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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 77,329 $ 62,874 $ 54,684
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 852 461 296
Provision for loan losses 3,940 4,629 2,472
Deferred income tax, net (978) 2,313 (2,415)
Gain on sale of securities (476)    
Gain on sale of loans (35,411) (39,266) (37,790)
Proceeds from sales of loans 32,792,977 18,027,460 18,498,028
Loans and participations originated and purchased for sale (34,025,666) (17,832,035) (18,702,694)
Change in mortgage servicing rights for paydowns and fair value adjustments 10,789 2,348 2,554
Net change in:      
Trading securities (106,472) (22,582) (3,162)
Other assets and receivables (3,663) (10,023) 11,501
Other liabilities 24,046 4,164 (850)
Other 5,730 3,992 1,490
Net cash provided by (used in) operating activities (1,257,003) 204,335 (175,886)
Investing activities:      
Net change in securities purchased under agreements to resell 152 168 (1,651)
Purchases of available-for-sale securities (647,374) (47,040) (199,635)
Proceeds from the sale of available-for-sale securities 37,817 6,431 0
Proceeds from calls, maturities and paydowns of available-for-sale securities 651,798 188,252 116,506
Purchases of loans (87,302) (138,965) (133,329)
Net change in loans receivable (885,150) (484,102) (300,889)
Purchase of Federal Home Loan Bank stock (15,875) (956)  
Proceeds from sale of Federal Home Loan Bank stock 3,481 700  
Proceeds from sale of assets   10  
Purchases of premises and equipment (13,983) (9,195) (788)
Purchases of mortgage servicing rights   (6,313) (1,209)
Purchase of limited partnership interests (1,365) (3,810) (2,694)
Cash (paid) received in acquisition of subsidiary   (14,320) 363
Other investing activities 126 74 189
Net cash used in investing activities (957,675) (509,066) (523,137)
Financing activities:      
Net change in deposits 2,247,064 155,002 514,940
Proceeds from Federal Home Loan Bank borrowings 8,917,286 1,089,107 754,150
Repayment of Federal Home Loan Bank borrowings (8,907,917) (931,994) (754,544)
Payments of contingent consideration (1,999) (745)  
Proceeds from issuance of common stock     106,245
Proceeds from issuance of preferred stock 192,915    
Repurchase of preferred stock (21,850)    
Proceeds from notes payable 6,318 19,116  
Payments on notes payable (29,700) (38,534)  
Dividends (17,254) (10,216) (7,950)
Net cash provided by financing activities 2,384,863 281,736 612,841
Net Change in Cash and Cash Equivalents 170,185 (22,995) (86,182)
Cash and Cash Equivalents, Beginning of Period 336,524 359,519 445,701
Cash and Cash Equivalents, End of Period 506,709 336,524 359,519
Additional Cash Flows Information:      
Interest paid 81,892 49,276 26,763
Income taxes paid $ 19,326 16,965 27,050
The Company purchased all of the capital stock of FMBI on January 2, 2018, the capital stock of FMNBP on October 1, 2018, and the assets of NattyMac, LLC on December 31, 2018. The Company also purchased all of the capital stock for MCS on August 15, 2017. In conjunction with the acquisitions, liabilities were assumed as follows:      
Fair value of assets acquired   168,153 12,666
Cash paid for the capital stock/fair value common stock issued   29,872 8,127
Fair value of liabilities assumed   $ 138,281 $ 4,539