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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 25,759 $ 32,697
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,759 2,064
Allocation of ESOP stock 671 352
Stock compensation 1,552 1,237
Net excess tax expense on stock compensation 214 90
Amortization of servicing asset 14 25
Net premium amortization in excess of discount accretion on securities 1,859 1,467
Net amortization of deferred costs on borrowings 137 212
Amortization of core deposit intangible 1,210 1,395
Net accretion of purchase accounting adjustments (3,086) (3,804)
Net amortization of deferred costs and discounts on loans 255 437
Provision (benefit) for credit losses 1,851 (620)
Net write down of fixed assets held-for-sale to net realizable value 1,404 427
Net loss (gain) on equity securities 2,786 (8,287)
Net gain on sales of loans (177) (1,916)
Proceeds from sales of residential loans held for sale 724 69,416
Mortgage loans originated for sale (703) (65,151)
Increase in value of bank owned life insurance (2,103) (1,415)
Net (gain) loss on sale of assets held for sale (1,200) 22
(Increase) decrease in interest and dividends receivable (747) 2,450
Deferred tax benefit (30) (57)
(Increase) decrease in other assets (14,777) 27,442
Increase (decrease) in other liabilities 39,272 (21,610)
Total adjustments 31,885 4,176
Net cash provided by operating activities 57,644 36,873
Cash flows from investing activities:    
Net increase in loans receivable (331,568) (111,302)
Proceeds from sale of loans 12,167 0
Purchase of residential loan pool (161,701) 0
Premiums paid on purchased loan pool (495) 0
Purchase of debt securities available-for-sale (47,817) (100,921)
Purchase of debt securities held-to-maturity (16,397) (178,316)
Purchase of equity investments (2,292) (10,575)
Proceeds from maturities and calls of debt securities available-for-sale 45,000 22,850
Proceeds from maturities and calls of debt securities held-to-maturity 12,305 6,565
Proceeds from sales of debt securities available-for-sale 22,857 0
Proceeds from sale of equity investments 4,579 99,060
Principal repayments on debt securities available-for-sale 0 46
Principal repayments on debt securities held-to-maturity 43,213 52,371
Proceeds from bank owned life insurance 2,189 2,120
Proceeds from the redemption of restricted equity investments 26,591 344
Purchases of restricted equity investments (30,100) (485)
Proceeds from sales of assets held-for-sale 4,492 420
Purchases of premises and equipment (7,708) (5,336)
Net cash used in investing activities (424,685) (223,159)
Cash flows from financing activities:    
Increase in deposits 323,641 75,694
(Decrease) increase in short-term borrowings (987) 6,011
Proceeds from FHLB advances 75,002 0
Repayments of other borrowings (35,026) (7,529)
Increase in advances by borrowers for taxes and insurance 5,093 3,684
Exercise of stock options 289 1,762
Payment of employee taxes withheld from stock awards (1,438) (1,094)
Purchase of treasury stock (2,144) (9,994)
Dividends paid (10,997) (11,156)
Net cash provided by financing activities 353,433 57,378
Net decrease in cash and due from banks and restricted cash (13,608) (128,908)
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks and restricted cash at beginning of period 224,784 1,318,661
Cash and due from banks at beginning of period 204,949 1,272,134
Restricted cash at beginning of period 19,835 46,527
Cash and due from banks at end of period 210,919 1,173,665
Restricted cash at end of period 257 16,088
Cash and due from banks and restricted cash at end of period 211,176 1,189,753
Cash paid during the period for:    
Interest 5,088 10,376
Income taxes 573 568
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 154 180
Net loan recoveries (92) (280)
Transfer of loans receivable to loans held-for-sale 12,011 0
Transfer of premises and equipment to assets held-for-sale $ 2,776 $ 0