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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 43,363,000 $ 47,733,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 3,267,000 (1,439,000)
Net amortization of premiums and discounts on securities 1,472,000 2,541,000
Net amortization of mortgage servicing rights 124,000 129,000
Amortization of intangible assets 749,000 520,000
Depreciation and amortization of office properties and equipment 3,605,000 3,362,000
Amortization of operating lease right-of-use assets 1,905,000 1,811,000
Loss on extinguishment of debt 0 742,000
Provision for (reversal of) credit losses [1] 2,998,000 (3,041,000)
(Gain) loss on securities transactions (210,000) 281,000
Change in fair value of equity securities 68,000 1,365,000
Gain on securitizations 0 (2,259,000)
Gain on sale of loans (110,000) (8,415,000)
Net loss on disposal of office properties and equipment 29,000 61,000
Deferred tax expense 2,219,000 736,000
Decrease in accrued interest receivable 938,000 1,160,000
Decrease in other assets 7,249,000 23,155,000
Increase in accrued expenses and other liabilities 4,661,000 592,000
Income on bank-owned life insurance (3,868,000) (2,971,000)
Employee stock ownership plan expense 2,386,000 1,922,000
Stock based compensation 4,107,000 4,540,000
(Decrease) in deferred compensation obligations under Rabbi Trust (199,000) (249,000)
Net cash provided by operating activities 74,753,000 72,276,000
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 126,772,000 4,719,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 169,220,000 169,638,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 21,919,000 20,633,000
Purchases of debt securities available for sale (137,025,000) (416,106,000)
Purchases of debt securities held to maturity (18,298,000) (160,466,000)
Proceeds from sales of loans held-for-sale 3,212,000 274,980,000
Purchases of loans receivable 0 (71,590,000)
Net increase in loans receivable (291,878,000) (125,022,000)
Proceeds from bank-owned life insurance death benefits 774,000 5,000
Proceeds from redemptions of Federal Home Loan Bank stock 42,219,000 7,630,000
Purchases of Federal Home Loan Bank stock (44,465,000) (4,793,000)
Proceeds from sales of office properties and equipment 1,009,000 685,000
Additions to office properties and equipment (2,382,000) (3,584,000)
Net cash acquired in acquisition 140,769,000 0
Net cash provided by (used in) investing activities 11,846,000 (303,271,000)
Cash flows from financing activities:    
Net (decrease) increase in deposits (39,884,000) 300,652,000
Proceeds from long-term borrowings 0 37,120,000
Payments on long-term borrowings 0 (54,168,000)
Net increase (decrease) in short-term borrowings 36,898,000 (33,375,000)
Increase in advance payments by borrowers for taxes and insurance 8,057,000 3,585,000
Exercise of stock options (192,000) 1,000
Purchase of treasury stock (53,176,000) (58,546,000)
Repurchase of shares for taxes (113,000) 0
Net cash (used in) provided by financing activities (48,410,000) 195,269,000
Net increase (decrease) in cash and cash equivalents 38,189,000 (35,726,000)
Cash and cash equivalents at beginning of year 70,963,000 422,957,000
Cash and cash equivalents at end of period 109,152,000 387,231,000
Cash paid during the period for:    
Interest on deposits and borrowings 12,863,000 20,892,000
Income tax payments, net of (refunds) 11,919,000 8,528,000
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 3,102,000 262,419,000
Securitization of loans 0 99,603,000
Non-cash assets acquired:    
Debt securities available for sale 79,024,000 0
Equity securities 1,075,000 0
Federal Home Loan Bank stock 906,000 0
Loans receivable 335,501,000 0
Accrued interest receivable 910,000 0
Office properties and equipment, net 7,296,000 0
Goodwill and intangibles 38,274,000 0
Deferred tax asset, net 3,633,000 0
Bank-owned life insurance 13,033,000 0
Other assets 2,723,000 0
Total non-cash assets acquired 482,375,000 0
Liabilities assumed:    
Deposits 502,732,000 0
Borrowings 5,762,000 0
Advance payments by borrowers for taxes and insurance 1,341,000 0
Accrued expenses and other liabilities 10,568,000 0
Total liabilities assumed 520,403,000 0
Net non-cash liabilities assumed (38,028,000) 0
Net cash and cash equivalents acquired in acquisition $ 140,769,000 $ 0
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.