v3.20.4
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 $ 42,196 $ 32,788 $ 57,868
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 10,952 9,532 11,111
Share-based compensation expense 2,544 3,125 3,515
Credit loss expense 45,454 30,170 3,990
(Gain) loss on sales of securities (15,712) (1,295) 341
Gain on sales of SBA loans (5,247) (5,251) (4,954)
Origination of SBA loans held for sale (71,692) (76,765) (79,146)
Proceeds from sales of SBA loans 63,805 74,866 82,133
Change in bank-owned life insurance (1,112) (1,121) (1,107)
Change in prepaid expenses and other assets (29,986) (5,770) 404
Change in income tax assets (2,004) (4,859) 4,208
Change in accrued expenses and other liabilities 21,006 3,376 (1,728)
Net cash provided by (used in) operating activities 60,203 58,796 76,635
Cash flows from investing activities:      
Purchases of securities available for sale (837,264) (320,815) (141,351)
Proceeds from matured, called and repayment of securities 233,572 159,942 99,253
Proceeds from sales of securities available for sale 495,566 113,306 34,751
Purchases of loans receivable (10,400)   (66,966)
Purchases of premises and equipment (4,392) (1,579) (3,696)
Proceeds from disposition of premises and equipment 842 5,655  
Proceeds from sales of other real estate owned ("OREO") 159 716 2,173
Change in loans receivable, excluding purchases (285,670) (1,770) (235,731)
Net cash provided by (used in) investing activities (407,587) (44,545) (311,567)
Cash flows from financing activities:      
Change in deposits 576,046 (48,273) 398,581
Change in overnight borrowings (15,000) (75,000) (95,000)
Proceeds from borrowings 75,000 110,000  
Proceeds from exercise of stock options   2,979 570
Cash paid for surrender of vested shares due to employee tax liability (335) (517) (680)
Repurchase of common stock (2,196) (7,362) (36,068)
Cash dividends paid (15,960) (29,776) (30,921)
Net cash (used in) provided by financing activities 617,555 (47,949) 236,482
Net increase (decrease) in cash and due from banks 270,171 (33,698) 1,550
Cash and due from banks at beginning of year 121,678 155,376 153,826
Cash and due from banks at end of period 391,849 121,678 155,376
Supplemental disclosures of cash flow information:      
Interest expense paid 49,619 71,064 47,314
Income taxes paid 18,020 15,570 20,792
Non-cash activities:      
Transfer of loans receivable to other real estate owned 2,652 248 938
Income tax (expense) benefit related to items of other comprehensive income 123 (3,827) $ 1,684
Change in right-of-use asset obtained in exchange for lease liability $ 23,207 $ 43,085  

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