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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 $ 69,118 $ 68,432 $ 45,925
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 1,575 1,550 2,600
Depreciation of premises and equipment 3,291 3,282 3,454
Net amortization of premiums and discounts on securities and loans 4,492 2,865 3,426
Amortization of intangibles 943 979 1,035
Goodwill impairment 0 0 150
Share–based compensation 3,124 2,602 2,577
Tax benefit from stock option exercises and other equity awards 248 496 508
Deferred income tax (benefit) expense (1,491) (63) 5,687
Income from bank-owned life insurance [1] (2,354) (2,196) (2,161)
Net gains on loan sales, including fair value adjustments (14,332) (9,749) (10,991)
Net realized losses on securities [1] 53 0 0
Proceeds from sales of loans, net 530,713 391,960 472,556
Loans originated for sale (525,675) (378,896) (461,262)
Change in fair value of contingent consideration liability 0 (187) (643)
Decrease in operating lease right-of-use assets 2,131 0 0
Decrease in operating lease liabilities (1,992) 0 0
Increase in other assets (27,961) (7,456) (8,794)
Increase in other liabilities 31,552 9,257 5,318
Net cash provided by (used in) operating activities 73,435 82,876 59,385
Cash flows from investing activities:      
Purchases of mortgage-backed available for sale debt securities (178,797) (175,539) (89,194)
Purchases of other available for sale debt securities (27,520) (76,264) (59,940)
Proceeds from sale of other available for sale debt securities 11,877 0 0
Maturities and principal payments of mortgage-backed available for sale debt securities 147,620 83,197 84,381
Maturities and principal payments of other available for sale debt securities 108,306 7,301 22,071
Maturities and principal payments of mortgage-backed held to maturity debt securities 0 2,029 2,950
(Purchases) remittance of Federal Home Loan Bank stock (4,785) (5,551) 2,612
Net increase in loans (154,502) (306,299) (120,582)
Purchases of loans (60,465) (1,780) (20,278)
Proceeds from the sale of property acquired through foreclosure or repossession 2,000 49 1,053
Purchases of premises and equipment (3,132) (3,974) (2,779)
Proceeds from sale of premises 213 0 0
Purchases of bank-owned life insurance 0 (5,000) 0
Proceeds from bank-owned life insurance 326 0 0
Equity investment in real estate limited partnership (1,256) 0 0
Net cash provided by (used in) investing activities (160,115) (481,831) (179,706)
Cash flows from financing activities:      
Net (decrease) increase in deposits (25,166) 281,341 178,955
Proceeds from Federal Home Loan Bank advances 1,982,000 2,040,000 1,352,501
Repayment of Federal Home Loan Bank advances (1,791,258) (1,880,634) (1,410,075)
Payment of contingent consideration liability 0 (1,217) 0
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered 273 (671) 366
Cash dividends paid (34,189) (29,312) (26,300)
Net cash provided by (used in) financing activities 131,660 409,507 95,447
Net increase (decrease) in cash and cash equivalents 44,980 10,552 (24,874)
Cash and cash equivalents at beginning of year 93,475 82,923 107,797
Cash and cash equivalents at end of year 138,455 93,475 82,923
Noncash Activities:      
Loans charged-off 2,020 1,187 2,462
Loans transferred to property acquired through foreclosure or repossession 2,000 3,074 576
Operating lease right-of-use assets 28,923 0 0
Operating lease liabilities 30,853 0 0
Fair value of held-to-maturity securities transferred to available for sale 10,316 0 0
Supplemental Disclosures:      
Interest payments 64,496 41,285 29,687
Income tax payments $ 19,759 $ 17,148 $ 25,988
[1]
As reported in the Consolidated Statements of Income.