XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 49,692 $ 46,229
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan origination fees and fair value premiums on loans 827 497
Amortization of investment securities (discounts), net of accretion of premiums (3,580) (2,343)
Amortization of other intangible assets 1,478 1,725
Net change in operating leases 59 86
Depreciation and amortization of premises and equipment 5,286 5,043
Deferred income tax expense, net 3,808 15,391
Provision for credit losses 15,121 9,445
Stock-based compensation 1,165 965
(Gain) loss on:    
Sale of securities 7 0
Sale of loans (335) (252)
Foreclosed real estate and other repossessed assets (566) (238)
Sale of other assets (1) (20)
Originations and purchases of loans held-for-sale (27,696) (27,509)
Proceeds from sale of loans held-for-sale 19,685 3,260
Net decrease (increase) in:    
Accrued interest receivable (694) 307
Servicing assets (33) 1,576
Other assets (558) (9,764)
Net (decrease) increase in:    
Accrued interest on deposits and borrowings (1,254) 543
Accrued expenses and other liabilities (1,420) 7,259
Net cash provided by operating activities 60,991 52,200
Purchases of:    
Investment securities available-for-sale (933) (476)
FHLB stock (12,600) (9,000)
Equity securities (1,693) (573)
Maturities and redemptions of:    
Investment securities available-for-sale 56,153 101,510
Investment securities held-to-maturity 4,838 4,492
FHLB stock 12,600 22
Proceeds from sales of:    
Investment securities available-for-sale 149,406 0
Foreclosed real estate and other repossessed assets, including write-offs 10,363 15,110
Premises and equipment 1 20
Origination and purchase of loans, excluding loans held-for-sale (683,420) (631,471)
Principal repayment of loans 634,989 593,606
Additions to premises and equipment (6,186) (3,118)
Net cash provided by investing activities 163,518 70,122
Net (decrease) increase in:    
Deposits (205,733) (10,417)
FHLB advances and other borrowings (2) 199,329
Exercise of stock options and restricted units lapsed, net (2,170) (1,738)
Purchase of treasury stock 0 (2,894)
Dividends paid on common stock (10,385) (9,572)
Net cash (used in) provided by financing activities (218,290) 174,708
Net change in cash, cash equivalents and restricted cash 6,219 297,030
Cash, cash equivalents and restricted cash at beginning of period 748,173 550,464
Cash, cash equivalents and restricted cash at end of period 754,392 847,494
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:    
Cash and due from banks 749,718 844,180
Money market investments 4,674 3,172
Restricted cash 0 142
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 754,392 847,494
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities:    
Interest paid 39,446 11,224
Income taxes paid 5,094 0
Operating lease liabilities paid 2,594 2,514
Mortgage loans held-for-sale securitized into mortgage-backed securities 17,351 21,399
Transfer from loans to foreclosed real estate and other repossessed assets 12,803 13,140
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio 9,139 86
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio 0 8,736
Financed sales of foreclosed real estate 124 286
Delinquent loans booked under the GNMA buy-back option $ 18,510 $ 26,348