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, 2016
Sep. 30, 2015
Operating activities:    
Net income $ 56,699 $ 49,264
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation of premises and equipment 7,617 8,097
Writedown of OREO 879 1,773
Other-than-temporary impairment recognized in earnings 0 300
Amortization, net 8,837 10,080
Amortization (accretion) related to acquisition, net 1,400 1,175
Provision for credit losses 7,376 7,561
Losses (gains) on securities transactions, net (145) (672)
Bank owned life insurance income (4,122) (3,431)
Decrease (increase) in loans held for sale, net (10,784) 3,206
Losses (gains) on sales of other real estate owned, net (278) 80
Losses (gains) on sales of premises, net 97 98
Stock-based compensation expenses 2,284 957
Issuance of common stock for services 379 446
Net decrease (increase) in other assets (11,169) (461)
Net increase (decrease) in other liabilities 11,005 691
Net cash and cash equivalents provided by (used in) operating activities 70,075 79,164
Investing activities:    
Purchases of securities available for sale (159,863) (171,203)
Proceeds from sales of securities available for sale 18,272 63,928
Proceeds from maturities, calls and paydowns of securities available for sale 83,942 110,132
Proceeds from maturities, calls and paydowns of securities held to maturity 1,841 795
Net decrease (increase) in loans held for investment (479,346) (228,839)
Net decrease (increase) in premises and equipment (5,102) (2,541)
Proceeds from sales of other real estate owned 4,982 6,374
Improvements to other real estate owned 0 (308)
Cash paid for equity-method investments 0 (355)
Cash paid in acquisition (4,077) 0
Cash acquired in acquisitions 207 0
Net cash and cash equivalents provided by (used in) investing activities (539,144) (222,017)
Financing activities:    
Net increase (decrease) in noninterest-bearing deposits 69,331 138,667
Net increase (decrease) in interest-bearing deposits 225,239 43,259
Net increase (decrease) in short-term borrowings 276,748 44,024
Net increase (decrease) in long-term borrowings (30,909) (8,448)
Cash dividends paid - common stock (24,957) (21,000)
Repurchase of common stock (33,176) (7,995)
Issuance of common stock 753 566
Vesting of restricted stock, including tax effects (445) (286)
Net cash and cash equivalents provided by (used in) financing activities 482,584 188,787
Increase (decrease) in cash and cash equivalents 13,515 45,934
Cash and cash equivalents at beginning of the period 142,660 133,260
Cash and cash equivalents at end of the period 156,175 179,194
Cash payments for:    
Interest 21,812 20,720
Income taxes 19,800 13,800
Supplemental schedule of noncash investing and financing activities    
Unrealized (losses) gains on securities available for sale 11,932 (3,160)
Transfer from securities available for sale to securities held to maturity 0 201,822
Transfer from loans held for investment to loans held for sale 0 26,400
Changes in fair value of interest rate swap loss (3,333) (1,539)
Transfers between loans and other real estate owned 865 1,493
Transfers from bank premises to other real estate owned 0 402
Issuance of common stock in exchange for net assets in acquisition $ 453 $ 0