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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (28,059) $ 48,176 $ 71,681
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 2,400 3,200 (1,300)
Net gain on sale of bank-owned property (988) 0 0
Depreciation of premises and equipment 3,934 4,005 3,465
Net amortization of premiums and discounts on debt securities and loans 1,267 1,352 2,893
Amortization of intangibles 826 843 860
Amortization of terminated cash flow hedge loss 8,605 6,465 0
Share-based compensation 2,473 2,064 3,247
Tax (expense) benefit from stock option exercises and other equity awards (183) (34) 78
Deferred income tax (benefit) expense (16,737) [1] (3,690) 1,160
Income from bank-owned life insurance [2] (3,041) (3,488) (2,591)
Realized losses on securities, net [2] 31,047 0 0
Losses on sale of portfolio loans, net [2] 62,888 0 0
Net gains on loan sales, including changes in fair value (8,775) (4,514) (6,730)
Proceeds from sales of loans, net 408,844 219,568 309,749
Loans originated for sale (402,826) (221,637) (272,855)
(Increase) decrease in operating lease right-of-use assets 2,420 (2,208) (464)
Increase (decrease) in operating lease liabilities (2,449) 2,469 547
(Increase) decrease in other assets (11,141) (3,000) (30,804)
Increase (decrease) in other liabilities 7,163 (17,968) 34,070
Net cash provided by (used in) operating activities 57,668 31,603 113,006
Cash flows from investing activities:      
Purchases of mortgage-backed available for sale debt securities (363,406) (39,967) (223,380)
Purchases of other available for sale debt securities (16,351) (20,221) (10,747)
Proceeds from sale of mortgage-backed available for sale debt securities 185,143 0 0
Proceeds from sale of other available for sale debt securities 193,267 0 0
Maturities and principal payments of mortgage-backed available for sale debt securities 71,184 71,732 116,116
Maturities and principal payments of other available for sale debt securities 900 750 0
Net redemptions (purchases) of Federal Home Loan Bank stock 2,076 (8,430) (30,432)
Net decrease (increase) in loans 165,858 (537,467) (832,450)
Purchases of loans (1,435) (5,743) (2,773)
Proceeds from the sale of property acquired through foreclosure or repossession 680 0 0
Purchases of premises and equipment (4,001) (5,048) (6,139)
Net proceeds from the sale of bank-owned property 1,669 0 0
Purchases of bank-owned life insurance 0 0 (7,000)
Proceeds from bank-owned life insurance 0 1,932 0
Equity investment in real estate limited partnership (3,942) (8,115) (1,861)
Purchases of other equity investments, net (338) (263) (375)
Net cash provided by (used in) investing activities 231,304 (550,840) (999,041)
Cash flows from financing activities:      
Net (decrease) increase in deposits (232,360) 329,198 38,911
Proceeds from Federal Home Loan Bank advances 2,385,000 3,515,000 3,156,112
Repayment of Federal Home Loan Bank advances (2,450,000) (3,305,000) (2,321,112)
Treasury stock purchased 0 (8,814) (9,479)
Net proceeds from issuance of common stock in public offering 70,521 0 0
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (31) (754) (821)
Cash dividends paid (38,397) (38,631) (37,647)
Net cash provided by (used in) financing activities (265,267) 490,999 825,964
Net increase (decrease) in cash and cash equivalents 23,705 (28,238) (60,071)
Cash and cash equivalents at beginning of year 90,184 118,422 178,493
Cash and cash equivalents at end of year 113,889 90,184 118,422
Noncash Activities:      
Loans charged-off 2,413 577 184
Portfolio loans transferred to held for sale 344,594 0 0
Loans transferred to property acquired through foreclosure or repossession 0 683 0
Premises and equipment transferred to held for sale 4,788 0 0
Commitment for equity investments in real estate limited partnerships 6,078 3,020 8,360
Supplemental Disclosures:      
Interest payments 217,154 156,648 32,096
Income tax payments $ 7,236 $ 9,926 $ 17,706
[1] The deferred income tax benefit recognized in 2024 was largely associated with loans that were reclassified to held for sale and written down to fair value in December 2024.
[2] As reported in the Consolidated Statements of Income (Loss).