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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES      
Net Income $ 18,034,000 $ 19,082,000 $ 18,569,000
Adjustments to reconcile net income to net cash used in operating activities:      
Net amortization and accretion of investments   638,000 568,000
Net amortization of deferred loan costs   381,000 178,000
Provision for loan losses 6,596,000 7,734,000 900,000
Depreciation and amortization   1,708,000 1,525,000
Stock based compensation   1,125,000 826,000
Loans originated for sale   (1,334,910,000) (641,406,000)
Proceeds of loans sold   1,228,772,000 613,841,000
Mortgage fee income (14,944,000) (26,163,000) (16,534,000)
Gain on sale of available-for-sale securities (554,000) (830,000) (80,000)
Loss on sale of available-for-sale securities 0 0 248,000
Gain on sale of equity securities (30,000) (30,000) (2,000)
Loss on sale of equity securities 0 0 9,000
Gain on sale of portfolio loans   (130,000) (178,000)
Income on bank owned life insurance (221,000) (444,000) (749,000)
Deferred taxes   1,280,000 (4,188,000)
Amortization of operating lease right-of-use asset   15,000 39,000
Holding gain on equity securities (3,000) (17,000) (13,767,000)
Bargain purchase gain (4,671,000) (4,671,000) 0
Gain on sale of banking centers   (9,631,000) 0
Changes in other assets   (32,467,000) (12,867,000)
Changes in other liabilities   27,841,000 23,208,000
Net cash used in operating activities   (120,717,000) (29,860,000)
INVESTING ACTIVITIES      
Purchases of investment securities available-for-sale   (51,201,000) (35,528,000)
Maturities/paydowns of investment securities available-for-sale   37,637,000 21,522,000
Sales of investment securities available-for-sale 30,900,000 41,160,000 26,616,000
Purchases of premises & equipment (1,135,000) (2,519,000) (629,000)
Net increase in loans   (55,365,000) (22,987,000)
Purchases of restricted bank stock   (18,615,000) (18,568,000)
Redemptions of restricted bank stock   27,982,000 17,757,000
Proceeds from sale of certificates of deposit with banks   0 248,000
Purchases of certificates of deposit with banks   (497,000) 0
Proceeds from sale of other real estate owned   4,440,000 695,000
Proceeds from death benefit of bank owned life insurance policies   0 688,000
Purchase of equity securities   (1,260,000) (1,250,000)
Sales of equity securities 357,000 357,000 5,968,000
Net cash paid for branch divestiture   (136,005,000) 0
Net cash provided by business combinations   64,633,000 0
Net cash used in investing activities   (89,253,000) (5,468,000)
FINANCING ACTIVITIES      
Net increase in deposits   456,265,000 68,583,000
Net decrease in repurchase agreements   (357,000) (5,496,000)
Net change in FHLB & other borrowings   (192,075,000) (27,987,000)
Common stock options exercised   38,000 331,000
Common stock repurchased   (668,000) 0
Cash dividends paid on common stock   (2,152,000) (872,000)
Cash dividends paid on preferred stock   (229,000) (243,000)
Net cash provided by financing activities   260,822,000 34,316,000
Increase (decrease) in cash and cash equivalents   50,852,000 (1,012,000)
Cash and cash equivalents at beginning of period   28,002,000 22,221,000
Cash and cash equivalents at end of period 78,854,000 78,854,000 21,209,000
Business combination non-cash disclosures:      
Assets acquired in business combination (net of cash received)   87,722,000 0
Liabilities assumed in business combination   148,731,000 0
Supplemental disclosure of cash flow information:      
Loans transferred to other real estate owned   23,000 79,000
Cashless stock options exercised   35,000 0
Restricted stock units vested   49,000 10,000
Common stock issued related to Paladin acquisition $ 240,000 240,000 0
Common stock converted from subordinated debt   0 1,000,000
Initial recognition of operating lease right-of-use assets   0 12,935,000
Initial recognition of operating lease liabilities   0 15,659,000
Cash payments for:      
Interest on deposits, repurchase agreements and borrowings   10,264,000 12,600,000
Income taxes   $ 1,455,000 $ 1,096,000