Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net income $ 16,961 $ 15,701
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities    
Depreciation of premises and equipment 2,511 2,705
Writedown of OREO 126 590
Amortization, net 2,958 3,625
Amortization (accretion) related to acquisition, net 734 371
Provision for credit losses 2,604 1,750
Losses (gains) on securities transactions, net (143) (193)
Decrease (increase) in loans held for sale, net 10,921 (3,529)
Losses (gains) on sales of other real estate owned, net (7) (38)
Losses (gains) on sales of premises, net 45 57
Stock-based compensation expenses 641 390
Issuance of common stock for services 100 100
Net decrease (increase) in other assets (14,594) (1,031)
Net increase (decrease) in other liabilities (441) 80
Net cash and cash equivalents provided by (used in) operating activities 22,416 20,578
Investing activities:    
Purchases of securities available for sale (83,735) (29,863)
Proceeds from sales of securities available for sale 14,532 12,499
Proceeds from maturities, calls and paydowns of securities available for sale 29,151 34,133
Net decrease (increase) in loans held for investment (110,513) (44,401)
Net decrease (increase) in premises and equipment (1,885) (2,346)
Proceeds from sales of other real estate owned 1,339 2,714
Improvements to other real estate owned   (56)
Cash paid for equity-method investments   (355)
Net cash and cash equivalents provided by (used in) investing activities (151,111) (27,675)
Financing activities:    
Net increase (decrease) in noninterest-bearing deposits (9,694) 75,557
Net increase (decrease) in interest-bearing deposits (8,260) (43,024)
Net increase (decrease) in short-term borrowings 169,000 (12,959)
Net increase (decrease) in long-term borrowings 526 509
Cash dividends paid - common stock (8,410) (6,431)
Repurchase of common stock (23,728) (2,387)
Issuance of common stock 317 147
Vesting of restricted stock, including tax effects (377) (213)
Net cash and cash equivalents provided by (used in) financing activities 119,374 11,199
Increase (decrease) in cash and cash equivalents (9,321) 4,102
Cash and cash equivalents at beginning of the period 142,660 133,260
Cash and cash equivalents at end of the period 133,339 137,362
Cash payments for:    
Interest 6,998 6,925
Income taxes 10,500 3,000
Supplemental schedule of noncash investing and financing activities    
Unrealized (losses) gains on securities available for sale 4,522 5,627
Changes in fair value of interest rate swap loss (2,540) (1,218)
Transfers between loans and other real estate owned $ 405 124
Transfers from bank premises to other real estate owned   $ 402