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, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 14,855 $ 13,783
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,757 3,885
Share-based compensation expense 884 692
Loan and lease loss provision (income) 649 (80)
Gain (loss) on sales of securities 428 (269)
Gain on sales of SBA loans (1,448) (1,464)
Disposition gains on PCI loans (133) (183)
Origination of SBA loans held for sale (18,805) (19,192)
Proceeds from sales of SBA loans 20,981 21,414
Change in accrued interest receivable 19 213
Change in bank-owned life insurance (277) (282)
Change in prepaid expenses and other assets 5,192 5,117
Change in accrued interest payable 622 52
Change in accrued expenses and other liabilities (6,357) (3,569)
Net cash provided by operating activities 18,367 20,117
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 22,495 17,404
Proceeds from sales of securities available for sale 21,958 12,573
Proceeds from sales of other real estate owned (OREO) 0 3,349
Change in loans and leases receivable, excluding purchases (70,838) (66,556)
Purchases of securities (46,641) (60,960)
Purchases of premises and equipment (481) (411)
Purchases of loans receivable (38,905) (33,573)
Net cash used in investing activities (112,412) (128,174)
Cash flows from financing activities:    
Change in deposits 29,447 273,428
Change in overnight FHLB borrowings 70,000 (265,000)
Issuance of subordinated debentures 0 97,735
Proceeds from exercise of stock options 570 13
Cash paid for treasury shares acquired in respect of share-based compensation (431) (648)
Cash dividends paid (7,756) (6,114)
Net cash provided by financing activities 91,830 99,414
Net decrease in cash and cash equivalents (2,215) (8,643)
Cash and cash equivalents at beginning of year 153,826 147,235
Cash and cash equivalents at end of period 151,611 138,592
Cash paid (received) during the period for:    
Interest 9,536 5,943
Income taxes 39 (101)
Non-cash activities:    
Income tax benefit (expense) related to items in other comprehensive income 2,543 (560)
Change in unrealized loss (gain) in accumulated other comprehensive income 8,864 (1,620)
Cash dividends declared $ (7,756) $ (6,114)