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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 75,464 $ 9,987
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,462 3,427
Provision/ (credit) for credit losses (34,708) 24,469
Share based compensation expense 947 754
Deferred income tax/ (benefit) 9,125 (5,205)
Origination of loans held for sale (536,747) (217,560)
Proceeds from sales of loans held for sale 540,736 208,409
Gains on sales of loans held for sale (10,625) (4,262)
Losses on sale of other real estate owned 0 9
Investment securities gains (58) (169)
Tax benefit associated with share based compensation 426 28
Net (increase)/ decrease in accrued interest receivable 1,872 (588)
Net increase in other assets (9,461) (19,317)
Net increase/ (decrease) accrued expenses and other liabilities (12,786) 7,976
Other, net 370 5,055
Net cash provided by operating activities 28,017 13,013
Investing activities:    
Sales/ (purchases) of equity securities 20,913  
Sales/ (purchases) of equity securities   (10,582)
Purchases of investments available-for-sale (280,942) (241,682)
Proceeds from sales of investment available-for-sale 100,822 13,104
Proceeds from maturities, calls and principal payments of investments available-for-sale 99,668 127,111
Net increase in loans (37,247) (17,760)
Proceeds from the sales of other real estate owned 0 27
Cash paid for the acquisition of business activity of RPJ, net of cash acquired 0 (26,925)
Sales of/ (expenditures for) premises and equipment 420  
Sales of/ (expenditures for) premises and equipment   (696)
Net cash used in investing activities (96,366) (157,403)
Financing activities:    
Net increase in deposits 646,196 153,555
Net decrease in in retail repurchase agreements and federal funds purchased (353,839) (88,300)
Proceeds from FHLB advances 0 250,000
Repayment of FHLB advances (279,075) (9,716)
Retirement of subordinated debt 0 (10,310)
Proceeds from issuance of common stock 2,072 412
Stock tendered for payment of withholding taxes (205) 0
Repurchase of common stock 0 (25,702)
Dividends paid (15,182) (10,544)
Net cash provided by/ (used in) financing activities (33) 259,395
Net increase/ (decrease) in cash and cash equivalents (68,382) 115,005
Cash and cash equivalents at beginning of period 297,003 146,103
Cash and cash equivalents at end of period 228,621 261,108
Supplemental disclosures:    
Interest payments 11,533 17,055
Income tax payments, net of refunds of $1,834 in 2021 $ 22,276 $ 0