Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 98,677 $ 42,196 $ 32,788
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,089 10,952 9,532
Share-based compensation expense 2,436 2,544 3,125
Credit loss expense (recovery) (24,403) 45,454 30,170
(Gain) loss on sales of securities 499 (15,712) (1,295)
Gain on sales of SBA loans (17,266) (5,247) (5,251)
Origination of SBA loans held for sale (265,743) (71,692) (76,765)
Proceeds from sales of SBA loans 274,132 63,805 74,866
Change in bank-owned life insurance (1,011) (1,112) (1,121)
Change in prepaid expenses and other assets 2,612 (29,986) (5,770)
Change in income tax assets 3,312 (2,004) (4,859)
Change in accrued expenses and other liabilities 4,395 21,006 3,376
Net cash provided by (used in) operating activities 93,729 60,203 58,796
Cash flows from investing activities:      
Purchases of securities available for sale (513,243) (837,264) (320,815)
Proceeds from matured, called and repayment of securities 275,624 233,572 159,942
Proceeds from sales of securities available for sale 55,884 495,566 113,306
Purchases of loans receivable (28,862) (10,400)  
Purchases of premises and equipment (2,724) (4,392) (1,579)
Proceeds from disposition of premises and equipment 45 842 5,655
Proceeds from sales of other real estate owned ("OREO") 1,479 159 716
Change in loans receivable, excluding purchases (235,242) (285,670) (1,770)
Net cash provided by (used in) investing activities (447,039) (407,587) (44,545)
Cash flows from financing activities:      
Change in deposits 511,261 576,046 (48,273)
Change in overnight borrowings   (15,000) (75,000)
Proceeds from (repayment of) borrowings (12,500) 75,000 110,000
Issuance of subordinated debentures 107,929    
Purchase of subordinated debentures (13,043)    
Proceeds from exercise of stock options     2,979
Cash paid for surrender of vested shares due to employee tax liability (572) (335) (517)
Repurchase of common stock (6,135) (2,196) (7,362)
Cash dividends paid (16,514) (15,960) (29,776)
Net cash provided by (used in) financing activities 570,426 617,555 (47,949)
Net increase (decrease) in cash and due from banks 217,116 270,171 (33,698)
Cash and due from banks at beginning of year 391,849 121,678 155,376
Cash and due from banks at end of period 608,965 391,849 121,678
Supplemental disclosures of cash flow information:      
Interest expense paid 25,028 49,619 71,064
Income taxes paid 31,400 18,020 15,570
Non-cash activities:      
Transfer of loans receivable to other real estate owned   2,652 248
Income tax (expense) benefit related to items of other comprehensive income 4,668 123 (3,827)
Change in right-of-use asset obtained in exchange for lease liability $ 2,805 $ 23,207 $ 43,085