Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net income $ 46,683,000 $ 38,832,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax 4,000 440,000
Provision for loan losses 9,367,000 5,859,000
Depreciation 1,501,000 1,480,000
Accretion on acquired loans (267,000) (624,000)
Amortization of core deposit intangible 141,000 176,000
Net amortization of debt securities available for sale 1,999,000 1,288,000
(Increase) decrease in accrued interest and dividends receivable (969,000) 211,000
Stock-based compensation expense 622,000 640,000
(Decrease) increase in accrued interest payable (888,000) 507,000
Proceeds from sale of mortgage loans held for sale 71,518,000 61,054,000
Originations of mortgage loans held for sale (70,553,000) (59,169,000)
Loss on sale of debt securities available for sale 3,000
Gain on sale of mortgage loans held for sale (1,963,000) (1,569,000)
Net (gain) loss on sale of other real estate owned and repossessed assets (53,000) 39,000
Write down of other real estate owned and repossessed assets 4,000 397,000
Losses of tax credit partnerships 7,000 176,000
Increase in cash surrender value of life insurance contracts (1,509,000) (1,279,000)
Net change in other assets, liabilities, and other operating activities (9,379,000) (7,563,000)
Net cash provided by operating activities 46,265,000 40,898,000
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (60,627,000) (15,119,000)
Proceeds from sale of debt securities available for sale 6,085,000
Proceeds from maturities, calls and paydowns of debt securities available for sale 45,325,000 34,255,000
Purchase of debt securities held to maturity (20,786,000) (439,000)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 4,093,000 1,203,000
Purchase of equity securities (10,000) (708,000)
Increase in loans (438,253,000) (325,496,000)
Purchase of premises and equipment (12,984,000) (5,267,000)
Purchase of bank-owned life insurance contracts (10,000,000) (10,000,000)
Expenditures to complete construction of other real estate owned (3,000)
Proceeds from sale of other real estate owned and repossessed assets 1,547,000 1,575,000
Investment in tax credit partnerships (2,491,000)
Net cash used in investing activities (491,695,000) (316,405,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 91,748,000 132,201,000
Net (decrease) increase in interest-bearing deposits (117,249,000) 311,706,000
Net (decrease) increase in federal funds purchased (55,718,000) 68,070,000
Repayment of Federal Home Loan Bank advances (200,000) (200,000)
Proceeds from sale of preferred stock, net 125,000
Proceeds from exercise of stock options and warrants 717,000 2,339,000
Dividends paid on common stock (2,641,000) (2,095,000)
Dividends paid on preferred stock (31,000) (23,000)
Net cash (used in) provided by financing activities (83,249,000) 511,998,000
Net (decrease) increase in cash and cash equivalents (528,679,000) 236,491,000
Cash and cash equivalents at beginning of period 783,997,000 352,235,000
Cash and cash equivalents at end of period 255,318,000 588,726,000
Cash paid for:    
Interest 16,324,000 11,434,000
Income taxes 22,363,000 17,546,000
Income tax refund (182,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 586,000 2,036,000
Internally financed sales of other real estate owned 185,000 1,157,000
Dividends declared $ 2,645,000 $ 2,099,000