v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 34,960 $ 15,531
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 24,506 31,550
Net premium amortization on securities 1,124 2,586
Depreciation and amortization 3,139 3,129
Stock-based compensation expense 2,415 3,039
Change in cash surrender value of bank owned life insurance (4,940) (4,584)
Securities (gains) losses, net (1,843) 171
Derivative losses, net 1,852 196
Gains on sale of loans, net (5,156) (2,294)
Losses on loans held for sale carried at the lower cost or fair value 0 1,258
Deferred taxes and others 98 12,018
Gain on early extinguishment of advances from the FHLB, net 0 (189)
Proceeds from sales and repayments of loans held for sale (at fair value) 126,549 113,481
Originations and purchases of loans held for sale (at fair value) (95,713) (168,016)
Net changes in operating assets and liabilities:    
Accrued interest receivable and other assets 6,999 (15,009)
Accounts payable, accrued liabilities and other liabilities (16,190) 7,580
Net cash provided by operating activities 77,800 447
Purchases of investment securities:    
Available for sale (425,291) (115,935)
Trading securities (118,444) 0
Federal Home Loan Bank stock (2,575) (36,343)
Purchases of investment securities (546,310) (152,278)
Maturities, sales, calls and paydowns of investment securities:    
Available for sale 92,065 50,941
Held to maturity 0 6,729
Federal Home Loan Bank stock 1,424 30,226
Maturities, sales, calls and paydowns of investment securities 93,489 87,896
Proceeds from surrender of bank owned life insurance 0 62,741
Net decrease (increase) in loans 10,977 (470,074)
Proceeds from loan portfolio sales 24,583 434,318
Proceeds from sales of other real estate owned 2,661 0
Net purchases of premises and equipment and others (3,551) (4,995)
Proceeds from bank owned life insurance death benefit 0 1,232
Purchase of bank owned life insurance (7,000) 0
Net cash used in investing activities (425,151) (41,160)
Cash flows from financing activities    
Net increase (decrease) in demand, savings and money market accounts 523,475 (92,417)
Net (decrease) increase in time deposits (71,526) 13,565
Proceeds from advances from the Federal Home Loan Bank 50,000 1,212,500
Repayments of advances from the Federal Home Loan Bank (30,000) (1,092,311)
Redemption of senior notes (60,000) 0
Repurchase of common stock - Class A (10,000) (4,448)
Dividend paid (7,651) (6,034)
Disbursements arising from stock-based compensation, net (469) (1,695)
Net cash provided by financing activities 393,829 29,160
Net increase in cash and cash equivalents and restricted cash 46,478 (11,553)
Cash, cash equivalents and restricted cash    
Beginning of period 590,359 321,872
End of period 636,837 310,319
Cash paid:    
Interest 121,248 133,977
Income taxes 720 4,751
Right-of-use assets obtained in exchange for new lease obligations 6,121 0
Noncash investing activities:    
Mortgage loans held for sale (at fair value) transferred to loans held for investment 7,513 23,365
Loans transferred to other assets 1,210 0
Loans held for sale (at lower of cost or fair value) transferred to loans held for investment 40,597 0
Loans held for investment (at lower of cost or fair value) transferred to loans held for sale 40,597 553,085
Premises and equipment transferred to other assets 0 11,405
Right-of-use assets transferred to other assets $ 0 $ 15,368

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