Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income $ 22,519,000 $ 19,956,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax (benefit) (369,000) (255,000)
Provision for loan losses 4,986,000 2,059,000
Depreciation 752,000 730,000
Accretion on acquired loans (143,000) (290,000)
Amortization of core deposit intangible 72,000 91,000
Net amortization of debt securities available for sale 1,001,000 634,000
(Increase) decrease in accrued interest and dividends receivable (250,000) 282,000
Stock-based compensation expense 337,000 343,000
(Decrease) increase in accrued interest payable (187,000) 1,274,000
Proceeds from sale of mortgage loans held for sale 32,501,000 27,918,000
Originations of mortgage loans held for sale (33,526,000) (24,091,000)
Gain on sale of mortgage loans held for sale (899,000) (668,000)
Net (gain) loss on sale of other real estate owned and repossessed assets (36,000) 19,000
Write down of other real estate owned and repossessed assets 373,000
Losses of tax credit partnerships (22,000) 38,000
Increase in cash surrender value of life insurance contracts (724,000) (624,000)
Net change in other assets, liabilities, and other operating activities 3,202,000 (515,000)
Net cash provided by operating activities 29,214,000 27,274,000
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (53,885,000) (10,069,000)
Proceeds from maturities, calls and paydowns of securities available for sale 23,357,000 21,119,000
Purchase of securities held to maturity (9,786,000) (439,000)
Proceeds from maturities, calls and paydowns of securities held to maturity 293,000 326,000
Purchase of equity securities (10,000) (708,000)
Increase in loans (243,562,000) (124,622,000)
Purchase of premises and equipment (6,844,000) (2,285,000)
Expenditures to complete construction of other real estate owned (3,000)
Proceeds from sale of other real estate owned and repossessed assets 426,000 1,013,000
Net cash used in investing activities (290,011,000) (115,668,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 10,835,000 16,808,000
Net (decrease) increase in interest-bearing deposits (69,614,000) 99,051,000
Net increase in federal funds purchased 2,297,000 145,525,000
Repayment of Federal Home Loan Bank advances (100,000) (100,000)
Proceeds from sale of preferred stock, net 125,000
Proceeds from exercise of stock options 926,000 1,752,000
Dividends paid on common stock (2,105,000) (1,240,000)
Net cash provided by financing activities (57,636,000) 261,796,000
Net (decrease) increase in cash and cash equivalents (318,433,000) 173,402,000
Cash and cash equivalents at beginning of period 783,997,000 352,235,000
Cash and cash equivalents at end of period 465,564,000 525,637,000
Cash paid for:    
Interest 7,652,000 4,508,000
Income taxes 652,000 674,000
Income tax refund (181,000) (867,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 553,000 1,076,000
Internally financed sales of other real estate owned 49,000 1,022,000
Dividends declared $ 2,641,000 $ 2,095,000