Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating activities:    
Net income $ 7,815,000 $ 8,983,000
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of bank premises and equipment 2,670,000 1,546,000
Writedown of OREO 256,000 0
Amortization, net 6,082,000 1,476,000
Accretion and amortization related to acquisition, net (2,450,000)  
Provision for loan losses   2,050,000
(Gains) losses on the sale of investment securities (29,000) 11,000
Decrease in loans held for sale, net 15,809,000 40,592,000
Gains on sales of other real estate owned, net (23,000) (284,000)
Losses on bank premises, net 233,000 296,000
Stock-based compensation expenses 374,000 318,000
Net decrease in other assets 23,900,000 1,281,000
Net (decrease) increase in other liabilities (3,571,000) 6,338,000
Net cash and cash equivalents provided by operating activities 51,066,000 62,607,000
Investing activities:    
Purchases of securities available for sale (241,144,000) (54,999,000)
Proceeds from sales of securities available for sale 259,077,000 15,555,000
Proceeds from maturities, calls and paydowns of securities available for sale 31,851,000 40,907,000
Net decrease (increase) in loans 3,292,000 (12,080,000)
Net increase in bank premises and equipment (2,221,000) (577,000)
Proceeds from sales of other real estate owned 3,800,000 877,000
Improvements to other real estate owned   (30,000)
Cash acquired in bank acquisitions 49,989,000  
Net cash and cash equivalents provided by (used in) investing activities 104,644,000 (10,347,000)
Financing activities:    
Net (decrease) increase in noninterest-bearing deposits (85,051,000) 20,091,000
Net increase in NOW accounts 87,634,000 4,967,000
Net increase (decrease) in money market accounts 30,290,000 (11,857,000)
Net increase in savings accounts 17,816,000 17,697,000
Net decrease in time deposits of $100,000 and over (39,877,000) (658,000)
Net decrease in other time deposits (38,476,000) (16,258,000)
Net decrease in short-term borrowings (38,901,000) (60,223,000)
Net increase in long-term borrowings 436,000 [1] 549,000 [1]
Cash dividends paid - common stock (6,332,000) (3,064,000)
Repurchase of common stock (12,965,000) (9,499,000)
Issuance of common stock 458,000  
Taxes paid related to net share settlement of equity awards (1,515,000) (14,000)
Net cash and cash equivalents used in financing activities (86,483,000) (58,269,000)
Increase (decrease) in cash and cash equivalents 69,227,000 (6,009,000)
Cash and cash equivalents at beginning of the period 73,023,000 82,902,000
Cash and cash equivalents at end of the period 142,250,000 76,893,000
Cash payments for:    
Interest 6,212,000 5,688,000
Income taxes 5,800,000 1,400,000
Supplemental schedule of noncash investing and financing activities    
Unrealized (loss) gain on securities available for sale 9,683,000 (3,231,000)
Changes in fair value of interest rate swap loss 622,000 286,000
Transfers from loans to other real estate owned 1,085,000 2,829,000
Transfers from bank premises to other real estate owned   778,000
Transactions Related to Bank Acquisitions    
Assets acquired 2,959,210,000  
Liabilities assumed $ 2,647,166,000  
[1] See Note 6 "Borrowings" related to 2014 activity.