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
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 11,035 $ 10,110
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 394 504
Amortization of premiums and accretion of discounts on investment securities, net 647 769
Amortization of other intangible assets 41 41
Amortization of servicing assets 474 329
Share-based compensation expense 605 97
Negative provision for credit losses (3,300)  
Gain on sales of investment securities (1,421) (9)
Loss on investment in affordable housing partnership 162  
Gain on sales of loans (547) (2,595)
Loss (gain) on sales of other real estate owned 2 (5)
Valuation adjustment on other real estate owned   7
Origination of loans held for sale (6,354) (23,144)
Proceeds from sales of SBA loans guaranteed portion 6,626 30,745
Change in restricted cash   5,350
Change in accrued interest receivable (52) 55
Change in cash surrender value of bank-owned life insurance (223) (230)
Change in prepaid expenses (847) (592)
Change in other assets 7,386 (87)
Change in income tax assets 7,502 2,876
Change in accrued interest payable (47) (8,583)
Change in stock warrants payable   91
Change in other liabilities 1,182 2,582
Net cash provided by operating activities 23,265 18,311
Cash flows from investing activities:    
Proceeds from redemption of federal home loan bank and federal reserve bank stock   1,786
Proceeds from matured or called securities available for sale 13,049 20,820
Proceeds from sales of securities available for sale 85,234 9,000
Proceeds from sales of other real estate owned 734 281
Proceeds from sales of loans held for sale   1,454
Change in loans receivable (40,728) (80,606)
Purchases of securities available for sale (55,751)  
Purchases of premises and equipment (120) (146)
Net cash used in investing activities 2,418 (47,411)
Cash flows from financing activities:    
Change in deposits (5,745) (62,951)
Change in federal home loan bank advances 4,899 (95)
Redemption of junior subordinated debentures   (30,928)
Proceeds from exercise of stock options 190 21
Proceeds from exercise of stock warrants   305
Net cash used in financing activities (656) (93,648)
Net increase (decrease) in cash and cash equivalents 25,027 (122,748)
Cash and cash equivalents at beginning of year 179,357 268,047
Cash and cash equivalents at end of period 204,384 145,299
Cash paid during the period for:    
Interest paid 3,316 12,374
Income taxes paid 16 1,800
Non-cash activities:    
Transfer of loans receivable to other real estate owned   513
Transfer of loans receivable to loans held for sale    3,373
Conversion of stock warrants into common stock 2 850
Income tax (expense) benefit related to items of other comprehensive income (2,807) 251
Change in unrealized (gain) loss in accumulated other comprehensive income (8,098) 568
Cash dividend declared $ (2,225)