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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 46,570 $ 67,557 $ 53,057
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion (3,612) 14,113 17,622
Provision for credit losses 36,106 4,311 5,129
Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities (11,154) 5,757 10,195
Stock-based compensation expense 3,559 3,231 2,744
Amortization of intangible assets 3,525 4,001 3,819
Origination of mortgage loans held for sale (136,979) (72,216) (76,101)
Proceeds from sale of mortgage loans held for sale 142,624 70,397 79,237
Bank owned life insurance income (4,319) (2,160) (1,753)
Valuation adjustment on other real estate owned 0 51 49
Valuation adjustment on interest rate swap 422 0 0
(Gain) loss on sale of other real estate owned, net (179) 227 0
Gain on sale of mortgage loans held for sale, net (5,044) (2,424) (2,759)
Gain on sale of investment securities, net (1,518) (330) (137)
Gain on sale of assets held for sale (1,043) (169) (798)
Impairment of assets held for sale 630 102 75
Impairment of right of use asset 655 117 0
Loss (gain) on sale of premises and equipment, net 88 (75) 32
Net cash provided by operating activities 70,331 92,490 90,411
Cash flows from investing activities:      
Loans originated, net of principal payments (692,720) (126,142) (106,527)
Maturities, calls and payments of investment securities available for sale 264,223 242,348 92,563
Purchase of investment securities available for sale (152,618) (242,776) (342,141)
Proceeds from sales of investment securities available for sale 55,030 43,962 156,014
Purchase of premises and equipment (6,997) (13,041) (23,265)
Proceeds from sales of other loans 0 3,562 9,993
Proceeds from sales of other real estate owned 1,290 864 198
Proceeds from sales of assets held for sale 2,407 1,664 1,908
Proceeds from redemption of Federal Home Loan Bank stock 2,560 18,032 26,538
Purchases of Federal Home Loan Bank stock (2,844) (18,333) (22,524)
Proceeds from sales of premises and equipment 554 96 28
Purchases of bank owned life insurance (3,641) (8,053) (54)
Proceeds from bank owned life insurance death benefit 1,324 0 0
Capital contributions to low-income housing tax credit partnerships and new market tax credit partnerships, net (7,117) (27,485) (8,303)
Net cash received from acquisitions 0 0 105,974
Net cash used by investing activities (538,549) (125,302) (109,598)
Cash flows from financing activities:      
Net increase in deposits 1,015,314 150,274 214,740
Federal Home Loan Bank advances 64,000 445,800 554,950
Repayment of Federal Home Loan Bank advances (64,000) (445,800) (663,450)
Common stock cash dividends paid (28,859) (30,908) (25,791)
Net increase (decrease) in securities sold under agreement to repurchase 15,514 (11,318) (796)
Proceeds from exercise of stock options 122 58 133
Repurchase of common stock (19,119) (8,636) (1,704)
Net cash provided by financing activities 982,972 99,470 78,082
Net increase in cash and cash equivalents 514,754 66,658 58,895
Cash and cash equivalents at beginning of period 228,568 161,910 103,015
Cash and cash equivalents at end of period 743,322 228,568 161,910
Supplemental disclosures of cash flow information:      
Cash paid for interest 13,136 17,867 12,385
Cash paid for income taxes, net of refunds 13,432 7,528 5,634
Supplemental non-cash disclosures of cash flow information:      
Transfers of loans receivable to other real estate owned 270 0 434
Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net 3,243 1,533 1,836
Investment in low-income housing tax credit partnership and related funding commitment 10,237 46,677 0
Cumulative effect from change in accounting policy [1] 7,175 29,754 93
Transfer of bank owned life insurance to prepaid expenses and other assets due to death benefit accrued, but not paid 2,672 209 421
ROU assets obtained in exchange for lease liabilities, excluding adoption impact 1,265 1,505 0
Business Combinations:      
Common stock issued in business combinations 0 0 230,043
Assets acquired (liabilities assumed) in acquisitions:      
Investment securities available for sale 0 0 84,846
Loans receivable 0 0 718,620
Other real estate owned 0 0 1,796
Premises and equipment 0 0 3,785
Federal Home Loan Bank stock 0 0 1,743
Accrued interest receivable 0 0 2,454
Bank owned life insurance 0 0 17,116
Prepaid expenses and other assets 0 0 2,957
Other intangible assets 0 0 18,345
Goodwill 0 0 121,910
Deposits 0 0 (824,602)
Federal Home Loan Bank advances 0 0 (16,000)
Securities sold under agreement to repurchase 0 0 (462)
Accrued expenses and other liabilities $ 0 $ 0 $ (8,439)
[1] Effective January 1, 2020, 2019, and 2018, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses; ASU 2016-02, Leases; and ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities; respectively.