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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 81,944 $ 65,284
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,431 2,647
Amortization of intangible assets 548 666
Deferred income tax expense 3,320 5,523
Provision for credit losses 6,598 10,913
Stock-based compensation expense 3,954 3,425
Net amortization on loan fees, costs, premiums, and discounts 1,980 238
Net amortization (accretion) on securities premiums, discounts, and deferred costs on subordinated debt (182) 1,546
Net loss (gain) from equity method investments 301 (1,261)
Net loss on sale of securities available for sale 8,695 5,052
Net loss (gain) on sale of loans and change in fair value on loans held-for-sale, net 4,107 (30)
Net gain on redemption of bank-owned life insurance 0 (371)
Proceeds from sales of loans held for sale 16,384 15,829
Originations of loans held for sale (16,441) (12,962)
Increase in cash surrender value of bank-owned life insurance (1,837) (1,683)
Net gain on repurchase of subordinated debt (1,076) (1,417)
Decrease (increase) in accrued interest receivable 1,216 (6,304)
Decrease in other assets 387 16,625
Decrease in other liabilities (17,270) (1,813)
Net cash provided by operating activities 95,059 101,907
CASH FLOWS FROM INVESTING ACTIVITIES    
Net increase in loans (191,200) (264,555)
Purchase of securities available for sale (738,851) (69,382)
Purchase of securities held-to-maturity (54,547) (211,211)
Proceeds from sales of securities available for sale 271,033 249,971
Maturities, principal payments and redemptions of securities available for sale 226,916 123,175
Maturities, principal payments and redemptions of securities held-to-maturity 140,353 70,100
Decrease (increase) in resell agreements (24,883) 25,754
Decrease (increase) in equity method investments 1,209 (2,247)
Decrease (increase) in FHLBNY stock, net (236) 25,218
Purchases of premises and equipment, net (1,037) (1,219)
Proceeds from redemption of bank-owned life insurance 0 1,941
Net cash used in investing activities (371,243) (52,455)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 582,576 395,817
Net decrease in other borrowings (229,627) (345,619)
Repurchase of subordinated debt (5,925) (6,047)
Common stock issued under Employee Stock Purchase Plan 632 650
Repurchase of common stock (285) (7,229)
Dividends paid (10,550) (9,277)
Payments related to repurchase of common stock for equity awards (2,000) (1,068)
Net cash provided by financing activities 334,821 27,227
Increase in cash, cash equivalents, and restricted cash 58,637 76,679
Cash, cash equivalents, and restricted cash at beginning of year 90,570 63,540
Cash, cash equivalents, and restricted cash at end period 149,207 140,219
Supplemental disclosures of cash flow information:    
Interest paid during the period 97,613 59,104
Income taxes paid during the period 27,724 7,381
Right-of-use assets obtained in exchange for lease liabilities 560 0
Loans transferred from held-for-sale 0 4,664
Loans transferred to held-for-sale $ 40,856 $ 3,581