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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 65,218 $ 20,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,746 1,860
(Reversal of) provision for credit losses (7,415) 31,000
Amortization of intangibles 1,015 1,304
Net accretion of loans (2,803) (3,752)
Accretion on bank premises (45) (45)
Accretion on deposits (1,248) (2,673)
Accretion on borrowings, net (36) (104)
Stock-based compensation 1,957 1,201
Gains on sales/redemptions of securities available-for-sale, net (195) (29)
Losses (gains) on equity securities, net 164 (222)
Gain on sale of branches (674)
Net losses on disposition of fixed assets 27
Gains on sales of loans held-for-sale, net (1,554) (630)
Loans originated for resale (30,600) (17,141)
Proceeds from sale of loans held-for sale 40,043 30,894
Payments on loans held-for-sale 18 172
Gain on sale of other real estate owned (18)
Increase in cash surrender value of bank owned life insurance (2,249) (2,095)
Amortization of premiums and accretion of discounts on securities available-for-sale, net 3,152 2,512
Amortization of subordinated debentures issuance costs 152 170
Decrease (increase) in accrued interest receivable 1,316 (6,035)
Net change in operating leases (439) 2,051
Decrease in other assets 48,236 25,042
Increase (decrease) in other liabilities 3,705 (8,602)
Net cash provided by operating activities 119,473 75,740
Cash flows from investing activities    
Purchases (126,641) (108,584)
Sales 19,624
Maturities, calls and principal repayments 147,342 97,625
Purchases of equity securities (2,000)
Net redemptions of restricted investment in bank stocks 2,536 3,805
Net increase in loans (173,384) (463,094)
Purchases of bank owned life insurance (25,000) (25,000)
Purchases of premises and equipment (541) (855)
Proceeds from sale of branches 1,087
Proceeds from sale of OREO 321 992
Cash and cash equivalents acquired in acquisition, net 87,391
Net cash used in investing activities (174,280) (390,096)
Cash flows from financing activities    
Net increase in deposits 234,537 276,614
(Repayment of) increase in subordinated debentures (50,000) 73,421
Advances of borrowings 100,000 1,376,489
Repayments of borrowings (172,456) (1,259,358)
Repurchase of treasury stock (2,411) (911)
Cash dividends paid on common stock (7,964) (3,545)
Proceeds from exercise of stock options 45 163
Share redemption for tax withholdings on performance units and restricted stock units earned (1,283) (639)
Net cash provided by financing activities 100,468 462,234
Net change in cash and cash equivalents 45,661 147,878
Cash and cash equivalents at beginning of period 303,756 201,483
Cash and cash equivalents at end of period 349,417 349,361
Cash payments for:    
Interest paid on deposits and borrowings 23,236 41,189
Income taxes 20,299 12,096
Investing:    
Transfer of loans from held-for-investment to other real estate owned 304
Transfer of loans from held-for-investment to held-for-sale 9,356 10,995
Transfer of loans from held-for-sale to held-for-investment 19,738
Business combinations:    
Fair value of assets acquired 949,282
Fair value of liabilities assumed $ 852,729