Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 45,745 $ 38,781
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,581 7,728
Share-based compensation expense 1,222 1,235
Credit loss expense (recovery) 220 (1,217)
Gain on sales of securities   (99)
Gain on sales of SBA loans (5,295) (7,633)
Origination of SBA loans held for sale (76,704) (81,302)
Proceeds from sales of SBA loans 76,808 165,958
Change in bank-owned life insurance (490) (508)
Change in prepaid expenses and other assets (17,382) 4,945
Change in income tax assets 7,297 3,969
Change in accrued expenses and other liabilities 9,682 (1,188)
Net cash provided by (used in) operating activities 50,684 130,669
Cash flows from investing activities:    
Purchases of securities available for sale (95,378) (291,416)
Proceeds from matured, called and repayment of securities 60,167 162,622
Proceeds from sales of securities available for sale   8,035
Purchases of loans receivable (11,030) (1,532)
Purchases of premises and equipment (1,401) (1,966)
Proceeds from sales of other real estate owned ("OREO")   1,425
Change in loans receivable, excluding purchases (494,128) (48,571)
Net cash provided by (used in) investing activities (541,770) (171,403)
Cash flows from financing activities:    
Change in deposits 193,121 354,822
Proceeds from borrowings 224,820 33,250
Repayment of borrowings (217,320) (33,250)
Proceeds from redeemed subordinated debentures 12,700  
Redemption of subordinated debentures (100,000)  
Cash paid for surrender of vested shares due to employee tax liability (569) (451)
Repurchase of common stock   (946)
Cash dividends paid (13,394) (6,751)
Net cash provided by (used in) financing activities 99,358 346,674
Net increase (decrease) in cash and due from banks (391,728) 305,940
Cash and due from banks at beginning of year 608,965 391,849
Cash and due from banks at end of period 217,237 697,789
Supplemental disclosures of cash flow information:    
Interest paid 10,299 13,799
Income taxes paid 10,500 11,511
Non-cash activities:    
Income tax benefit related to items of other comprehensive income 25,108 $ 2,473
Change in right-of-use asset obtained in exchange for lease liability $ 130