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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 23,748 $ 40,255
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,692 2,720
Amortization of premium and accretion of discount on securities, net 226 458
Amortization of restricted stock 4,533 8,578
Amortization of intangible assets 816 1,048
Amortization of subordinated debt costs 215 216
Provision for credit losses 5,762 9,065
Deferred tax benefit (11,133) (10,717)
Stock-based compensation and employee stock purchase plan expense 131 140
Fair value adjustment for equity security (279) 404
Loans originated for sale [1] (20,856) (24,786)
Proceeds from sales of loans held for sale [1] 24,220 35,963
Gain on loans held for sale [1] (1,319) (2,267)
Gain on loans held for sale at lower of cost or fair value (23)  
Loss on disposal of fixed assets 76 6
Gain on death benefit (236)  
Increase in cash surrender value of life insurance, net (174) (362)
(Increase)/decrease in accrued interest receivable (1,297) 2,268
Decrease in other assets (26,279) (1,019)
Increase in accrued expenses and other liabilities 43,822 6,794
NET CASH PROVIDED BY OPERATING ACTIVITIES 44,645 68,764
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 496,781 476,363
Principal repayments, maturities and calls of securities held to maturity 4,531 3,638
Redemptions of FHLB and FRB stock 59,623 83,385
Purchase of securities held to maturity   (10,347)
Purchase of securities available for sale (612,400) (462,000)
Purchase of FHLB and FRB stock (41,038) (86,871)
Proceeds from sales of loans held for sale at lower of cost or fair value 23  
Net decrease/(increase) in loans, net of participations sold 113,541 (202,777)
Proceeds from sales of other real estate   116
Purchase of premises and equipment (4,068) (2,297)
Disposal of premises and equipment 143 (6)
Proceeds from death benefit 154  
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 17,290 (200,796)
FINANCING ACTIVITIES:    
Net increase in deposits 661,272 54,195
Net (decrease)/increase in short-term borrowings (403,814) 91,046
Dividends paid on common stock (2,656) (2,666)
Exercise of stock options, net of stock swaps   19
Restricted stock repurchased on vesting to pay taxes (877) (3,273)
Issuance of restricted stock   69
Modification of restricted stock units distributed in cash (4,336)  
Issuance of shares for employee stock purchase plan 652 818
Shares repurchased (7,189) (10,382)
NET CASH PROVIDED BY FINANCING ACTIVITIES 243,052 129,826
Net increase/(decrease) in cash and cash equivalents 304,987 (2,206)
Cash and cash equivalents at beginning of period 187,671 190,075
Cash and cash equivalents at end of period 492,658 187,869
Cash paid during the period for:    
Interest 124,717 97,583
Income tax, net 13,753 9,668
Right-of-use asset obtained in exchange for operating lease liabilities $ 32,483 $ 1,926
[1] Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.