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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 125,211 $ 130,353 $ 71,289
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 3,863 3,757 4,244
Provision for (reversal of) credit losses 17,750 (5,500) 41,000
Amortization of intangibles 1,685 1,981 2,559
Net accretion of loans (3,178) (5,350) (6,687)
Accretion on bank premises (49) (73) (90)
Accretion on deposits (777) (2,224) (4,301)
Amortization (accretion) on borrowings 40 (36) (183)
Net deferred income tax (benefit) expense (403) 16 (7,495)
Stock-based compensation 4,889 4,536 2,949
Gains on sales/redemptions of investment securities, net 0 (195) (29)
Change in fair value of equity securities, net 1,521 373 (202)
Gain on sale of loans held-for-sale, net (1,695) (3,807) (2,085)
Gain on sale of branches 0 (674) 0
Net losses on disposition of other fixed assets 22 65 0
Gain (loss) on sale of other real estate owned 6 (18) 0
Loans originated for resale (21,128) (51,669) (63,114)
Proceeds from sale of loans held-for-sale 28,341 72,233 80,323
Increase in cash surrender value of bank owned life insurance (5,597) (4,771) (4,793)
Amortization of premiums and accretion of discounts on investments securities, net 2,155 5,966 5,506
Amortization of subordinated debt issuance costs 304 303 323
(Increase) decrease in accrued interest receivable (11,910) 1,165 (11,458)
Net change in operating leases (182) (769) 41
(Increase) decrease in other assets (12,413) 46,086 (22,498)
Increase (decrease) in other liabilities 48,322 10,526 (4,174)
Net cash provided by operating activities 176,777 202,273 81,125
Cash flows from investing activities      
Purchases (339,059) (349,500) (338,087)
Sales 0 0 19,624
Maturities, calls and principal repayments 150,287 285,873 256,782
Net (purchases)/redemptions of restricted investment in bank stocks (18,778) (2,727) 5,362
Purchases of equity securities (3,538) (780) (2,000)
Loans held-for-sale payments 54 38 1,186
Net increase in loans (1,292,938) (596,389) (329,210)
Cash flow hedge premium payment (6,965) 0 0
Purchases of premises and equipment (3,301) (2,783) (2,199)
Purchases of bank owned life insurance (30,000) (25,000) (25,000)
Proceeds from life insurance death benefits 0 0 1,794
Proceeds from disposition of fixed assets 697 113 0
Proceeds from sale of branches 0 974 0
Cash and cash equivalents acquired in acquisitions, net 0 0 87,391
Proceeds from sale of other real estate owned 309 321 992
Net cash used in investing activities (1,543,232) (689,860) (323,365)
Cash flows from financing activities      
Net increase in deposits 1,024,446 375,953 410,605
(Repayment of) increase in subordinated debt 0 (50,000) 73,440
Advances of FHLB borrowings 4,203,181 340,000 1,526,489
Repayments of FHLB borrowings (3,813,792) (297,725) (1,650,387)
Cash dividends paid on preferred stock (6,037) (1,717) 0
Cash dividends paid on common stock (23,428) (17,493) (14,317)
Proceeds from preferred stock offering 0 110,927 0
Purchase of treasury stock (13,127) (9,401) (911)
Proceeds from exercise of stock options 124 106 233
Share redemption for tax withholdings on performance units and deferred stock units earned (2,133) (1,283) (639)
Net cash provided by financing activities 1,369,234 449,367 344,513
Net change in cash and cash equivalents 2,779 (38,220) 102,273
Cash and cash equivalents at beginning of period 265,536 303,756 201,483
Cash and cash equivalents at end of period 268,315 265,536 303,756
Supplemental disclosures of cash flow information:      
Interest paid 67,850 41,787 74,701
Income taxes paid 49,234 45,431 26,548
Supplemental disclosures of noncash investing activities:      
Transfer of loans to other real estate owned 579 304 0
Transfer of loans held-for-sale to loans held-for-investment 8,043 4,293 10,995
Transfer of loans held-for-investment to loans held-for-sale $ 27,137 $ 16,628 $ 26,548