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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net Income $ 37,883 $ 24,433
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Originations of mortgage loans held for sale (277,778) (194,149)
Proceeds from the sale of mortgage loans 312,474 176,250
Gain on sale of mortgage loans, net of origination costs (9,084) (6,095)
(Credit) provision for credit losses (5,359) 11,173
Depreciation and amortization expense 1,826 1,892
Investment securities amortization and accretion, net 3,733 1,755
Stock-based compensation expense 1,514 951
Amortization of core deposit intangible assets 328 341
Purchase accounting accretion, net (435) (617)
Net decrease (increase) in derivative collateral posted 22,090 (30,820)
Decrease (increase) in other assets 3,385 (7,789)
(Decrease) increase in other liabilities (6,072) 3,188
Net cash provided by (used in) by operating activities 84,505 (19,487)
Investing Activities    
Proceeds from available-for-sale debt securities 175,036 108,396
Purchase of available-for-sale debt securities (482,156) (206,496)
Net increase in loans (66,366) (231,369)
Purchase of Federal Home Loan Bank stock (12) (9,232)
Proceeds from sale of Federal Home Loan Bank stock 1,329 7,754
Purchase of premises and equipment 1,176 2,261
Recoveries of previously charged-off loans 208 170
Proceeds from the sale of other real estate owned 465 0
Net cash used in investing activities (372,672) (333,038)
Financing Activities    
Net increase in deposits 288,870 458,624
Net proceeds from (repayments of) borrowings less than 90 days 7,974 (22,811)
Proceeds from Federal Home Loan Bank long-term advances 0 25,000
Repayments of Federal Home Loan Bank long-term advances 25,000 10,000
Repayment of subordinated debt (15,000) 0
Common stock repurchases (11) (7,973)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings (308) (100)
Cash dividends paid on common stock 10,323 9,954
Finance lease payments (76) (69)
Net cash provided by financing activities 246,126 432,717
Net (decrease) increase in cash, cash equivalents and restricted cash (42,041) 80,192
Cash, cash equivalents, and restricted cash at beginning of period 145,774 75,636
Cash, cash equivalents and restricted cash at end of period 103,733 155,828
Supplemental information    
Interest paid 5,874 13,528
Income taxes paid 10,294 279
Transfer from premises to other real estate owned $ 204 $ 24