v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net (loss) income before attribution of noncontrolling interest $ (32,633,000) $ 48,729,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Provision for credit losses 50,550,000 48,777,000
Net premium amortization on securities 4,049,000 3,656,000
Depreciation and amortization 4,866,000 5,362,000
Stock-based compensation expense 4,245,000 5,019,000
Change in cash surrender value of bank owned life insurance (6,916,000) (4,324,000)
Securities losses, net 68,655,000 11,022,000
Derivative losses (gains), net 196,000 (179,000)
Gains on sale of loans, net (5,819,000) (3,502,000)
Losses on loans held for sale carried at the lower cost or fair value 1,258,000 5,562,000
Loss on sale of other repossessed assets 0 2,649,000
Impairment on investment carried at cost 0 1,963,000
Deferred taxes and others 2,518,000 (3,254,000)
Gain on early extinguishment of advances from the FHLB, net (189,000) (33,623,000)
Proceeds from sales and repayments of loans held for sale (at fair value) 251,815,000 213,467,000
Originations and purchases of loans held for sale (at fair value) (291,139,000) (268,242,000)
Net changes in operating assets and liabilities:    
Accrued interest receivable and other assets (34,459,000) (16,249,000)
Accounts payable, accrued liabilities and other liabilities (12,343,000) 24,153,000
Net cash provided by operating activities 4,654,000 40,986,000
Purchases of investment securities:    
Available for sale (242,229,000) (104,904,000)
Equity securities with readily determinable fair value not held for trading 0 (2,500,000)
Federal Home Loan Bank stock (45,910,000) (51,016,000)
Purchases of investment securities (288,139,000) (158,420,000)
Maturities, sales, calls and paydowns of investment securities:    
Available for sale 228,933,000 82,175,000
Held to maturity 9,622,000 11,281,000
Federal Home Loan Bank stock 32,600,000 58,713,000
Equity securities with readily determinable fair value not held for trading 0 11,168,000
Maturities, sales, calls and paydowns of investment securities 271,155,000 163,337,000
Net increase in loans (788,643,000) (270,969,000)
Proceeds from loan sales 469,934,000 41,871,000
Cash paid in business acquisition 0 (1,970,000)
Net purchases of premises and equipment and others (6,609,000) (8,317,000)
Proceeds from surrender of bank owned life insurance 62,741,000 0
Proceeds from bank owned life insurance death benefit 1,232,000 0
Proceeds from sale of repossessed assets 0 2,464,000
Net cash used in investing activities (278,329,000) (232,004,000)
Cash flows from financing activities    
Net increase (decrease) in demand, savings and money market accounts 109,600,000 (71,910,000)
Net increase in time deposits 106,481,000 574,623,000
Proceeds from Advances from the Federal Home Loan Bank 1,412,500,000 1,280,000,000
Repayments of Advances from the Federal Home Loan Bank (1,142,311,000) (1,558,438,000)
Repurchase of common stock - Class A (7,556,000) (4,933,000)
Net proceeds from issuance of common stock 155,750,000 0
Dividend paid (9,038,000) (9,055,000)
Disbursements arising from stock-based compensation, net (1,782,000) (918,000)
Net cash provided by financing activities 623,644,000 209,369,000
Net increase in cash and cash equivalents and restricted cash 349,969,000 18,351,000
Cash, cash equivalents and restricted cash    
Beginning of period 321,872,000 290,601,000
End of period 671,841,000 308,952,000
Cash paid:    
Interest 207,389,000 150,526,000
Income taxes 4,821,000 20,038,000
Right-of-use assets obtained in exchange for new lease obligations 0 8,573,000
Noncash investing activities:    
Transfer from debt securities held to maturity to debt securities available for sale 216,560,000 0
Mortgage loans held for sale (at fair value) transferred to loans held for investment 28,115,000 95,674,000
Loans transferred to other assets 0 26,534,000
Loans held for investment (at lower of cost or fair value) transferred to loans held for sale 560,161,000 48,819,000
Premises and equipment transferred to other assets 11,405,000 0
Right-of-use assets transferred to other assets $ 15,368,000 $ 0

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