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
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net income $ 17,649 $ 13,055
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax (benefit) expense (255) 3,941
Provision for loan losses 2,059 2,405
Depreciation 730 512
Accretion on acquired loans (290) (369)
Amortization of core deposit intangible 91 74
Net amortization of debt securities available for sale 634 634
Decrease (increase) in accrued interest and dividends receivable 282 (293)
Stock-based compensation expense 343 301
Increase in accrued interest payable 1,274 576
Proceeds from sale of mortgage loans held for sale 27,918 24,475
Originations of mortgage loans held for sale (24,091) (30,421)
Gain on sale of mortgage loans held for sale (668) (454)
Gain on sale of debt securities available for sale 0 (29)
Net loss (gain) on sale of other real estate owned and repossessed assets 19 (20)
Write down of other real estate owned 373 125
Increase in cash surrender value of life insurance contracts (624) (648)
Losses of tax credit partnerships 38 38
Excess tax benefits from the exercise of stock options and vesting of stock awards (2,307) (995)
Net change in other assets, liabilities, and other operating activities 1,792 (1,029)
Net cash provided by operating activities 24,967 11,878
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (10,069) (5,334)
Proceeds from maturities, calls and paydowns of debt securities available for sale 21,119 9,688
Proceeds from sale of debt securities available for sale 0 16,548
Purchase of debt securities held to maturity (439) 0
Proceeds from maturities, calls and paydowns of debt securities held to maturity 326 229
Increase in loans (124,622) (100,510)
Purchase of premises and equipment (2,285) (301)
Purchase of equity securities (708) (533)
Proceeds from sale of other real estate owned and repossessed assets 1,013 1,928
Expenditures to complete construction of other real estate owned (3) 0
Net cash paid in acquisition of Metro Bancshares, Inc. 0 (12,883)
Net cash used in investing activities (115,668) (91,168)
FINANCING ACTIVITIES    
Increase in noninterest-bearing deposits 16,808 9,005
Increase in interest-bearing deposits 99,051 55,844
Increase in federal funds purchased 145,525 14,410
Paydown of Federal Home Loan Bank advance (100) (100)
Proceeds from sale of preferred shares 0 125
Proceeds from exercise of stock options and warrants 1,752 1,326
Excess tax benefits from exercise of stock options and warrants 2,307 995
Dividends on common stock (1,240) 0
Dividends on preferred stock 0 (100)
Net cash provided by financing activities 264,103 81,505
Net increase in cash and cash equivalents 173,402 2,215
Cash and cash equivalents at beginning of year 352,235 297,464
Cash and cash equivalents at end of year 525,637 299,679
Cash paid for:    
Interest 4,508 3,081
Income taxes 674 530
Income tax refund for Metro Bancshares, Inc. loss carryback (867) 0
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,076 1,202
Internally financed sales of other real estate owned and repossessed assets 1,022 452
Dividends declared 2,095 1,539
Fair value of assets and liabilities from acquisition:    
Fair value of tangible assets acquired 0 201,821
Other intangible assets acquired 0 18,143
Fair value of liabilities assumed 0 (179,682)
Net identifiable assets acquired over liabilities assumed $ 0 $ 40,282