Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 44,506 $ 61,408
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,847 5,152
Amortization of servicing assets - net 1,980 1,815
Share-based compensation expense 2,655 1,938
Credit loss expense 3,474 7,210
Loss on sales of securities   1,871
(Gain) loss on sales of SBA loans (4,669) (4,253)
Origination of SBA loans held for sale (114,485) (74,888)
Proceeds from sales of loans 96,485 73,496
(Gain) loss on sales of residential loans (1,132)  
Change in bank-owned life insurance (186) (820)
Change in prepaid expenses and other assets 2,938 (22,644)
Change in income tax assets (7,926) 8,520
Valuation adjustment on servicing assets   (385)
Change in accrued interest payable and other liabilities 9,121 41,187
Net cash provided by operating activities 37,608 99,607
Cash flows from investing activities:    
Purchases of securities available for sale (128,344) (64,767)
Proceeds from matured, called and repayment of securities 105,873 74,046
Proceeds from sales of securities available for sale   8,149
Purchases of loans receivable (54,286)  
Proceeds from sales of mortgage loans 50,352  
Purchases of premises and equipment (1,780) (330)
Proceeds from disposition of premises and equipment 2,802 7,020
Change in loans receivable, excluding purchases and sales (95,291) (64,574)
Net cash used in investing activities (120,674) (40,456)
Cash flows from financing activities:    
Change in deposits 122,647 92,000
Change in open FHLB advances (12,500) (200,000)
Proceeds from FHLB term advances 50,000 62,500
Repayments of FHLB term advances (62,500) (50,000)
Cash paid for employee vested shares surrendered due to employee tax liability (542) (778)
Repurchase of common stock (5,760) (3,345)
Cash dividends paid (22,836) (22,943)
Net cash provided by (used in) financing activities 68,509 (122,566)
Net decrease in cash and due from banks (14,557) (63,415)
Cash and due from banks at beginning of year 302,324 352,421
Cash and due from banks at end of period 287,767 289,006
Supplemental disclosures of cash flow information:    
Interest paid 136,039 61,520
Income taxes paid 2,333 16,144
Non-cash activities:    
Transfer of fixed assets to other real estate owned 655  
Transfer of loans to loans held for sale 45,501  
Income tax benefit (expense) related to other comprehensive income items (6,534) 4,635
Change in Right-of-use Asset Obtained in Exchange for Lease Liability $ (769) 8,936
Cashless exercise of stock options   $ 821