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
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES    
Net income $ 27,524 $ 23,343
Adjustments to reconcile net income to net cash provided by:    
Deferred tax expense (benefit) 87 (2,561)
Provision for loan losses 6,467 4,752
Depreciation 1,124 997
Accretion on acquired loans (1,120) 0
Amortization of core deposit intangible 180 0
Net amortization of debt securities available for sale 1,214 1,115
(Increase) decrease in accrued interest and dividends receivable (207) 576
Stock-based compensation expense 564 3,102
Increase in accrued interest payable 311 1,177
Proceeds from sale of mortgage loans held for sale 61,717 64,463
Originations of mortgage loans held for sale (66,266) (67,046)
Gain on sale of debt securities available for sale (29) 0
Gain on sale of mortgage loans held for sale (1,189) (958)
Net loss on sale of other real estate owned 41 272
Write down of other real estate owned 188 289
Losses on tax credit partnerships 76 0
Increase in cash surrender value of life insurance contracts (1,308) (1,082)
Excess tax benefits from exercise of stock options and warrants (1,065) (355)
Net change in other assets, liabilities, and other operating activities (4,273) 10,840
Net cash provided by operating activities 24,036 38,924
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (17,497) (39,428)
Proceeds from sale of debt securities available for sale 16,738 0
Proceeds from maturities, calls and paydowns of debt securities available for sale 20,611 13,209
Purchase of debt securities held to maturity (202) 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 534 1,096
Purchase of equity securities (534) 0
Proceeds from sale of equity securities 0 320
Increase in loans (357,687) (197,422)
Purchase of premises and equipment (441) (391)
Expenditures to complete construction of other real estate owned (91) 0
Proceeds from sale of other real estate owned and repossessed assets 2,665 5,431
Net cash paid in acquisition of Metro Bancshares, Inc. (12,883) (1,530)
Net cash used in investing activities (348,787) (218,715)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 68,839 78,707
Net increase in interest-bearing deposits 86,379 59,293
Net increase in federal funds purchased 6,605 6,690
Repayment of Federal Home Loan Bank advances (200) 0
Proceeds from sale of common stock, net 0 52,098
Proceeds from sale of preferred stock, net 125 250
Proceeds from exercise of stock options and warrants 2,693 5,258
Excess tax benefits from exercise of stock options and warrants 1,065 355
Dividends paid on common stock (1,539) (1,132)
Dividends paid on preferred stock (223) (216)
Net cash provided by financing activities 163,744 201,303
Net increase in cash and cash equivalents (161,007) 21,512
Cash and cash equivalents at beginning of year 297,464 258,415
Cash and cash equivalents at end of year 136,457 279,927
Cash paid for:    
Interest 7,344 5,701
Income taxes 14,855 6,993
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,850 0
Internally financed sales of other real estate owned 0 130
Dividends declared 1,550 1,237
Fair value of assets and liabilities from acquisition:    
Fair value of tangible assets acquired 201,821 0
Other intangible assets acquired 18,143 0
Fair value of liabilities assumed (179,682) 0
Total merger consideration $ 40,282 $ 0