Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net income $ 77,476 $ 67,079 $ 52,164
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:      
Depreciation of premises and equipment 10,215 10,776 10,742
Writedown of OREO 1,017 6,002 7,646
Other-than-temporary impairment recognized in earnings 0 300 0
Amortization, net 13,555 14,951 16,337
Amortization (accretion) related to acquisition, net 1,534 1,823 (255)
Provision for credit losses 9,100 9,571 7,800
Gains on securities transactions, net (205) (1,486) (1,695)
Bank owned life insurance income (5,513) (4,593) (4,648)
Deferred tax expense (benefit) 243 (1,212) 2,644
Decrease (increase) in loans held for sale, net (457) 6,489 21,530
Gains on sales of other real estate owned, net (342) (260) (1,381)
Losses on sales of premises, net 125 89 184
Gains on sale of loans held for investment 0 (470) 0
Stock-based compensation expenses 3,270 1,388 979
Issuance of common stock for services 533 564 713
Net decrease (increase) in other assets (14,810) 2,692 9,896
Net increase (decrease) in other liabilities (1,898) (2,780) 4,564
Net cash and cash equivalents provided by operating activities 93,843 110,923 127,220
Investing activities:      
Purchases of securities available for sale and restricted stock (259,020) (259,761) (411,916)
Purchases of securities held to maturity (2,390) (9,830) 0
Proceeds from sales of securities available for sale and restricted stock 69,516 101,154 289,389
Proceeds from maturities, calls and paydowns of securities available for sale 115,670 142,644 143,656
Proceeds from maturities, calls and paydowns of securities held to maturity 2,686 3,680 0
Net increase in loans held for investment (637,207) (356,300) (74,753)
Proceeds from sale of loans held for investment 0 27,351 0
Net increase in premises and equipment (6,339) (3,870) (7,124)
Proceeds from sales of other real estate owned 5,837 10,309 17,808
Improvements to other real estate owned 0 (308) (686)
Purchases of BOLI policies 0 (30,000) 0
Cash paid for equity-method investments 0 (355) (60)
Cash paid in acquisition (4,077) 0 0
Cash acquired in bank acquisitions 207 0 49,989
Net cash and cash equivalents provided by (used in) investing activities (715,117) (375,286) 6,303
Financing activities:      
Net increase in noninterest-bearing deposits 20,688 173,559 95,664
Net increase (decrease) in interest-bearing deposits 394,865 153,450 (164,696)
Net increase in short-term borrowings 187,804 1,584 74,211
Proceeds from issuance of long-term debt 178,000 0 0
Repayments of long-term debt (57,500) (10,000) 0
Cash dividends paid - common stock (33,672) (29,082) (25,494)
Repurchase of common stock (33,177) (16,260) (52,599)
Issuance of common stock 1,429 928 1,230
Vesting of restricted stock, including tax effects (586) (416) (1,602)
Net cash and cash equivalents provided by (used in) financing activities 657,851 273,763 (73,286)
Increase in cash and cash equivalents 36,577 9,400 60,237
Cash and cash equivalents at beginning of the period 142,660 133,260 73,023
Cash and cash equivalents at end of the period 179,237 142,660 133,260
Cash payments for:      
Interest 29,576 27,526 28,394
Income taxes 27,900 21,400 17,500
Supplemental schedule of noncash investing and financing activities      
Transfer from securities available for sale to securities held to maturity 0 201,822 0
Transfers between loans and other real estate owned 1,297 700 2,141
Transfers from bank premises to other real estate owned 0 2,224 10,929
Issuance of common stock in exchange for net assets in acquisition 453 0 549,523
Transactions related to bank acquisition      
Assets acquired 4,668 0 2,957,521
Liabilities assumed $ 4,807 [1] $ 0 $ 2,642,120
[1] 2016 includes contingent consideration related to ODCM acquisition.