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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 20,404 $ 21,045
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 1,835 (1,241)
Net amortization of premiums and discounts on securities 635 1,425
Net amortization of mortgage servicing rights 63 60
Amortization of intangible assets 248 262
Depreciation and amortization of office properties and equipment 1,769 1,658
Amortization of operating lease right-of-use assets 942 904
Loss on extinguishment of debt 0 742
Provision for (reversal of) credit losses [1] 1,459 (1,280)
Change in fair value of equity securities (79) 588
Gain on securitizations 0 (1,715)
Gain on sale of loans (110) (435)
Net loss on disposal of office properties and equipment 28 7
Deferred tax expense 951 736
Decrease in accrued interest receivable 526 786
Decrease in other assets 27,676 29,600
(Increase) decrease in accrued expenses and other liabilities (24,970) 117,631
Income on bank-owned life insurance (1,729) (1,474)
Employee stock ownership plan expense 1,206 925
Stock based compensation 1,915 2,143
Increase (decrease) in deferred compensation obligations under Rabbi Trust 85 (32)
Net cash provided by operating activities 32,854 172,335
Cash flows from investing activities:    
Proceeds from paydowns/maturities/calls of debt securities available for sale 89,921 94,255
Proceeds from paydowns/maturities/calls of debt securities held to maturity 10,567 14,131
Purchases of debt securities available for sale (47,397) (208,575)
Purchases of debt securities held to maturity 0 (142,888)
Proceeds from sales of loans held-for-sale 2,199 15,822
Net increase in loans receivable (119,631) (117,233)
Proceeds from bank-owned life insurance death benefits 221 4
Proceeds from redemptions of Federal Home Loan Bank stock 16,667 3,479
Purchases of Federal Home Loan Bank stock (19,144) 0
Additions to office properties and equipment (865) (2,481)
Net cash (used in) investing activities (67,462) (343,486)
Cash flows from financing activities:    
Net increase in deposits 24,772 217,706
Payments on long-term borrowings 0 (54,168)
Net increase (decrease) in short-term borrowings 55,446 (23,323)
Increase in advance payments by borrowers for taxes and insurance 1,404 532
Exercise of stock options (182) 0
Purchase of treasury stock (21,685) (32,837)
Repurchase of shares for taxes (113) 0
Net cash provided by financing activities 59,642 107,910
Net increase (decrease) in cash and cash equivalents 25,034 (63,241)
Cash and cash equivalents at beginning of year 70,963 422,957
Cash and cash equivalents at end of period 95,997 359,716
Cash paid during the period for:    
Interest on deposits and borrowings 5,896 10,887
Income tax payments, net of (refunds) 1,849 (687)
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 2,089 11,241
Securitization of loans $ 0 $ 64,027
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.