v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 20,695 $ 16,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,568 3,850
Share-based compensation expense 541 598
Credit loss (recovery) expense (1,375) 2,109
Gain on sales of securities   (99)
Gain on sales of SBA loans (2,521) (4,125)
Origination of SBA loans held for sale (31,853) (146,670)
Proceeds from sales of SBA loans 32,098 126,690
Change in bank-owned life insurance (244) (256)
Change in prepaid expenses and other assets (13,745) 4,945
Change in income tax assets 7,908 3,554
Change in accrued expenses and other liabilities 2,062 (652)
Net cash provided by (used in) operating activities 20,134 6,602
Cash flows from investing activities:    
Purchases of securities available for sale (52,475) (116,026)
Proceeds from matured, called and repayment of securities 32,730 67,729
Proceeds from sales of securities available for sale   8,035
Purchases of loans receivable (11,000) (298)
Purchases of premises and equipment (617) (1,011)
Proceeds from sales of other real estate owned ("OREO")   589
Change in loans receivable, excluding purchases (175,522) 58,271
Net cash provided by (used in) investing activities (206,884) 17,289
Cash flows from financing activities:    
Change in deposits (3,099) 234,815
Repayment of borrowings (12,500)  
Proceeds from repurchased subordinated debentures 12,700  
Redemption of subordinated debentures (100,000)  
Cash paid for surrender of vested shares due to employee tax liability (134) (95)
Repurchase of common stock   (946)
Cash dividends paid (6,691) (3,069)
Net cash provided by (used in) financing activities (109,724) 230,705
Net increase (decrease) in cash and due from banks (296,474) 254,596
Cash and due from banks at beginning of year 608,965 391,849
Cash and due from banks at end of period 312,491 646,445
Supplemental disclosures of cash flow information:    
Interest paid 6,143 8,267
Income taxes paid 129 125
Non-cash activities:    
Transfer of loans receivable to other real estate owned   1
Income tax benefit related to items of other comprehensive income $ 15,787 $ 3,515

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