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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 27,899 $ 25,759
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 3,094 2,759
Allocation of ESOP stock 664 671
Stock compensation 1,828 1,552
Net excess tax expense on stock compensation 250 214
Amortization of servicing asset 15 14
Net premium amortization in excess of discount accretion on securities 1,093 1,859
Net amortization of deferred costs on borrowings 147 137
Amortization of core deposit intangible 1,027 1,210
Net accretion of purchase accounting adjustments (1,267) (3,086)
Net amortization of deferred fees/costs and premiums/discounts on loans (138) 255
Provision for credit losses 3,013 1,851
Net write down of fixed assets held-for-sale to net realizable value 0 1,404
Net gain on sale of fixed assets (6) 0
Net loss on sales of available-for-sale securities 697 0
Net loss on equity investments 6,801 2,786
Net gain on sales of loans (20) (177)
Proceeds from sales of residential loans held for sale 3,881 724
Mortgage loans originated for sale (5,056) (703)
Increase in value of bank owned life insurance (1,281) (2,103)
Net gain on sale of assets held for sale 0 (1,200)
Increase in interest and dividends receivable (2,638) (747)
Deferred tax benefit (16) (30)
Decrease (increase) in other assets 23,221 (14,777)
(Decrease) increase in other liabilities (38,834) 39,272
Total adjustments (3,525) 31,885
Net cash provided by operating activities 24,374 57,644
Cash flows from investing activities:    
Net increase in loans receivable (120,505) (331,568)
Proceeds from sale of loans 0 12,167
Purchase of residential loan pool 0 (161,701)
Premiums paid on purchased loan pool 0 (495)
Purchase of debt securities available-for-sale (4,287) (47,817)
Purchase of debt securities held-to-maturity (55,444) (16,397)
Purchase of equity investments (6,736) (2,292)
Proceeds from maturities and calls of debt securities available-for-sale 15,500 45,000
Proceeds from maturities and calls of debt securities held-to-maturity 6,980 12,305
Proceeds from sales of debt securities available-for-sale 1,300 22,857
Proceeds from sale of equity investments 661 4,579
Principal repayments on debt securities held-to-maturity 24,273 43,213
Proceeds from bank owned life insurance 230 2,189
Proceeds from the redemption of restricted equity investments 58,129 26,591
Purchases of restricted equity investments (64,596) (30,100)
Proceeds from sales of assets held-for-sale 0 4,492
Purchases of premises and equipment (2,153) (7,708)
Net cash used in investing activities (146,648) (424,685)
Cash flows from financing activities:    
Increase in deposits 317,973 323,641
Increase (decrease) in short-term borrowings 1,814 (987)
Net proceeds from FHLB advances 135,400 75,002
Repayments of other borrowings 0 (35,026)
Increase in advances by borrowers for taxes and insurance 9,793 5,093
Exercise of stock options 608 289
Payment of employee taxes withheld from stock awards and phantom stock units (2,308) (1,438)
Purchase of treasury stock 0 (2,144)
Dividends paid (12,759) (10,997)
Net cash provided by financing activities 450,521 353,433
Net increase (decrease) in cash and due from banks and restricted cash 328,247 (13,608)
Cash and due from banks and restricted cash at beginning of period 167,986 224,784
Supplemental Disclosure of Cash Flow Information:    
Cash and due from banks at beginning of period 167,946 204,949
Restricted cash at beginning of period 40 19,835
Cash and due from banks at end of period 496,193 210,919
Restricted cash at end of period 40 257
Cash and due from banks and restricted cash at end of period 496,233 211,176
Cash paid during the period for:    
Interest 33,914 5,088
Income taxes 1,268 573
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 135 154
Net loan recoveries (47) (92)
Transfer of loans receivable to loans held-for-sale 0 12,011
Transfer of premises and equipment to assets held-for-sale $ 0 $ 2,776