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, 2017
Mar. 31, 2016
Operating activities:    
Net income $ 19,124 $ 16,961
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment 2,645 2,511
Writedown of OREO 238 126
Amortization, net 3,396 3,421
Amortization related to acquisition, net 144 734
Provision for credit losses 2,122 2,604
Gains on securities transactions, net (481) (143)
Bank owned life insurance income (2,125) (1,372)
Decrease (increase) in loans held for sale, net 16,511 10,921
Gains on sales of other real estate owned, net (36) (7)
Losses on sales of premises, net 26 45
Stock-based compensation expenses 1,148 641
Issuance of common stock for services 176 100
Net decrease (increase) in other assets 2,241 (14,594)
Net increase in other liabilities 5,347 994
Net cash and cash equivalents provided by (used in) operating activities 50,476 22,942
Investing activities:    
Purchases of securities available for sale and restricted stock (53,782) (83,735)
Purchases of securities held to maturity (4,878) 0
Proceeds from sales of securities available for sale and restricted stock 21,306 14,532
Proceeds from maturities, calls and paydowns of securities available for sale 26,167 29,151
Proceeds from maturities, calls and paydowns of securities held to maturity 1,001 0
Net increase in loans held for investment (246,258) (110,513)
Net increase in premises and equipment (3,156) (1,885)
Proceeds from sales of other real estate owned 206 1,339
Net cash and cash equivalents provided by (used in) investing activities (259,394) (151,111)
Financing activities:    
Net increase (decrease) in noninterest-bearing deposits 97,174 (9,694)
Net increase (decrease) in interest-bearing deposits 137,532 (8,260)
Net increase (decrease) in short-term borrowings (9,694) 169,000
Cash paid for contingent consideration (2,265) 0
Cash dividends paid - common stock (8,727) (8,410)
Repurchase of common stock 0 (23,728)
Issuance of common stock 528 317
Vesting of restricted stock, net of shares held for taxes (1,048) (377)
Net cash and cash equivalents provided by (used in) financing activities 213,500 118,848
Increase (decrease) in cash and cash equivalents 4,582 (9,321)
Cash and cash equivalents at beginning of the period 179,237 142,660
Cash and cash equivalents at end of the period 183,819 133,339
Cash payments for:    
Interest 8,141 6,998
Income taxes 0 10,500
Supplemental schedule of noncash investing and financing activities    
Transfers between loans and other real estate owned $ (71) $ 405