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 ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income [1] $ 63,966,000 $ 37,080,000
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment [1] 6,985,000 5,431,000
Writedown of OREO [1] 1,142,000 257,000
Amortization, net [1] 5,749,000 6,977,000
Amortization (accretion) related to acquisition, net [1] (5,273,000) 70,000
Provision for credit losses [1] 5,407,000 4,295,000
Gains on securities transactions, net [1] (125,000) (598,000)
BOLI income [1] (3,395,000) (3,460,000)
Decrease (increase) in loans held for sale, net [1] 472,000 (4,648,000)
Gains on sales of OREO, net [1] (38,000) (72,000)
Losses (gains) on sales of premises, net [1] (47,000) 27,000
Gain on sale of Shore Premier loans [1] (20,899,000) 0
Goodwill impairment losses [1] 864,000 0
Stock-based compensation expenses [1] 3,035,000 2,502,000
Issuance of common stock for services [1] 396,000 398,000
Net decrease (increase) in other assets [1] (21,878,000) 3,991,000
Net increase in other liabilities [1] 17,532,000 (4,392,000)
Net cash and cash equivalents provided by (used in) operating activities [1] 53,893,000 47,858,000
Investing activities:    
Purchases of AFS securities and restricted stock (502,675,000) (124,411,000)
Purchases of HTM securities (40,145,000) (7,836,000)
Proceeds from sales of AFS securities and restricted stock 309,516,000 52,626,000
Proceeds from maturities, calls and paydowns of AFS securities 70,653,000 59,342,000
Proceeds from maturities, calls and paydowns of HTM securities 0 909,000
Proceeds from sale of loans held for investment 581,324,000 0
Net increase in loans held for investment (272,919,000) (464,667,000)
Net increase in premises and equipment (2,653,000) (5,273,000)
Proceeds from sales of OREO 2,728,000 381,000
Cash paid in acquisition (10,928,000) 0
Cash acquired in acquisitions 174,227,000 0
Net cash and cash equivalents provided by (used in) investing activities 309,128,000 (488,929,000)
Financing activities:    
Net increase in noninterest-bearing deposits 179,348,000 107,945,000
Net increase in interest-bearing deposits 78,040,000 277,000,000
Net increase (decrease) in short-term borrowings (235,953,000) 59,762,000
Cash paid for contingent consideration (565,000) (3,003,000)
Proceeds from issuance of long-term debt 25,000,000 20,000,000
Cash dividends paid - common stock (27,649,000) (17,466,000)
Cancellation of warrants (1,530,000) 0
Issuance of common stock 1,366,000 572,000
Vesting of restricted stock, net of shares held for taxes (2,398,000) (1,066,000)
Net cash and cash equivalents provided by (used in) financing activities 15,659,000 443,744,000
Increase (decrease) in cash and cash equivalents 378,680,000 2,673,000
Cash and cash equivalents at beginning of the period 199,373,000 179,237,000
Cash and cash equivalents at end of the period 578,053,000 181,910,000
Cash payments for:    
Interest 44,137,000 22,424,000
Income taxes 6,250,000 16,400,000
Supplemental schedule of noncash investing and financing activities    
Transfers from loans (OREO) to OREO (loans) (59,000) (36,000)
Stock received as consideration for sale of loans held for investment 28,913,000 0
Securities transferred from HTM to AFS 187,425,000 0
Issuance of common stock in exchange for net assets in acquisition 794,809,000 [2] 0
Transactions related to acquisitions    
Assets acquired 3,251,191,000 0
Liabilities assumed [3] $ 2,872,984,000 $ 0
[1] Discontinued operations have an immaterial impact to the Consolidated Statement of Cash Flows. The change in loans held for sale and goodwill impairment losses included in the Operating Activities section above are fully attributable to discontinued operations
[2] Includes conversion of Xenith warrants to Union warrants.
[3] 2018 includes contingent consideration related to DHFB acquisition.