Consolidated statements of cash flows - USD ($)
|
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 63,629,000
|
$ 83,814,000
|
$ 80,236,000
|
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
| Depreciation and amortization of fixed assets |
7,009,000
|
5,176,000
|
4,334,000
|
| Amortization of core deposit and other intangibles |
5,323,000
|
4,339,000
|
3,185,000
|
| Capitalization of mortgage servicing rights |
(47,025,000)
|
(42,151,000)
|
(54,913,000)
|
| Net change in fair value of mortgage servicing rights |
47,660,000
|
26,299,000
|
2,763,000
|
| Stock-based compensation expense |
10,214,000
|
7,089,000
|
7,207,000
|
| Provision for credit losses |
94,606,000
|
7,053,000
|
5,398,000
|
| Provision for credit losses on unfunded commitments |
13,361,000
|
0
|
0
|
| Provision for mortgage loan repurchases |
2,607,000
|
362,000
|
174,000
|
| Accretion of yield on purchased loans |
(3,788,000)
|
(8,556,000)
|
(7,608,000)
|
| Accretion of discounts and amortization of premiums on securities, net |
7,382,000
|
3,026,000
|
2,768,000
|
| Gain from securities, net |
(1,631,000)
|
(57,000)
|
116,000
|
| Originations of loans held for sale |
(6,650,258,000)
|
(4,540,652,000)
|
(5,958,066,000)
|
| Repurchases of loans held for sale |
0
|
(9,919,000)
|
(12,232,000)
|
| Proceeds from sale of loans held for sale |
6,487,809,000
|
4,662,728,000
|
6,260,532,000
|
| Gain on sale and change in fair value of loans held for sale |
(270,802,000)
|
(100,228,000)
|
(88,743,000)
|
| Net loss (gain) or write-downs of other real estate owned |
1,491,000
|
(545,000)
|
99,000
|
| Loss (gain) on other assets |
90,000
|
104,000
|
(328,000)
|
| Relief of goodwill |
0
|
100,000
|
0
|
| Provision for deferred income taxes |
(25,530,000)
|
(1,916,000)
|
6,359,000
|
| Changes in: |
|
|
|
| Other assets and interest receivable |
(74,628,000)
|
(45,180,000)
|
(22,966,000)
|
| Accrued expenses and other liabilities |
63,194,000
|
13,019,000
|
(16,107,000)
|
| Net cash (used in) provided by operating activities |
(269,287,000)
|
63,905,000
|
212,208,000
|
| Activity in available-for-sale securities: |
|
|
|
| Sales |
146,494,000
|
24,498,000
|
2,742,000
|
| Maturities, prepayments and calls |
220,549,000
|
113,018,000
|
73,066,000
|
| Purchases |
(424,971,000)
|
(151,425,000)
|
(203,844,000)
|
| Net change in loans |
118,414,000
|
(364,975,000)
|
(491,774,000)
|
| Purchases of FHLB stock |
(515,000)
|
(2,544,000)
|
(2,020,000)
|
| Proceeds from sale of mortgage servicing rights |
0
|
29,160,000
|
39,428,000
|
| Purchases of premises and equipment |
(5,934,000)
|
(6,812,000)
|
(10,144,000)
|
| Proceeds from the sale of premises and equipment |
0
|
1,275,000
|
357,000
|
| Proceeds from the sale of other real estate owned |
6,937,000
|
3,860,000
|
4,819,000
|
| Proceeds from the sale of other assets |
0
|
0
|
869,000
|
| Net cash received in business combinations (See Note 2) |
248,447,000
|
171,032,000
|
0
|
| Net cash provided by (used in) investing activities |
309,421,000
|
(182,913,000)
|
(586,501,000)
|
| Cash flows from financing activities: |
|
|
|
| Net increase in demand deposits |
1,519,868,000
|
249,348,000
|
75,906,000
|
| Net decrease in time deposits |
(328,035,000)
|
(75,004,000)
|
431,416,000
|
| Net increase (decrease) in securities sold under agreements to repurchase |
5,262,000
|
(908,000)
|
788,000
|
| Payments on FHLB advances |
(250,000,000)
|
0
|
(120,607,000)
|
| Proceeds from FHLB advances |
0
|
68,235,000
|
0
|
| Issuance of subordinated debt, net of issuance costs |
98,228,000
|
0
|
0
|
| Amortization of subordinated debt issuance costs |
(436,000)
|
0
|
0
|
| Proceeds from other borrowings |
15,000,000
|
0
|
0
|
| Share based compensation withholding payments |
(1,510,000)
|
(6,097,000)
|
(2,664,000)
|
| Net proceeds from sale of common stock under employee stock purchase program |
978,000
|
804,000
|
1,196,000
|
| Dividends paid |
(14,264,000)
|
(10,045,000)
|
(6,137,000)
|
| Noncontrolling interest distribution |
(8,000)
|
0
|
0
|
| Net cash provided by financing activities |
1,045,083,000
|
226,333,000
|
379,898,000
|
| Net change in cash and cash equivalents |
1,085,217,000
|
107,325,000
|
5,605,000
|
| Cash and cash equivalents at beginning of the period |
232,681,000
|
125,356,000
|
119,751,000
|
| Cash and cash equivalents at end of the period |
1,317,898,000
|
232,681,000
|
125,356,000
|
| Supplemental cash flow information: |
|
|
|
| Interest paid |
48,679,000
|
55,051,000
|
31,992,000
|
| Taxes paid |
20,419,000
|
25,920,000
|
24,387,000
|
| Supplemental noncash disclosures: |
|
|
|
| Transfers from loans to other real estate owned |
2,746,000
|
5,487,000
|
2,138,000
|
| Transfers (to) from premises and equipment to other real estate owned |
(841,000)
|
4,290,000
|
0
|
| Loans provided for sales of other real estate owned |
305,000
|
166,000
|
1,019,000
|
| Transfers from loans to loans held for sale |
11,483,000
|
7,891,000
|
11,888,000
|
| Transfers from loans held for sale to loans |
55,766,000
|
12,259,000
|
14,732,000
|
| Stock consideration paid in business combination |
480,867,000
|
0
|
0
|
| Trade date payable - securities |
0
|
0
|
2,120,000
|
| Dividends declared not paid on restricted stock units |
238,000
|
149,000
|
226,000
|
| Decrease to retained earnings for adoption of new accounting standards |
25,018,000
|
1,309,000
|
109,000
|
| Right-of-use assets obtained in exchange for operating lease liabilities |
$ 2,393,000
|
$ 37,916,000
|
$ 0
|