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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 20,387,000 $ 43,363,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 2,777,000 3,267,000
Net amortization of premiums and discounts on securities 1,090,000 1,472,000
Net amortization of mortgage servicing rights 112,000 124,000
Amortization of intangible assets 1,194,000 749,000
Depreciation and amortization of office properties and equipment 3,823,000 3,605,000
Amortization of operating lease right-of-use assets 1,954,000 1,905,000
Provision for credit losses 1,253,000 2,998,000
Loss on securities transactions 10,847,000 (210,000)
Change in fair value of equity securities (330,000) 68,000
Gain on sale of loans, net (663,000) (110,000)
Net loss on disposal of office properties and equipment 25,000 29,000
Deferred tax (benefit)expense (2,762,000) 2,219,000
(Increase) decrease in accrued interest receivable (1,261,000) 938,000
(Increase) decrease in other assets (10,226,000) 7,249,000
(Decrease) in accrued expenses and other liabilities (483,000) 4,661,000
Income on bank-owned life insurance (3,656,000) (3,868,000)
Employee stock ownership plan expense 2,127,000 2,386,000
Stock based compensation 3,873,000 4,107,000
Decrease in deferred compensation obligations under Rabbi Trust (155,000) (199,000)
Net cash provided by operating activities 29,926,000 74,753,000
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 277,022,000 126,772,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 53,365,000 169,220,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 6,135,000 21,919,000
Purchases of debt securities available for sale 0 (137,025,000)
Purchases of debt securities held to maturity 0 (18,298,000)
Proceeds from sales of loans held-for-sale 93,639,000 3,212,000
Purchases of loans receivable (14,729,000) 0
Net increase in loans receivable (165,198,000) (291,878,000)
Proceeds from bank-owned life insurance death benefits 605,000 774,000
Proceeds from redemptions of Federal Home Loan Bank stock 67,107,000 42,219,000
Purchases of Federal Home Loan Bank stock (70,270,000) (44,465,000)
Proceeds from sales of office properties and equipment 0 1,009,000
Additions to office properties and equipment (2,814,000) (2,382,000)
Net cash acquired in acquisition 0 140,769,000
Net cash provided by investing activities 244,862,000 11,846,000
Cash flows from financing activities:    
Net (decrease) increase in deposits (287,003,000) (39,884,000)
Proceeds from long-term borrowings 261,113,000 0
Payments on long-term borrowings (11,300,000) 0
Net (decrease) increase in short-term borrowings (256,600,000) 36,898,000
Increase in advance payments by borrowers for taxes and insurance 2,716,000 8,057,000
Issuance of common stock for restricted stock awards 9,000 0
Exercise of stock options (22,000) (192,000)
Purchase of treasury stock (69,321,000) (53,176,000)
Repurchase of shares for taxes (133,000) (113,000)
Net cash (used in) financing activities (360,541,000) (48,410,000)
Net (decrease) increase in cash and cash equivalents (85,753,000) 38,189,000
Cash and cash equivalents at beginning of year 179,228,000 70,963,000
Cash and cash equivalents at end of period 93,475,000 109,152,000
Cash paid during the period for:    
Interest on deposits and borrowings 73,700,000 12,863,000
Income tax payments, net of refunds 6,047,000 11,919,000
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 93,678,000 3,102,000
Excise tax on net stock repurchases 697,000 0
Non-cash assets acquired:    
Debt securities available for sale 0 79,024,000
Equity securities 0 1,075,000
Federal Home Loan Bank stock 0 906,000
Loans receivable 0 335,501,000
Accrued interest receivable 0 910,000
Office properties and equipment, net 0 7,296,000
Goodwill and intangibles 0 13,033,000
Deferred tax asset, net 0 3,633,000
Bank-owned life insurance 0 38,274,000
Other assets 0 2,723,000
Total non-cash assets acquired 0 482,375,000
Liabilities assumed:    
Deposits 0 502,732,000
Borrowings 0 5,762,000
Advance payments by borrowers for taxes and insurance 0 1,341,000
Accrued expenses and other liabilities 0 10,568,000
Total liabilities assumed 0 520,403,000
Net non-cash liabilities assumed 0 (38,028,000)
Net cash and cash equivalents acquired in acquisition $ 0 $ 140,769,000