Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income $ 93,092,000 $ 81,479,000 $ 63,540,000
Adjustments to reconcile net income to net cash provided by      
Deferred tax expense (benefit) 14,048,000 (1,728,000) (4,876,000)
Provision for loan losses 23,225,000 13,398,000 12,847,000
Depreciation 2,568,000 2,724,000 2,219,000
Accretion on acquired loans (464,000) (980,000) (1,954,000)
Amortization of core deposit intangible 277,000 334,000 376,000
Net amortization of debt securities available for sale 4,019,000 4,197,000 4,713,000
Increase in accrued interest and dividends receivable (4,860,000) (2,103,000) (2,000,000)
Stock-based compensation expense 1,170,000 1,198,000 1,265,000
Increase in accrued interest payable 570,000 2,032,000 340,000
Proceeds from sale of mortgage loans held for sale 136,259,000 130,131,000 137,020,000
Originations of mortgage loans held for sale (132,208,000) (122,832,000) (136,603,000)
Loss (gain) on sale of debt securities available for sale 3,000 (29,000)
Gain on sale of mortgage loans held for sale (3,835,000) (3,725,000) (2,682,000)
Net (gain) loss on sale of other real estate owned and repossessed assets (33,000) (18,000) 136,000
Write down of other real estate owned and repossessed assets 23,000 603,000 643,000
Operating losses of tax credit partnerships 79,000 202,000 152,000
Increase in cash surrender value of life insurance contracts (3,131,000) (2,794,000) (2,621,000)
Net change in other assets, liabilities, and other operating activities (12,335,000) (3,600,000) 3,781,000
Net cash provided by operating activities 118,464,000 98,521,000 76,267,000
Investing activities      
Purchase of debt securities available for sale (83,004,000) (157,483,000) (81,781,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 84,637,000 65,347,000 46,271,000
Proceeds from sale of debt securities available for sale 3,500,000 6,085,000 16,738,000
Purchase of debt securities held to maturity (66,002,000) (38,139,000) (202,000)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 6,227,000 3,001,000 2,131,000
Purchase of equity securities (10,000) (708,000) (534,000)
Proceeds from sale of equity securities 4,628,000
Increase in loans (957,975,000) (700,857,000) (710,917,000)
Purchase of premises and equipment (21,154,000) (22,205,000) (5,537,000)
Purchase of bank-owned life insurance contracts (10,000,000) (20,000,000)
Expenditures to complete construction of other real estate owned (3,000) (118,000)
Proceeds from sale of other real estate owned and repossessed assets 1,533,000 1,340,000 3,428,000
Investment in tax credit partnerships (2,655,000) (6,576,000)
Net cash paid in acquisition of Metro Bancshares, Inc. (12,383,000)
Net cash used in investing activities (1,042,248,000) (861,649,000) (749,480,000)
Financing activities      
Net increase in non-interest-bearing deposits 158,721,000 228,138,000 195,729,000
Net increase in interest-bearing deposits 512,642,000 968,285,000 454,245,000
Net (decrease) increase in federal funds purchased (54,147,000) 3,584,000 85,870,000
Proceeds from issuance of 5% subordinated notes due July 15, 2025 34,750,000
Redemption of Series A Senior Non-Cumulative preferred stock (40,000,000)
Proceeds from issuance of 4.5% subordinated notes due November 8, 2027, net of issuance cost 29,943,000
Repayment of 5.5% subordinated notes due November 9, 2022 (20,000,000)
Repayment of Federal Home Loan Bank advances (400,000) (400,000) (300,000)
Proceeds from sale of preferred stock, net 125,000 125,000
Proceeds from exercise of stock options 1,911,000 3,188,000 3,801,000
Taxes paid in net settlement upon exercise of stock options (1,320,000)
Capitalized cost of shelf registration (73,000)
Dividends paid on common stock (10,040,000) (7,858,000) (5,883,000)
Dividends paid on preferred stock (62,000) (47,000) (280,000)
Net cash provided by financing activities 617,373,000 1,194,890,000 727,984,000
Net (decrease) increase in cash and cash equivalents (306,411,000) 431,762,000 54,771,000
Cash and cash equivalents at beginning of year 783,997,000 352,235,000 297,464,000
Cash and cash equivalents at end of year 477,586,000 783,997,000 352,235,000
Cash paid for:      
Interest 34,763,000 23,773,000 17,275,000
Income taxes 42,586,000 30,268,000 27,113,000
Income tax refund (492,000) (929,000) (50,000)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 4,685,000 4,112,000 2,092,000
Internally financed sales of other real estate owned 1,449,000 2,592,000 1,799,000
Dividends declared 2,649,000 2,105,000 1,558,000
Fair value of assets and liabilities from acquisition:      
Fair value of tangible assets acquired 204,985,000
Intangible assets acquired 15,707,000
Fair value of liabilities assumed (180,410,000)
Net identifiable assets acquired over liabilities assumed $ 40,282,000