Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 21,991 $ 20,695
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,742 6,024
Amortization of servicing assets - net 634 544
Share-based compensation expense 652 541
Credit loss expense (recovery) 2,133 (1,375)
Gain on sales of SBA loans (1,869) (2,521)
Origination of SBA loans held for sale (25,316) (31,853)
Proceeds from sales of SBA loans 30,954 32,098
Change in bank-owned life insurance (270) (244)
Change in prepaid expenses and other assets (3,000) (13,745)
Change in income tax assets 8,585 7,908
Valuation adjustment on servicing assets (384)  
Change in accrued interest payable and other liabilities 276 2,062
Net cash provided by (used in) operating activities 36,128 20,134
Cash flows from investing activities:    
Purchases of securities available for sale (29,504) (52,475)
Proceeds from matured, called and repayment of securities 17,499 32,730
Purchases of loans receivable   (11,000)
Purchases of premises and equipment (617) (617)
Change in loans receivable, excluding purchases (14,773) (175,522)
Net cash provided by (used in) investing activities (27,395) (206,884)
Cash flows from financing activities:    
Change in deposits 32,966 (3,099)
Change in borrowings   (12,500)
Redemption of subordinated debentures, net of treasury debentures   (87,300)
Proceeds from exercise of stock options 822  
Cash paid for surrender of vested shares due to employee tax liability (1,118) (134)
Cash dividends paid (7,623) (6,691)
Net cash provided by (used in) financing activities 25,047 (109,724)
Net increase (decrease) in cash and due from banks 33,780 (296,474)
Cash and due from banks at beginning of year 352,421 608,965
Cash and due from banks at end of period 386,201 312,491
Supplemental disclosures of cash flow information:    
Interest paid 16,730 6,143
Income taxes paid 334 129
Non-cash activities:    
Income tax benefit related to items of other comprehensive income (3,681) $ 15,787
Change in right-of-use asset obtained in exchange for lease liability $ (145)