Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 29,879 $ 76,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,525 1,606
Amortization of premiums and accretion of discounts on investment securities, net 1,961 2,743
Amortization of other intangible assets 123 157
Amortization of servicing assets 1,152 720
Share-based compensation expense 387 144
Provision for credit losses   6,000
Other-than-temporary loss on investment securities   292
Gain on sales of investment securities (923) (1,392)
Loss on investment in affordable housing partnership 552 660
Gain on sales of loans (5,507) (1,311)
(Gain) loss on sales of other real estate owned (71) 92
(Gain) loss on sale of premises and equipment (13) 5
Valuation adjustment on other real estate owned 7 301
Valuation adjustment for loans held for sale   2,300
Origination of loans held for sale (63,113) (86,311)
Proceeds from sales of SBA loans guaranteed portion 77,338 95,856
Change in restricted cash 5,350 (2,575)
Change in accrued interest receivable 624 362
Change in cash surrender value of bank-owned life insurance (693) (872)
Change in prepaid expenses 98 (641)
Change in other assets 717 (2,843)
Change in income tax assets 5,139 (52,714)
Change in accrued interest payable (9,070) (766)
Change in stock warrants payable 80 177
Change in other liabilities 2,435 1,923
Net cash provided by operating activities 47,977 40,308
Cash flows from investing activities:    
Proceeds from matured term federal funds   215,000
Proceeds from redemption of federal home loan bank and federal reserve bank stock 3,740 3,233
Proceeds from matured or called securities available-for-sale 62,104 108,701
Proceeds from sales of securities available-for-sale 41,560 96,538
Proceeds from matured or called securities held to maturity   6,704
Proceeds from sales of other real estate owned 1,645 1,850
Proceeds from sales of loans held for sale 5,380 87,979
Proceeds from insurance settlement on bank-owned life insurance 279 345
Change in loans receivable (131,169) (59,026)
Purchases of term federal fund   (155,000)
Purchases of securities available-for-sale (53,762) (179,080)
Purchases of premises and equipment (567) (420)
Purchases of loans receivable   (82,885)
Purchases of federal reserve bank stock (978) (1,703)
Net cash (used in) provided by investing activities (71,768) 42,236
Cash flows from financing activities:    
Change in deposits 33,744 18,475
Repayment of long-term federal home loan bank advances (290) (274)
Redemption of junior subordinated debentures (82,406)  
Proceeds from exercise of stock options 460  
Proceeds from exercise of stock warrants 305  
Cash dividend paid (2,215)  
Net cash (used in) provided by financing activities (50,402) 18,201
Net (decrease) increase in cash and cash equivalents (74,193) 100,745
Cash and cash equivalents at beginning of year 268,047 201,683
Cash and cash equivalents at end of period 193,854 302,428
Cash paid during the period for:    
Interest paid 19,239 15,803
Income taxes paid 11,910 4,912
Non-cash activities:    
Transfer of loans receivable to other real estate owned 1,090 2,558
Transfer of loans receivable to loans held for sale 8,010 89,792
Transfer of loans held for sale to loans receivable 2,534 1,779
Reclassification of held-to-maturity securities to available-for-sale securities   52,674
Conversion of stock warrants into common stock 981  
Income tax benefit related to items of other comprehensive loss 7,176 (1,281)
Change in unrealized loss in accumulated other comprehensive income $ 16,141 $ (2,248)