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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net income $ 47,452 $ 34,355
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 336 201
Provision for loan losses 3,021 1,072
Gain on sale of loans (27,548) (27,813)
Proceeds from sales of loans 13,387,330 14,380,078
Loans and participations originated and purchased for sale (13,374,161) (14,394,235)
Change in mortgage servicing rights for paydowns and fair value adjustments 1,854 4,602
Net change in:    
Trading securities 66,721 16,315
Other assets and receivables (4,718) 11,504
Other liabilities 3,441 4,869
Other 1,050 721
Net cash provided by operating activities 104,778 31,669
Investing activities:    
Net change in securities purchased under agreements to resell 130 (1,688)
Purchases of available-for-sale securities (36,284) (148,233)
Proceeds from the sale of available-for-sale securities 6,431  
Proceeds from calls, maturities and paydowns of available-for-sale securities 171,319 43,779
Purchases of loans (112,219) (101,227)
Net change in loans receivable (403,900) (166,634)
Purchase of Federal Home Loan Bank stock (233)  
Proceeds from sale of Federal Home Loan Bank stock 218  
Proceeds from sale of assets 10  
Purchases of premises and equipment (5,440) (754)
Purchases of mortgage servicing rights (790) (1,209)
Purchase of limited partnership interests (3,005) (1,845)
Cash received in acquisition of subsidiary 6,505 363
Other investing activities (74) 111
Net cash used in investing activities (377,332) (377,337)
Financing activities:    
Net change in deposits 321,931 472,843
Proceeds from Federal Home Loan Bank advances 536,367 464,250
Repayment of Federal Home Loan Bank advances (536,379) (464,632)
Proceeds from notes payable 9,534  
Dividends (7,662) (5,684)
Net cash provided by financing activities 323,791 466,777
Net Change in Cash and Cash Equivalents 51,237 121,109
Cash and Cash Equivalents, Beginning of Period 359,519 445,701
Cash and Cash Equivalents, End of Period 410,756 566,810
Additional Cash Flows Information:    
Interest paid 31,694 19,258
Income taxes paid 13,023 17,225
The Company purchased all of the capital stock of Joy State Bank on January 2, 2018 and purchased all of the capital stock for RICHMAC on August 15, 2017. In conjunction with the acquisitions, liabilities were assumed as follows:    
Fair value of assets acquired 44,217 12,666
Cash paid for the capital stock/fair value common stock issued 5,472 8,127
Fair value of liabilities assumed $ 38,745 $ 4,539