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, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES    
Net income $ 37,345 $ 29,749
Adjustments to reconcile net income to net cash provided by:    
Deferred tax benefit (5,032) (270)
Provision for loan losses 7,500 10,652
Depreciation and amortization 1,497 1,356
Net amortization of investments 2,673 712
Increase in accrued interest and dividends receivable (620) (446)
Stock-based compensation expense 3,403 889
Increase in accrued interest payable 1,435 73
Proceeds from sale of mortgage loans held for sale 73,979 151,767
Originations of mortgage loans held for sale (73,342) (136,024)
Gain on sale of debt securities available for sale (3) (131)
Gain on sale of mortgage loans held for sale (1,540) (2,199)
Net loss on sale of other real estate owned 362 135
Write down of other real estate owned 423 402
Decrease in special prepaid FDIC insurance assessments 0 2,498
Increase in cash surrender value of life insurance contracts (1,631) (1,446)
Excess tax benefits from exercise of stock options and warrants (881) (248)
Net change in other assets, liabilities, and other operating activities (3,466) (3,186)
Net cash provided by operating activities 42,102 54,283
INVESTMENT ACTIVITIES    
Purchase of debt securities available for sale (59,305) (66,120)
Proceeds from sale of debt securities available for sale 173 0
Proceeds from maturities, calls and paydowns of debt securities available for sale 23,736 38,734
Purchase of debt securities held to maturity 0 (10,668)
Proceeds from maturities, calls and paydowns of debt securities held to maturity 2,226 3,505
Increase in loans (305,015) (386,247)
Purchase of premises and equipment (1,104) (1,027)
Purchase of bank-owned life insurance contracts (15,000) (10,000)
Proceeds from sale of restricted equity securities 320 203
Proceeds from sale of other real estate owned and repossessed assets 5,526 5,258
Investment in tax credit partnerships (1,531) (7,907)
Net cash used in investing activities (349,974) (434,269)
FINANCING ACTIVITIES    
Net increase in noninterest-bearing deposits 144,097 89,979
Net increase in interest-bearing deposits 189,027 317,666
Net increase in federal funds purchased 3,850 53,025
Proceeds from sale of common stock, net 52,098 1,416
Proceeds from sale of preferred stock, net 250  
Proceeds from exercise of stock options and warrants 5,972 2,632
Excess tax benefits from exercise of stock options and warrants 881 248
Dividends paid on common stock (2,369) (12)
Dividends paid on preferred stock (316) (300)
Net cash provided by financing activities 393,490 464,654
Net increase in cash and cash equivalents 85,618 84,668
Cash and cash equivalents at beginning of year 258,415 180,745
Cash and cash equivalents at end of year 344,033 265,413
Cash paid for:    
Interest 8,981 9,936
Income taxes 21,543 15,488
NONCASH TRANSACTIONS    
Conversion of mandatorily convertible subordinated debentures 0 15,000
Transfers of loans from held for sale to held for investment 0 690
Other real estate acquired in settlement of loans 1,065 10,163
Internally financed sales of other real estate owned 675 0
Dividends declared $ 1,240 $ 3,538