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
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net income [1] $ 102,163 $ 57,737
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment [1] 10,411 8,307
Writedown of foreclosed properties and former bank premises [1] 1,184 845
Amortization, net [1] 9,333 10,500
Amortization (accretion) related to acquisitions, net [1] (6,014) (158)
Provision for credit losses [1] 8,830 7,345
Gains on securities transactions, net [1] (222) (782)
BOLI income [1] (5,126) (3,999)
Decrease (increase) in loans held for sale, net [1] 40,302 5,591
Losses (gains) on sales of foreclosed properties and former bank premises, net [1] (413) 83
Gain on Shore Premier sale [1] (19,966) 0
Goodwill impairment losses [1] 864 0
Stock-based compensation expenses [1] 4,582 3,472
Issuance of common stock for services [1] 697 561
Net decrease (increase) in other assets [1] (16,270) 4,952
Net increase in other liabilities [1] 16,283 909
Net cash and cash equivalents provided by (used in) operating activities [1] 146,638 95,363
Investing activities:    
Purchases of AFS securities and restricted stock (926,764) (205,965)
Purchases of HTM securities (228,104) (7,836)
Proceeds from sales of AFS securities and restricted stock 337,109 91,911
Proceeds from maturities, calls and paydowns of AFS securities 117,813 88,675
Proceeds from maturities, calls and paydowns of HTM securities 0 818
Proceeds from sale of loans held for investment 581,324 0
Net increase in loans held for investment (397,725) (594,967)
Net increase in premises and equipment (4,334) (7,139)
Proceeds from BOLI settlements 0 2,497
Proceeds from sales of foreclosed properties and former bank premises 3,617 1,028
Cash paid in acquisitions (14,284) 0
Cash acquired in acquisitions 174,515 0
Net cash and cash equivalents provided by (used in) investing activities (356,833) (630,978)
Financing activities:    
Net increase in noninterest-bearing deposits 176,308 141,524
Net increase in interest-bearing deposits 119,095 360,813
Net increase (decrease) in short-term borrowings 27,722 40,556
Cash paid for contingent consideration (565) (3,003)
Proceeds from issuance of long-term debt 25,000 20,000
Repayments of long-term debt (10,000) 0
Cash dividends paid - common stock (42,825) (26,207)
Cancellation of warrants (1,530) 0
Issuance of common stock 2,330 969
Vesting of restricted stock, net of shares held for taxes (2,501) (1,313)
Net cash and cash equivalents provided by (used in) financing activities 293,034 533,339
Increase (decrease) in cash and cash equivalents 82,839 (2,276)
Cash and cash equivalents at beginning of the period 199,373 179,237
Cash and cash equivalents at end of the period 282,212 176,961
Cash payments for:    
Interest 67,214 33,947
Income taxes 10,830 19,600
Supplemental schedule of noncash investing and financing activities    
Transfers from loans (foreclosed properties) to foreclosed properties (loans) (106) (585)
Stock received as consideration for sale of loans held for investment 28,913 0
Securities transferred from HTM to AFS 187,425 0
Issuance of common stock in exchange for net assets in acquisitions 794,809 [2] 0
Transactions related to acquisitions    
Assets acquired 3,252,377 0
Liabilities assumed [3] $ 2,873,318 $ 0
[1] Discontinued operations have an immaterial impact to the Company's 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 the Company's warrants.
[3] 2018 includes contingent consideration related to DHFB and OAL acquisitions.