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, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES      
Net income $ 136,940,000 $ 93,092,000 $ 81,479,000
Adjustments to reconcile net income to net cash provided by      
Deferred tax (benefit) expense (14,255,000) 14,048,000 (1,728,000)
Provision for loan losses 21,402,000 23,225,000 13,398,000
Depreciation 3,378,000 2,568,000 2,724,000
Accretion on acquired loans (163,000) (464,000) (980,000)
Amortization of core deposit intangible 270,000 277,000 334,000
Net amortization of debt securities available for sale 2,843,000 4,019,000 4,197,000
Increase in accrued interest and dividends receivable (3,409,000) (4,860,000) (2,103,000)
Stock-based compensation expense 851,000 1,170,000 1,198,000
Increase in accrued interest payable 5,410,000 570,000 2,032,000
Proceeds from sale of mortgage loans held for sale 106,806,000 136,259,000 130,131,000
Originations of mortgage loans held for sale (99,683,000) (132,208,000) (122,832,000)
Gain on sale of debt securities available for sale (15,000) 3,000
Gain on sale of equity securities (175,000)
Gain on sale of mortgage loans held for sale (2,784,000) (3,835,000) (3,725,000)
Net loss (gain) on sale of other real estate owned and repossessed assets 21,000 (33,000) (18,000)
Write down of other real estate owned and repossessed assets 664,000 23,000 603,000
Operating losses of tax credit partnerships 163,000 79,000 202,000
Increase in cash surrender value of life insurance contracts (3,130,000) (3,131,000) (2,794,000)
Net change in other assets, liabilities, and other operating activities 13,167,000 (12,335,000) (3,600,000)
Net cash provided by operating activities 168,301,000 118,464,000 98,521,000
INVESTMENT ACTIVITIES      
Purchase of debt securities available for sale (156,815,000) (83,004,000) (157,483,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 91,787,000 84,637,000 65,347,000
Proceeds from sale of debt securities available for sale 5,736,000 3,500,000 6,085,000
Purchase of debt securities held to maturity (66,002,000) (38,139,000)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 250,000 6,227,000 3,001,000
Purchase of equity securities (10,000) (708,000)
Proceeds from sale of equity securities 304,000 4,628,000
Increase in loans (696,701,000) (957,975,000) (700,857,000)
Purchase of premises and equipment (2,300,000) (21,154,000) (22,205,000)
Purchase of bank-owned life insurance contracts (10,000,000) (20,000,000)
Expenditures to complete construction of other real estate owned (7,000) (3,000)
Proceeds from sale of other real estate owned and repossessed assets 3,272,000 1,533,000 1,340,000
Investment in tax credit partnerships (2,655,000)
Net cash used in investing activities (754,474,000) (1,042,248,000) (861,649,000)
FINANCING ACTIVITIES      
Net increase in non-interest-bearing deposits 117,015,000 158,721,000 228,138,000
Net increase in interest-bearing deposits 707,019,000 512,642,000 968,285,000
Net (decrease) increase in federal funds purchased (13,072,000) (54,147,000) 3,584,000
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 (200,000) (400,000) (400,000)
Proceeds from sale of preferred stock, net 125,000
Proceeds from exercise of stock options 2,337,000 1,911,000 3,188,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (2,360,000) (1,320,000)
Dividends paid on common stock (20,194,000) (10,040,000) (7,858,000)
Dividends paid on preferred stock (63,000) (62,000) (47,000)
Net cash provided by financing activities 790,482,000 617,373,000 1,194,890,000
Net increase (decrease) in cash and cash equivalents 204,309,000 (306,411,000) 431,762,000
Cash and cash equivalents at beginning of period 477,586,000 783,997,000 352,235,000
Cash and cash equivalents at end of period 681,895,000 477,586,000 783,997,000
Cash paid for:      
Interest 58,538,000 34,763,000 23,773,000
Income taxes 30,547,000 42,586,000 30,268,000
Income tax refund (2,000) (492,000) (929,000)
NONCASH TRANSACTIONS      
Other real estate acquired in settlement of loans 3,080,000 4,685,000 4,112,000
Internally financed sales of other real estate owned 662,000 1,449,000 2,592,000
Dividends declared $ 8,018,000 $ 2,649,000 $ 2,105,000