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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 21,862,000 $ 26,950,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 656,000 1,102,000
Net amortization of premiums and discounts on securities 854,000 589,000
Net amortization of mortgage servicing rights 57,000 (52,000)
Amortization of intangible assets 514,000 0
Depreciation and amortization of office properties and equipment 3,314,000 2,170,000
Amortization of operating lease right-of-use assets 1,440,000 0
Provision for loan losses 15,304,000 548,000
Gain on securities transactions (370,000) (465,000)
Change in fair value of equity securities (59,000) (247,000)
Gain on sale of loans (1,549,000) (328,000)
Loss on real estate owned 0 1,000
Loss on disposal of office properties and equipment 691,000 0
Loss on write-down of mortgage servicing rights 34,000 0
Deferred tax expense (benefit) 7,220,000 (7,160,000)
(Increase) in accrued interest receivable (5,643,000) (1,416,000)
(Increase) in other assets (80,652,000) (34,322,000)
Increase in accrued expenses and other liabilities 36,507,000 12,880,000
Income on bank-owned life insurance (2,936,000) (2,665,000)
Employee stock ownership plan expense 1,695,000 1,738,000
Stock based compensation 4,409,000 0
Increase in deferred compensation obligations under Rabbi Trust (176,000) (98,000)
Net cash provided by operating activities 3,172,000 (775,000)
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 20,761,000 15,711,000
Proceeds from sales of equity securities 0 765,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 94,758,000 49,569,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 24,971,000 9,964,000
Purchases of debt securities available for sale (111,113,000) (80,499,000)
Purchases of debt securities held to maturity 0 (47,671,000)
Purchases of equity securities 0 (417,000)
Proceeds from sales of loans held-for-sale 103,992,000 45,003,000
Proceeds from sales of loans receivable 22,876,000 2,483,000
Purchases of loans receivable 0 (29,885,000)
Net increase in loans receivable (409,327,000) (168,486,000)
Proceeds from redemptions of Federal Home Loan Bank stock 35,660,000 32,851,000
Purchases of Federal Home Loan Bank stock (21,914,000) (32,526,000)
Additions to office properties and equipment (2,852,000) (11,387,000)
Proceeds from sale of real estate owned 0 91,000
Net cash acquired in acquisition 155,248,000 0
Net cash used in investing activities (86,940,000) (214,434,000)
Cash flows from financing activities:    
Net increase in deposits 602,033,000 254,772,000
Proceeds from long-term borrowings 90,000,000 78,991,000
Payments on long-term borrowings (116,465,000) (160,000,000)
Net (decrease) increase in short-term borrowings (288,306,000) 55,100,000
Increase in advance payments by borrowers for taxes and insurance 217,000 2,389,000
Purchase of treasury stock (53,361,000) (3,867,000)
Restricted stock forfeitures (16,000) 0
Net cash provided by financing activities 234,102,000 227,385,000
Net increase in cash and cash equivalents 150,334,000 12,176,000
Cash and cash equivalents at beginning of year 75,547,000 42,201,000
Cash and cash equivalents at end of period 225,881,000 54,377,000
Cash paid during the period for:    
Interest on deposits and borrowings 43,801,000 21,491,000
Income tax payments, net of (refunds) 1,300,000 (5,174,000)
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 112,219,000 38,966,000
Securitization of loans 0 21,615,000
Initial recognition of operating lease right-of-use assets 22,218,000 0
Initial recognition of operating lease liabilities 23,290,000 0
Non-cash assets acquired:    
Debt securities available for sale 51,479,000 0
Debt securities held to maturity 13,418,000 0
Equity securities 1,796,000 0
Federal Home Loan Bank stock 2,010,000 0
Loans receivable 171,593,000 0
Accrued interest receivable 679,000 0
Office properties and equipment, net 5,774,000 0
Bank-owned life insurance 17,245,000 0
Other assets 2,823,000 0
Total non-cash assets acquired 266,817,000 0
Liabilities assumed:    
Deposits 333,234,000 0
Borrowings 37,728,000 0
Advance payments by borrowers for taxes and insurance 982,000 0
Accrued expenses and other liabilities 5,400,000 0
Total liabilities assumed 377,344,000 0
Net non-cash liabilities acquired (110,527,000) 0
Net cash and cash equivalents acquired in acquisition $ 155,248,000 $ 0