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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (1,155,000) $ 18,723,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 1,195,000 1,372,000
Net amortization of premiums and discounts on securities (76,000) 511,000
Net amortization of mortgage servicing rights 59,000 55,000
Amortization of intangible assets 563,000 602,000
Depreciation and amortization of office properties and equipment 2,014,000 1,874,000
Amortization of operating lease right-of-use assets 987,000 973,000
Provision for credit losses 5,278,000 175,000
Loss on securities transactions 1,256,000 1,295,000
Change in fair value of equity securities (351,000) (168,000)
Gain on sale of loans, net (185,000) (791,000)
Net loss on disposal of office properties and equipment 0 7,000
Increase in accrued interest receivable (2,240,000) (1,228,000)
Increase in other assets (4,424,000) (14,166,000)
Increase (decrease) in accrued expenses and other liabilities 10,206,000 (13,915,000)
Income on bank-owned life insurance (1,780,000) (1,981,000)
Employee stock ownership plan expense 987,000 1,142,000
Stock based compensation 2,029,000 1,845,000
(Increase) decrease in deferred compensation obligations under Rabbi Trust (227,000) 67,000
Net cash provided by (used in) operating activities 14,136,000 (3,608,000)
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 3,495,000 42,625,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 31,069,000 27,888,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 2,783,000 4,277,000
Purchases of debt securities available for sale (137,807,000) 0
Proceeds from sales of loans held-for-sale 3,690,000 35,059,000
Purchases of loans receivable 0 (14,729,000)
Net decrease (increase) in loans receivable 49,233,000 (130,620,000)
Proceeds from bank-owned life insurance death benefits (2,000) 336,000
Proceeds from redemptions of Federal Home Loan Bank stock 11,413,000 20,207,000
Purchases of Federal Home Loan Bank stock (11,250,000) (46,892,000)
Additions to office properties and equipment (1,671,000) (1,725,000)
Net cash (used in) investing activities (49,047,000) (63,574,000)
Cash flows from financing activities:    
Net decrease in deposits (17,153,000) (326,958,000)
Proceeds from long-term borrowings 60,000,000 111,113,000
Payments on long-term borrowings (15,000,000) (10,000,000)
Net (decrease) increase in short-term borrowings (43,271,000) 478,453,000
Increase in advance payments by borrowers for taxes and insurance 2,398,000 2,230,000
Exercise of stock options (49,000) 11,000
Purchase of treasury stock (1,652,000) (47,323,000)
Repurchase of shares for taxes (139,000) (133,000)
Net cash (used in) provided by financing activities (14,866,000) 207,393,000
Net (decrease) increase in cash and cash equivalents (49,777,000) 140,211,000
Cash and cash equivalents at beginning of year 423,249,000 179,228,000
Cash and cash equivalents at end of period 373,472,000 319,439,000
Cash paid during the period for:    
Interest on deposits and borrowings 66,080,000 27,936,000
Income tax payments, net of refunds 658,000 577,000
Non-cash investing and financing activities:    
Transfer of loans receivable to loans held-for-sale 3,507,000 34,364,000
Excise tax on net stock repurchases $ 2,000 $ 475,000