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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 48,559 $ 14,931
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 3,264 2,494
Provision (benefit) charge for credit losses (15,001) 14,717
Credit loss (benefit) expense for off-balance sheet credit exposures (875) 1,000
Deferred tax expense (benefit) 6,271 (1,492)
Amortization of operating lease right-of-use assets 2,812 2,130
Income on Bank-owned life insurance (2,567) (787)
Net amortization of premiums and discounts on securities 3,110 1,913
Accretion of net deferred loan fees (5,487) (1,521)
Amortization of premiums on purchased loans, net 190 192
Net increase in loans originated for sale (14,492) (4,022)
Proceeds from sales of loans originated for sale 15,260 4,335
Proceeds from sales and paydowns of foreclosed assets 569 256
ESOP expense 913 921
Allocation of stock award shares 959 993
Allocation of stock options 53 47
Net gain on sale of loans (768) (313)
Net gain on securities transactions (197) (11)
Net gain on sale of premises and equipment (15) (641)
Net gain on sale of foreclosed assets (170) (29)
(Increase) decrease in accrued interest receivable (2,567) 1,232
Decrease (increase) in other assets 41,160 (82,099)
(Decrease) increase in other liabilities (44,565) 79,111
Net cash provided by operating activities 36,416 33,357
Cash flows from investing activities:    
Proceeds from maturities, calls and paydowns of held to maturity debt securities 10,236 17,225
Purchases of held to maturity debt securities (7,541) (9,674)
Proceeds from sales of securities 9,442 0
Proceeds from maturities and paydowns of available for sale debt securities 90,807 64,466
Purchases of available for sale debt securities (226,417) (56,172)
Proceeds from redemption of Federal Home Loan Bank stock 12,147 28,549
Purchases of Federal Home Loan Bank stock (1,656) (32,449)
BOLI claim benefits received 0 1,985
Net decrease (increase) in loans 24,217 (39,897)
Proceeds from sales of premises and equipment 15 641
Purchases of premises and equipment (1,846) (1,664)
Net cash used in investing activities (90,596) (26,990)
Cash flows from financing activities:    
Net increase in deposits 459,684 108,151
Increase in mortgage escrow deposits 3,474 1,666
Cash dividends paid to stockholders (18,075) (15,496)
Shares issued dividend reinvestment plan 0 451
Purchase of treasury stock (48) (4,985)
Purchase of employee restricted shares to fund statutory tax withholding (915) (956)
Stock options exercised 638 0
Proceeds from long-term borrowings 400,000 632,554
Payments on long-term borrowings (619,265) (300,159)
Net decrease in short-term borrowings (16,096) (243,764)
Net cash provided by financing activities 209,397 177,462
Net increase in cash and cash equivalents 155,217 183,829
Cash and cash equivalents at beginning of period 532,353 186,748
Cash and cash equivalents at end of period 687,570 370,577
Cash paid during the period for:    
Interest on deposits and borrowings 10,399 15,819
Income taxes 270 115
Non-cash investing activities:    
Transfer of loans receivable to foreclosed assets $ 434 $ 2,067