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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 98,035 $ 46,570 $ 67,557
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion (21,739) (3,612) 14,113
(Reversal of) provision for credit losses (29,372) 36,106 4,311
Stock-based compensation expense 3,666 3,559 3,231
Amortization of intangible assets 3,111 3,525 4,001
Origination of mortgage loans held for sale (86,443) (136,979) (72,216)
Proceeds from sale of mortgage loans held for sale 93,543 142,624 70,397
Bank owned life insurance income (2,520) (4,319) (2,160)
(Gain) loss on sale of other real estate owned 0 (179) 227
Gain on sale of mortgage loans held for sale, net (3,644) (5,044) (2,424)
Gain on sale of investment securities available for sale, net (29) (1,518) (330)
Gain on sale of other assets, net (4,405) (955) (246)
Impairment of assets held for sale 145 630 102
Impairment of ROU asset 160 655 117
Increase (Decrease) in Other Operating Assets and Liabilities, Net (19,022) 10,732 (5,810)
Net cash provided by operating activities 69,530 70,331 92,490
Cash flows from investing activities:      
Loan repayments (originations), net 699,107 (692,720) (126,142)
Maturities and repayments of investment securities available for sale 254,668 264,223 242,348
Maturities and repayments of investment securities held to maturity 1,255 0 0
Purchase of investment securities available for sale (616,123) (152,618) (242,776)
Purchase of investment securities held to maturity (140,288) 0 0
Proceeds from sales of investment securities available for sale 1,248 55,030 43,962
Purchase of premises and equipment (3,018) (6,997) (13,041)
Proceeds from sales of other loans 0 0 3,562
Proceeds from sales of other real estate owned 0 1,290 864
Proceeds from sales of assets held for sale 10,556 2,407 1,664
Proceeds from redemption of Federal Home Loan Bank stock 0 2,560 18,032
Purchases of Federal Home Loan Bank stock (1,272) (2,844) (18,333)
Proceeds from sales of premises and equipment 65 554 96
Purchases of bank owned life insurance (10,166) (3,641) (8,053)
Proceeds from bank owned life insurance death benefit 0 1,324 0
Cash received from return of New Market Tax Credit equity method investment 9,642 0 0
Capital contributions to low-income housing tax credit partnerships (41,911) (7,117) (27,485)
Net cash provided (used) by investing activities 163,763 (538,549) (125,302)
Cash flows from financing activities:      
Net increase in deposits 783,347 1,015,314 150,274
Federal Home Loan Bank advances 0 64,000 445,800
Repayment of Federal Home Loan Bank advances 0 (64,000) (445,800)
Common stock cash dividends paid (28,937) (28,859) (30,908)
Net increase (decrease) in securities sold under agreement to repurchase 15,156 15,514 (11,318)
Proceeds from exercise of stock options 0 122 58
Repurchase of common stock (22,889) (19,119) (8,636)
Net cash provided by financing activities 746,677 982,972 99,470
Net increase in cash and cash equivalents 979,970 514,754 66,658
Cash and cash equivalents at beginning of period 743,322 228,568 161,910
Cash and cash equivalents at end of period 1,723,292 743,322 228,568
Supplemental disclosures of cash flow information:      
Cash paid for interest 6,790 13,136 17,867
Cash paid for income taxes, net of refunds 9,888 13,432 7,528
Supplemental non-cash disclosures of cash flow information:      
Transfer of investment securities available for sale to held to maturity 244,778 0 0
Investment in low-income housing tax credit partnership and related funding commitment 29,551 10,237 46,677
Loans received from return of New Market Tax Credit equity method investment 15,596 0 0
ROU assets obtained in exchange for lease liabilities during the period 13,966 1,265 1,505
Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net 3,556 3,243 1,533
Cumulative effect from change in accounting policy [1] 0 7,175 29,754
Transfer of bank owned life insurance to prepaid expenses and other assets due to death benefit accrued, but not paid 0 2,672 209
Transfers of loans receivable to other real estate owned $ 0 $ 270 $ 0
[1] Effective January 1, 2020 and 2019, the Bank adopted ASU 2016-13, Financial Instruments - Credit Losses, and ASU 2016-02, Leases, respectively.