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, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities:      
Net income $ 72,923 $ 77,476 $ 67,079
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:      
Depreciation of premises and equipment 11,183 10,215 10,776
Writedown of OREO 1,891 1,017 6,002
Other-than-temporary impairment recognized in earnings 0 0 300
Amortization, net 14,021 13,555 14,951
Amortization (accretion) related to acquisition, net (866) 1,534 1,823
Provision for credit losses 10,756 9,100 9,571
Gains on securities transactions, net (800) (205) (1,486)
BOLI income (5,306) (5,513) (4,593)
Deferred tax expense (benefit) 5,624 243 (1,212)
Decrease (increase) in loans held for sale, net (4,175) (457) 6,489
Losses (gains) on sales of OREO, net 19 (342) (260)
Losses on sales of premises, net 124 125 89
Gains on sale of loans held for investment 0 0 (470)
Stock-based compensation expenses 4,648 3,270 1,388
Issuance of common stock for services 724 533 564
Net decrease (increase) in other assets (5,785) (14,810) 2,692
Net increase (decrease) in other liabilities 5,352 (1,898) (2,780)
Net cash and cash equivalents provided by operating activities 110,333 93,843 110,923
Investing activities:      
Purchases of securities available for sale and restricted stock (298,958) (259,020) (259,761)
Purchases of securities held to maturity (7,836) (2,390) (9,830)
Proceeds from sales of securities available for sale and restricted stock 139,046 69,516 101,154
Proceeds from maturities, calls and paydowns of securities available for sale 115,124 115,670 142,644
Proceeds from maturities, calls and paydowns of securities held to maturity 5,048 2,686 3,680
Net increase in loans held for investment (838,668) (637,207) (356,300)
Proceeds from sale of loans held for investment 0 0 27,351
Net increase in premises and equipment (9,261) (6,339) (3,870)
Proceeds from BOLI settlements 2,497 0 0
Proceeds from sales of OREO 2,448 5,837 10,309
Improvements to OREO 0 0 (308)
Purchases of BOLI policies 0 0 (30,000)
Cash paid for equity-method investments 0 0 (355)
Cash paid in acquisitions (231) (4,077) 0
Cash acquired in acquisitions 5,038 207 0
Net cash and cash equivalents used in investing activities (885,753) (715,117) (375,286)
Financing activities:      
Net increase in noninterest-bearing deposits 105,093 20,688 173,559
Net increase in interest-bearing deposits 502,018 394,865 153,450
Net increase in short-term borrowings 217,371 187,804 1,584
Cash paid for contingent consideration (3,003) 0 0
Proceeds from issuance of long-term debt 20,000 178,000 0
Repayments of long-term debt (10,000) (57,500) (10,000)
Cash dividends paid - common stock (35,393) (33,672) (29,082)
Repurchase of common stock 0 (33,177) (16,260)
Issuance of common stock 1,037 1,429 928
Vesting of restricted stock, including tax effects (1,567) (586) (416)
Net cash and cash equivalents provided by financing activities 795,556 657,851 273,763
Increase in cash and cash equivalents 20,136 36,577 9,400
Cash and cash equivalents at beginning of the period 179,237 142,660 133,260
Cash and cash equivalents at end of the period 199,373 179,237 142,660
Cash payments for:      
Interest 47,775 29,576 27,526
Income taxes 24,000 27,900 21,400
Supplemental schedule of noncash investing and financing activities      
Transfer from securities available for sale to securities held to maturity 0 0 201,822
Transfers between loans and OREO 910 1,297 700
Transfers from Bank premises to OREO 0 0 2,224
Issuance of common stock in exchange for net assets in acquisition 0 453 0
Transactions related to acquisitions      
Assets acquired 293 4,668 0
Liabilities assumed $ 5,437 $ 4,807 $ 0