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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 25,272,000 $ 15,161,000
Reconciliation of net income to net cash (used) provided by operating activities:    
Provision for credit losses 1,200,000 12,502,000
Net security premium amortization 2,164,000 2,351,000
Deferred tax benefit (379,000) (1,713,000)
Loan discount accretion (2,881,000) (3,566,000)
Deposit and debt discount accretion, net 472,000 1,227,000
Foreclosed property gains, net 0 (35,000)
Losses on calls of securities, net 975,000 0
Other gains, net (459,000) (244,000)
Bank-owned life insurance income (1,164,000) (1,046,000)
Net amortization of deferred loan fees (418,000) (127,000)
Depreciation of premises and equipment 2,019,000 1,923,000
Amortization of operating lease right-of-use assets 512,000 567,000
Repayments of lease obligations (490,000) (485,000)
Stock-based compensation expense 662,000 1,118,000
Amortization of intangible assets 1,759,000 2,145,000
Amortization and impairment of SBA servicing assets 437,000 184,000
Fees/gains from sale of presold mortgages and SBA loans (1,233,000) (661,000)
Origination of presold mortgage loans in process of settlement (16,241,000) (12,528,000)
Proceeds from sales of presold mortgage loans in process of settlement 19,411,000 11,296,000
Origination of SBA loans for sale (15,011,000) (8,933,000)
Proceeds from sales of SBA loans 11,940,000 4,679,000
Increase in accrued interest receivable 2,204,000 3,707,000
(Increase) decrease in other assets (51,175,000) 8,719,000
Increase in accrued interest payable 4,148,000 3,872,000
Decrease in other liabilities (3,816,000) (3,498,000)
Net cash (used) provided by operating activities (20,092,000) 36,615,000
Cash Flows From Investing Activities    
Proceeds from maturities, calls and principal repayments of securities available for sale 81,700,000 58,856,000
Proceeds from maturities, calls and principal repayments of securities held to maturity 5,940,000 759,000
Proceeds from sales of securities available for sale 0 111,863,000
Purchases of Federal Reserve and FHLB stock (15,778,000) (42,869,000)
Redemptions of Federal Reserve and FHLB stock 28,880,000 15,010,000
Purchases of other investments (251,000) 0
Net decrease (increase) in loans 72,244,000 (133,712,000)
Proceeds from sales of foreclosed properties 0 192,000
Purchases of premises and equipment (1,641,000) (346,000)
Proceeds from sales of premises and equipment 10,000 15,000
Net cash received in acquisition activities 0 22,610,000
Net cash provided by investing activities 171,104,000 32,378,000
Cash Flows From Financing Activities    
Net increase in deposits 271,429,000 98,742,000
Advances from other borrowings 481,000,000 929,000,000
Repayment of other borrowings (779,012,000) (649,034,000)
Cash dividends paid – common stock (9,042,000) (7,852,000)
Proceeds from stock option exercises 726,000 3,215,000
Payment of taxes related to stock withheld (126,000) 0
Net cash (used) provided by financing activities (35,025,000) 374,071,000
Increase in cash and cash equivalents 115,987,000 443,064,000
Cash and cash equivalents, beginning of period 237,855,000 270,318,000
Cash and cash equivalents, end of period 353,842,000 713,382,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest 42,825,000 19,333,000
Cash paid during the period for income taxes 22,000 46,000
Non-cash: Unrealized (loss) gain on securities available for sale, net of taxes (13,962,000) 27,908,000
Non-cash: Foreclosed loans transferred to other real estate 0 288,000
Non-cash: Accrued dividends at end of period $ 9,052,000 $ 9,010,000