v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 61,408 $ 72,915
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,152 10,430
Amortization of servicing assets - net 1,815 2,033
Share-based compensation expense 1,938 1,886
Credit loss expense 7,210 783
Loss on sales of securities 1,871  
Gain on sales of SBA loans (4,253) (7,545)
Origination of SBA loans held for sale (74,888) (111,915)
Proceeds from sales of SBA loans 73,496 122,744
Change in bank-owned life insurance (820) (736)
Change in prepaid expenses and other assets (22,644) (21,443)
Change in income tax assets 8,520 15,592
Valuation adjustment on servicing assets (385)  
Change in accrued interest payable and other liabilities 41,187 15,646
Net cash provided by (used in) operating activities 99,607 100,390
Cash flows from investing activities:    
Purchases of securities available for sale (64,767) (132,966)
Proceeds from matured, called and repayment of securities 74,046 84,669
Proceeds from sales of securities available for sale 8,149  
Purchases of loans receivable   (11,130)
Purchases of premises and equipment (330) (1,750)
Proceeds from disposition of premises and equipment 7,020  
Change in loans receivable, excluding purchases (64,574) (641,619)
Net cash provided by (used in) investing activities (40,456) (702,796)
Cash flows from financing activities:    
Change in deposits 92,000 415,107
Change in borrowings (187,500) (37,501)
Redemption of subordinated debentures, net of treasury debentures   (87,300)
Proceeds from exercise of stock options   13
Cash paid for employee vested shares surrendered due to employee tax liability (778) (704)
Repurchase of common stock (3,345)  
Cash dividends paid (22,943) (21,015)
Net cash provided by (used in) financing activities (122,566) 268,600
Net increase (decrease) in cash and due from banks (63,415) (333,806)
Cash and due from banks at beginning of year 352,421 608,965
Cash and due from banks at end of period 289,006 275,159
Supplemental disclosures of cash flow information:    
Interest paid 61,520 17,469
Income taxes paid 16,144 12,725
Non-cash activities:    
Transfer of loans receivable to other real estate owned   117
Income tax benefit (expense) related to items of other comprehensive income 4,635 37,749
Change in right-of-use asset obtained in exchange for lease liability 8,936 $ 108
Cashless exercise of stock options $ 821  

Source