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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 15,164 $ 21,991
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,604 1,742
Amortization of servicing assets - net 694 634
Share-based compensation expense 775 652
Credit loss expense 227 2,133
Gain on sales of SBA loans (1,482) (1,869)
Origination of SBA loans held for sale (17,632) (25,316)
Proceeds from sales of SBA loans 26,555 30,954
Gain on sales of mortgage loans (443)  
Change in bank-owned life insurance (304) (270)
Change in prepaid expenses and other assets 5,564 (3,000)
Change in income tax assets 1,707 8,585
Valuation adjustment on servicing assets   (384)
Change in accrued interest payable and other liabilities (2,446) 276
Net cash provided by operating activities 29,983 36,128
Cash flows from investing activities:    
Purchases of securities available for sale (38,424) (29,504)
Proceeds from matured, called and repayment of securities 26,233 17,499
Purchases of loans receivable (10,198)  
Proceeds from sales of mortgage loans 30,427  
Purchases of premises and equipment (794) (617)
Change in loans receivable, excluding purchases (16,729) (14,773)
Net cash used in investing activities (9,485) (27,395)
Cash flows from financing activities:    
Change in deposits 95,486 32,966
Change in borrowings (152,500)  
Proceeds from exercise of stock options   822
Cash paid for employee vested shares surrendered due to employee tax liability (490) (1,118)
Repurchase of common stock (1,594)  
Cash dividends paid (7,686) (7,623)
Net cash provided by (used in) financing activities (66,784) 25,047
Net increase (decrease) in cash and due from banks (46,286) 33,780
Cash and due from banks at beginning of year 302,324 352,421
Cash and due from banks at end of period 256,038 386,201
Supplemental disclosures of cash flow information:    
Interest paid 50,238 16,730
Income taxes paid 175 334
Non-cash activities:    
Income tax benefit (expense) related to other comprehensive income items 2,343 (3,681)
Change in right-of-use asset obtained in exchange for lease liability $ (1,873) $ (145)

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