Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 14,804 $ 11,054
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,982 5,441
Share-based compensation expense 619 528
Negative provision for loan losses (1,525) (1,673)
Gain on sales of securities 0 (2,184)
Gain on sales of SBA loans (858) (1,684)
Gain on sale of premises and equipment (35) 0
Disposition gains on PCI loans (659) (1,222)
Valuation adjustment on OREO 465 (215)
Origination of SBA loans held for sale (12,152) (23,108)
Proceeds from sales of SBA loans 13,662 21,996
Change in accrued interest receivable (1,125) 511
Change in bank-owned life insurance (272) (253)
Change in prepaid expenses and other assets (441) (257)
Change in income tax asset (3,326) (6,230)
Change in accrued interest payable 72 47
Change in FDIC loss sharing liability (23) (1,531)
Change in accrued expenses and other liabilities (7,354) (6,568)
Net cash provided by (used in) operating activities 5,834 (5,348)
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 30,884 34,613
Proceeds from sales of securities available for sale 0 176,848
Proceeds from sales of OREO 117 4,038
Proceeds from bank-owned life insurance 0 1,323
Change in loans receivable, excluding purchases (93,113) 13,952
Purchases of premises and equipment (990) (903)
Purchases of loans receivable (30,687) (43,979)
Purchases of FRB stock (325) (1)
Net cash (used in) provided by provided by investing activities (94,114) 185,891
Cash flows from financing activities:    
Change in deposits (9,984) (4,070)
Change in overnight FHLB borrowings 80,000 (150,000)
Redemption of rescinded stock obligation 0 (783)
Proceeds from exercise of stock options 341 278
Cash paid for treasury shares acquired in respect of share-based compensation (17) 0
Cash dividends paid (8,960) (2,234)
Net cash provided by (used in) financing activities 61,380 (156,809)
Net (decrease) increase in cash and cash equivalents (26,900) 23,734
Cash and cash equivalents at beginning of year 164,364 158,320
Cash and cash equivalents at end of period 137,464 182,054
Cash paid during the period for:    
Interest 4,034 3,934
Income taxes 9,887 13,172
Non-cash activities:    
Transfer of loans receivable to OREO 676 627
Income tax expense related to items in other comprehensive income (4,044) (4,123)
Change in unrealized gain in accumulated other comprehensive income (9,723) (12,043)
Cash dividends declared $ (4,482) $ (3,513)