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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 43,621 $ 46,062
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 8,243 10,503
Depreciation and amortization 8,228 9,095
Net amortization on securities 2,439 3,541
Accretion of net premium/discount on purchased loans (10) (2,107)
Amortization of investments in tax credit funds 830 907
Loss (gain) on sale of securities, net 403 (144)
Deferred income tax (benefit) expense (1,957) 13,903
Stock-based compensation expense 3,767 2,551
Originations of mortgage loans held for sale (99,354) (102,852)
Proceeds from mortgage loans held for sale 85,292 85,458
Gain on mortgage loans held for sale and, for the six months ended June 30, 2023, origination of MSR (2,301) (2,054)
MSR valuation adjustment (450) 363
Gain on sale of MSR (410) 0
Net (gain) loss on disposals of premises and equipment (822) 48
Increase in the cash surrender value of life insurance (460) (427)
Gain on equity securities without a readily determinable fair value (5,188) 0
Net losses on sales and write-downs of other real estate owned 24 0
Net change in operating leases 106 (979)
(Increase) decrease in other assets (9,711) 4,203
Increase in other liabilities 6,739 7,079
Net cash provided by operating activities 39,029 75,150
Cash flows from investing activities:    
Purchases of securities available for sale (33,836) (751)
Maturities and pay downs of securities available for sale 94,442 71,908
Proceeds from sales and calls of securities available for sale 22,285 39,335
Pay downs of securities carried at fair value 299 285
Redemption of non-marketable equity securities held in other financial institutions [1] 5,556 0
Purchase of non-marketable equity securities held in other financial institutions [1] (8,816) 0
Net sales (purchases) of non-marketable equity securities held in other financial institutions [1] (3,260) 9,733
Originations of mortgage warehouse loans (4,384,977) (3,303,700)
Proceeds from pay-offs of mortgage warehouse loans 4,208,437 3,050,942
Net increase in loans, excluding mortgage warehouse and loans held for sale (117,799) (255,685)
Proceeds from sale of MSR 15,885 0
Return of capital and other distributions from limited partnership investments 296 1,590
Capital calls on limited partnership investments (961) (1,290)
Purchase of low-income housing tax credit investments (83) (494)
Purchases of premises and equipment (9,269) (9,257)
Proceeds from sales of premises and equipment 3,555 0
Proceeds from sales of other real estate owned 507 0
Net cash used in investing activities (204,479) (397,384)
Cash flows from financing activities:    
Net increase in deposits 259,717 714,341
Repayments of long-term FHLB advances (136) (132)
Proceeds from short-term FHLB advances 1,425,000 5,740,000
Repayments of short-term FHLB advances (1,465,000) (5,960,000)
Repayments of subordinated debentures (34,599) (4,729)
Repayments of other short-term borrowings 0 (30,000)
Net decrease in securities sold under agreements to repurchase (2,725) (21,669)
Dividends paid (9,346) (9,249)
Cash received from exercise of stock options 148 690
Net cash provided by financing activities 173,059 429,252
Net increase in cash and cash equivalents 7,609 107,018
Cash and cash equivalents at beginning of period 280,441 358,972
Cash and cash equivalents at end of period 288,050 465,990
Interest paid 129,167 93,439
Income taxes paid 18,308 475
Significant non-cash transactions:    
Real estate acquired in settlement of loans 3,576 213
Decrease in Government National Mortgage Association (“GNMA”) repurchase obligation 0 (24,569)
Recognition of operating right-of-use assets 6,252 19,223
Recognition of operating lease liabilities $ 6,295 $ 19,110
[1] The current year’s presentation is presented gross, which is an adjustment to the prior year’s net presentation. No adjustment was made to prior period’s presentation due to immateriality.