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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 52,612 $ 41,680
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,333 2,336
Provision for loan losses 7,600 20,000
Amortization of intangibles 1,068 483
Net accretion of loans (3,790) (969)
Accretion on bank premises (65) (46)
Accretion on deposits (917) (46)
Amortization (accretion) on borrowings 166 (98)
Stock-based compensation expense 2,143 499
Losses on sales of investment securities, net [1] 280
(Gains) losses on equity securities, net (340) 325
Gains on sales of loans held-for-sale, net (343) (31)
Loans originated for resale (11,807) (2,206)
Proceeds from sale of loans held-for sale 10,552 2,337
Net loss on sale of other real estate owned 192
Loss on extinguishment of debt 1,047
Increase in cash surrender value of bank owned life insurance (2,570) (1,715)
Amortization of premiums and accretion of discounts on investments securities, net 3,069 2,577
Amortization of subordinated debt issuance costs 246 250
Increase in accrued interest receivable (376) (2,220)
Net change in operating leases 1,359
Decrease in other assets 2,483 42
(Decrease) increase in other liabilities (1,396) 3,945
Net cash provided by operating activities 63,354 67,335
Investment securities available-for-sale:    
Purchases (203,494) (114,457)
Sales 183,728
Maturities, calls and principal repayments 136,375 115,757
Sales of equity securities 569
Net redemptions of restricted investment in bank stocks 3,190 1,011
Payments on loans held-for-sale 159
Net increase in loans (239,012) (283,283)
Purchases of premises and equipment (1,336) (1,629)
Purchases of bank owned life insurance (10,000)
Proceeds from sale of other real estate owned 884
Cash and cash equivalents acquired in acquisition 13,741
Cash consideration paid in acquisition (2,530)
Net cash used in investing activities (118,769) (281,558)
Cash flows from financing activities    
Net increase in deposits 243,949 193,683
Increase in subordinated debentures 73,525
Advances of Federal Home Loan Bank ("FHLB") borrowings 1,576,000 1,256,000
Repayments of FHLB borrowings (1,728,944) (1,296,000)
Repurchase of stock (5,175)
Cash dividends paid on common stock (9,037) (7,243)
Proceeds from exercise of stock options 265 524
Net cash provided by financing activities 77,058 220,489
Net change in cash and cash equivalents 21,643 6,266
Cash and cash equivalents at beginning of period 172,366 149,582
Cash and cash equivalents at end of period 194,009 155,848
Cash payments for:    
Interest paid on deposits and borrowings 67,443 40,200
Income taxes 13,199 2,507
Supplemental disclosures of noncash investing activities    
Transfer of loans to other real estate owned 907 538
Transfer of loans held-for-investment to loans held-for-sale 31,647 21,236
Transfer of loans held-for-sale to held-for-investment 45,552
Business combinations:    
Fair value of net assets acquired, net of cash and cash equivalents 534,146
Fair value of liabilities assumed $ 488,475
[1] Not within scope of ASC 606.