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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net income $ 42,384 $ 42,606
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and accretion 7,564 5,260
Provision for credit losses 9,000 900
Increase in cash surrender value of life insurance (1,647) (1,432)
Stock-based compensation expense 4,216 3,643
Asset (gains) losses, net 1,185 (8,030)
Gain on sale of loans held for sale, net (22,217) (7,042)
Proceeds from sale of loans held for sale 663,466 255,775
Origination of loans held for sale (650,660) (259,465)
Net change in:    
Accrued interest receivable and other assets 4,781 (5,020)
Accrued interest payable and other liabilities 6,200 9,310
Net cash provided by (used in) operating activities 64,272 36,505
Cash Flows From Investing Activities:    
Net (increase) decrease in loans (244,751) (74,131)
Net (increase) decrease in certificates of deposit in other banks 5,719 (4,402)
Purchases of securities AFS (128,661) (57,875)
Proceeds from sales of securities AFS 14,864 13,240
Proceeds from calls and maturities of securities AFS 69,568 38,128
Purchases of other investments (3,815) (1,941)
Proceeds from sales of other investments 0 17,144
Purchases of BOLI 0 (5,000)
Proceeds from redemption of BOLI 245 1,348
Net (increase) decrease in premises and equipment (9,708) (3,529)
Net (increase) decrease in other real estate and other assets 0 15
Net cash (paid) received in business combination (21,820) 0
Net cash provided by (used in) investing activities (318,359) (77,003)
Cash Flows From Financing Activities:    
Net increase (decrease) in deposits 617,373 (29,691)
Proceeds from long-term borrowings 367,841 0
Repayments of long-term borrowings (32,029) (20,193)
Purchase and retirement of common stock (28,947) (19,731)
Proceeds from issuance of common stock 482 449
Proceeds from exercise of stock options 1,048 4,382
Distribution to noncontrolling interest (176) (275)
Net cash provided by (used in) financing activities 925,592 (65,059)
Net increase (decrease) in cash and cash equivalents 671,505 (105,557)
Cash and cash equivalents:    
Beginning 182,059 249,526
Ending [1] 853,564 143,969
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 18,130 16,682
Cash paid for taxes 16,353 11,690
Transfer of loans and bank premises to other real estate owned 0 1,025
Capitalized mortgage servicing rights $ 4,038 $ 1,807
[1] Cash and cash equivalents at September 30, 2020 include restricted cash of $1.9 million pledged as collateral on interest rate swaps and no reserve balance was required with the Federal Reserve Bank. At September 30, 2019, cash and cash equivalents include restricted cash of $1.3 million pledged as collateral on interest rate swaps and $6.3 million for the reserve balance required with the Federal Reserve Bank.