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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 $ 47,331 $ 36,969
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 3,053 2,989
Provision for credit losses* [1] (223)  
Provision for credit losses* [2]   12,100
Gain on sale and write down of other real estate owned (37) 0
Amortization of loan servicing rights 705 359
Net change in loan servicing rights valuation allowance (197) 506
Loans originated for sale, including participations (64,706) (59,288)
Net gain on sales of loans (2,770) (1,458)
Proceeds from sale of loans, including participations 70,988 48,113
Net (gain) loss on sales of premises and equipment (1) 81
Net gain on sales and calls of securities available-for-sale (797) (49)
Net securities amortization 2,109 1,959
Stock based compensation expense 4,350 447
Earnings on life insurance (1,461) (544)
Gain on life insurance (202) (576)
Tax benefit of stock award issuances (266) (71)
Net change:    
Interest receivable and other assets 1,788 (655)
Interest payable and other liabilities (599) (142)
Total adjustments 11,734 3,771
Net cash from operating activities 59,065 40,740
Cash flows from investing activities:    
Proceeds from sale of securities available- for-sale 13,964 1,148
Proceeds from maturities, calls and principal paydowns of securities available-for-sale 66,576 40,430
Purchases of securities available-for-sale (437,680) (47,370)
Purchase of life insurance (586) (242)
Net (increase) decrease in total loans 296,032 (428,472)
Proceeds from sales of land, premises and equipment 2 242
Purchases of land, premises and equipment (3,295) (3,278)
Proceeds from sales of other real estate 167 0
Proceeds from life insurance 531 1,283
Net cash from investing activities (64,289) (436,259)
Cash flows from financing activities:    
Net increase in total deposits 357,859 509,608
Net increase (decrease) in short-term borrowings (10,500) 35,500
Payments on short-term FHLB borrowings 0 (170,000)
Proceeds from long-term FHLB borrowings 0 75,000
Common dividends paid (17,309) (15,312)
Preferred dividends paid (13) (13)
Payments related to equity incentive plans (1,648) (2,030)
Purchase of treasury stock (282) (10,280)
Net cash from financing activities 328,107 422,473
Net change in cash and cash equivalents 322,883 26,954
Cash and cash equivalents at beginning of the period 249,927 99,381
Cash and cash equivalents at end of the period 572,810 126,335
Cash paid during the period for:    
Interest 10,350 22,045
Income taxes 14,262 20,000
Supplemental non-cash disclosures:    
Loans transferred to other real estate owned 893 35
Securities purchases payable $ 40,605 $ 4,783
[1]  Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.
[2] Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.