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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 60,111 $ 50,052
Adjustments to reconcile net income to net cash from operating activities:    
Provision for credit losses 12,688 15,615
Impairment loss on premises and equipment 1,069 0
Impairment loss on operating lease right-of-use asset 194 0
Impairment loss on assets held for sale 0 20
Depreciation and amortization of premises and equipment 2,582 1,932
Net amortization (accretion) of securities (943) 1,678
Net change in fair value of equity securities, net (2) (543)
Net gains on sales and disposal of premises and equipment (460) 0
Net gains on sales of loans (11,569) (10,852)
Originations of U.S. government guaranteed loans (143,643) (146,974)
Proceeds from U.S. government guaranteed loans sold 106,830 162,600
Accretion of premiums and discounts on acquired loans, net (7,940) (1,340)
Net change in servicing assets 227 (2,543)
Net losses (gains) on sales and valuation adjustments of other real estate owned (55) 392
Net amortization of other acquisition accounting adjustments 3,252 2,910
Amortization of subordinated debt issuance cost 87 87
Accretion of junior subordinated debentures discount 223 219
Share-based compensation expense 3,687 3,217
Deferred tax benefit 5,298 (140)
Increase in cash surrender value of bank owned life insurance (1,620) (1,118)
Changes in assets and liabilities:    
Accrued interest receivable and other assets 3,025 6,110
Accrued interest payable and other liabilities 69,441 11,149
Net cash provided by operating activities 102,482 92,471
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of securities available-for-sale (209,158) (11,221)
Proceeds from maturities and calls of securities available-for-sale 77,764 4,463
Proceeds from paydowns of securities available-for-sale 75,740 44,708
Proceeds from maturities and calls of securities held-to-maturity 550 545
Redemptions (purchases) of Federal Home Loan Bank stock, net (15,471) 3,825
Proceeds from other loans sold 0 6,750
Net change in loans and leases (214,688) (152,170)
Purchases of premises and equipment (1,243) (1,539)
Proceeds from sales of premises and equipment 365 0
Proceeds from sales of assets held for sale 1,459 0
Proceeds from sales of other real estate owned 480 2,559
Net cash used in investing activities (284,202) (102,080)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 169,620 221,971
Repayments of line of credit (11,250) 0
Repayments of term loan (3,333) 0
Proceeds from short-term borrowings 1,700,000 9,723,100
Repayments of short-term borrowings (1,355,000) (9,808,100)
Proceeds from BTFP advances 200,000 0
Net increase (decrease) in securities sold under agreements to repurchase (6,869) 19,523
Dividends paid on common stock (8,005) (6,655)
Proceeds from issuance of common stock 878 602
Net cash provided by financing activities 686,041 150,441
NET CHANGE IN CASH AND CASH EQUIVALENTS 504,321 140,832
CASH AND CASH EQUIVALENTS, beginning of period 226,136 179,353
CASH AND CASH EQUIVALENTS, end of period 730,457 320,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 102,417 46,538
Cash paid during the period for taxes 974 3,031
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Transfer of loans to other real estate owned 5 499
Right of use asset exchanged for operating lease liabilties 1,115 932
Common share withholding 2,668 1,771
Common dividend declared, not paid $ (90) $ 113