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
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income [1] $ 84,453 $ 63,966
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment [1] 7,368 6,985
Write-down of foreclosed properties and former bank premises [1] 852 1,142
Amortization, net [1] 12,917 5,749
Amortization (accretion) related to acquisitions, net [1] (4,704) (5,273)
Provision for credit losses [1] 9,092 5,407
Gains on securities transactions, net [1] (202) (125)
BOLI income [1] (4,129) (3,395)
Decrease (increase) in loans held for sale, net [1] (41,681) 472
Losses (gains) on sales of foreclosed properties and former bank premises, net [1] 147 (85)
Gain on sale of Shore Premier loans [1] 0 (20,899)
Goodwill impairment losses [1] 0 864
Stock-based compensation expenses [1] 4,204 3,035
Issuance of common stock for services [1] 419 396
Net decrease (increase) in other assets [1] (54,426) (21,878)
Net increase in other liabilities [1] 15,710 17,532
Net cash and cash equivalents provided by (used in) operating activities [1] 30,020 53,893
Investing activities:    
Purchases of AFS securities and restricted stock (253,324) (502,675)
Purchases of HTM securities (47,217) (40,145)
Proceeds from sales of AFS securities and restricted stock 387,949 309,516
Proceeds from maturities, calls and paydowns of AFS securities 108,115 70,653
Proceeds from maturities, calls and paydowns of HTM securities 1,410 0
Proceeds from sale of loans held for investment 0 581,324
Net increase in loans held for investment (348,515) (272,919)
Net increase in premises and equipment (5,691) (2,653)
Proceeds from sales of foreclosed properties and former bank premises 1,035 2,728
Cash paid in acquisitions (12) (10,928)
Cash acquired in acquisitions 46,164 174,227
Net cash and cash equivalents provided by (used in) investing activities (110,086) 309,128
Financing activities:    
Net increase in noninterest-bearing deposits 235,882 179,348
Net increase in interest-bearing deposits 82,134 78,040
Net increase (decrease) in short-term borrowings (619,562) (235,953)
Cash paid for contingent considerations (565) (565)
Proceeds from issuance of long-term debt 500,000 25,000
Repayments of long-term debt (20,000) 0
Cash dividends paid - common stock (37,714) (27,649)
Cancellation of warrants 0 (1,530)
Issuance of common stock 1,124 1,366
Vesting of restricted stock, net of shares held for taxes (1,954) (2,398)
Net cash and cash equivalents provided by (used in) financing activities 139,345 15,659
Increase (decrease) in cash and cash equivalents 59,279 378,680
Cash and cash equivalents at beginning of the period 261,199 199,373
Cash and cash equivalents at end of the period 320,478 578,053
Cash payments for:    
Interest 77,838 44,137
Income taxes 7,426 6,250
Supplemental schedule of noncash investing and financing activities    
Transfers from loans (foreclosed properties) to foreclosed properties (loans) 1,171  
Transfers from loans (foreclosed properties) to foreclosed properties (loans)   (59)
Stock received as consideration for sale of loans held for investment 0 28,913
Securities transferred from HTM to AFS 0 187,425
Issuance of common stock in exchange for net assets in acquisitions 499,974 794,809
Transactions related to acquisitions    
Assets acquired 2,855,359 3,251,191
Liabilities assumed [2] $ 2,558,638 $ 2,872,984
[1] Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the six months ended June 30, 2018 are fully attributable to discontinued operations.
[2] 2018 includes contingent consideration related to DHFB acquisition.