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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 80,041 $ 101,394 $ 98,677
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 6,793 12,384 13,797
Amortization of servicing assets - net 2,456 2,672 2,292
Share-based compensation expense 2,681 2,595 2,436
Credit loss expense (recovery) 4,342 836 (24,403)
Loss on sales of securities 1,871   499
Gain on sales of SBA loans (5,701) (9,478) (17,266)
Origination of SBA loans held for sale (104,998) (150,825) (265,743)
Proceeds from sales of SBA loans 104,250 165,587 274,132
Change in bank-owned life insurance (791) (639) (1,011)
Gain on sale of fixed assets (3,957)   (45)
Change in prepaid expenses and other assets (28,938) (24,612) 2,657
Change in income tax assets 9,783 24,688 3,312
Valuation adjustment on servicing assets (385) 385  
Change in accrued interest payable and other liabilities 40,352 22,321 4,395
Net cash provided by operating activities 107,799 147,308 93,729
Cash flows from investing activities:      
Purchases of securities available for sale (106,971) (166,564) (513,243)
Proceeds from matured, called and repayment of securities 105,848 105,979 275,624
Proceeds from sales of securities available for sale 8,149   55,884
Purchases of loans receivable (9,657) (11,200) (28,862)
Purchases of premises and equipment (2,419) (1,926) (2,724)
Proceeds from disposition of premises and equipment 7,229   45
Proceeds from sales of other real estate owned ("OREO")   809 1,479
Change in loans receivable, excluding purchases (212,173) (808,604) (235,242)
Net cash used in investing activities (209,994) (881,506) (447,039)
Cash flows from financing activities:      
Change in deposits 112,502 381,803 511,261
Change in borrowings (25,000) 212,500 (12,500)
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 employee vested shares surrendered due to employee tax liability (785) (732) (572)
Repurchase of common stock (4,084)   (6,135)
Cash dividends paid (30,535) (28,636) (16,514)
Net cash provided by financing activities 52,098 477,654 570,426
Net increase (decrease) in cash and due from banks (50,097) (256,544) 217,116
Cash and due from banks at beginning of year 352,421 608,965 391,849
Cash and due from banks at end of period 302,324 352,421 608,965
Supplemental disclosures of cash flow information:      
Interest expense paid 116,543 29,535 25,028
Income taxes paid 16,536 12,728 31,400
Non-cash activities:      
Transfer of loans receivable to other real estate owned   117  
Income tax (expense) benefit related to items of other comprehensive income (6,915) 32,552 4,668
Change in right-of-use asset obtained in exchange for lease liability 8,109 $ 408 $ 2,805
Cashless exercise of stock options $ 821