XML 28 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 36,086,000 $ 86,173,000 $ 92,049,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred loan costs, fees and purchased premiums and discounts 5,606,000 6,063,000 2,121,000
Net amortization of premiums and discounts on securities 1,440,000 2,771,000 4,482,000
Net amortization of mortgage servicing rights 239,000 233,000 266,000
Amortization of intangible assets 2,350,000 1,980,000 1,025,000
Depreciation and amortization of office properties and equipment 7,767,000 7,317,000 6,718,000
Amortization of operating lease right-of-use assets 3,916,000 3,821,000 3,633,000
Loss on extinguishment of debt 300,000 0 2,851,000
Provision for (reversal of) credit losses [1] 4,787,000 5,485,000 (9,953,000)
Net loss (gain) on securities transactions 10,847,000 (210,000) (2,025,000)
Change in fair value of equity securities (695,000) 401,000 1,792,000
Gain on securitizations 0 0 (2,259,000)
Gain on sale of loans, net (1,214,000) (178,000) (8,531,000)
Net loss on disposal of office properties and equipment 168,000 242,000 95,000
Deferred tax (benefit) expense 3,375,000 12,769,000 17,709,000
(Increase) decrease in accrued interest receivable (5,447,000) (4,689,000) 2,023,000
(Increase) in other assets (33,992,000) (9,884,000) (22,159,000)
Increase in accrued expenses and other liabilities 3,282,000 24,998,000 1,926,000
Income on bank-owned life insurance (10,126,000) (7,393,000) (5,994,000)
Employee stock ownership plan expense 4,095,000 4,850,000 4,052,000
Stock based compensation 7,979,000 7,440,000 8,880,000
(Decrease) increase in deferred compensation obligations under Rabbi Trust (47,000) (31,000) 3,000
Net cash provided by operating activities 40,716,000 142,158,000 98,704,000
Cash flows from investing activities:      
Proceeds from sales of debt securities available for sale 277,022,000 126,772,000 90,339,000
Proceeds from sales of equity securities 0 0 1,390,000
Proceeds from paydown/maturities/calls of debt securities available for sale 100,855,000 281,959,000 368,249,000
Proceeds from paydown/maturities/calls of debt securities held to maturity 20,221,000 31,151,000 36,103,000
Purchases of debt securities available for sale (124,618,000) (147,181,000) (667,015,000)
Purchases of debt securities held to maturity 0 (23,298,000) (203,779,000)
Purchases of equity securities 0 0 (91,000)
Proceeds from sales of loans held-for-sale 121,372,000 9,639,000 302,039,000
Purchases of loans receivable (14,729,000) (8,315,000) (85,382,000)
Net increase in loans receivable (311,299,000) (987,753,000) (325,917,000)
Proceeds from bank-owned life insurance death benefits 1,364,000 1,031,000 5,000
Proceeds from redemptions of Federal Home Loan Bank stock 91,132,000 77,362,000 28,448,000
Purchases of Federal Home Loan Bank stock (114,040,000) (111,429,000) (4,798,000)
Proceeds from sales of office properties and equipment 0 1,772,000 1,879,000
Additions to office properties and equipment (7,635,000) (7,204,000) (5,492,000)
Net cash acquired in acquisitions 0 140,769,000 20,417,000
Net cash provided by (used in) investing activities 39,645,000 (614,725,000) (443,605,000)
Cash flows from financing activities:      
Net (decrease) increase in deposits (154,603,000) (71,789,000) 581,475,000
Proceeds from long-term borrowings 536,113,000 335,893,000 37,120,000
Payments on long-term borrowings (11,300,000) (38,725,000) (306,752,000)
Net (decrease) increase in short-term borrowings (93,165,000) 446,808,000 (244,027,000)
Proceeds from term note 0 0 29,841,000
Repayment of term note (30,300,000) 0 0
(Decrease) increase in advance payments by borrowers for taxes and insurance (1,951,000) 7,648,000 3,406,000
Issuance of common stock for restricted stock awards 10,000 0 0
Purchase of treasury stock (80,497,000) (93,996,000) (107,774,000)
Exercise of stock options (24,000) (393,000) (25,000)
Repurchase of shares for taxes (623,000) (4,614,000) (357,000)
Net cash provided by (used in) financing activities 163,660,000 580,832,000 (7,093,000)
Net increase (decrease) in cash and cash equivalents 244,021,000 108,265,000 (351,994,000)
Cash and cash equivalents at beginning of year 179,228,000 70,963,000 422,957,000
Cash and cash equivalents at end of year 423,249,000 179,228,000 70,963,000
Cash paid during the period for:      
Interest on deposits and borrowings 183,568,000 41,077,000 37,906,000
Income tax payments, net of refunds 9,253,000 15,729,000 16,262,000
Non-cash investing and financing activities:      
Transfer of loans receivable to loans held-for-sale 120,955,000 9,461,000 289,362,000
Securitization of loans 0 0 99,603,000
Excise tax on net stock repurchases 800,000 0 0
Non-cash assets acquired:      
Debt securities available for sale 0 79,024,000 118,017,000
Equity securities 0 1,075,000 0
Federal Home Loan Bank stock 0 906,000 3,032,000
Loans receivable 0 335,501,000 158,912,000
Accrued interest receivable 0 910,000 867,000
Office properties and equipment, net 0 7,296,000 5,934,000
Bank-owned life insurance 0 13,033,000 8,661,000
Core deposit intangibles 0 9,780,000 42,000
Other assets 0 6,356,000 616,000
Total non-cash assets acquired 0 453,881,000 296,081,000
Liabilities assumed:      
Deposits 0 502,732,000 210,117,000
Borrowings 0 5,762,000 59,908,000
Advance payments by borrowers for taxes and insurance 0 1,341,000 495,000
Accrued expenses and other liabilities 0 10,568,000 4,822,000
Total liabilities assumed 0 520,403,000 275,342,000
Net non-cash (liabilities assumed) assets acquired 0 (66,522,000) 20,739,000
Net cash and cash equivalents acquired in acquisitions $ 0 $ 140,769,000 $ 20,417,000
[1]
(1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year period has not been restated.