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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income $ 19,652 $ 18,324 $ 26,231 $ 33,263  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     2,719 2,689  
Deferred taxes     (2,034) (2,588)  
Stock-based compensation     472 432  
Provision for credit losses (49)   12,658 [1]    
Provision for credit losses   1,563   1,753 $ 4,819
Write-downs of other real estate owned     764 1,181  
Gains on sale of mortgage loans held for sale (1,753) (518) (2,236) (848)  
Securities gains, net     (1,045) (6)  
Change in fair market value of equity securities (372) (199) (141) (554)  
Gains (losses) on sale of assets, net     (30) 38  
Proceeds from sale of mortgage loans held for sale     104,642 44,665  
Funding of mortgage loans held for sale     (130,226) (42,423)  
Amortization of securities premiums and discounts, net     2,416 2,361  
Change in cash surrender value of bank owned life insurance     (676) (843)  
Payment of operating lease liabilities     (855) (848)  
Mortgage servicing rights:          
Fair value adjustments     1,305 795  
New servicing assets created     (560) (307)  
Changes in:          
Accrued interest receivable     (22) (491)  
Other assets     (626) (11,422)  
Accrued interest payable     1,669 (2,698)  
Other liabilities     10,197 (2,513)  
Net cash provided by operating activities     24,622 21,636  
Certificates of deposit in other banks:          
Maturity of certificates of deposit     0 3,675  
Securities available-for-sale (AFS):          
Purchase of AFS securities     (376,320) (111,117)  
Proceeds from the sales of AFS securities     64,293 25,734  
Proceeds from prepayments and maturities of AFS securities     179,209 97,829  
Securities held-to-maturity (HTM):          
Proceeds from maturities of HTM securities     517 30  
Change in loans, net     (294,547) 15,176  
Purchase of premises and equipment     (573) (1,042)  
Proceeds from sale and retirement of premises and equipment     0 13  
Redemption of stock by Federal Home Loan Bank     66 3,353  
Proceeds from sale of other real estate owned and repossessed assets     1,351 2,123  
Proceeds from settlement of bank owned life insurance     0 615  
Net cash provided by (used in) investing activities     (426,004) 36,389  
Cash flows from financing activities:          
Change in deposits, net     566,737 131,231  
Change in repurchase agreements and federal funds purchased, net     62,184 3,246  
Proceeds from Federal Home Loan Bank advances     25,000 30,000  
Payments on advances from Federal Home Loan Bank     (25,010) (30,010)  
Payment of finance lease liabilities     (7) (7)  
Issuance of common stock     457 474  
Repurchase of common stock     (1,099) 0  
Dividends paid     (13,478) (12,770)  
Net cash provided by financing activities     614,784 122,164  
Net increase in cash and cash equivalents     213,402 180,189  
Cash and cash equivalents at beginning of period     264,683 141,450 141,450
Cash and cash equivalents at end of period $ 478,085 $ 321,639 478,085 321,639 $ 264,683
Supplemental disclosures:          
Income taxes paid     8,645 6,500  
Interest paid     13,292 18,218  
Non-cash activities:          
Loans to facilitate the sale of other real estate owned     1,582 2,650  
Common stock dividends accrued, paid in subsequent quarter     233 208  
Real estate acquired in settlement of loans     $ 1,862 $ 1,242  
[1] *Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.