Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 35,010 $ 32,603
Adjustments to reconcile net income to net cash provided by    
Deferred tax expense 1,068 1,554
Provision for loan losses 4,885 4,139
Depreciation 917 832
Accretion on acquired loans (91) (72)
Amortization of core deposit intangible 68 67
Net amortization of debt securities available for sale 626 623
(Increase) decrease in accrued interest and dividends receivable (2,928) 400
Stock-based compensation expense 282 238
Increase in accrued interest payable 1,095 2,852
Proceeds from sale of mortgage loans held for sale 15,581 24,720
Originations of mortgage loans held for sale (16,109) (24,265)
Net gain on sale of debt securities available for sale (4)
Gain on sale of mortgage loans held for sale (575) (518)
Net loss on sale of other real estate owned and repossessed assets 2
Write down of other real estate owned and repossessed assets 20 254
Operating losses of tax credit partnerships 35 29
Increase in cash surrender value of life insurance contracts (762) (777)
Net change in other assets, liabilities, and other operating activities 2,550 (3,790)
Net cash provided by operating activities 41,674 38,885
INVESTMENT ACTIVITIES    
Purchase of securities available for sale (65,507) (54,666)
Proceeds from maturities, calls and paydowns of securities available for sale 28,469 20,376
Proceeds from sale of debt securities available for sale 5,100
Purchase of debt securities held to maturity (250)
Increase in loans (129,977) (78,664)
Purchase of premises and equipment (759) (556)
Proceeds from sale of other real estate owned and repossessed assets 48 874
Net cash used in investing activities (167,976) (107,536)
FINANCING ACTIVITIES    
Net increase (decrease) in non-interest-bearing deposits 15,362 (32,734)
Net increase (decrease) in interest-bearing deposits 152,596 (81,553)
Net increase in federal funds purchased 84,653 24,602
Repayment of Federal Home Loan Bank advances (100)
Proceeds from exercise of stock options 797 852
Taxes paid in net settlement of tax obligation upon exercise of stock options (1,453) (1,247)
Dividends paid on common stock (8,019) (2,650)
Net cash provided by (used in) financing activities 243,936 (92,830)
Net increase (decrease) in cash and cash equivalents 117,634 (161,481)
Cash and cash equivalents at beginning of period 681,895 477,586
Cash and cash equivalents at end of period 799,529 316,105
Cash paid for:    
Interest 23,826 8,721
Income taxes 1,533 2,902
NONCASH TRANSACTIONS    
Other real estate acquired in settlement of loans 381 175
Dividends declared $ 8,025 $ 5,846