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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 32,082 $ 40,536
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 2,801 3,044
Provision charge for credit losses on loans and securities 186 6,001
Provision (benefit) charge for credit losses on off-balance sheet credit exposures (506) 739
Deferred tax expense 4,419 357
Amortization of operating lease right-of-use assets 2,627 2,628
Income on Bank-owned life insurance (1,817) (1,484)
Net amortization of premiums and discounts on securities 1,824 1,824
Accretion of net deferred loan fees (1,866) (2,739)
Amortization of premiums on purchased loans, net 50 48
Originations of loans held for sale (2,169) (6,776)
Proceeds from sales of loans originated for sale 645 9,377
ESOP expense 753 1,056
Allocation of stock award expense 1,521 2,833
Allocation of stock option expense 28 44
Net gain on sale of loans (45) (778)
Net loss on securities transactions 1 5
Net gain on sale of premises and equipment 0 (62)
Net gain on sale of foreclosed assets (42) (2,280)
Decrease (increase) in accrued interest receivable 289 (137)
(Increase) decrease in other assets (13,379) 40,019
Increase (decrease) in other liabilities 14,007 (36,189)
Net cash provided by operating activities 41,409 58,066
Cash flows from investing activities:    
Net decrease in loans 34,378 14,278
Purchases of loans 0 (1,026)
Proceeds from sales of foreclosed assets 98 2,946
Proceeds from maturities, calls and paydowns of held to maturity debt securities 13,983 12,164
Purchases of investment securities held to maturity (5,743) (6,006)
Proceeds from maturities, calls and paydowns of available for sale debt securities 40,891 43,081
Purchases of available for sale debt securities (30,775) (34,802)
Proceeds from redemption of Federal Home Loan Bank stock 28,792 70,285
Purchases of Federal Home Loan Bank stock (27,325) (82,252)
BOLI claim benefits received 820 1,397
Proceeds from sales of premises and equipment 0 62
Purchases of premises and equipment (536) (613)
Net cash provided by investing activities 54,583 19,514
Cash flows from financing activities:    
Net decrease in deposits (193,622) (265,667)
Increase in mortgage escrow deposits 7,043 7,455
Cash dividends paid to stockholders (18,144) (18,594)
Purchase of employee restricted shares to fund statutory tax withholding (1,237) (1,667)
Stock options exercised 0 790
Proceeds from long-term borrowings 0 482,445
Payments on long-term borrowings 0 (13,500)
Net increase (decrease) in short-term borrowings 88,065 (221,497)
Net cash used in financing activities (117,895) (30,235)
Net (decrease) increase in cash and cash equivalents (21,903) 47,345
Cash and cash equivalents at beginning of period 180,185 186,438
Restricted cash at beginning of period 70 70
Total cash, cash equivalents and restricted cash at beginning of period 180,255 186,508
Cash and cash equivalents at end of period 158,282 233,783
Restricted cash at end of period 70 70
Total cash, cash equivalents and restricted cash at end of period 158,352 233,853
Cash paid during the period for:    
Interest on deposits and borrowings 65,911 33,809
Income taxes 1,317 960
Transfer of loans receivable to foreclosed assets $ 0 $ 12,285