Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
Net income $ 63,540 $ 52,377 $ 41,617
Adjustments to reconcile net income to net cash provided by      
Deferred tax benefit (4,876) (5,021) (1,805)
Provision for loan losses 12,847 10,259 13,008
Depreciation and amortization 2,219 1,838 1,841
Net amortization of investments 4,713 3,247 1,122
Accretion on acquired loans (1,954) 0 0
Amortization of core deposit intangible 376 0 0
Increase in accrued interest and dividends receivable (2,000) (952) (1,104)
Stock-based compensation expense 1,265 3,681 1,205
Increase (decrease) in accrued interest payable 340 1,171 (173)
Proceeds from sale of mortgage loans held for sale 137,020 107,678 192,576
Originations of mortgage loans held for sale (136,603) (103,481) (172,371)
Gain on sale of securities available for sale (29) (3) (131)
Gain on sale of mortgage loans held for sale (2,682) (2,047) (2,513)
Net loss on sale of other real estate owned and repossessed assets 136 413 159
Write down of other real estate owned and repossessed assets 643 811 433
Decrease in special prepaid FDIC insurance assessments 0 0 2,498
Increase in cash surrender value of life insurance contracts (2,621) (2,280) (1,994)
Losses on tax credit partnerships 152 207 0
Excess tax benefits from the exercise of warrants (1,843) (971) (262)
Net change in other assets, liabilities, and other operating activities 3,781 (2,812) 92
Net cash provided by operating activities 74,424 64,115 74,198
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (81,781) (65,398) (83,455)
Proceeds from maturities, calls and paydowns of debt securities available for sale 46,271 32,833 40,959
Proceeds from sale of debt securities available for sale 16,738 173 4,140
Purchase of debt securities held to maturity (202) 0 (10,668)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 2,131 2,919 4,361
Increase in loans (710,917) (508,026) (515,644)
Purchase of premises and equipment (5,537) (1,307) (1,346)
Purchase of equity securities (534) 0 0
Purchase of bank-owned life insurance contracts 0 (15,000) (10,000)
Proceeds from sale of equity securities 0 320 203
Proceeds from sale of other real estate owned and repossessed assets 3,428 6,539 7,664
Expenditures to complete construction of other real estate owned (118) 0 0
Investment in tax credit partnerships (6,576) (2,145) (7,907)
Net cash paid in acquisition of Metro Bancshares, Inc. (12,383) 0 0
Net cash used in investing activities (749,480) (549,092) (571,693)
FINANCING ACTIVITIES      
Net increase in noninterest-bearing deposits 195,729 160,004 105,282
Net increase in interest-bearing deposits 454,245 218,514 402,788
Net increase in federal funds purchased 85,870 89,935 57,315
Proceeds from issuance of 5% subordinated notes due July 15, 2025 34,750 0 0
Redemption of Series A Senior Non-Cumulative preferred stock (40,000) 0 0
Proceeds from sale of common stock, net 0 52,076 10,337
Proceeds from sale of preferred stock, net 125 250 0
Proceeds from exercise of stock options and warrants 3,801 6,316 3,279
Excess tax benefits from exercise of stock options and warrants 1,843 971 262
Repayment of Federal Home Loan Bank advances (300) 0 0
Capitalized costs to issue shelf registration (73) 0 0
Dividends paid on common stock (5,883) (3,609) (3,682)
Dividends paid on preferred stock (280) (431) (416)
Net cash provided by financing activities 729,827 524,026 575,165
Net increase in cash and cash equivalents 54,771 39,049 77,670
Cash and cash equivalents at beginning of year 297,464 258,415 180,745
Cash and cash equivalents at end of year 352,235 297,464 258,415
Cash paid for:      
Interest 17,275 12,948 13,792
Income taxes 27,063 27,278 20,878
NONCASH TRANSACTIONS      
Conversion of mandatorily convertible subordinated debentures 0 0 (15,000)
Other real estate acquired in settlement of loans 2,092 2,417 11,335
Internally financed sales of other real estate owned and repossessed assets 1,799 675 0
Dividends declared 1,558 1,240 0
Fair value of assets and liabilities from acquisition:      
Fair value of assets acquired 204,985 0 0
Intangible assets acquired 15,707 0 0
Fair value of liabilities assumed (180,410) 0 0
Total merger consideration $ 40,282 $ 0 $ 0