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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 26,281 $ 7,669
Adjustments to reconcile income to net cash provided by operating activities:    
Provision for credit losses 3,360 3,700
Depreciation 1,710 1,414
Deferred tax expense 2,341 0
Amortization of net premium on securities 264 685
Accretion of net discount on acquired loans (953) (192)
Net change in deferred loan origination fees and costs (70) (316)
Amortization of core deposits and other intangible assets 1,044 327
Amortization of software implementation costs 181 229
Amortization of premium on acquired deposits (281) 0
Accretion of discount on subordinated debt 63 64
Amortization of issuance costs on subordinated debt 37 34
Accretion of discount on convertible notes payable 38 526
Increase in cash surrender value of bank-owned life insurance (453) (309)
Impairment of other real estate owned and foreclosed assets 0 8
Federal Home Loan Bank stock dividends (554) (77)
Share-based compensation expense 427 166
Decrease (increase) in fair value of mortgage servicing rights 2,720 (8,565)
Net loss on disposal of premises and equipment 0 82
Net gain on other real estate owned and foreclosed assets activity 0 (20)
Net gain on sales of loans held-for-sale (899) (6,344)
Origination of loans held-for-sale (193,845) (326,447)
Proceeds from sales of loans held-for-sale 183,765 374,505
Changes in operating assets and liabilities:    
Lease right-of-use assets (116) 0
Accrued interest receivable (182) (518)
Prepaid expenses and other assets 898 (19,478)
Accrued interest payable 3,812 314
Accrued expenses and other liabilities (4,794) (12,292)
Net cash provided by (used in) operating activities 24,794 15,165
Cash flows from investing activities:    
Proceeds from maturities of held-to-maturity securities 453 1,159
Purchases of available-for-sale securities (1,757) (31,959)
Proceeds from sale or maturities of available-for-sale securities 8,800 25,483
Loan originations, net of repayments (148,175) (278,429)
Purchases of premises and equipment (1,060) (548)
Proceeds from the sale of premises and equipment 0 2
Proceeds from sales of other real estate owned and foreclosed assets 0 628
Purchases of restricted equity securities (16,740) (30)
Proceeds from the sale or redemption of restricted equity securities 20,762 472
Purchase of other investments (247) 0
Proceeds from the sale or redemption of other investments 158 500
Net cash used in investing activities (137,806) (282,722)
Cash flows from financing activities:    
Net change in deposits 229,485 91,534
Net change in securities sold under agreements to repurchase (5,077) (22,466)
Proceeds from Federal Home Loan Bank advances 467,000 0
Repayments of Federal Home Loan Bank advances (533,600) 0
Repayments of other borrowings 0 (6,750)
Proceeds from subordinated debt, net 0 24,466
Proceeds from issuance of common stock, net of issuance costs 27 0
Net cash provided by (used in) financing activities 157,835 86,784
Net (decrease) increase in cash and cash equivalents 44,823 (180,773)
Cash and cash equivalents, beginning of period 343,526 668,462
Cash and cash equivalents, end of period 388,349 487,689
Supplemental disclosures of cash flow information:    
Interest paid on deposits 10,010 1,623
Interest paid on borrowed funds 10,428 1,919
Cash paid for income taxes, net 247 5,473
Non-cash investing and financing activities:    
Net change in unrealized loss on available-for-sale securities 3,006 (21,618)
Loan charge-offs 123 1,029
Loans transferred to other real estate owned and foreclosed assets 0 291
Mortgage servicing rights resulting from sale or securitization of mortgage loans $ 2,047 $ 4,524