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
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 29,704 $ 46,484
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,848 8,510
Share-based compensation expense 2,266 2,664
Loan and lease loss provision 19,418 949
(Gain) loss on sales of securities (1,295) 341
Gain on sales of SBA loans (3,752) (3,970)
Loss (gain) on disposition of fixed assets (1,191) 0
Origination of SBA loans held for sale (52,379) (56,244)
Proceeds from sales of SBA loans 58,908 63,057
Change in accrued interest receivable 1,608 (876)
Change in bank-owned life insurance (839) (818)
Change in prepaid expenses and other assets (7,226) 3,223
Change in accrued interest payable (1,303) 2,844
Change in accrued expenses and other liabilities 4,921 (7,069)
Net cash provided by operating activities 55,688 59,095
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 115,146 79,309
Proceeds from sales of securities available for sale 113,306 34,751
Proceeds from sales of other real estate owned (“OREO”) 445 1,902
Proceeds from disposition of fixed assets 3,055 0
Change in loans and leases receivable, excluding purchases 28,693  
Change in loans and leases receivable, excluding purchases   (214,836)
Purchases of securities available for sale (262,226) (124,964)
Purchases of premises and equipment (1,913) (3,800)
Purchases of loans and leases receivable 0 (66,966)
Net cash used in investing activities (3,494) (294,604)
Cash flows from financing activities:    
Change in deposits (57,094) 265,768
Change in borrowings 20,000 10,000
Proceeds from exercise of stock options 2,979 570
Cash paid for surrender of vested shares due to employee tax liability (461) (607)
Repurchase of common stock 0 (11,123)
Cash dividends paid (22,316) (23,308)
Net cash (used in) provided by financing activities (56,892) 241,300
Net decrease in cash and cash equivalents (4,698) 5,791
Cash and cash equivalents at beginning of year 155,376 153,826
Cash and cash equivalents at end of period 150,678 159,617
Supplemental disclosures of cash flow information:    
Interest expense paid 55,441 34,229
Change in income taxes (4,154) 13,553
Non-cash activities:    
Transfer of loans receivable to other real estate owned 168 938
Income tax (expense) benefit related to items in other comprehensive income (3,960) 3,793
Change in unrealized (gain) loss in accumulated other comprehensive income (13,747) 13,115
Right-of-use asset obtained in exchange for lease liability $ (43,085) $ 0