Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES      
Net income $ 41,617 $ 34,445 $ 23,438
Adjustments to reconcile net income to net cash provided by      
Deferred tax benefit (1,805) (2,181) (1,240)
Provision for loan losses 13,008 9,100 8,972
Depreciation and amortization 1,841 1,218 1,173
Net amortization of investments 1,122 1,079 958
Market value adjustment of interest rate cap 0 9 106
Increase in accrued interest and dividends receivable (1,104) (966) (1,202)
Stock-based compensation expense 1,205 1,049 975
(Decrease) increase in accrued interest payable (173) (3) 47
Proceeds from sale of mortgage loans held for sale 192,576 239,292 169,172
Originations of mortgage loans held for sale (172,371) (243,699) (177,200)
Gain on sale of securities available for sale (131) 0 (666)
Gain on sale of mortgage loans held for sale (2,513) (3,560) (2,373)
Net loss (gain) on sale of other real estate owned 159 105 (76)
Write down of other real estate owned 433 2,189 326
Decrease in special prepaid FDIC insurance assessments 2,498 1,322 1,492
Increase in cash surrender value of life insurance contracts (1,994) (1,624) (390)
Loss on prepayment of other borrowings 0 0 738
Excess tax benefits from the exercise of warrants (262) (381) (127)
Net change in other assets, liabilities, and other operating activities 92 3,790 200
Net cash provided by operating activities 74,198 41,184 24,323
INVESTMENT ACTIVITIES      
Purchase of securities available for sale (83,455) (47,867) (102,190)
Proceeds from maturities, calls and paydowns of securities available for sale 40,959 106,783 28,575
Purchase of securities held to maturity (10,668) (11,701) (15,441)
Proceeds from maturities, calls and paydowns of securities held to maturity 4,361 943 5,466
Increase in loans (515,644) (540,019) (449,449)
Purchase of premises and equipment (1,346) (5,474) (1,314)
Purchase of restricted equity securities 0 (787) (543)
Purchase of bank-owned life insurance contracts (10,000) (15,000) (40,000)
Proceeds from sale of securities available for sale 4,140 0 63,270
Proceeds from sale of restricted equity securities 203 347 552
Proceeds from sale of other real estate owned and repossessed assets 7,664 2,967 3,334
Investment in tax credit partnerships (7,907) 0 0
Net cash used in investing activities (571,693) (509,808) (507,740)
FINANCING ACTIVITIES      
Net increase in noninterest-bearing deposits 105,282 126,364 168,320
Net increase in interest-bearing deposits 402,788 241,321 216,851
Net increase in federal funds purchased 57,315 37,800 79,265
Proceeds from other borrowings 0 19,917 0
Redemption of subordinated debentures 0 (15,464) 0
Proceeds from sale of common stock, net 10,337 0 10,032
Proceeds from sale of preferred stock, net 0 0 39,958
Proceeds from exercise of stock options and warrants 3,279 4,651 757
Excess tax benefits from exercise of stock options and warrants 262 381 127
Repayment of other borrowings 0 (5,000) (20,738)
Dividends on common stock (3,682) (3,134) 0
Dividends on preferred stock (416) (400) (200)
Net cash provided by financing activities 575,165 406,436 494,372
Net increase (decrease) in cash and cash equivalents 77,670 (62,188) 10,955
Cash and cash equivalents at beginning of year 180,745 242,933 231,978
Cash and cash equivalents at end of year 258,415 180,745 242,933
Cash paid for:      
Interest 13,792 14,904 16,033
Income taxes 20,878 13,134 15,837
NONCASH TRANSACTIONS      
Conversion of mandatorily convertible subordinated debentures (15,000) 0 0
Transfers of loans from held for sale to held for investment 0 0 417
Other real estate acquired in settlement of loans 11,355 2,695 9,029
Internally financed sales of other real estate owned $ 0 $ 24 $ 136