Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities:    
Net income $ 22,595,000 $ 18,446,000
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of bank premises and equipment 5,470,000 3,046,000
Writedown of OREO 1,073,000 0
Amortization, net 12,201,000 2,598,000
Accretion and amortization related to acquisition, net (4,766,000)  
Provision for loan losses 1,500,000 3,050,000
Gains on securities transactions, net (455,000) (42,000)
Decrease in loans held for sale, net 940,000 58,303,000
Gains on sales of other real estate owned, net (30,000) (142,000)
Losses on bank premises, net 304,000 330,000
Stock-based compensation expenses 554,000 325,000
Net decrease in other assets 12,907,000 2,151,000
Net (decrease) increase in other liabilities (3,399,000) 2,813,000
Net cash and cash equivalents provided by operating activities 48,894,000 90,878,000
Investing activities:    
Purchases of securities available for sale (291,070,000) (106,188,000)
Proceeds from sales of securities available for sale 259,077,000 15,585,000
Proceeds from maturities, calls and paydowns of securities available for sale 68,448,000 78,050,000
Net decrease (increase) in loans 41,555,000 (42,027,000)
Net increase in bank premises and equipment (4,879,000) (1,812,000)
Proceeds from sales of other real estate owned 7,713,000 3,391,000
Improvements to other real estate owned (59,000) (194,000)
Cash acquired in bank acquisitions 49,989,000  
Net cash and cash equivalents provided by (used in) investing activities 130,774,000 (53,195,000)
Financing activities:    
Net increase in noninterest-bearing deposits 95,205,000 22,402,000
Net (decrease) increase in interest-bearing deposits (71,978,000) (54,206,000)
Net decrease in short-term borrowings (70,906,000) (2,852,000)
Net increase in long-term borrowings 881,000 [1] 1,104,000 [1]
Cash dividends paid - common stock (12,503,000) (6,063,000)
Repurchase of common stock (33,906,000) (9,499,000)
Issuance of common stock 943,000 96,000
Taxes paid related to net share settlement of equity awards (1,547,000) (20,000)
Net cash and cash equivalents (used in) provided by financing activities (93,811,000) (49,038,000)
Increase in cash and cash equivalents 85,857,000 (11,355,000)
Cash and cash equivalents at beginning of the period 73,023,000 82,902,000
Cash and cash equivalents at end of the period 158,880,000 71,547,000
Cash payments for:    
Interest 13,788,000 11,166,000
Income taxes 5,800,000 4,600,000
Supplemental schedule of noncash investing and financing activities    
Unrealized gain (loss) on securities available for sale 20,015,000 (18,237,000)
Changes in fair value of interest rate swap loss 61,000 1,135,000
Transfers from loans to other real estate owned 2,704,000 4,386,000
Transfers from bank premises to other real estate owned 6,052,000 988,000
Transactions related to bank and branch acquisitions    
Assets acquired 2,959,212,000  
Liabilities assumed $ 2,647,165,000  
[1] See Note 6 "Borrowings" related to 2014 activity.