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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 42,209 $ 39,699 $ 36,213
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Gain on sales of mortgage loans   (412)  
Loss on sales of other real estate owned   79  
Net gains on sales of securities 0 (61) (302)
Net (gain) loss on equity securities 20 (92) 67
Provision for loan losses 5,825 1,250 1,350
Deferred tax (expense) benefit (1,089) (2,135) (1,766)
Net depreciation and amortization (1,070) (2,382) 885
(Increase) decrease in accrued interest receivable (173) 1,296 (3,227)
Decrease in other assets (413) 8,532 2,326
(Decrease) increase in other liabilities (934) 2,075 5,242
Net cash provided by operating activities 44,375 47,849 40,788
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from redemptions of Federal Home Loan Bank of Boston stock 10,836 14,380 18,388
Purchase of Federal Home Loan Bank of Boston stock (4,726) (15,877) (14,583)
Proceeds from calls/maturities of securities available-for-sale 86,691 144,739 215,406
Proceeds from sales of securities available-for-sale   16,285 27,517
Purchase of securities available-for-sale (107,744) (85,123) (183,588)
Proceeds from calls/maturities of securities held-to-maturity 902,981 458,915 234,741
Purchase of securities held-to-maturity (1,056,023) (757,997) (576,140)
Proceeds from sales of securities held-to-maturity 3,900 1,193  
Proceeds from life insurance policies   5,461 375
Proceeds from sales of portfolio loans   22,120  
Net increase in loans (569,595) (162,415) (110,874)
Bank owned life insurance purchases (8,731) (33,664)  
Proceeds from sales of other real estate owned   2,146  
Capital expenditures (8,376) (13,144) (3,601)
Net cash used in investing activities (750,787) (402,981) (392,359)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net decrease in time deposit accounts (9,304) (5,132) (64,782)
Net increase (decrease) in demand, savings, money market and NOW deposits 1,061,414 (1,721) 554,779
Cash dividends (2,490) (2,207) (2,203)
Net (decrease) increase in securities sold under agreements to repurchase (33,955) 111,805 (4,750)
Net (decrease) increase in other borrowed funds (193,946) 168,577 (145,400)
Net cash provided by financing activities 821,719 271,322 337,644
Net increase (decrease) in cash and cash equivalents 115,307 (83,810) (13,927)
Cash and cash equivalents at beginning of period 258,693 342,503 356,430
Cash and cash equivalents at end of period 374,000 258,693 342,503
Cash paid (received) during the period for:      
Interest 42,655 63,345 44,289
Income tax refunds   (6,504)  
Income taxes 4,300   590
Change in unrealized losses on securities available-for-sale, net of taxes 438 (314) 109
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes 591 753 1,086
Pension liability adjustment, net of taxes $ (2,920) $ (5,789) 4,937
Transfer of loans to other real estate owned     $ 2,225