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, 2019
Sep. 30, 2018
Operating activities:    
Net income [1] $ 137,692 $ 102,163
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment [1] 11,138 10,411
Write-down of foreclosed properties and former bank premises [1] 1,162 1,184
Amortization, net [1] 19,033 9,333
Amortization (accretion) related to acquisitions, net [1] (5,200) (6,014)
Provision for credit losses [1] 18,192 8,830
Gains on securities transactions, net [1] (7,306) (222)
BOLI income [1] (6,191) (5,126)
Decrease (increase) in loans held for sale, net [1] (50,981) 40,302
Losses (gains) on sales of foreclosed properties and former bank premises, net [1] 144 (413)
Loss on debt extinguishment 16,397  
Gain on sale of Shore Premier loans [1] 0 (19,966)
Goodwill impairment losses [1] 0 864
Stock-based compensation expenses [1] 6,363 4,582
Issuance of common stock for services [1] 698 697
Net decrease (increase) in other assets [1] (76,118) (16,270)
Net increase in other liabilities [1] 44,312 16,283
Net cash and cash equivalents provided by (used in) operating activities [1] 109,335 146,638
Investing activities:    
Purchases of AFS securities and restricted stock (312,120) (926,764)
Purchases of HTM securities (47,217) (228,104)
Proceeds from sales of AFS securities and restricted stock 486,925 337,109
Proceeds from maturities, calls and paydowns of AFS securities 176,824 117,813
Proceeds from maturities, calls and paydowns of HTM securities 2,523 0
Proceeds from sale of loans held for investment 0 581,324
Net increase in loans held for investment (371,260) (397,725)
Net increase in premises and equipment (11,547) (4,334)
Proceeds from sales of foreclosed properties and former bank premises 5,329 3,617
Cash paid in acquisitions (12) (14,284)
Cash acquired in acquisitions 46,164 174,515
Net cash and cash equivalents provided by (used in) investing activities (24,391) (356,833)
Financing activities:    
Net increase in noninterest-bearing deposits 376,160 176,308
Net increase in interest-bearing deposits 471,204 119,095
Net increase (decrease) in short-term borrowings (896,622) 27,722
Cash paid for contingent considerations (565) (565)
Proceeds from issuance of long-term debt 550,000 25,000
Repayments of long-term debt (160,614) (10,000)
Cash dividends paid - common stock (58,239) (42,825)
Cancellation of warrants 0 (1,530)
Repurchase of common stock (35,284)  
Issuance of common stock 1,818 2,330
Vesting of restricted stock, net of shares held for taxes (2,081) (2,501)
Net cash and cash equivalents provided by (used in) financing activities 245,777 293,034
Increase (decrease) in cash and cash equivalents 330,721 82,839
Cash and cash equivalents at beginning of the period 261,199 199,373
Cash and cash equivalents at end of the period 591,920 282,212
Cash payments for:    
Interest 118,067 67,214
Income taxes 20,416 10,830
Supplemental schedule of noncash investing and financing activities    
Transfers from loans (foreclosed properties) to foreclosed properties (loans) 1,816 106
Stock received as consideration for sale of loans held for investment 0 28,193
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 2,855,993 3,252,377
Liabilities assumed [2] $ 2,558,638 $ 2,873,318
[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 nine months ended September 30, 2018 are fully attributable to discontinued operations.
[2] 2018 includes contingent consideration related to DHFB and OAL acquisitions.