Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net income $ 81,479 $ 63,540 $ 52,377
Adjustments to reconcile net income to net cash provided by      
Deferred tax benefit (1,728) (4,876) (5,021)
Provision for loan losses 13,398 12,847 10,259
Depreciation 2,724 2,219 1,838
Accretion on acquired loans (980) (1,954) 0
Amortization of core deposit intangible 334 376 0
Net amortization of debt securities available for sale 4,197 4,713 3,247
Increase in accrued interest and dividends receivable (2,103) (2,000) (952)
Stock-based compensation expense 1,198 1,265 3,681
Increase in accrued interest payable 2,032 340 1,171
Proceeds from sale of mortgage loans held for sale 130,131 137,020 107,678
Originations of mortgage loans held for sale (122,832) (136,603) (103,481)
Loss (gain) on sale of securities available for sale 3 (29) (3)
Gain on sale of mortgage loans held for sale (3,725) (2,682) (2,047)
Net (gain) loss on sale of other real estate owned and repossessed assets (18) 136 413
Write down of other real estate owned and repossessed assets 603 643 811
Losses of tax credit partnerships 202 152 207
Increase in cash surrender value of life insurance contracts (2,794) (2,621) (2,280)
Net change in other assets, liabilities, and other operating activities (3,600) 3,781 (2,812)
Net cash provided by operating activities 98,521 76,267 65,086
INVESTMENT ACTIVITIES      
Purchase of securities available for sale (157,483) (81,781) (65,398)
Proceeds from maturities, calls and paydowns of securities available for sale 65,347 46,271 32,833
Proceeds from the sale of debt securities available for sale 6,085 16,738 173
Purchase of securities held to maturity (38,139) (202) 0
Proceeds from maturities, calls and paydowns of securities held to maturity 3,001 2,131 2,919
Purchase of equity securities (708) (534) 0
Proceeds from sale of equity securities 4,628 0 320
Increase in loans (700,857) (710,917) (508,026)
Purchase of premises and equipment (22,205) (5,537) (1,307)
Purchase of bank-owned life insurance (20,000) 0 (15,000)
Expenditures to complete construction of other real estate owned (3) (118) 0
Proceeds from sale of other real estate owned and repossessed assets 1,340 3,428 6,539
Investment in tax credit partnerships (2,655) (6,576) (2,145)
Net cash paid in acquisition of Metro Bancshares, Inc. 0 (12,383) 0
Net cash used in investing activities (861,649) (749,480) (549,092)
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 228,138 195,729 160,004
Net increase in interest-bearing deposits 968,285 454,245 218,514
Net increase in federal funds purchased 3,584 85,870 89,935
Proceeds from issuance of 5% subordinated notes due July 15, 2025 0 34,750 0
Redemption of Series A Senior Non-Cumulative preferred stock 0 (40,000) 0
Proceeds from sale of common stock, net 0 0 52,076
Repayment of Federal Home Loan Bank advances (400) (300) 0
Proceeds from sale of preferred stock, net 0 125 250
Proceeds from exercise of stock options and warrants 3,188 3,801 6,316
Capitalized costs to issue shelf registration 0 (73) 0
Dividends paid on common stock (7,858) (5,883) (3,609)
Dividends paid on preferred stock (47) (280) (431)
Net cash provided by financing activities 1,194,890 727,984 523,055
Net increase in cash and cash equivalents 431,762 54,771 39,049
Cash and cash equivalents at beginning of year 352,235 297,464 258,415
Cash and cash equivalents at end of year 783,997 352,235 297,464
Cash paid for:      
Interest 23,773 17,275 12,948
Income taxes 29,339 27,063 27,278
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 4,112 2,092 2,417
Internally financed sales of other real estate owned 2,592 1,799 675
Dividends declared 2,105 1,558 1,240
Fair value of assets and liabilities from acquisition:      
Fair value of tangible assets acquired 0 204,985 0
Other intangible assets acquired 0 15,707 0
Fair value of liabilities assumed 0 (180,410) 0
Net identifiable assets acquired over liabilities assumed $ 0 $ 40,282 $ 0