Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 29,615 $ 42,612
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,214 3,467
Amortization of servicing assets - net 1,366 1,223
Share-based compensation expense 1,735 1,160
Credit loss expense 1,188 2,056
Loss on sales of securities   1,871
(Gain) loss on sales of SBA loans (3,126) (3,081)
Origination of SBA loans held for sale (47,595) (48,904)
Proceeds from sales of SBA loans 51,070 51,710
(Gain) loss on sales of residential loans (808)  
Change in bank-owned life insurance 131 (541)
Change in prepaid expenses and other assets 4,730 (1,417)
Change in income tax assets (4,087) 7,091
Valuation adjustment on servicing assets   (385)
Change in accrued interest payable and other liabilities (5,399) 13,269
Net cash provided by operating activities 32,034 70,131
Cash flows from investing activities:    
Purchases of securities available for sale (78,454) (32,928)
Proceeds from matured, called and repayment of securities 58,848 44,347
Proceeds from sales of securities available for sale   8,149
Purchases of loans receivable (24,656)  
Proceeds from sales of mortgage loans 50,352  
Purchases of premises and equipment (1,563) (1,663)
Change in loans receivable, excluding purchases (21,956) (1,173)
Net cash provided by (used in) investing activities (17,429) 16,732
Cash flows from financing activities:    
Change in deposits 48,765 147,696
Change in borrowings (32,500) (225,000)
Cash paid for employee vested shares surrendered due to employee tax liability (518) (376)
Repurchase of common stock (4,326) (1,444)
Cash dividends paid (15,271) (15,253)
Net cash used in financing activities (3,850) (94,377)
Net increase (decrease) in cash and due from banks 10,755 (7,514)
Cash and due from banks at beginning of year 302,324 352,421
Cash and due from banks at end of period 313,079 344,907
Supplemental disclosures of cash flow information:    
Interest paid 90,586 37,968
Income taxes paid 22,365 9,994
Non-cash activities:    
Transfer of fixed assets to other real estate owned 655  
Income tax benefit (expense) related to other comprehensive income items 2,796 (1,402)
Change in Right-of-use Asset Obtained in Exchange for Lease Liability $ (1,932) 1,089
Cashless exercise of stock options   $ 821