
Proceeds from maturities, calls and paydowns of available-for-sale securities 24,512,000 8,583,000
Recoveries of loans previously charged off 237,000 205,000
Net change in non-public investments (6,998,000) (346,000)
Proceeds from BOLI death benefit   128,000
Purchases of BOLI policies (20,000,000)  
Proceeds from surrender of BOLI policies 14,602,000  
Purchases of banking premises and equipment (2,027,000) (108,000)
NET CASH USED IN INVESTING ACTIVITIES (265,186,000) (138,541,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 243,454,000 148,965,000
Net change in mortgagors' escrow accounts (335,000) (85,000)
Repurchase of common shares under share repurchase plans (27,763,000) (40,696,000)
Dividends paid (3,206,000)  
Advances of FHLB borrowings 415,700,000  
Paydowns of FHLB borrowings (422,234,000) (30,000,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 205,616,000 78,184,000
NET CHANGE IN CASH AND CASH EQUIVALENTS (32,239,000) (50,409,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 407,596,000 363,855,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 375,357,000 313,446,000
Supplemental disclosure of cash paid during the period for:    
Interest 40,719,000 36,685,000
Supplemental disclosure of non-cash transactions:    
Initial recognition of operating lease right of use assets and lease liabilities 1,947,000  
Increase in operating lease right of use assets and lease liabilities resulting from lease modifications 124,000  
Unrealized (losses) gains on available-for-sale securities (1,331,000) 2,291,000
Unrealized holding losses on cash flow hedge (1,995,000)  
Mortgage loans transferred to loans held for sale 1,339,000 1,017,000
Restricted stock awards granted 3,000  
Massachusetts    
Supplemental disclosure of cash paid during the period for:    
Income taxes 2,520,000 $ 2,150,000
Jurisdictions below 5 percent of total income taxes paid, net of refunds    
Supplemental disclosure of cash paid during the period for:    
Income taxes $ 185,000