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, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net income $ 70,643,000 $ 66,143,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense 2,427,000 1,361,000
Provision for loan losses 9,769,000 8,260,000
Depreciation 1,845,000 1,679,000
Accretion on acquired loans (91,000) (125,000)
Amortization of core deposit intangible 135,000 135,000
Net amortization of debt securities available for sale 1,304,000 1,219,000
Increase in accrued interest and dividends receivable (2,565,000) (714,000)
Stock-based compensation expense 488,000 482,000
Increase in accrued interest payable 549,000 2,251,000
Proceeds from sale of mortgage loans held for sale 45,543,000 55,342,000
Originations of mortgage loans held for sale (53,207,000) (54,181,000)
Net loss (gain) on sale of debt securities available for sale 6,000 (4,000)
Gain on sale of mortgage loans held for sale (1,662,000) (1,307,000)
Net loss on sale of other real estate owned and repossessed assets 2,000 10,000
Write down of other real estate owned and repossessed assets 222,000 253,000
Operating losses of tax credit partnerships 73,000 70,000
Increase in cash surrender value of life insurance contracts (1,540,000) (1,563,000)
Net change in other assets, liabilities, and other operating activities (12,640,000) (2,238,000)
Net cash provided by operating activities 61,301,000 77,073,000
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (121,590,000) (100,718,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 64,611,000 40,484,000
Proceeds from sale of debt securities available for sale 0 5,100,000
Purchase of debt securities held to maturity (250,000) 0
Proceeds from sale of equity securities 0 30,000
Increase in loans (442,031,000) (282,441,000)
Purchase of premises and equipment (1,218,000) (1,078,000)
Proceeds from sale of other real estate owned and repossessed assets 48,000 1,252,000
Net cash used in investing activities (500,430,000) (337,371,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 19,618,000 41,121,000
Net increase (decrease) in interest-bearing deposits 469,468,000 (47,113,000)
Net increase (decrease) in federal funds purchased 170,724,000 (39,138,000)
Repayment of Federal Home Loan Bank advances 0 (200,000)
Proceeds from exercise of stock options 1,102,000 860,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,453,000) (1,270,000)
Dividends paid on common stock (16,044,000) (5,846,000)
Dividends paid on preferred stock (31,000) (31,000)
Net cash provided by (used in) financing activities 643,384,000 (51,617,000)
Net increase (decrease) in cash and cash equivalents 204,255,000 (311,915,000)
Cash and cash equivalents at beginning of period 681,895,000 477,586,000
Cash and cash equivalents at end of period 886,150,000 165,671,000
Cash paid for:    
Interest 52,074,000 23,196,000
Income taxes 24,956,000 9,645,000
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 752,000 751,000
Dividends declared $ 8,030,000 $ 5,848,000