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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 28,610 $ 27,899
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,869 3,094
Allocation of ESOP stock 267 664
Stock compensation 1,541 1,828
Net excess tax expense on stock compensation 365 250
Amortization of servicing asset 19 15
Net premium amortization in excess of discount accretion on securities 14 1,093
Net amortization of deferred costs on borrowings 152 147
Amortization of core deposit intangible 844 1,027
Net accretion of purchase accounting adjustments (947) (1,267)
Net amortization of deferred fees/costs and premiums/discounts on loans (588) (138)
Provision for credit losses 591 3,013
Net gain on sale of fixed assets 0 (6)
Net loss on sales of available-for-sale securities 110 697
Net (gain) loss on equity investments (1,923) 6,801
Net gain on sales of loans (357) (20)
Proceeds from sales of residential loans held for sale 30,322 3,881
Residential loans originated for sale (29,501) (5,056)
Increase in value of bank owned life insurance (1,862) (1,281)
Increase in interest and dividends receivable (628) (2,638)
Deferred tax provision (benefit) 1,422 (16)
(Increase) decrease in other assets (20,997) 23,221
Increase (decrease) in other liabilities 35,789 (38,834)
Total adjustments 17,502 (3,525)
Net cash provided by operating activities 46,112 24,374
Cash flows from investing activities:    
Net decrease (increase) in loans receivable 69,501 (120,505)
Purchase of debt securities available-for-sale (6,628) (4,287)
Purchase of debt securities held-to-maturity (1,994) (55,444)
Purchase of equity investments (1,282) (6,736)
Proceeds from maturities and calls of debt securities available-for-sale 5,610 15,500
Proceeds from maturities and calls of debt securities held-to-maturity 9,002 6,980
Proceeds from sales of debt securities available-for-sale 390 1,300
Proceeds from sale of equity investments 0 661
Principal repayments on debt securities available-for-sale 12,491 0
Principal repayments on debt securities held-to-maturity 24,371 24,273
Proceeds from bank owned life insurance 1,745 230
Proceeds from the redemption of restricted equity investments 20,850 58,129
Purchases of restricted equity investments (12,773) (64,596)
Purchases of premises and equipment (680) (2,153)
Net cash provided by (used in) investing activities 120,603 (146,648)
Cash flows from financing activities:    
(Decrease) increase in deposits (198,053) 317,973
(Decrease) increase in short-term borrowings (6,373) 1,814
Net (repayment) proceeds from FHLB advances (190,200) 135,400
Net proceeds from other borrowings 229,000 0
Increase in advances by borrowers for taxes and insurance 5,780 9,793
Exercise of stock options 0 608
Payment of employee taxes withheld from stock awards and phantom stock units (2,192) (2,308)
Purchase of treasury stock (15,119) 0
Dividends paid (12,854) (12,759)
Net cash (used in) provided by financing activities (190,011) 450,521
Net (decrease) increase in cash and due from banks and restricted cash (23,296) 328,247
Cash and due from banks and restricted cash at beginning of period 153,718 167,986
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks at beginning of period 153,718 167,946
Restricted cash at beginning of period 0 40
Cash and due from banks at end of period 130,422 496,193
Restricted cash at end of period 0 40
Cash and due from banks and restricted cash at end of period 130,422 496,233
Cash paid during the period for:    
Interest 62,818 33,914
Income taxes 1,898 1,268
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 103 135
Net loan charge-offs (recoveries) 349 (47)
Transfer of securities from held-to-maturity to available-for-sale $ 500 $ 0