Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income $ 32,603,000 $ 22,519,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense (benefit) 1,554,000 (369,000)
Provision for loan losses 4,139,000 4,986,000
Depreciation 832,000 752,000
Accretion on acquired loans (72,000) (143,000)
Amortization of core deposit intangible 67,000 72,000
Net amortization of debt securities available for sale 623,000 1,001,000
Decrease (increase) in accrued interest and dividends receivable 400,000 (250,000)
Stock-based compensation expense 238,000 337,000
Increase (decrease) in accrued interest payable 2,852,000 (187,000)
Proceeds from sale of mortgage loans held for sale 24,720,000 32,501,000
Originations of mortgage loans held for sale (24,265,000) (33,526,000)
Gain on sale of debt securities available for sale (4,000)
Gain on sale of mortgage loans held for sale (518,000) (899,000)
Net gain on sale of other real estate owned and repossessed assets (36,000)
Write down of other real estate owned and repossessed assets 254,000
Operating losses (income) of tax credit partnerships 29,000 (22,000)
Increase in cash surrender value of life insurance contracts (777,000) (724,000)
Net change in other assets, liabilities, and other operating activities (3,790,000) 3,202,000
Net cash provided by operating activities 38,885,000 29,214,000
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (54,666,000) (53,885,000)
Proceeds from maturities, calls and paydowns of securities available for sale 20,376,000 23,357,000
Proceeds from sale of debt securities available for sale 5,100,000
Purchase of securities held to maturity (9,786,000)
Proceeds from maturities, calls and paydowns of securities held to maturity 293,000
Purchase of equity securities (10,000)
Increase in loans (78,664,000) (243,562,000)
Purchase of premises and equipment (556,000) (6,844,000)
Proceeds from sale of other real estate owned and repossessed assets 874,000 426,000
Net cash used in investing activities (107,536,000) (290,011,000)
FINANCING ACTIVITIES    
Net (decrease) increase in non-interest-bearing deposits (32,734,000) 10,835,000
Net decrease in interest-bearing deposits (81,553,000) (69,614,000)
Net increase in federal funds purchased 24,602,000 2,297,000
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 852,000 926,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,247,000)
Dividends paid on common stock (2,650,000) (2,105,000)
Net cash used in financing activities (92,830,000) (57,636,000)
Net decrease in cash and cash equivalents (161,481,000) (318,433,000)
Cash and cash equivalents at beginning of period 477,586,000 783,997,000
Cash and cash equivalents at end of period 316,105,000 465,564,000
Cash paid for:    
Interest 8,721,000 7,652,000
Income taxes 2,902,000 652,000
Income tax refund (181,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 175,000 553,000
Internally financed sales of other real estate owned 49,000
Dividends declared $ 5,846,000 $ 2,641,000