v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income before attribution of noncontrolling interest $ 26,988 $ 22,655
Adjustments to reconcile net income to net cash used in operating activities    
(Reversal of) provision for credit losses 40,777 (10,226)
Net premium amortization on securities 2,440 4,587
Depreciation and amortization 3,567 2,446
Stock-based compensation expense 3,481 2,536
Change in cash surrender value of bank owned life insurance (2,841) (2,676)
Securities losses, net 10,968 1,833
Derivative (gains) losses, net (256) 490
(Gains) losses on sale of loans, net (2,509) 302
Loss on sale of other repossessed assets (2,649) 0
Impairment on investment carried at cost 1,963 0
Deferred taxes and others (3,309) 4,784
(Gain) Loss on early extinguishment of advances from the FHLB, net (26,613) 712
Proceeds from sales and repayments of loans held for sale (at fair value) 128,478 74,999
Originations and purchases of loans held for sale (at fair value) (189,943) (130,748)
Net changes in operating assets and liabilities:    
Accrued interest receivable and other assets (8,025) (14,117)
Accounts payable, accrued liabilities and other liabilities 4,346 (6,321)
Net cash used in operating activities (7,839) (48,744)
Purchases of investment securities:    
Available for sale (36,658) (169,383)
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 (38,660) (15,199)
Purchases of investment securities (77,818) (327,234)
Maturities, sales, calls and paydowns of investment securities:    
Available for sale 46,093 127,125
Held to maturity 7,373 9,200
Federal Home Loan Bank stock 43,775 14,507
Equity securities with readily determinable fair value not held for trading 11,168 252
Maturities, sales, calls and paydowns of investment securities 108,409 151,084
Net increase in loans (291,759) (302,056)
Proceeds from loan sales 14,462 70,132
Cash paid in business acquisition (1,970) 0
Net purchases of premises and equipment and others (7,247) (4,493)
Proceeds from sale of repossessed assets 2,464 0
Net cash used in investing activities (253,459) (412,567)
Cash flows from financing activities    
Net increase in demand, savings and money market accounts 182,073 655,414
Net increase (decrease) in time deposits 353,299 (83,431)
Proceeds from Advances from the Federal Home Loan Bank 1,130,000 580,000
Repayments of Advances from the Federal Home Loan Bank (1,240,448) (560,712)
Proceeds from issuance of subordinated notes, net of issuance costs 0 29,146
Repurchase of common stock - Class A (2,225) (72,060)
Dividend paid (6,040) (6,203)
Disbursements arising from stock-based compensation, net (901) (996)
Net cash provided by financing activities 415,758 541,158
Net increase in cash and cash equivalents and restricted cash 154,460 79,847
Cash, cash equivalents and restricted cash    
Beginning of period 290,601 274,208
End of period 445,061 354,055
Cash paid:    
Interest 90,207 19,461
Income taxes 13,874 19,614
Right-of-use assets obtained in exchange for new lease obligations 6,233 4,480
Noncash investing activities:    
Mortgage loans held for sale (at fair value) transferred to loans held for investment 77,702 16,056
Loans transferred to other assets $ 26,534 $ 0

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