v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash Flows from Operating Activities:          
Net income     $ 85,635 $ 62,003  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for credit losses - loans     (2,865) 3,990  
Provision for credit losses - securities AFS $ 982   2,853 8,049 $ 7,245
Stock-based compensation expense     2,202 1,660  
Depreciation and amortization     2,477 2,367  
Deferred tax benefit     (445) (1,020)  
Amortization of premium on securities     750    
Amortization of core deposit intangible     1,213 1,456  
Amortization of mortgage servicing rights - net     1,370 1,034  
Amortization of premiums on purchased loans - net       (4,169)  
Gain on sale of loans (18,135) $ (15,140) (21,459) (15,140)  
Valuation allowance on mortgage servicing rights - net     2,134    
Increase in other assets     (34,876) (4,689)  
Increase (decrease) in accounts payable and other liabilities     31,151 (5,149)  
Net cash provided by operating activities     70,140 50,392  
Cash Flows from Investing Activities:          
Net increase in loans     (1,063,500) (625,373)  
Proceeds from sale of loans     580,417 577,875  
Purchase of premises and equipment     (2,556) (2,277)  
Recovery of allowance for credit losses     864 786  
Purchases of securities AFS     (306,267) (60,988)  
Proceeds from sale of securities     3,500    
Maturities of securities AFS     207,423 197,271  
Sale of FHLB stock, net       4,269  
Net cash used in investing activities     (580,119) 91,563  
Cash Flows from Financing Activities:          
Increase in deposits     931,545 572,669  
Net decrease in FHLB advances     (255,000) (474,000)  
Line of credit net change - borrowings, net     (1,500)    
Dividends paid     (12,089) (9,380)  
Settlement of swap       (11,476)  
Proceeds from exercise of stock options     1,880 652  
Repurchase of stock     (1,188) (2,824)  
Net cash provided by financing activities     663,648 75,641  
Increase in cash and cash equivalents     153,669 217,596  
Cash and cash equivalents at beginning of year     629,707 65,387 65,387
Cash and cash equivalents at end of period $ 783,376 $ 282,983 783,376 282,983 $ 629,707
Supplemental disclosures of cash flow information:          
Income taxes     27,683 19,369  
Interest     12,873 41,500  
Noncash transactions:          
Transfer of loans to loans held for sale     555,085 567,618  
Mortgage servicing rights from loan sales     2,726 3,853  
Chargeoffs against allowance for credit losses     $ 627 $ 1,393