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, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:      
Net income $ 57,868 $ 54,660 $ 56,489
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,111 12,854 14,578
Share-based compensation expense 3,515 2,893 3,008
Loan and lease loss provision (income) 3,990 831 (4,339)
Loss (gain) on sales of securities 341 (1,748) (46)
Gain on sales of SBA loans (4,954) (8,734) (6,034)
Origination of SBA loans held for sale (79,146) (109,111) (91,367)
Proceeds from sales of SBA loans 82,133 117,780 92,215
Change in accrued interest receivable (561) (1,783) (1,486)
Change in bank-owned life insurance (1,107) (1,114) (1,100)
Change in prepaid expenses and other assets 965 1,881 (2,424)
Change in current tax assets (2,490) (4,109) 5,451
Change in deferred tax assets 6,698 13,501 3,364
Change in accrued interest payable 6,070 2,742 (610)
Change in accrued expenses and other liabilities (7,798) 1,113 (8,346)
Net cash provided by operating activities 76,635 81,656 59,353
Cash flows from investing activities:      
Proceeds from redemption of FRB stock 0 0 14,423
Proceeds from matured, called and repayment of securities 99,253 79,878 114,012
Proceeds from sales of securities 34,751 97,271 78,282
Proceeds from sales of other real estate owned (OREO) 2,173 5,711 5,474
Change in loans and leases receivable (235,731) (193,557) (276,703)
Purchases of securities available for sale (141,351) (242,369) (19,992)
Purchases of premises and equipment (3,696) (843) (730)
Purchases of loans and leases receivable (66,966) (266,275) (410,897)
Purchases of FRB stock 0 0 (325)
Net cash used in investing activities (311,567) (520,184) (496,456)
Cash flows from financing activities:      
Change in deposits 398,581 538,917 299,761
Change in borrowings (95,000) (165,000) 145,000
Issuance of subordinated debentures 0 (97,828) 0
Proceeds from exercise of stock options 570 288 1,453
Cash paid for repurchases of vested shares due to employee tax liability (680) (1,103) (579)
Repurchase of common stock (36,068) 0 0
Cash dividends paid (30,921) (25,811) (25,661)
Net cash provided by financing activities 236,482 445,119 419,974
Net increase (decrease) in cash and cash equivalents 1,550 6,591 (17,129)
Cash and cash equivalents at beginning of year 153,826 147,235 164,364
Cash and cash equivalents at end of period 155,376 153,826 147,235
Cash paid during the period for:      
Interest 47,314 32,519 18,884
Income taxes 20,792 28,135 23,327
Non-cash activities:      
Transfer of loans receivable to other real estate owned 938 143 4,763
Income tax benefit (expense) related to items of other comprehensive income 1,684 (376) (312)
Change in unrealized loss (gain) in accumulated other comprehensive income 5,790 (2,649) 1,712
Cash dividends declared $ (30,921) $ (25,811) $ (21,185)