v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 11,958 $ 10,568
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 18,446 12,400
Net premium amortization on securities 558 1,247
Depreciation and amortization 1,588 1,477
Stock-based compensation expense 790 1,635
Change in cash surrender value of bank owned life insurance (2,450) (2,342)
Securities (gains) losses, net (64) 54
Derivative losses, net 0 152
Gains on sale of loans, net (3,785) (1,058)
Deferred taxes and others (2,972) 9,190
Proceeds from sales and repayments of loans held for sale (at fair value) 70,942 47,148
Originations and purchases of loans held for sale (at fair value) (52,663) (69,219)
Net changes in operating assets and liabilities:    
Accrued interest receivable and other assets (3,606) (3,975)
Accounts payable, accrued liabilities and other liabilities (18,532) (4,488)
Net cash provided by operating activities 20,210 2,789
Purchases of investment securities:    
Available for sale (288,353) (60,740)
Federal Home Loan Bank stock (191) (5,653)
Purchases of investment securities (288,544) (66,393)
Maturities, sales, calls and paydowns of investment securities:    
Available for sale 39,899 22,453
Held to maturity 0 2,504
Federal Home Loan Bank stock 1,424 1,946
Maturities, sales, calls and paydowns of investment securities 41,323 26,903
Proceeds from surrender of bank owned life insurance 0 62,741
Net decrease (increase) in loans 25,339 (162,677)
Proceeds from loan portfolio sales 7,992 429,637
Net purchases of premises and equipment and others (2,211) (3,483)
Purchase of bank owned life insurance (7,000) 0
Net cash (used in) provided by investing activities (223,101) 286,728
Cash flows from financing activities    
Net increase in demand, savings and money market accounts 372,905 35,399
Net decrease in time deposits (72,522) (52,019)
Proceeds from advances from the Federal Home Loan Bank 0 407,500
Repayments of advances from the Federal Home Loan Bank (30,000) (337,500)
Repurchase of common stock - Class A (5,000) 0
Dividend paid (3,885) (3,011)
Disbursements arising from stock-based compensation, net (599) (2,087)
Net cash provided by financing activities 260,899 48,282
Net increase in cash and cash equivalents and restricted cash 58,008 337,799
Cash, cash equivalents and restricted cash    
Beginning of period 590,359 321,872
End of period 648,367 659,671
Cash paid:    
Interest 62,401 72,641
Income taxes 317 273
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 4,448 0
Loans held for investment (at lower of cost or fair value) transferred to loans held for sale $ 40,597 $ 0

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