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 ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 25,038,000 $ 22,033,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,573,000 3,283,000
Share-based compensation expense 1,022,000 1,051,000
Negative provision for loan losses (4,480,000) (7,166,000)
Gain on sales of securities (4,096,000) (1,785,000)
Gain on sales of loans (3,257,000) (1,045,000)
Disposition gains on PCI loans (3,693,000) 0
Loss on sale of OREO 0 2,000
Loss on sales of subsidiaries 0 419,000
Valuation adjustment on OREO (228,000) 0
Origination of loans held for sale (37,942,000) (16,569,000)
Proceeds from sales of SBA loans 43,443,000 14,009,000
Change in accrued interest receivable 1,616,000 700,000
Change in FDIC loss sharing liability (1,958,000) 0
Change in bank-owned life insurance (498,000) (447,000)
Change in prepaid expenses and other assets 4,225,000 (4,777,000)
Change in income tax assets 1,606,000 5,202,000
Change in accrued interest payable (7,000) 57,000
Change in accrued expenses and other liabilities (14,405,000) 11,416,000
Net cash provided by operating activities 15,959,000 26,383,000
Cash flows from investing activities:    
Proceeds from redemption of FHLB stock 1,195,000 0
Proceeds from matured or called securities 62,863,000 36,553,000
Proceeds from sales of securities 307,442,000 126,056,000
Proceeds from sales of OREO 6,096,000 734,000
Proceeds from sales of loans held for sale 360,000 0
Proceeds from bank-owned life insurance 1,323,000 0
Net proceeds from sales of subsidiaries 0 398,000
Change in loans receivable, net of purchases (23,135,000) (118,166,000)
Purchases of securities (40,484,000) (124,442,000)
Purchases of premises and equipment (1,292,000) (611,000)
Purchases of loans receivable (64,553,000) 0
Purchases of FRB stock (1,244,000) (2,643,000)
Net cash provided by (used in) investing activities 248,571,000 (82,121,000)
Cash flows from financing activities:    
Change in deposits (116,965,000) 32,524,000
Change in FHLB advances (150,000,000) (30,546,000)
Redemption of rescinded stock obligation (783,000) 0
Proceeds from exercise of stock options 363,000 418,000
Cash dividends paid (2,234,000) (2,233,000)
Net cash (used in) provided by financing activities (269,619,000) 163,000
Net decrease in cash and cash equivalents (5,089,000) (55,575,000)
Cash and cash equivalents at beginning of year 158,320,000 179,357,000
Cash and cash equivalents at end of period 153,231,000 123,782,000
Cash paid during the period for:    
Interest 7,945,000 6,396,000
Income taxes 14,338,000 8,916,000
Non-cash activities:    
Transfer of loans receivable to OREO 2,711,000 1,714,000
Transfer of loans receivable to loans held for sale 360,000 0
Note receivable from sale of insurance subsidiaries 0 1,394,000
Conversion of stock warrants into common stock 0 2,000
Income tax benefit (expense) related to items of other comprehensive income 54,000 (5,424,000)
Change in unrealized gain in accumulated other comprehensive income (4,002,000) (14,438,000)
Cash dividends declared $ (7,030,000) $ (2,230,000)