Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 100,703,000 $ 71,942,000
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense (benefit) 754,000 (3,099,000)
Provision for loan losses 14,884,000 14,170,000
Depreciation 2,548,000 2,281,000
Accretion on acquired loans (147,000) (374,000)
Amortization of core deposit intangible 202,000 209,000
Net amortization of debt securities available for sale 2,268,000 2,874,000
Increase in accrued interest and dividends receivable (4,094,000) (4,533,000)
Stock-based compensation expense 684,000 916,000
Increase (decrease) in accrued interest payable 3,591,000 (48,000)
Proceeds from sale of mortgage loans held for sale 81,319,000 105,940,000
Originations of mortgage loans held for sale (80,041,000) (103,295,000)
Gain on sale of debt securities available for sale (15,000)
Gain on sale of equity securities (175,000)
Gain on sale of mortgage loans held for sale (2,096,000) (2,941,000)
Net loss (gain) on sale of other real estate owned and repossessed assets 3,000 (33,000)
Write down of other real estate owned and repossessed assets 488,000 5,000
Operating losses of tax credit partnerships 128,000 42,000
Increase in cash surrender value of life insurance contracts (2,350,000) (2,334,000)
Net change in other assets, liabilities, and other operating activities (2,608,000) (551,000)
Net cash provided by operating activities 116,046,000 81,171,000
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (122,821,000) (77,567,000)
Proceeds from maturities, calls and paydowns of debt securities available for sale 63,803,000 65,734,000
Proceeds from sale of debt securities available for sale 5,736,000
Purchase of debt securities held to maturity (29,782,000)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 4,947,000
Purchase of equity securities (10,000)
Proceeds from sale of equity securities 305,000
Increase in loans (520,610,000) (724,626,000)
Purchase of premises and equipment (1,530,000) (17,071,000)
Purchase of bank-owned life insurance contracts (10,000,000)
Proceeds from sale of other real estate owned and repossessed assets 1,572,000 1,529,000
Net cash used in investing activities (573,545,000) (786,846,000)
FINANCING ACTIVITIES    
Net increase in non-interest-bearing deposits 64,121,000 124,360,000
Net increase in interest-bearing deposits 349,556,000 252,230,000
Net decrease in federal funds purchased (55,703,000) (101,064,000)
Repayment of Federal Home Loan Bank advances (200,000) (300,000)
Proceeds from sale of preferred stock, net 125,000
Proceeds from exercise of stock options 1,325,000 635,000
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,640,000)
Dividends paid on common stock (11,694,000) (5,286,000)
Dividends paid on preferred stock (31,000) (31,000)
Net cash provided by financing activities 345,734,000 270,669,000
Net decrease in cash and cash equivalents (111,765,000) (435,006,000)
Cash and cash equivalents at beginning of period 477,586,000 783,997,000
Cash and cash equivalents at end of period 365,821,000 348,991,000
Cash paid for:    
Interest 39,051,000 24,729,000
Income taxes 20,235,000 30,651,000
Income tax refund (2,000) (492,000)
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 1,206,000 586,000
Internally financed sales of other real estate owned 130,000 185,000
Dividends declared $ 5,851,000 $ 2,649,000