Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:      
Net income $ 54,660 $ 56,489 $ 53,823
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,854 14,578 17,846
Share-based compensation expense 2,893 3,008 2,241
Loan and lease loss provision (income) 831 (4,339) (11,614)
Gain on sales of securities (1,748) (46) (6,611)
Gain on sales of premises and equipment (1) (1,053) (137)
Gain on sales of SBA loans (8,734) (6,034) (8,749)
Disposition gains on PCI loans (1,792) (4,970) (10,167)
Loss on sales of other real estate owned (482) 0 0
Valuation adjustment on other real estate owned 784 63 (27)
Origination of SBA loans held for sale (109,111) (91,367) (86,657)
Proceeds from sales of SBA loans 117,780 92,215 98,083
Change in accrued interest receivable (1,783) (1,486) 248
Change in bank-owned life insurance (1,114) (1,100) (797)
Change in prepaid expenses and other assets 1,580 (1,434) 3,720
Change in current tax assets (4,109) 5,451 18,055
Change in deferred tax assets 13,501 3,364 9,142
Change in accrued interest payable 2,742 (610) (273)
Change in other liabilities 1,113 (8,346) (11,596)
Net cash provided by operating activities 79,864 54,383 66,530
Cash flows from investing activities:      
Proceeds from redemption of FHLB stock 0 0 1,195
Proceeds from redemption of FRB stock 0 14,423 0
Proceeds from matured, called and repayment of securities 79,878 114,012 135,413
Proceeds from sales of securities 97,271 78,282 454,201
Proceeds from sales of other real estate owned 5,711 5,474 7,532
Proceeds from sales of loans held for sale 0 0 360
Proceeds from insurance settlement on bank-owned life insurance 0 0 1,323
Change in loans and leases receivable (191,765) (271,733) (169,816)
Purchases of securities available for sale (242,369) (19,992) (232,035)
Purchases of premises and equipment (843) (730) (1,146)
Purchases of loans and leases receivable (266,275) (410,897) (215,469)
Purchases of FRB stock 0 (325) (1,825)
Net cash used in investing activities (518,392) (491,486) (20,267)
Cash flows from financing activities:      
Change in deposits 538,917 299,761 (46,770)
Change in borrowings (165,000) 145,000 20,000
Redemption of subordinated debentures 97,828 0 0
Redemption of rescinded stock obligation 0 0 (933)
Proceeds from exercise of stock options 288 1,453 616
Cash paid for repurchases of vested shares due to employee tax liability (1,103) (579) (349)
Cash dividends paid (25,811) (25,661) (12,783)
Net cash provided by (used in) financing activities 445,119 419,974 (40,219)
Net increase (decrease) in cash and cash equivalents 6,591 (17,129) 6,044
Cash and cash equivalents at beginning of year 147,235 164,364 158,320
Cash and cash equivalents at end of period 153,826 147,235 164,364
Cash paid during the period for:      
Interest 32,519 18,884 16,382
Income taxes 28,135 23,327 7,928
Non-cash activities:      
Transfer of loans receivable to other real estate owned 143 4,763 318
Transfer of loans receivable to loans held for sale 0 0 360
Income tax (expense) benefit related to items of other comprehensive income (376) (312) 575
Change in unrealized (gain) loss in accumulated other comprehensive income (2,649) 1,712 (5,258)
Cash dividend declared $ (25,811) $ (21,185) $ (15,022)