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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 53,042 $ 55,781
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 5,696 6,082
Allocation of ESOP stock 516 1,130
Stock compensation 3,132 3,336
Net excess tax expense on stock compensation 365 244
Amortization of servicing asset 120 20
Net premium amortization in excess of discount accretion on securities 349 2,012
Net amortization of deferred costs on borrowings 309 297
Amortization of core deposit intangible 1,654 2,021
Net accretion of purchase accounting adjustments (2,056) (2,448)
Net amortization of deferred fees/costs and premiums/discounts on loans (1,103) (818)
Provision for credit losses 3,705 4,242
Net write down of fixed assets held-for-sale to net realizable value 0 459
Net gain on sale of fixed assets (168) (26)
Net loss on sales of available-for-sale securities 106 697
Net (gain) loss on equity investments (2,810) 7,360
Net gain on sales of loans (777) (53)
Proceeds from sales of residential loans held for sale 75,786 22,578
Residential loans originated for sale (71,905) (26,035)
Increase in value of bank owned life insurance (4,181) (2,463)
Net loss on sale of assets held for sale 0 44
Increase in interest and dividends receivable 898 (3,229)
Deferred tax provision (benefit) 920 (33)
(Increase) decrease in other assets (23,414) 6,424
Increase in other liabilities 29,644 18,640
Total adjustments 16,786 40,481
Net cash provided by operating activities 69,828 96,262
Cash flows from investing activities:    
Net decrease (increase) in loans receivable 174,954 (163,714)
Purchase of debt securities available-for-sale (14,280) (4,287)
Purchase of debt securities held-to-maturity (6,069) (63,661)
Purchase of equity investments (1,495) (7,175)
Proceeds from maturities and calls of debt securities available-for-sale 15,410 15,800
Proceeds from maturities and calls of debt securities held-to-maturity 11,490 11,465
Proceeds from sales of debt securities available-for-sale 2,394 1,300
Proceeds from sale of equity investments 0 4,822
Principal repayments on debt securities available-for-sale 34,496 0
Principal repayments on debt securities held-to-maturity 49,286 51,012
Proceeds from bank owned life insurance 2,812 230
Proceeds from the redemption of restricted equity investments 55,020 105,427
Purchases of restricted equity investments (53,933) (101,449)
Proceeds from sales of assets held-for-sale 0 328
Purchases of premises and equipment (4,862) (4,717)
Proceeds from disposal of premises and equipment 3,369 0
Net cash provided by (used in) investing activities 268,592 (154,619)
Cash flows from financing activities:    
(Decrease) increase in deposits (440,854) 483,289
Increase in short-term borrowings 6,807 5,303
Net repayment of FHLB advances (59,299) (119,500)
Net proceeds from other borrowings 227,495 0
Increase in advances by borrowers for taxes and insurance 2,761 6,434
Exercise of stock options 0 593
Payment of employee taxes withheld from stock awards and phantom stock units (2,207) (2,346)
Purchase of treasury stock (20,082) 0
Dividends paid (25,561) (25,600)
Distributions to non-controlling interest 0 (55)
Net cash (used in) provided by financing activities (310,940) 348,118
Net increase in cash and due from banks and restricted cash 27,480 289,761
Cash and due from banks and restricted cash at beginning of period 153,718 167,986
Cash and due from banks and restricted cash at end of period 181,198 457,747
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 181,198 457,747
Restricted cash at end of period 0 0
Cash and due from banks and restricted cash at end of period 181,198 457,747
Cash paid during the period for:    
Interest 145,401 86,290
Income taxes 19,704 20,076
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 200 272
Net loan charge-offs 1,801 123
Transfer of securities from held-to-maturity to available-for-sale 500 0
Transfer of premises and equipment to assets held-for-sale $ 0 $ 1,302