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
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income $ 16,639 $ 19,124
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment 3,480 2,645
Writedown of OREO 759 238
Amortization, net 3,776 3,396
Amortization (accretion) related to acquisition, net (2,691) 144
Provision for credit losses 3,500 2,122
Gains on securities transactions, net (213) (481)
BOLI income (1,667) (2,125)
Decrease (increase) in loans held for sale, net 12,935 16,511
Gains on sales of other real estate owned, net (21) (36)
Losses (gains) on sales of premises, net (153) 26
Stock-based compensation expenses 1,223 1,148
Issuance of common stock for services 184 176
Net decrease (increase) in other assets (18,216) 2,241
Net increase in other liabilities 16,228 5,347
Net cash and cash equivalents provided by (used in) operating activities 35,763 50,476
Investing activities:    
Purchases of securities available for sale and restricted stock (154,512) (53,782)
Purchases of securities held to maturity 0 (4,878)
Proceeds from sales of securities available for sale and restricted stock 115,850 21,306
Proceeds from maturities, calls and paydowns of securities available for sale 33,909 26,167
Proceeds from maturities, calls and paydowns of securities held to maturity 0 1,001
Net increase in loans held for investment (201,369) (246,258)
Net increase in premises and equipment (902) (3,156)
Proceeds from sales of other real estate owned 1,157 206
Cash paid in acquisition (6,170) 0
Cash acquired in acquisitions 174,218 0
Net cash and cash equivalents provided by (used in) investing activities (37,819) (259,394)
Financing activities:    
Net increase in noninterest-bearing deposits 43,846 97,174
Net increase in interest-bearing deposits 93,540 137,532
Net increase (decrease) in short-term borrowings 24,441 (9,694)
Cash paid for contingent consideration 0 (2,265)
Cash dividends paid - common stock (13,808) (8,727)
Cancellation of warrants (1,530) 0
Issuance of common stock 927 528
Vesting of restricted stock, net of shares held for taxes (2,270) (1,048)
Net cash and cash equivalents provided by (used in) financing activities 145,146 213,500
Increase (decrease) in cash and cash equivalents 143,090 4,582
Cash and cash equivalents at beginning of the period 199,373 179,237
Cash and cash equivalents at end of the period 342,463 183,819
Cash payments for:    
Interest 18,011 8,141
Income taxes 0 0
Supplemental schedule of noncash investing and financing activities    
Transfers between loans and OREO (54) (71)
Issuance of common stock in exchange for net assets in acquisition 794,809 [1] 0
Transactions related to acquisitions    
Assets acquired 3,249,420 0
Liabilities assumed $ 2,874,018 $ 0
[1] Includes conversion of Xenith warrants to Union warrants.