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 $ 59,741 $ 43,790
Adjustments to reconcile net income to net cash provided by:    
Deferred tax expense (benefit) 350 (3,370)
Provision for loan losses 9,323 9,539
Depreciation 2,211 1,632
Accretion on acquired loans (819) (1,696)
Amortization of core deposit intangible 257 281
Net amortization of debt securities available for sale 2,034 1,791
Increase in accrued interest and dividends receivable (950) (868)
Stock-based compensation expense 931 857
Increase in accrued interest and dividends payable 1,257 918
Proceeds from sale of mortgage loans held for sale 97,868 112,158
Originations of mortgage loans held for sale (92,964) (109,499)
Loss (gain) on sale of debt securities available for sale 3 (29)
Gain on sale of mortgage loans held for sale (2,681) (2,062)
Net loss on sale of other real estate owned 27 70
Write down of other real estate owned 557 407
Operating losses on tax credit and other partnerships 178 114
Increase in cash surrender value of life insurance contracts (2,049) (1,991)
Net change in other assets, liabilities, and other operating activities (4,633) (431)
Net cash provided by operating activities 70,641 51,611
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (84,106) (27,704)
Proceeds from sale of debt securities available for sale 6,085 16,738
Proceeds from maturities, calls and paydowns of debt securities available for sale 71,425 30,831
Purchase of debt securities held to maturity (627) (202)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 2,200 1,588
Purchase of equity securities (708) (534)
Increase in loans (443,771) (538,137)
Purchase of premises and equipment (7,809) (4,355)
Purchase of bank-owned life insurance contracts (20,000) 0
Expenditures to complete construction of other real estate owned (3) (118)
Proceeds from sale of other real estate owned and repossessed assets 1,648 4,611
Investment in tax credit partnerships (2,491) (3,942)
Net cash paid in acquisition of Metro Bancshares, Inc. 0 (12,383)
Net cash used in investing activities (478,157) (533,607)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 216,259 171,616
Net increase in interest-bearing deposits 640,981 299,104
Net decrease in federal funds purchased (7,970) (38,075)
Repayment of Federal Home Loan Bank advances (300) (200)
Proceeds from sale of preferred stock, net 0 125
Redemption of Series A Senior Non-Cumulative preferred stock 0 (40,000)
Proceeds from issuance of 5% subordinated notes due July 15, 2025 0 34,750
Costs to issue shelf registration 0 (73)
Proceeds from exercise of stock options 2,785 3,322
Dividends paid on common stock (4,194) (3,089)
Dividends paid on preferred stock (23) (256)
Net cash provided by financing activities 847,538 427,224
Net increase (decrease) in cash and cash equivalents 440,022 (54,772)
Cash and cash equivalents at beginning of year 352,235 297,464
Cash and cash equivalents at end of year 792,257 242,692
Cash paid for:    
Interest 17,457 11,407
Income taxes 22,604 20,015
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 2,033 1,850
Internally financed sales of other real estate owned 2,161 0
Dividends declared 2,106 1,554
Fair value of assets and liabilities from acquisition:    
Fair value of tangible assets acquired 0 201,927
Other intangible assets acquired 0 18,037
Fair value of liabilities assumed 0 (179,682)
Total merger consideration $ 0 $ 40,282