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, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net income $ 66,143,000 $ 46,683,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense 1,361,000 4,000
Provision for loan losses 8,260,000 9,367,000
Depreciation 1,679,000 1,501,000
Accretion on acquired loans (125,000) (267,000)
Amortization of core deposit intangible 135,000 141,000
Net amortization of debt securities available for sale 1,219,000 1,999,000
Increase in accrued interest and dividends receivable (714,000) (969,000)
Stock-based compensation expense 482,000 622,000
Increase (decrease) in accrued interest payable 2,251,000 (888,000)
Proceeds from sale of mortgage loans held for sale 55,342,000 71,518,000
Originations of mortgage loans held for sale (54,181,000) (70,553,000)
Gain on sale of debt securities available for sale (4,000)
Gain on sale of mortgage loans held for sale (1,307,000) (1,963,000)
Net loss (gain) on sale of other real estate owned and repossessed assets 10,000 (53,000)
Write down of other real estate owned and repossessed assets 253,000 4,000
Operating losses of tax credit partnerships 70,000 7,000
Increase in cash surrender value of life insurance contracts (1,563,000) (1,509,000)
Net change in other assets, liabilities, and other operating activities (2,238,000) (9,379,000)
Net cash provided by operating activities 77,073,000 46,265,000
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (100,718,000) (60,627,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 40,484,000 45,325,000
Proceeds from sale of debt securities available for sale 5,100,000
Purchase of debt securities held to maturity (20,786,000)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 4,093,000
Purchase of equity securities (10,000)
Proceeds from sale of equity securities 30,000
Increase in loans (282,441,000) (438,253,000)
Purchase of premises and equipment (1,078,000) (12,984,000)
Purchase of bank-owned life insurance contracts (10,000,000)
Proceeds from sale of other real estate owned and repossessed assets 1,252,000 1,547,000
Net cash used in investing activities (337,371,000) (491,695,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 41,121,000 91,748,000
Net decrease in interest-bearing deposits (47,113,000) (117,249,000)
Net decrease in federal funds purchased (39,138,000) (55,718,000)
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 860,000 717,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,270,000)
Dividends paid on common stock (5,846,000) (2,641,000)
Dividends paid on preferred stock (31,000) (31,000)
Net cash used in financing activities (51,617,000) (83,249,000)
Net decrease in cash and cash equivalents (311,915,000) (528,679,000)
Cash and cash equivalents at beginning of period 477,586,000 783,997,000
Cash and cash equivalents at end of period 165,671,000 255,318,000
Cash paid for:    
Interest 23,196,000 16,324,000
Income taxes 9,465,000 22,363,000
Income tax refund (182,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 751,000 586,000
Internally financed sales of other real estate owned 185,000
Dividends declared $ 5,848,000 $ 2,645,000