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, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 193,528 $ 146,248 $ 72,923
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:      
Depreciation of premises and equipment 15,032 13,725 11,183
Write-down of foreclosed properties and former bank premises 1,906 1,324 1,891
Amortization, net 24,944 12,603 14,021
Amortization (accretion) related to acquisition, net (7,899) (6,711) (866)
Provision for credit losses 21,092 13,551 10,756
Gains on securities transactions, net (7,675) (383) (800)
BOLI income (8,311) (7,198) (5,306)
Deferred tax expense (benefit) 15,057 17,821 5,624
Decrease (increase) in loans held for sale, net (34,178) 40,662 (4,175)
Losses (gains) on sales of foreclosed properties and former bank premises, net 102 (220) 143
Loss on debt extinguishment 16,397 0 0
Gain on sale of Shore Premier loans 0 (19,966) 0
Goodwill impairment losses 0 864 0
Stock-based compensation expenses 8,332 6,132 4,648
Issuance of common stock for services 910 914 724
Net decrease (increase) in other assets (57,348) (26,606) (5,785)
Net increase in other liabilities 12,910 24,005 5,352
Net cash and cash equivalents provided by (used in) operating activities 194,799 216,765 110,333
Investing activities:      
Purchases of AFS securities and restricted stock (444,398) (1,047,611) (298,958)
Purchases of HTM securities (47,217) (485,629) (7,836)
Proceeds from sales of AFS securities and restricted stock 514,070 515,764 139,046
Proceeds from maturities, calls and paydowns of AFS securities 247,770 173,597 115,124
Proceeds from maturities, calls and paydowns of HTM securities 3,142 0 5,048
Proceeds from sale of marketable equity securities 0 28,913 0
Proceeds from sale of loans held for investment 0 581,324 0
Net increase in loans held for investment (741,146) (704,582) (838,668)
Net increase in premises and equipment (15,892) 1,698 (9,261)
Proceeds from BOLI settlements 0 0 2,497
Proceeds from sales of foreclosed properties and former bank premises 12,118 6,295 2,448
Cash paid in acquisitions (12) (14,304) (231)
Cash acquired in acquisitions 46,164 174,496 5,038
Net cash and cash equivalents provided by (used in) investing activities (425,401) (770,039) (885,753)
Financing activities:      
Net increase in noninterest-bearing deposits 191,125 81,028 105,093
Net increase in interest-bearing deposits 916,656 351,084 502,018
Net increase (decrease) in short-term borrowings (872,229) 58,645 217,371
Cash paid for contingent consideration (565) (565) (3,003)
Proceeds from issuance of long-term debt 550,000 225,000 20,000
Repayments of long-term debt (220,614) (40,000) (10,000)
Cash dividends paid - common stock (78,345) (58,001) (35,393)
Cancellation of warrants 0 (1,530) 0
Repurchase of common stock (80,280) 0 0
Issuance of common stock 1,988 2,347 1,037
Vesting of restricted stock, net of shares held for taxes (2,301) (2,908) (1,567)
Net cash and cash equivalents provided by (used in) financing activities 405,435 615,100 795,556
Increase (decrease) in cash and cash equivalents 174,833 61,826 20,136
Cash and cash equivalents at beginning of the period 261,199 199,373 179,237
Cash and cash equivalents at end of the period 436,032 261,199 199,373
Cash payments for:      
Interest 159,934 99,227 47,775
Income taxes 25,058 10,830 24,000
Supplemental schedule of noncash investing and financing activities      
Transfers from loans (foreclosed properties) to foreclosed properties (loans) 1,878 493 910
Stock received as consideration for sale of loans held for investment 0 28,913 0
Securities Transfer From HTM to AFS 0 187,425 0
Issuance of common stock in exchange for net assets in acquisition 499,974 794,809 0
Transactions related to acquisitions      
Assets acquired 2,849,673 3,253,328 293
Liabilities assumed $ 2,558,063 $ 2,873,718 $ 5,437