Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 42,612 $ 45,745
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,467 9,581
Amortization of servicing assets - net 1,223 1,276
Share-based compensation expense 1,160 1,222
Credit loss expense 2,056 220
Loss on sales of securities 1,871  
Gain on sales of SBA loans (3,081) (5,295)
Origination of SBA loans held for sale (48,904) (76,704)
Proceeds from sales of SBA loans 51,710 76,808
Change in bank-owned life insurance (541) (490)
Change in prepaid expenses and other assets (1,417) (18,658)
Change in income tax assets 7,091 7,297
Valuation adjustment on servicing assets (385)  
Change in accrued interest payable and other liabilities 13,269 9,682
Net cash provided by (used in) operating activities 70,131 50,684
Cash flows from investing activities:    
Purchases of securities available for sale (32,928) (95,378)
Proceeds from matured, called and repayment of securities 44,347 60,167
Proceeds from sales of securities available for sale 8,149  
Purchases of loans receivable   (11,030)
Purchases of premises and equipment (1,663) (1,401)
Change in loans receivable, excluding purchases (1,173) (494,128)
Net cash provided by (used in) investing activities 16,732 (541,770)
Cash flows from financing activities:    
Change in deposits 147,696 193,121
Change in borrowings (225,000) 7,500
Redemption of subordinated debentures, net of treasury debentures   (87,300)
Cash paid for employee vested shares surrendered due to employee tax liability (376) (569)
Repurchase of common stock (1,444)  
Cash dividends paid (15,253) (13,394)
Net cash provided by (used in) financing activities (94,377) 99,358
Net increase (decrease) in cash and due from banks (7,514) (391,728)
Cash and due from banks at beginning of year 352,421 608,965
Cash and due from banks at end of period 344,907 217,237
Supplemental disclosures of cash flow information:    
Interest paid 37,968 10,299
Income taxes paid 9,994 10,500
Non-cash activities:    
Income tax benefit (expense) related to items of other comprehensive income (1,402) 25,108
Change in right-of-use asset obtained in exchange for lease liability 1,089 $ 130
Cashless exercise of stock options $ 821