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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 73,395 $ 60,352 $ 43,220
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation and amortization of premises and equipment 3,053 3,062 3,151
Provision for loan losses 8,100 21,100 6,000
Increase to valuation allowance, loans held-for-sale 15,592
Amortization of intangibles 1,408 627 724
Net accretion of loans (5,056) (1,127) (2,073)
Accretion on bank premises (86) (67) (74)
Accretion on deposits (1,149) (57) (31)
Amortization (accretion) on borrowings 209 (76) (203)
Net deferred income tax expense 104 926 3,699
Stock-based compensation 2,942 1,884 1,778
Losses (gains) on sales of investment securities, net 280 [1] [1] (1,596)
Change in fair value of equity securities, net (294) 267
Gains on sale of loans held-for-sale, net (512) (61) (708)
Loans originated for resale (20,499) (4,121) (9,083)
Loss on extinguishment of debt 1,047
Proceeds from sale of loans held-for-sale 21,011 4,552 63,731
Net (gains) losses on disposition of premises and equipment (8) 26 (8)
Net (gains) losses on sale of other real estate owned (8) 192 82
Increase in cash surrender value of bank owned life insurance (3,484) (3,094) (2,952)
Amortization of premiums and accretion of discounts on investments securities, net 4,299 3,233 2,631
Amortization of subordinated debt issuance costs 329 332 165
Increase in accrued interest receivable (301) (2,744) (2,505)
Net change in operating leases 1,312
(Increase) Decrease in other assets (22,619) (1,134) 5,706
(Decrease) increase in other liabilities (2,785) 4,988 3,887
Net cash provided by operating activities 60,688 89,060 131,133
Investment securities available-for-sale:      
Purchases (225,853) (140,013) (224,621)
Sales 183,728 29,543
Maturities, calls and principal repayments 178,116 141,859 109,104
Net redemptions (purchases) of restricted investment in bank stocks 3,739 2,361 (9,187)
Sales of equity securities 569
Loans held-for-sale payments 47 159 3,122
Net increase in loans (243,430) (362,625) (714,159)
Purchases of premises and equipment (1,527) (2,051) (2,661)
Purchases of bank owned life insurance (10,000) (10,000)
Proceeds from life insurance death benefits 585
Proceeds from sale of premises and equipment 18 1,627 8
Cash and cash equivalents acquired in acquisitions, net 11,211
Proceeds from sale of other real estate owned 915 884 1,124
Net cash used in investing activities (102,467) (357,214) (817,727)
Cash flows from financing activities      
Net increase in deposits 260,489 297,021 450,888
Increase in subordinated debt 73,525
Advances of FHLB borrowings 2,597,000 1,733,000 1,280,000
Repayments of FHLB borrowings (2,762,150) (1,803,000) (1,071,000)
Repayment of repurchase agreement (15,000)
Cash dividends paid on common stock (12,160) (9,664) (9,612)
Issuance cost of common stock (180)
Purchase of treasury stock (12,643)
Tax benefit of options exercised 264
Proceeds from exercise of stock options 360 875 417
Net shares issued in satisfaction of performance units earned (819)
Net cash provided by financing activities 70,896 290,938 635,777
Net change in cash and cash equivalents 29,117 22,784 (50,817)
Cash and cash equivalents at beginning of period 172,366 149,582 200,399
Cash and cash equivalents at end of period 201,483 172,366 149,582
Cash payments for:      
Interest paid 88,522 55,662 36,721
Income taxes paid 18,497 9,092 16,205
Supplemental disclosures of noncash investing activities:      
Transfer of loans to other real estate owned 907 538 1,118
Transfer of loan held-for-sale to loans held-for-investment 45,552 54,422
Transfer of loans held-for-investment to loans held-for-sale 33,297 21,236 73,916
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.