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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Operating Activities      
Net income $ 181,878,000 $ 116,377,000 $ 121,131,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 9,953,000 10,824,000 2,333,000
Net amortization of debt securities 13,095,000 20,026,000 26,210,000
Net accretion of purchase accounting adjustments (3,963,000) (5,131,000) (2,252,000)
Amortization of debt modification costs 1,649,000 471,000 0
Origination of loans held for sale (841,451,000) (889,212,000) (1,098,864,000)
Proceeds from loans held for sale 896,145,000 984,506,000 1,155,186,000
Gain on sale of loans (27,134,000) (30,439,000) (33,606,000)
Loss on sale of debt securities 1,113,000 660,000 1,463,000
Bank-owned life insurance income, net (2,234,000) (1,395,000) (1,142,000)
Stock-based compensation expense, net of tax benefits 3,122,000 2,952,000 1,844,000
Depreciation of premises and equipment 16,019,000 14,758,000 15,294,000
Loss (gain) on sale and write-downs of other real estate owned, net 2,130,000 (1,641,000) 1,217,000
Deferred tax expense (benefit) 6,861,000 [1] 25,887,000 [1] (82,000) [1]
Core deposit intangible amortization 6,270,000 2,494,000 2,970,000
Amortization of investments in variable interest entities 7,639,000 4,692,000 2,578,000
Net (increase) decrease in accrued interest receivable (2,741,000) 2,466,000 (1,144,000)
Net decrease in other assets 348,000 1,139,000 6,621,000
Net increase (decrease) in accrued interest payable 357,000 (135,000) 60,000
Net increase (decrease) in other liabilities 11,655,000 (4,558,000) (6,730,000)
Net cash provided by operating activities 280,711,000 254,741,000 193,087,000
Investing Activities      
Sales of available-for-sale debt securities 226,842,000 247,748,000 62,817,000
Maturities, prepayments and calls of available-for-sale debt securities 357,876,000 446,695,000 662,003,000
Purchases of available-for-sale debt securities (820,333,000) (36,239,000) (585,064,000)
Maturities, prepayments and calls of held-to-maturity debt securities 76,832,000 25,187,000 25,405,000
Purchases of held-to-maturity debt securities 0 0 (1,222,000)
Principal collected on loans 2,691,953,000 2,099,292,000 1,781,534,000
Loan originations (3,460,227,000) (2,740,281,000) (2,375,136,000)
Net additions to premises and equipment (18,637,000) (10,128,000) (8,306,000)
Proceeds from sale of other real estate owned 9,385,000 12,335,000 10,145,000
Proceeds from redemption of non-marketable equity securities 87,221,000 68,610,000 73,611,000
Purchases of non-marketable equity securities (87,975,000) (71,396,000) (67,594,000)
Proceeds from bank-owned life insurance 1,331,000 437,000 437,000
Investments in variable interest entities (37,956,000) (14,514,000) (6,644,000)
Net cash received from (paid in) acquisitions 101,268,000 (4,091,000) 6,701,000
Net cash (used in) provided by investing activities (872,420,000) 23,655,000 (421,313,000)
Financing Activities      
Net increase (decrease) in deposits 599,037,000 (89,397,000) 368,006,000
Net increase (decrease) in securities sold under agreements to repurchase 4,398,000 (111,077,000) 50,236,000
Net increase (decrease) in short-term Federal Home Loan Bank advances 85,000,000 137,200,000 (100,000,000)
Proceeds from long-term Federal Home Loan Bank advances 0 150,000,000 0
Repayments of long-term Federal Home Loan Bank advances (1,198,000) (208,192,000) (45,567,000)
Net (decrease) increase in other borrowed funds (5,059,000) 3,784,000 (521,000)
Cash dividends paid (85,493,000) (111,720,000) (84,040,000)
Tax withholding payments for stock-based compensation (1,190,000) (1,531,000) (600,000)
Net cash provided by (used in) financing activities 595,495,000 (230,933,000) 187,514,000
Net increase (decrease) in cash, cash equivalents and restricted cash 3,786,000 47,463,000 (40,712,000)
Cash, cash equivalents and restricted cash at beginning of period 200,004,000 152,541,000 193,253,000
Cash, cash equivalents and restricted cash at end of period 203,790,000 200,004,000 152,541,000
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 35,174,000 30,000,000 29,576,000
Cash paid during the period for income taxes 26,489,000 40,219,000 36,225,000
Supplemental Disclosure of Non-Cash Investing Activities      
Transfer of debt securities from held-to-maturity to available-for-sale 270,331,000 0 0
Sale and refinancing of other real estate owned 406,000 553,000 728,000
Transfer of loans to other real estate owned 4,924,000 4,466,000 5,198,000
Dividends declared but not paid 25,726,000 265,000 23,137,000
Fair value of common stock shares issued 250,807,000 46,673,000 10,465,000
Cash consideration for outstanding shares 16,265,000 17,342,000 3,475,000
Effective settlement of pre-existing receivable 10,054,000 0 0
Fair value of assets acquired 1,660,882,000 355,230,000 69,750,000
Liabilities assumed $ 1,383,756,000 $ 321,824,000 $ 62,225,000
[1] Includes tax benefit of operating loss carryforwards of $443,000, $644,000 and $571,000 for the years ended December 31, 2018, 2017, and 2016, respectively.