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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 43,790 $ 37,345
Adjustments to reconcile net income to net cash provided by:    
Deferred tax benefit (3,370) (5,032)
Provision for loan losses 9,539 7,500
Depreciation 1,632 1,497
Accretion on acquired loans (1,696) 0
Amortization of core deposit intangible 281 0
Net amortization of debt securities available for sale 1,791 2,673
Increase in accrued interest and dividends receivable (868) (620)
Stock-based compensation expense 857 3,403
Increase in accrued interest payable 918 1,435
Proceeds from sale of mortgage loans held for sale 112,158 73,979
Originations of mortgage loans held for sale (109,499) (73,342)
Gain on sale of debt securities available for sale (29) (3)
Gain on sale of mortgage loans held for sale (2,062) (1,540)
Net loss on sale of other real estate owned 70 362
Write down of other real estate owned 407 423
Losses on tax credit partnerships 114 0
Increase in cash surrender value of life insurance contracts (1,991) (1,631)
Excess tax benefits from exercise of stock options and warrants (1,515) (881)
Net change in other assets, liabilities, and other operating activities (431) (3,466)
Net cash provided by operating activities 50,096 42,102
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (27,704) (59,305)
Proceeds from sale of debt securities available for sale 16,738 173
Proceeds from maturities, calls and paydowns of debt securities available for sale 30,831 23,736
Purchase of debt securities held to maturity (202) 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 1,588 2,226
Purchase of equity securities (534) 0
Proceeds from sale of equity securities 0 320
Increase in loans (538,137) (305,015)
Purchase of premises and equipment (4,355) (1,104)
Purchase of bank-owned life insurance contracts 0 (15,000)
Expenditures to complete construction of other real estate owned (118) 0
Proceeds from sale of other real estate owned and repossessed assets 4,611 5,526
Investment in tax credit partnerships (3,942) (1,531)
Net cash paid in acquisition of Metro Bancshares, Inc. (12,383) 0
Net cash used in investing activities (533,607) (349,974)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 171,616 144,097
Net increase in interest-bearing deposits 299,104 189,027
Net (decrease) increase in federal funds purchased (38,075) 3,850
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
Redemption of Series A Senior Non-Cumulative preferred stock (40,000) 0
Proceeds from issuance of 5% subordinated notes due July 15, 2025 34,750 0
Costs to issue shelf registration (73) 0
Proceeds from exercise of stock options and warrants 3,322 5,972
Excess tax benefits from exercise of stock options and warrants 1,515 881
Dividends paid on common stock (3,089) (2,369)
Dividends paid on preferred stock (256) (316)
Net cash provided by financing activities 428,739 393,490
Net (decrease) increase in cash and cash equivalents (54,772) 85,618
Cash and cash equivalents at beginning of year 297,464 258,415
Cash and cash equivalents at end of year 242,692 344,033
Cash paid for:    
Interest 11,407 8,981
Income taxes 20,015 21,543
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,850 1,065
Internally financed sales of other real estate owned 0 675
Dividends declared 1,554 1,240
Fair value of assets and liabilities from acquisition:    
Fair value of tangible assets acquired 201,927 0
Other intangible assets acquired 18,037 0
Fair value of liabilities assumed (179,682) 0
Total merger consideration $ 40,282 $ 0