v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income before attribution of noncontrolling interest $ 48,729 $ 40,145
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Provision for (reversal of) credit losses 48,777 (2,912)
Net premium amortization on securities 3,656 6,977
Depreciation and amortization 5,362 3,927
Stock-based compensation expense 5,019 4,187
Change in cash surrender value of bank owned life insurance (4,324) (4,028)
Securities losses, net 11,022 325
Derivative (gains) losses, net (179) 585
(Gains) losses on sale of loans, net (3,502) 656
Loans held for sale valuation expense 5,562 159
Loss on sale of other repossessed assets (2,649) 0
Impairment on investment carried at cost 1,963 0
Deferred taxes and others (3,254) 4,593
(Gain) Loss on early extinguishment of advances from the FHLB, net (33,623) 712
Proceeds from sales and repayments of loans held for sale (at fair value) 213,467 115,827
Originations and purchases of loans held for sale (at fair value) (268,242) (210,791)
Net changes in operating assets and liabilities:    
Accrued interest receivable and other assets (16,249) (14,175)
Accounts payable, accrued liabilities and other liabilities 24,153 21,677
Net cash provided by (used in) operating activities 40,986 (32,136)
Purchases of investment securities:    
Available for sale (104,904) (207,352)
Held to maturity securities 0 (129,996)
Equity securities with readily determinable fair value not held for trading (2,500) (12,656)
Federal Home Loan Bank stock (51,016) (20,824)
Purchases of investment securities (158,420) (370,828)
Maturities, sales, calls and paydowns of investment securities:    
Available for sale 82,175 188,408
Held to maturity 11,281 13,255
Federal Home Loan Bank stock 58,713 14,527
Equity securities with readily determinable fair value not held for trading 11,168 252
Maturities, sales, calls and paydowns of investment securities 163,337 216,442
Net increase in loans (270,969) (927,531)
Proceeds from loan sales 41,871 76,615
Cash paid in business acquisition (1,970) 0
Net purchases of premises and equipment and others (8,317) (8,032)
Proceeds from sale of repossessed assets 2,464 0
Net cash used in investing activities (232,004) (1,013,334)
Cash flows from financing activities    
Net (decrease) increase in demand, savings and money market accounts (71,910) 908,650
Net increase in time deposits 574,623 48,601
Proceeds from Advances from the Federal Home Loan Bank 1,280,000 730,000
Repayments of Advances from the Federal Home Loan Bank (1,558,438) (560,712)
Proceeds from issuance of subordinated notes, net of issuance costs 0 29,146
Repurchase of common stock - Class A (4,933) (72,060)
Dividend paid (9,055) (9,216)
Disbursements arising from stock-based compensation, net (918) (1,013)
Net cash provided by financing activities 209,369 1,073,396
Net increase in cash and cash equivalents and restricted cash 18,351 27,926
Cash, cash equivalents and restricted cash    
Beginning of period 290,601 274,208
End of period 308,952 302,134
Cash paid:    
Interest 150,526 37,248
Income taxes 20,038 21,766
Right-of-use assets obtained in exchange for new lease obligations 8,573 5,617
Noncash investing activities:    
Mortgage loans held for sale (at fair value) transferred to loans held for investment 95,674 51,640
Loans transferred to other assets 26,534 0
Loans held for investment (at lower of fair value or cost) transferred to loans held for sale 48,819 0
Loans held for sale (at lower of cost or fair value) transferred to loans held for investment $ 0 $ 65,802

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