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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 29,907 $ 51,115
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums and accretion of discounts on securities, net (2,139) (3,746)
Gain on sale of SBA loans (348) (482)
Proceeds from sale of SBA loans originated for sale 4,563 8,035
SBA loans originated for sale (3,659) (5,938)
Provision for credit losses on loans 808 460
Increase in cash surrender value of life insurance (1,569) (1,512)
Depreciation and amortization 977 828
Amortization of other intangible assets 1,661 1,804
Stock option expense, net 395 449
RSUs and PRSUs expense 1,007 244
Amortization of restricted stock awards, net 715 1,079
Amortization of subordinated debt issuance costs 113 113
Gain on proceeds from company-owned life insurance (219) (100)
Effect of changes in:    
Accrued interest receivable and other assets 202 (4,400)
Accrued interest payable and other liabilities (9,262) 29,642
Net cash provided by operating activities 23,152 77,591
CASH FLOWS FROM INVESTING ACTIVITIES:    
Maturities/paydowns/calls of securities available-for-sale 213,508 36,283
Maturities/paydowns/calls of securities held-to-maturity 45,598 49,500
Net change in loans (60,805) 12,819
Changes in FHLB stock and other investments (13) (13)
Proceeds from redemption of company-owned life insurance 595 950
Purchase of premises and equipment (1,518) (1,234)
Net cash provided by investing activities 197,365 98,305
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 351,075 185,853
Exercise of stock options 478 997
Payment of cash dividends (23,889) (23,797)
Net cash provided by financing activities 327,664 163,053
Net increase in cash and cash equivalents 548,181 338,949
Cash and cash equivalents, beginning of period 408,129 306,603
Cash and cash equivalents, end of period 956,310 645,552
Supplemental disclosures of cash flow information:    
Interest paid 56,140 29,887
Income taxes paid, net 12,342 79
Supplemental schedule of non-cash activity:    
Recording of right of use assets in exchange for lease obligations $ 3,045 $ 541