Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net income $ 67,079,000 $ 52,164,000 $ 34,366,000
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities      
Depreciation of premises and equipment 10,776,000 10,742,000 6,024,000
Writedown of OREO 6,002,000 7,646,000 791,000
Other-than-temporary impairment losses 300,000    
Amortization, net 13,120,000 14,550,000 12,315,000
Amortization (accretion) related to acquisition, net 1,823,000 (255,000) 1,585,000
Provision for credit losses 9,571,000 7,800,000 6,056,000
Losses (gains) on securities transactions, net (1,486,000) (1,695,000) (21,000)
Deferred tax expense (benefit) (1,212,000) 2,644,000 262,000
(Increase) decrease in loans held for sale, net 6,489,000 21,530,000 114,513,000
Losses (gains) on sales of other real estate owned, net (260,000) (1,381,000) 461,000
Losses (gains) on sales of premises, net 89,000 184,000 340,000
Gains on sale of loans held for investment (470,000)    
Stock-based compensation expenses 1,388,000 979,000 889,000
Issuance of common stock for services 564,000 713,000 477,000
Net decrease (increase) in other assets (1,901,000) 5,248,000 (27,377,000)
Net increase (decrease) in other liabilities (3,029,000) 4,315,000 6,348,000
Net cash and cash equivalents provided by (used in) operating activities 108,843,000 125,184,000 157,029,000
Investing activities:      
Purchases of securities available for sale (259,761,000) (411,916,000) (300,324,000)
Purchases of securities held to maturity (9,830,000)    
Proceeds from sales of securities available for sale 101,154,000 289,389,000 43,354,000
Proceeds from maturities, calls and paydowns of securities available for sale 142,644,000 143,656,000 129,942,000
Proceeds from maturities, calls and paydowns of securities held to maturity 3,680,000    
Net decrease (increase) in loans (356,300,000) (74,753,000) (91,911,000)
Proceeds from sale of loans held for investment 27,351,000    
Net decrease (increase) in premises and equipment (3,870,000) (7,124,000) (4,759,000)
Proceeds from sales of other real estate owned 10,309,000 17,808,000 7,569,000
Improvements to other real estate owned (308,000) (686,000) (561,000)
Purchases of BOLI policies (30,000,000)    
Cash paid for equity-method investments (355,000) (60,000) (2,000,000)
Cash acquired in bank acquisitions   49,989,000  
Net cash and cash equivalents provided by (used in) investing activities (375,286,000) 6,303,000 (218,690,000)
Financing activities:      
Net increase (decrease) in noninterest-bearing deposits 173,559,000 95,664,000 45,773,000
Net increase (decrease) in interest-bearing deposits 153,450,000 (164,696,000) (106,698,000)
Net increase (decrease) in short-term borrowings 1,584,000 74,211,000 131,685,000
Net increase (decrease) in long-term borrowings (7,920,000) 2,036,000 2,234,000
Cash dividends paid - common stock (29,082,000) (25,494,000) (12,535,000)
Repurchase of common stock (16,260,000) (52,599,000) (9,499,000)
Issuance of common stock 928,000 1,230,000 927,000
Taxes paid related to net share settlement of equity awards (416,000) (1,602,000) (105,000)
Net cash and cash equivalents provided by (used in) financing activities 275,843,000 (71,250,000) 51,782,000
Increase (decrease) in cash and cash equivalents 9,400,000 60,237,000 (9,879,000)
Cash and cash equivalents at beginning of the period 133,260,000 73,023,000 82,902,000
Cash and cash equivalents at end of the period 142,660,000 133,260,000 73,023,000
Cash payments for:      
Interest 27,526,000 28,394,000 21,013,000
Income taxes 21,400,000 17,500,000 11,500,000
Supplemental schedule of noncash investing and financing activities      
Unrealized losses (gains) on securities available for sale (6,786,000) 24,996,000 (20,586,000)
Transfer from securities available for sale to securities held to maturity 201,822,000    
Changes in fair value of interest rate swap loss (773,000) (2,773,000) 1,107,000
Transfers between loans and other real estate owned 700,000 2,141,000 8,553,000
Transfers from bank premises to other real estate owned $ 2,224,000 10,929,000 $ 989,000
Issuance of common stock in exchange for net assets in acquisition   549,523,000  
Transactions Related to Bank Acquisitions      
Assets acquired   2,957,521,000  
Liabilities assumed   $ 2,642,120,000