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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 36,949,000 $ 41,168,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 818,000 1,055,000
Net amortization of premiums and discounts on securities 1,573,000 787,000
Net amortization of mortgage servicing rights 85,000 (78,000)
Amortization of intangible assets 783,000 0
Depreciation and amortization of office properties and equipment 4,947,000 3,366,000
Amortization of operating lease right-of-use assets 2,641,000 0
Provision for loan losses 17,820,000 1,705,000
Gain on securities transactions (370,000) (1,721,000)
Change in fair value of equity securities (55,000) (189,000)
Gain on securitizations (1,523,000) 0
Gain on sale of loans (1,899,000) (710,000)
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 75,000 0
Deferred tax expense (benefit) (3,864,000) (7,160,000)
(Increase) in accrued interest receivable (8,481,000) (529,000)
(Increase) in other assets (80,110,000) (44,037,000)
Increase in accrued expenses and other liabilities 33,687,000 36,367,000
Income on bank-owned life insurance (4,467,000) (4,449,000)
Employee stock ownership plan expense 2,374,000 2,619,000
Stock based compensation 6,585,000 1,630,000
Increase in deferred compensation obligations under Rabbi Trust (129,000) (45,000)
Net cash provided by operating activities 8,130,000 29,780,000
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 20,761,000 31,811,000
Proceeds from sales of equity securities 0 926,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 162,161,000 88,504,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 30,988,000 37,968,000
Purchases of debt securities available for sale (201,504,000) (143,196,000)
Purchases of debt securities held to maturity (5,000,000) (65,171,000)
Purchases of equity securities 0 (416,000)
Proceeds from sales of loans held-for-sale 111,764,000 94,834,000
Proceeds from sales of loans receivable 28,923,000 10,273,000
Purchases of loans receivable 0 (29,885,000)
Net increase in loans receivable (294,040,000) (297,434,000)
Proceeds from bank-owned life insurance death benefit 0 1,015,000
Proceeds from redemptions of Federal Home Loan Bank stock 40,717,000 47,860,000
Purchases of Federal Home Loan Bank stock (22,544,000) (45,999,000)
Additions to office properties and equipment (3,750,000) (15,039,000)
Proceeds from sale of real estate owned 0 91,000
Net cash acquired in acquisition 155,248,000 0
Net cash provided by (used in) investing activities 23,724,000 (283,858,000)
Cash flows from financing activities:    
Net increase in deposits 650,572,000 369,449,000
Proceeds from long-term borrowings 90,000,000 127,337,000
Payments on long-term borrowings (181,345,000) (220,000,000)
Net (decrease) increase in short-term borrowings (321,595,000) 32,600,000
Payment of subordinated debt (16,600,000) 0
Increase in advance payments by borrowers for taxes and insurance (2,235,000) 2,513,000
Issuance of common stock 0 14,000
Purchase of treasury stock (60,286,000) (42,084,000)
Purchase of employee stock ownership plan shares 0 0
Restricted stock forfeitures (16,000) 0
Issuance of treasury stock allocated to restricted stock award grants 0 0
Net cash provided by financing activities 158,495,000 269,829,000
Net increase in cash and cash equivalents 190,349,000 15,751,000
Cash and cash equivalents at beginning of year 75,547,000 42,201,000
Cash and cash equivalents at end of period 265,896,000 57,952,000
Cash paid during the period for:    
Interest on deposits and borrowings 60,772,000 64,892,000
Income tax payments, net of (refunds) 12,249,000 (4,293,000)
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 114,171,000 86,043,000
Securitization of loans 48,526,000 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