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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 20,862 $ 30,916
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,860 1,597
Provision for loan losses 31,000 5,600
Amortization of intangibles 1,304 728
Net accretion of loans (3,752) (2,450)
Accretion on bank premises (45) (43)
Accretion on deposits (2,673) (639)
(Accretion) amortization on borrowings, net (104) 114
Stock-based compensation 1,201 1,470
(Gains) losses on sales of securities available-for-sale, net (29) 1
Gains on equity securities, net (222) (261)
Gains on sales of loans held-for-sale, net (630) (65)
Loans originated for resale (17,141) (4,044)
Proceeds from sale of loans held-for sale 30,894 4,109
Loss on extinguishment of debt 1,047
Increase in cash surrender value of bank owned life insurance (2,095) (1,655)
Amortization of premiums and accretion of discounts on securities available-for-sale, net 2,512 1,759
Amortization of subordinated debentures issuance costs 170 164
Increase in accrued interest receivable (6,035) (624)
Net change in operating leases 2,051 1,390
Decrease in other assets 25,042 4,231
Decrease in other liabilities (8,602) (8,078)
Net cash provided by operating activities 75,568 35,267
Cash flows from investing activities    
Purchases (108,584) (141,739)
Sales 19,624 150,332
Maturities, calls and principal repayments 97,625 91,028
Purchases of equity securities (2,000)
Sales of equity securities 569
Net redemptions (purchases) of restricted investment in bank stocks 3,805 (631)
Payments on loans held-for-sale 172
Net increase in loans (463,094) (186,892)
Purchases of bank owned life insurance (25,000)
Purchases of premises and equipment (855) (649)
Proceeds from sale of OREO 992
Cash and cash equivalents acquired in acquisition 111,368 13,741
Cash consideration paid in acquisition (23,977) (2,530)
Net cash used in investing activities (389,924) (76,771)
Cash flows from financing activities    
Net increase in deposits 276,614 133,580
Increase in subordinated debentures 73,421
Advances of borrowings 1,376,489 892,000
Repayments of borrowings (1,259,358) (960,031)
Repurchase of treasury stock (911) (5,175)
Cash dividends paid on common stock (3,545) (5,851)
Proceeds from exercise of stock options 163 265
Share redemption for tax withholdings on performance units and restricted stock units earned (639)
Net cash provided by financing activities 462,234 54,788
Net change in cash and cash equivalents 147,878 13,284
Cash and cash equivalents at beginning of period 201,483 172,366
Cash and cash equivalents at end of period 349,361 185,650
Cash payments for:    
Interest paid on deposits and borrowings 41,189 44,169
Income taxes 12,096 7,816
Investing:    
Transfer of loans from held-for-investment to held-for-sale 10,995
Transfer of loans from held-for-sale to held-for-investment 19,738
Business combinations:    
Fair value of assets acquired 949,282 534,146
Fair value of liabilities assumed $ 852,729 $ 488,475