Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
OPERATING ACTIVITIES    
Net income $ 23,343 $ 18,937
Adjustments to reconcile net income to net cash provided by:    
Deferred tax benefit (2,561) (1,294)
Provision for loan losses 4,752 7,618
Depreciation and amortization 997 908
Net amortization of investments 1,115 504
Decrease in accrued interest and dividends receivable 576 57
Stock-based compensation expense 3,102 581
Increase (decrease) in accrued interest payable 1,177 (37)
Proceeds from sale of mortgage loans held for sale 64,463 110,306
Originations of mortgage loans held for sale (67,046) (99,072)
Gain on sale of debt securities available for sale 0 (131)
Gain on sale of mortgage loans held for sale (958) (1,782)
Net loss on sale of other real estate owned 272 87
Write down of other real estate owned 289 402
Decrease in special prepaid FDIC insurance assessments 0 2,498
Increase in cash surrender value of life insurance contracts (1,082) (955)
Excess tax benefits from exercise of stock options and warrants (355) (5)
Net change in other assets, liabilities, and other operating activities 10,840 1,393
Net cash provided by operating activities 38,924 40,015
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (39,428) (33,885)
Proceeds from sale of debt securities available for sale 0 4,139
Proceeds from maturities, calls and paydowns of debt securities available for sale 13,209 30,614
Purchase of debt securities held to maturity 0 (10,668)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 1,096 2,827
Increase in loans (197,422) (240,406)
Purchase of premises and equipment (391) (817)
Proceeds from sale of restricted equity securities 320 203
Proceeds from sale of other real estate owned and repossessed assets 5,431 2,501
Investment in tax credit partnerships (1,530) (5,057)
Net cash used in investing activities (218,715) (250,549)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 78,707 17,022
Net increase in interest-bearing deposits 59,293 146,383
Net increase in federal funds purchased 6,690 58,410
Proceeds from sale of common stock, net 52,098 0
Proceeds from sale of preferred stock, net 250 0
Proceeds from exercise of stock options and warrants 5,258 789
Excess tax benefits from exercise of stock options and warrants 355 5
Dividends paid on common stock (1,132) (12)
Dividends paid on preferred stock (216) (200)
Net cash provided by financing activities 201,303 222,397
Net increase in cash and cash equivalents 21,512 11,863
Cash and cash equivalents at beginning of year 258,415 180,745
Cash and cash equivalents at end of year 279,927 192,608
Cash paid for:    
Interest 5,701 6,512
Income taxes 6,993 9,890
NONCASH TRANSACTIONS    
Conversion of mandatorily convertible subordinated debentures 0 15,000
Other real estate acquired in settlement of loans 0 2,369
Internally financed sales of other real estate owned 130 0
Common dividends declared $ 1,237 $ 0