Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 54,850 $ 44,506
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,458 2,437
Amortization of servicing assets - net 1,873 1,919
Share-based compensation expense 2,699 2,655
Credit loss expense 12,496 3,474
Gain on sales of SBA loans (6,018) (4,669)
Origination of loans held for sale (98,133) (114,485)
Proceeds from sales of loans 187,798 99,229
Gain on sales of residential mortgage loans (1,331) (1,132)
Change in bank-owned life insurance 786 (186)
Change in prepaid expenses and other assets (4,122) 3,350
Change in income tax assets (611) (7,926)
Change in accrued interest payable and other liabilities 1,022 9,587
Net cash provided by operating activities 153,767 38,759
Cash flows from investing activities:    
Purchases of securities available for sale (139,308) (128,344)
Proceeds from matured, called and repayment of securities 169,533 105,873
Purchases of loans receivable (47,624) (54,286)
Proceeds from sales of residential mortgage loans 0 50,352
Purchases of premises and equipment (1,392) (1,780)
Proceeds from disposition of premises and equipment 14 2,802
Proceeds from sales of other real estate owned ("OREO") 713 0
Change in loans receivable, excluding purchases and sales (322,769) (96,442)
Net cash used in investing activities (340,833) (121,825)
Cash flows from financing activities:    
Change in deposits 330,863 122,647
Change in open FHLB advances (225,000) (12,500)
Proceeds from FHLB term advances 50,000 50,000
Repayments of FHLB term advances (25,000) (62,500)
Cash paid for employee vested shares surrendered due to employee tax liability (966) (542)
Repurchase of common stock (7,441) (5,760)
Cash dividends paid (24,536) (22,836)
Net cash provided by financing activities 97,920 68,509
Net decrease in cash and due from banks (89,146) (14,557)
Cash and due from banks at beginning of year 304,800 302,324
Cash and due from banks at end of period 215,654 287,767
Supplemental disclosures of cash flow information:    
Interest paid 133,110 136,039
Income taxes paid 19,269 2,333
Non-cash activities:    
Transfer of fixed assets to other real estate owned 1,996 655
Transfer of loans to loans held for sale 41,897 45,501
Income tax expense related to other comprehensive income items (8,952) (6,534)
Change in Right-of-use Asset Obtained in Exchange for Lease Liability $ (3,534) $ (769)