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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 101,394 $ 98,677 $ 42,196
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 15,056 16,089 10,952
Share-based compensation expense 2,595 2,436 2,544
Credit loss expense (recovery) 836 (24,403) 45,454
(Gain) loss on sales of securities   499 (15,712)
Gain on sales of SBA loans (9,478) (17,266) (5,247)
Origination of SBA loans held for sale (150,825) (265,743) (71,692)
Proceeds from sales of SBA loans 165,587 274,132 63,805
Change in bank-owned life insurance (639) (1,011) (1,112)
Change in prepaid expenses and other assets (24,227) 2,612 (29,986)
Change in income tax assets 24,688 3,312 (2,004)
Change in accrued expenses and other liabilities 22,321 4,395 21,006
Net cash provided by (used in) operating activities 147,308 93,729 60,203
Cash flows from investing activities:      
Purchases of securities available for sale (166,564) (513,243) (837,264)
Proceeds from matured, called and repayment of securities 105,979 275,624 233,572
Proceeds from sales of securities available for sale   55,884 495,566
Purchases of loans receivable (11,200) (28,862) (10,400)
Purchases of premises and equipment (1,926) (2,724) (4,392)
Proceeds from disposition of premises and equipment   45 842
Proceeds from sales of other real estate owned ("OREO") 809 1,479 159
Change in loans receivable, excluding purchases (808,604) (235,242) (285,670)
Net cash provided by (used in) investing activities (881,506) (447,039) (407,587)
Cash flows from financing activities:      
Change in deposits 381,803 511,261 576,046
Proceeds from borrowings 924,820 45,750 525,418
Repayment of borrowings (712,320) (58,250) (465,418)
Issuance of subordinated debentures   107,929  
Redemption of subordinated debentures, net of treasury debentures (87,300) (13,043)  
Proceeds from exercise of stock options 19    
Cash paid for surrender of vested shares due to employee tax liability (732) (572) (335)
Repurchase of common stock   (6,135) (2,196)
Cash dividends paid (28,636) (16,514) (15,960)
Net cash provided by (used in) financing activities 477,654 570,426 617,555
Net increase (decrease) in cash and due from banks (256,544) 217,116 270,171
Cash and due from banks at beginning of year 608,965 391,849 121,678
Cash and due from banks at end of period 352,421 608,965 391,849
Supplemental disclosures of cash flow information:      
Interest expense paid 29,535 25,028 49,619
Income taxes paid 12,728 31,400 18,020
Non-cash activities:      
Transfer of loans receivable to other real estate owned 117   2,652
Income tax (expense) benefit related to items of other comprehensive income 32,552 4,668 123
Change in right-of-use asset obtained in exchange for lease liability $ 408 $ 2,805 $ 23,207