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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net Income $ 42,601 $ 38,338
Adjustments to reconcile net income to net cash provided by operating activities:    
Originations of mortgage loans held for sale (169,046) (158,787)
Proceeds from the sale of mortgage loans 172,299 158,867
Gain on sale of mortgage loans, net of origination costs (1,977) (1,535)
Provision (credit) for credit losses 19,321 (1,213)
Depreciation and amortization expense 4,026 2,453
Investment securities amortization and accretion, net 1,364 1,346
Stock-based compensation expense 2,753 2,325
Amortization of core deposit intangible assets 4,419 417
Purchase accounting accretion, net (14,654) (78)
Net gain on sale of premises and equipment (675) 0
Deferred income tax expense 414 566
Increase in other assets (313) (15,894)
Net decrease in derivative collateral received from counterparties (9,240) (10,360)
(Decrease) increase in other liabilities (8,130) 1,300
Net cash provided by operating activities 43,162 17,745
Investing Activities    
Cash received in Northway acquisition 48,261 0
Proceeds from sales of available-for-sale debt securities 56,432 0
Purchase of available-for-sale debt securities (165,310) (26,012)
Proceeds from maturities of available-for-sale debt securities 75,591 63,336
Proceeds from maturities and recoveries of held-to-maturity securities 32,284 23,975
Purchase of held-to-maturity securities 5,000 0
Net increase in loans (109,074) (17,167)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (24,673) (16,959)
Proceeds from sale of Federal Home Loan Bank stock 18,587 9,840
Purchase of premises and equipment 3,936 3,544
Proceeds from sale of premises and equipment 3,186 0
Recoveries of previously charged-off loans 408 412
Net cash (used in) provided by investing activities (73,244) 33,881
Financing Activities    
Net decrease in deposits (202,251) (22,134)
Net proceeds from borrowings less than 90 days 182,372 165,729
Proceeds from the Bank Term Funding Program 0 90,000
Repayment of Bank Term Funding Program 0 (225,000)
Proceeds from Federal Home Loan Bank long-term advances 1,000 0
Repayments of Federal Home Loan Bank long-term advances (45,000) 0
Common stock repurchases 0 1,646
Issuance of restricted stock, net of repurchase for tax withholdings (523) (209)
Cash dividends paid on common stock 21,342 18,416
Finance lease payments (289) (242)
Net cash used in financing activities (86,033) (11,918)
Net (decrease) increase in cash, cash equivalents and restricted cash (116,115) 39,708
Cash, cash equivalents, and restricted cash at beginning of period 214,963 99,804
Cash, cash equivalents and restricted cash at end of period 98,848 139,512
Supplemental information    
Interest paid 88,882 88,240
Income taxes paid 3,639 8,596
Cash dividends declared, not paid 7,130 6,140
Change in fair value hedges presented within residential real estate loans and other assets 3,413 (2,631)
Assets acquired in Northway acquisition, excluding cash received 1,162,736 0
Liabilities assumed in Northway acquisition 1,116,771 0
Common stock issued for Northway acquisition $ 96,490 $ 0