v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 65,346 $ 27,870
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,186 8,008
Share-based compensation expense 1,899 1,911
Credit loss (recovery) expense (8,452) 40,371
Gain on sales of securities (99) (15,712)
Gain on sales of SBA loans (13,475) (3,478)
Origination of SBA loans held for sale (233,642) (54,295)
Proceeds from sales of SBA loans 233,711 50,950
Change in bank-owned life insurance (759) (841)
Change in prepaid expenses and other assets 5,531 (32,631)
Change in income tax assets 3,407 (1,262)
Change in accrued expenses and other liabilities (188) 19,384
Net cash provided by (used in) operating activities 65,465 40,275
Cash flows from investing activities:    
Purchases of securities available for sale (402,259) (747,858)
Proceeds from matured, called and repayment of securities 223,129 174,021
Proceeds from sales of securities available for sale 8,035 495,566
Purchases of loans receivable (1,500) (9,437)
Purchases of premises and equipment (2,450) (4,860)
Proceeds from disposition of premises and equipment 45 173
Proceeds from sales of other real estate owned ("OREO") 1,479 431
Change in loans receivable, excluding purchases 20,415 (249,547)
Net cash provided by (used in) investing activities (153,106) (341,511)
Cash flows from financing activities:    
Change in deposits 454,528 495,330
Change in overnight borrowings   (15,000)
Proceeds from borrowings (12,500) 75,000
Issuance of subordinated debentures 107,956  
Purchase of subordinated debentures (13,043)  
Cash paid for surrender of vested shares due to employee tax liability (531) (317)
Repurchase of common stock (5,837) (2,196)
Cash dividends paid (10,433) (13,504)
Net cash provided by (used in) financing activities 520,140 539,313
Net increase (decrease) in cash and due from banks 432,498 238,077
Cash and due from banks at beginning of year 391,849 121,678
Cash and due from banks at end of period 824,347 359,755
Supplemental disclosures of cash flow information:    
Interest paid 19,839 41,273
Income taxes paid 22,265 13,546
Non-cash activities:    
Transfer of loans receivable to other real estate owned   1,052
Income tax benefit (expense) related to items of other comprehensive income 3,543 673
Change in right-of-use asset obtained in exchange for lease liability $ 2,905 $ 21,815

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