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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 18,723 $ 20,404
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 1,372 1,835
Net amortization of premiums and discounts on securities 511 635
Net amortization of mortgage servicing rights 55 63
Amortization of intangible assets 602 248
Depreciation and amortization of office properties and equipment 1,874 1,769
Amortization of operating lease right-of-use assets 973 942
Provision for credit losses 175 1,459
Loss on securities transactions 1,295 0
Change in fair value of equity securities (168) (79)
Gain on sale of loans, net (791) (110)
Net loss on disposal of office properties and equipment 7 28
Deferred tax expense 0 951
(Increase) decrease in accrued interest receivable (1,228) 526
(Increase) decrease in other assets (14,166) 27,676
(Decrease) in accrued expenses and other liabilities (13,915) (24,970)
Income on bank-owned life insurance (1,981) (1,729)
Employee stock ownership plan expense 1,142 1,206
Stock based compensation 1,845 1,915
Decrease in deferred compensation obligations under Rabbi Trust 67 85
Net cash (used in) provided by operating activities (3,608) 32,854
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 42,625 0
Proceeds from paydowns/maturities/calls of debt securities available for sale 27,888 89,921
Proceeds from paydowns/maturities/calls of debt securities held to maturity 4,277 10,567
Purchases of debt securities available for sale 0 (47,397)
Proceeds from sales of loans held-for-sale 35,059 2,199
Purchases of loans receivable (14,729) 0
Net increase in loans receivable (130,620) (119,631)
Proceeds from bank-owned life insurance death benefits 336 221
Proceeds from redemptions of Federal Home Loan Bank stock 20,207 16,667
Purchases of Federal Home Loan Bank stock (46,892) (19,144)
Additions to office properties and equipment (1,725) (865)
Net cash (used in) investing activities (63,574) (67,462)
Cash flows from financing activities:    
Net (decrease) increase in deposits (326,958) 24,772
Proceeds from long-term borrowings 111,113 0
Payments on long-term borrowings (10,000) 0
Net increase in short-term borrowings 478,453 55,446
Increase in advance payments by borrowers for taxes and insurance 2,230 1,404
Exercise of stock options 11 (182)
Purchase of treasury stock (47,323) (21,685)
Repurchase of shares for taxes (133) (113)
Net cash provided by financing activities 207,393 59,642
Net increase in cash and cash equivalents 140,211 25,034
Cash and cash equivalents at beginning of year 179,228 70,963
Cash and cash equivalents at end of period 319,439 95,997
Cash paid during the period for:    
Interest on deposits and borrowings 27,936 5,896
Income tax payments, net of refunds 577 1,849
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 34,364 2,089
Excise tax on stock repurchases $ 475 $ 0