XML 22 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 22,632 $ 24,302
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,012 6,197
Depreciation and amortization 4,075 4,529
Net amortization on securities 1,218 1,744
Accretion of net premium/discount on purchased loans (6) (1,617)
Amortization of investments in tax credit funds 415 453
Loss (gain) on sale of securities, net 403 (144)
Deferred income tax (benefit) expense (2,583) 12,310
Stock-based compensation expense 2,079 1,391
Originations of mortgage loans held for sale (44,392) (43,163)
Proceeds from mortgage loans held for sale 35,887 29,905
Gain on mortgage loans held for sale including, for the three months ended March 31, 2023, origination of mortgage servicing rights (964) (758)
Mortgage servicing rights valuation adjustment (450) 906
Gain on sale of MSR (410) 0
Net gain on disposals of premises and equipment (2) (63)
Increase in the cash surrender value of life insurance (229) (213)
Net losses on sales and write-downs of other real estate owned 21 0
Net change in operating leases 35 (80)
Decrease (increase) in other assets 4,835 (4,940)
Increase (decrease) in other liabilities 1,557 (3,180)
Net cash provided by operating activities 27,133 27,579
Cash flows from investing activities:    
Purchases of securities available for sale (7,194) (751)
Maturities and pay downs of securities available for sale 42,046 36,610
Proceeds from sales and calls of securities available for sale 21,224 39,195
Redemption of non-marketable equity securities held in other financial institutions 5,556 0
Purchase of non-marketable equity securities held in other financial institutions (4,016) (9,306)
Originations of mortgage warehouse loans (1,842,251) (1,198,573)
Proceeds from pay-offs of mortgage warehouse loans 1,771,222 1,145,909
Net increase in loans, excluding mortgage warehouse and loans held for sale (160,209) (224,124)
Proceeds from sale of MSR 15,885 0
Return of capital and other distributions from limited partnership investments 275 802
Capital calls on limited partnership investments (388) (189)
Purchase of low-income housing tax credit investments 0 (411)
Purchases of premises and equipment (3,906) (5,790)
Proceeds from sales of premises and equipment 18 0
Proceeds from sales of other real estate owned 54 0
Net cash used in investing activities (161,684) (216,628)
Cash flows from financing activities:    
Net increase in deposits 254,339 398,608
Repayments on long-term FHLB advances (68) (65)
Proceeds from short-term FHLB advances 670,000 3,561,901
Repayments on short-term FHLB advances (740,000) (3,260,000)
Redemption of subordinated debentures (33,675) 0
Repayments on other short-term borrowings 0 (20,000)
Net decrease in securities sold under agreements to repurchase (372) (20,995)
Dividends paid (4,670) (4,623)
Cash received from exercise of stock options 68 362
Net cash provided by financing activities 145,622 655,188
Net increase in cash and cash equivalents 11,071 466,139
Cash and cash equivalents at beginning of period 280,441 358,972
Cash and cash equivalents at end of period 291,512 825,111
Interest paid 61,707 40,356
Income taxes (refund) paid (2,069) 4
Significant non-cash transactions:    
Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation 0 (24,569)
Recognition of operating right-of-use assets 491 7,347
Recognition of operating lease liabilities $ 500 $ 7,306