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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 43,678 $ 48,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,063 4,132
Deferred taxes (2,034) (2,586)
Stock-based compensation 708 645
Provision for credit losses 15,091 [1] 3,006
Write-downs of other real estate owned 1,021 3,353
Gains on sale of mortgage loans held for sale (4,706) (1,298)
Securities gains, net (1,069) (4)
Change in fair market value of equity securities (259) (570)
Gain on debt repurchase 0 (219)
Gains (losses) on sale of assets, net (120) 359
Proceeds from sale of mortgage loans held for sale 224,796 65,893
Funding of mortgage loans held for sale (239,048) (64,077)
Amortization of securities premiums and discounts, net 4,049 3,720
Change in cash surrender value of bank owned life insurance (1,048) (1,227)
Payment of operating lease liabilities (1,269) (1,255)
Mortgage servicing rights:    
Fair value adjustments 1,325 1,149
New servicing assets created (1,171) (446)
Changes in:    
Accrued interest receivable 122 1,163
Other assets (3,461) 6,259
Accrued interest payable 2,340 3,755
Other liabilities (818) (8,194)
Net cash provided by operating activities 42,190 62,090
Certificates of deposit in other banks:    
Maturity of certificates of deposit 0 3,675
Securities available-for-sale (AFS):    
Purchase of AFS securities (645,652) (194,884)
Proceeds from the sales of AFS securities 82,314 25,734
Proceeds from prepayments and maturities of AFS securities 222,385 124,384
Securities held-to-maturity (HTM):    
Proceeds from maturities of HTM securities 517 132
Change in loans, net (314,299) (9,319)
Purchase of premises and equipment (766) (1,825)
Proceeds from sale and retirement of premises and equipment 0 46
Redemption of stock by Federal Home Loan Bank 351 3,919
Proceeds from sale of other real estate and repossessed assets 2,814 2,797
Additional investment in bank owned life insurance 0 (1,241)
Proceeds from settlement of bank owned life insurance 0 615
Net cash used in investing activities (652,336) (45,967)
Cash flows from financing activities:    
Change in deposits, net 488,609 83,605
Change in repurchase agreements and federal funds purchased, net 135,365 763
Proceeds from Federal Home Loan Bank advances 25,000 30,000
Payments on advances from Federal Home Loan Bank (25,015) (30,015)
Payment of finance lease liabilities (10) (11)
Repurchase of long-term debt 0 (1,281)
Issuance of common stock 689 681
Repurchase of common stock (1,099) 0
Dividends paid (20,308) (19,494)
Net cash provided by financing activities 603,231 64,248
Net increase (decrease) in cash and cash equivalents (6,915) 80,371
Cash and cash equivalents at beginning of period 264,683 141,450
Cash and cash equivalents at end of period 257,768 221,821
Supplemental disclosures:    
Income taxes paid 13,100 8,784
Interest paid 18,567 27,408
Non-cash activities:    
Loans to facilitate the sale of other real estate owned 2,279 2,820
Common stock dividends accrued, paid in subsequent quarter 236 220
Real estate acquired in settlement of loans $ 2,100 $ 1,889
[1] Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.