XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 37,058 $ 43,621
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 6,306 8,243
Depreciation and amortization 9,273 8,228
Net amortization on securities 1,422 2,439
Amortization (accretion) of net premium/discount on purchased loans 40 (10)
Amortization of investments in tax credit funds 495 830
Loss on sale of securities, net 14,448 403
Loss (gain) on limited partnership investments 3,561 (185)
Deferred income tax expense (benefit) (591) (1,957)
Stock-based compensation expense 3,882 3,767
Originations of mortgage loans held for sale (89,252) (99,354)
Proceeds from mortgage loans held for sale 89,580 85,292
Gain on mortgage loans held for sale (2,463) (2,301)
MSR asset valuation adjustment 0 (450)
Gain on sale of MSR asset 0 (410)
Net gain on disposals of premises and equipment (75) (822)
Increase in the cash surrender value of life insurance (633) (460)
Employee Retention Credit received 1,863 0
Gain on equity securities without a readily determinable fair value 0 (5,188)
Net losses on sales and write-downs of other real estate owned 652 24
Net change in operating leases 507 106
Increase in other assets (17,758) (9,526)
(Decrease) increase in other liabilities (2,121) 6,739
Net cash provided by operating activities 56,194 39,029
Cash flows from investing activities:    
Purchases of securities available for sale (304,788) (33,836)
Maturities and pay downs of securities available for sale 91,771 94,442
Proceeds from sales and calls of securities available for sale 214,979 22,285
Pay downs of securities carried at fair value 315 299
Redemption of non-marketable equity securities held in other financial institutions 5,486 5,556
Purchase of non-marketable equity securities held in other financial institutions (8,875) (8,816)
Originations of mortgage warehouse loans (4,864,014) (4,384,977)
Proceeds from pay-offs of mortgage warehouse loans 4,638,346 4,208,437
Net decrease (increase) in loans, excluding mortgage warehouse and loans held for sale 108,902 (117,799)
Purchase of other intangibles (2,500) 0
Proceeds from sale of the MSR asset 0 15,885
Proceeds from bank-owned life insurance 208 0
Return of capital and other distributions from limited partnership investments 692 296
Capital calls on limited partnership investments (2,324) (961)
Purchase of low-income housing tax credit investments (134) (83)
Purchases of premises and equipment (1,778) (9,269)
Proceeds from sales of premises and equipment 111 3,555
Proceeds from sales of other real estate owned 1,724 507
Transfers of other real estate owned to other assets 168 0
Net cash used in investing activities (121,711) (204,479)
Cash flows from financing activities:    
Net (decrease) increase in deposits (100,084) 259,717
Repayments of long-term FHLB advances (141) (136)
Proceeds from short-term FHLB advances 1,315,000 1,425,000
Repayments of short-term FHLB advances (1,200,000) (1,465,000)
Redemption/Repurchase of subordinated debentures (72,593) (34,599)
Repayments of other short-term borrowings (116,724) 0
Proceeds from other short-term borrowings 116,724 0
Net increase (decrease) in securities sold under agreements to repurchase 524 (2,725)
Dividends paid (9,479) (9,346)
Cash received from exercise of stock options 534 148
Common stock repurchased (4,382) 0
Net cash (used by) provided by financing activities (70,621) 173,059
Net increase in cash and cash equivalents (136,138) 7,609
Cash and cash equivalents at beginning of period 470,249 280,441
Cash and cash equivalents at end of period 334,111 288,050
Interest paid 109,762 129,167
Income taxes paid 25,162 18,308
Significant non-cash transactions:    
Unsettled liability for investment purchases recorded at trade date 736 0
Real estate acquired in settlement of loans 970 3,576
Recognition of operating right-of-use assets 3,208 6,252
Recognition of operating lease liabilities 3,203 6,295
Impairment of right-of-use assets due to branch closures $ (332) $ 0