Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities:    
Net income $ 49,264 $ 37,199
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of bank premises and equipment 8,097 8,160
Writedown of OREO 1,773 7,265
Other-than-temporary impairment recognized in earnings 300  
Amortization, net 10,080 10,891
Amortization related to acquisition, net 1,175 (410)
Provision for loan losses 7,561 3,300
(Gains) on securities transactions, net (672) (1,449)
Decrease in loans held for sale, net 3,206 33,093
Gains (losses) on sales of other real estate owned, net 80 (128)
Losses on sales of bank premises, net 98 384
Stock-based compensation expenses 957 862
Issuance of common stock for services 446 362
Net (increase) decrease in other assets (3,892) 12,347
Net increase (decrease) in other liabilities 691 (3,703)
Net cash and cash equivalents provided by operating activities 79,164 108,173
Investing activities:    
Purchases of securities (171,203) (351,153)
Proceeds from sales of securities 63,928 273,447
Proceeds from maturities, calls and paydowns of securities available for sale 110,132 111,390
Proceeds from maturities, calls and paydowns of securities held of maturity 795  
Net (increase) decrease in loans (228,839) 100,844
Net (increase) in bank premises and equipment (2,541) (5,262)
Proceeds from sales of other real estate owned 6,374 9,929
Improvements to other real estate owned (308) (262)
Cash paid for equity-method investments (355)  
Cash acquired in bank acquisitions   49,989
Net cash and cash equivalents (used in) provided by investing activities (222,017) 188,922
Financing activities:    
Net increase in noninterest-bearing deposits 138,667 100,629
Net increase (decrease) in interest-bearing deposits 43,259 (175,918)
Net increase (decrease) in short-term borrowings 44,024 (84,665)
Net (decrease) increase in long-term borrowings (8,448) 1,518
Cash dividends paid - common stock (21,000) (19,020)
Repurchase of common stock (7,995) (43,477)
Issuance of common stock 566 1,072
Taxes paid related to net share settlement of equity awards (286) (1,565)
Net cash and cash equivalents provided by (used in) financing activities 188,787 (221,426)
Increase in cash and cash equivalents 45,934 75,669
Cash and cash equivalents at beginning of the period 133,260 73,023
Cash and cash equivalents at end of the period 179,194 148,692
Cash payments for:    
Interest 20,720 21,210
Income taxes 13,800 12,400
Supplemental schedule of noncash investing and financing activities    
Unrealized (losses) gain on securities available for sale (3,160) 21,786
Transfer from securities available for sale to securities held to maturity 201,822  
Transfer from loans held for investment to loans held for sale 26,400  
Changes in fair value of interest rate swap loss (1,539) (3)
Transfers between loans and other real estate owned 1,493 5,257
Transfers from bank premises to other real estate owned $ 402 10,866
Issuance of common stock in exchange for net assets in acquisition   549,523
Transactions related to bank and branch acquisitions    
Assets acquired   2,957,521
Liabilities assumed   $ 2,642,120