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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net Income $ 19,740 $ 13,493
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Originations of mortgage loans held for sale (174,370) (85,676)
Proceeds from the sale of mortgage loans 198,799 70,711
Gain on sale of mortgage loans, net of origination costs (6,173) (1,476)
(Credit) provision for credit losses (1,956) 1,775
Depreciation and amortization expense 927 969
Investment securities amortization and accretion, net 1,971 742
Stock-based compensation expense 703 421
Amortization of core deposit intangible assets 164 170
Purchase accounting accretion, net (234) (244)
Net decrease (increase) in derivative collateral posted 24,380 (29,040)
Decrease (increase) in other assets 591 (1,801)
Decrease in other liabilities (2,484) (3,039)
Net cash provided by (used in) by operating activities 62,058 (32,995)
Investing Activities    
Proceeds from sales and maturities of available-for-sale securities 94,697 40,188
Purchase of available-for-sale securities (118,707) (58,826)
Net increase in loans (17,277) (62,982)
Purchase of Federal Home Loan Bank stock 0 (9,161)
Proceeds from sale of Federal Home Loan Bank stock 1,329 7,754
Purchase of premises and equipment 320 1,284
Recoveries of previously charged-off loans 51 68
Proceeds from the sale of other real estate owned 350 0
Net cash used in investing activities (39,877) (84,243)
Financing Activities    
Net increase in deposits 206,386 25,966
Net proceeds from borrowings less than 90 days 23,969 57,913
Proceeds from Federal Home Loan Bank long-term advances 0 25,000
Repayments of Federal Home Loan Bank long-term advances 25,000 0
Common stock repurchases (11) (7,973)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings (80) (53)
Cash dividends paid on common stock 4,934 5,009
Finance lease payments (38) (33)
Net cash provided by financing activities 200,292 95,811
Net increase (decrease) in cash, cash equivalents and restricted cash 222,473 (21,427)
Cash, cash equivalents, and restricted cash at beginning of period 145,774 75,636
Cash, cash equivalents and restricted cash at end of period 368,247 54,209
Supplemental information    
Interest paid 3,117 8,555
Income taxes paid 176 126
Transfer from premises to other real estate owned $ 204 $ 0