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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 52,244 $ (28,059) $ 48,176
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 9,200 2,400 3,200
Net gain on sale of bank-owned property (6,994) (988) 0
Depreciation of premises and equipment 3,455 3,934 4,005
Net amortization of premiums and discounts on debt securities and loans 1,121 1,267 1,352
Amortization of intangibles 762 826 843
Amortization of terminated cash flow hedge loss 8,581 8,605 6,465
Pension plan settlement charge 6,436 0 0
Share-based compensation 3,026 2,473 2,064
Tax (expense) benefit from stock option exercises and other equity awards (210) (183) (34)
Deferred income tax expense (benefit) 12,611 (16,737) [1] (3,690)
Income from bank-owned life insurance [2] (3,349) (3,041) (3,488)
Realized losses on securities, net [2] 0 31,047 0
Losses on sale of portfolio loans, net [2] 0 62,888 0
Net gains on loan sales, including changes in fair value (9,981) (8,775) (4,514)
Proceeds from sales of loans, net 465,470 408,844 219,568
Loans originated for sale (469,800) (402,826) (221,637)
(Increase) decrease in operating lease right-of-use assets 3,483 2,420 (2,208)
Increase (decrease) in operating lease liabilities (3,296) (2,449) 2,469
(Increase) decrease in other assets 8,490 (11,141) (3,000)
Increase (decrease) in other liabilities (939) 7,163 (17,968)
Net cash provided by (used in) operating activities 80,310 57,668 31,603
Cash flows from investing activities:      
Purchases of mortgage-backed available for sale debt securities (74,869) (363,406) (39,967)
Purchases of other available for sale debt securities (986) (16,351) (20,221)
Proceeds from sale of mortgage-backed available for sale debt securities 0 185,143 0
Proceeds from sale of other available for sale debt securities 0 193,267 0
Maturities and principal payments of mortgage-backed available for sale debt securities 84,846 71,184 71,732
Maturities and principal payments of other available for sale debt securities 4,350 900 750
Net redemptions (purchases) of Federal Home Loan Bank stock 20,344 2,076 (8,430)
Net (increase) decrease in loans (11,226) 165,858 (537,467)
Net proceeds from sale of portfolio loans 283,182 0 0
Purchases of loans (946) (1,435) (5,743)
Proceeds from the sale of property acquired through foreclosure or repossession 0 680 0
Purchases of premises and equipment (2,005) (4,001) (5,048)
Net proceeds from the sale of bank-owned property 11,780 1,669 0
Purchases of bank-owned life insurance (5,000) 0 0
Proceeds from bank-owned life insurance 0 0 1,932
Purchase of intangible asset in asset acquisition (2,180) 0 0
Equity investment in real estate limited partnership (1,486) (3,942) (8,115)
Purchases of other equity investments, net (375) (338) (263)
Net cash provided by (used in) investing activities 305,429 231,304 (550,840)
Cash flows from financing activities:      
Net increase (decrease) in deposits 154,190 (232,360) 329,198
Proceeds from Federal Home Loan Bank advances 1,857,000 2,385,000 3,515,000
Repayment of Federal Home Loan Bank advances (2,356,000) (2,450,000) (3,305,000)
Treasury stock purchased (7,361) 0 (8,814)
Net proceeds from issuance of common stock in public offering 0 70,521 0
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered (398) (31) (754)
Cash dividends paid (43,325) (38,397) (38,631)
Net cash provided by (used in) financing activities (395,894) (265,267) 490,999
Net increase (decrease) in cash and cash equivalents (10,155) 23,705 (28,238)
Cash and cash equivalents at beginning of year 113,889 90,184 118,422
Cash and cash equivalents at end of year 103,734 113,889 90,184
Noncash Activities:      
Loans charged-off 14,735 2,413 577
Portfolio loans transferred to held for sale 0 344,594 0
Loans transferred to property acquired through foreclosure or repossession 0 0 683
Premises and equipment transferred to held for sale 0 4,788 0
Commitment for equity investments in real estate limited partnerships 14,592 6,078 3,020
Supplemental Disclosures:      
Interest payments 173,917 217,154 156,648
Income taxes paid, net of refunds $ (142) $ 7,236 $ 9,926
[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. The sale of these loans was completed on January 24, 2025.
[2] As reported in the Consolidated Statements of Income (Loss).