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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 3,385,000 $ 20,387,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 2,095,000 2,777,000
Net amortization of premiums and discounts on securities (216,000) 1,090,000
Net amortization of mortgage servicing rights 134,000 112,000
Amortization of intangible assets 1,116,000 1,194,000
Depreciation and amortization of office properties and equipment 4,078,000 3,823,000
Amortization of operating lease right-of-use assets 1,958,000 1,954,000
Provision for credit losses 7,472,000 1,253,000
Loss on securities transactions 1,256,000 10,847,000
Change in fair value of equity securities (452,000) (330,000)
Gain on sale of loans, net (366,000) (663,000)
Net loss on disposal of office properties and equipment 0 25,000
Deferred tax expense (benefit) 1,688,000 (2,762,000)
Increase in accrued interest receivable (1,993,000) (1,261,000)
Increase in other assets (8,123,000) (10,226,000)
Increase (decrease) in accrued expenses and other liabilities 18,319,000 (483,000)
Bank-owned life insurance (3,584,000) (3,656,000)
Employee stock ownership plan expense 1,862,000 2,127,000
Stock based compensation 4,270,000 3,873,000
(Increase) decrease in deferred compensation obligations under Rabbi Trust (189,000) (155,000)
Net cash provided by operating activities 32,710,000 29,926,000
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 3,495,000 277,022,000
Proceeds from paydowns/maturities/calls of debt securities available for sale 62,990,000 53,365,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 6,483,000 6,135,000
Purchases of debt securities available for sale (246,244,000) 0
Purchases of debt securities held to maturity (16,635,000) 0
Proceeds from sales of loans held-for-sale 6,896,000 93,639,000
Purchases of loans receivable 0 (14,729,000)
Net decrease (increase) in loans receivable 39,419,000 (165,198,000)
Proceeds from bank-owned life insurance death benefits 5,000 605,000
Proceeds from redemptions of Federal Home Loan Bank stock 17,553,000 67,107,000
Purchases of Federal Home Loan Bank stock (24,149,000) (70,270,000)
Additions to office properties and equipment (3,048,000) (2,814,000)
Net cash (used in) provided by investing activities (153,235,000) 244,862,000
Cash flows from financing activities:    
Net decrease in deposits (65,009,000) (287,003,000)
Proceeds from long-term borrowings 210,000,000 261,113,000
Payments on long-term borrowings (70,000,000) (11,300,000)
Net increase (decrease) in short-term borrowings 15,204,000 (256,600,000)
Increase in advance payments by borrowers for taxes and insurance 4,333,000 2,716,000
Issuance of common stock for restricted stock awards 0 9,000
Exercise of stock options (49,000) (22,000)
Purchase of treasury stock (5,894,000) (69,321,000)
Repurchase of shares for taxes (195,000) (133,000)
Net cash provided by (used in) financing activities 88,390,000 (360,541,000)
Net (decrease) in cash and cash equivalents (32,135,000) (85,753,000)
Cash and cash equivalents at beginning of year 423,249,000 179,228,000
Cash and cash equivalents at end of period 391,114,000 93,475,000
Cash paid during the period for:    
Interest on deposits and borrowings 134,745,000 73,700,000
Income tax payments, net of refunds 664,000 6,047,000
Non-cash investing and financing activities:    
Transfer of loans receivable to other real estate owned 1,974,000 0
Transfer of loans receivable to loans held-for-sale 6,532,000 93,678,000
Excise tax on net stock repurchases $ 44,000 $ 697,000