Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities:    
Net income $ 37,080 $ 36,298
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment 5,431 4,983
Writedown of OREO 257 400
Amortization, net 6,977 6,845
Amortization related to acquisition, net 70 1,077
Provision for credit losses 4,295 4,904
Gains on securities transactions, net (598) (146)
Bank owned life insurance income (3,460) (2,734)
Increase in loans held for sale, net (4,648) (2,084)
Gains on sales of other real estate owned, net (72) (1)
Losses on sales of premises, net 27 72
Stock-based compensation expenses 2,502 1,487
Issuance of common stock for services 398 240
Net decrease (increase) in other assets 3,991 (8,549)
Net (decrease) increase in other liabilities (4,392) 1,920
Net cash and cash equivalents provided by (used in) operating activities 47,858 44,712
Investing activities:    
Purchases of securities available for sale and restricted stock (124,411) (122,690)
Purchases of securities held to maturity (7,836) 0
Proceeds from sales of securities available for sale and restricted stock 52,626 15,424
Proceeds from maturities, calls and paydowns of securities available for sale 59,342 56,414
Proceeds from maturities, calls and paydowns of securities held to maturity 909 610
Net increase in loans held for investment (464,667) (271,689)
Net increase in premises and equipment (5,273) (3,059)
Proceeds from sales of other real estate owned 381 2,138
Cash paid in acquisition 0 (4,077)
Cash acquired in acquisitions 0 207
Net cash and cash equivalents provided by (used in) investing activities (488,929) (326,722)
Financing activities:    
Net increase in noninterest-bearing deposits 107,945 19,797
Net increase in interest-bearing deposits 277,000 112,093
Net increase in short-term borrowings 59,762 289,285
Cash paid for contingent consideration (3,003) 0
Proceeds from issuance of long-term debt 20,000 0
Repayments of long-term debt 0 (17,500)
Cash dividends paid - common stock (17,466) (16,685)
Repurchase of common stock 0 (30,690)
Issuance of common stock 572 482
Vesting of restricted stock, net of shares held for taxes (1,066) (398)
Net cash and cash equivalents provided by (used in) financing activities 443,744 356,384
Increase in cash and cash equivalents 2,673 74,374
Cash and cash equivalents at beginning of the period 179,237 142,660
Cash and cash equivalents at end of the period 181,910 217,034
Cash payments for:    
Interest 22,424 14,212
Income taxes 16,400 15,800
Supplemental schedule of noncash investing and financing activities    
Transfers between loans and other real estate owned (36) 619
Issuance of common stock in exchange for net assets in acquisition $ 0 $ 453