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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 9,570,000 $ 29,517,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan costs, fees and purchased premiums and discounts 3,137,000 4,349,000
Net amortization of premiums and discounts on securities (321,000) 1,419,000
Net amortization of mortgage servicing rights 188,000 178,000
Amortization of intangible assets 1,658,000 1,777,000
Depreciation and amortization of office properties and equipment 6,124,000 5,808,000
Amortization of operating lease right-of-use assets 2,928,000 2,933,000
Provision for credit losses 11,575,000 3,632,000
Loss on securities transactions 1,256,000 10,847,000
Change in fair value of equity securities (425,000) (249,000)
Gain on sale of loans, net (825,000) (1,060,000)
Net (gain) loss on disposal of office properties and equipment (236,000) 37,000
Deferred tax expense (benefit) 1,688,000 (2,521,000)
Increase in accrued interest receivable (2,314,000) (3,118,000)
Increase in other assets (28,035,000) (18,618,000)
(Decrease) increase in accrued expenses and other liabilities (4,479,000) 34,773,000
Income on bank-owned life insurance (5,253,000) (5,670,000)
Employee stock ownership plan expense 2,825,000 3,111,000
Stock based compensation 5,511,000 6,156,000
Decrease in deferred compensation obligations under Rabbi Trust (151,000) (112,000)
Net cash provided by operating activities 4,421,000 73,189,000
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 117,775,000 79,287,000
Proceeds from paydowns/maturities/calls of debt securities held to maturity 16,547,000 9,476,000
Purchases of debt securities available for sale (266,882,000) (75,314,000)
Purchases of debt securities held to maturity (16,635,000) 0
Proceeds from sales of loans held-for-sale 15,814,000 109,429,000
Purchases of loans receivable 0 (14,729,000)
Net (increase) in loans receivable (10,994,000) (263,990,000)
Proceeds from bank-owned life insurance death benefits 5,000 605,000
Proceeds from redemptions of Federal Home Loan Bank stock 38,476,000 71,666,000
Purchases of Federal Home Loan Bank stock (33,301,000) (85,421,000)
Proceeds from sales of office properties and equipment 1,266,000 0
Additions to office properties and equipment (5,825,000) (5,312,000)
Net cash (used in) provided by investing activities (140,259,000) 102,719,000
Cash flows from financing activities:    
Net increase (decrease) in deposits 111,503,000 (297,993,000)
Proceeds from long-term borrowings 235,205,000 311,113,000
Payments on long-term borrowings (175,450,000) (11,300,000)
Net (decrease) in short-term borrowings (167,810,000) (70,642,000)
Increase in advance payments by borrowers for taxes and insurance (716,000) (3,043,000)
Issuance of common stock for restricted stock awards 0 9,000
Exercise of stock options (58,000) (24,000)
Purchase of treasury stock (5,894,000) (78,295,000)
Repurchase of shares for taxes (690,000) (477,000)
Net cash (used in) financing activities (3,910,000) (150,652,000)
Net (decrease) increase in cash and cash equivalents (139,748,000) 25,256,000
Cash and cash equivalents at beginning of year 423,249,000 179,228,000
Cash and cash equivalents at end of period 283,501,000 204,484,000
Cash paid during the period for:    
Interest on deposits and borrowings 205,662,000 124,003,000
Income tax payments, net of refunds 619,000 6,281,000
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 15,054,000 109,072,000
Excise tax on net stock repurchases $ 47,000 $ 807,000