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, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 27,870 $ 29,704
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,008 6,848
Share-based compensation expense 1,911 2,266
Credit loss expense 40,371 19,418
Gain on sales of securities (15,712) (1,295)
Gain on sales of SBA loans (3,478) (3,752)
Origination of SBA loans held for sale (54,295) (52,379)
Proceeds from sales of SBA loans 50,950 58,908
Change in bank-owned life insurance (841) (839)
Change in prepaid expenses and other assets (32,631) (7,949)
Change in income tax assets (1,262) 1,140
Change in accrued expenses and other liabilities 19,384 3,618
Net cash provided by (used in) operating activities 40,275 55,688
Cash flows from investing activities:    
Purchases of securities available for sale (747,858) (262,226)
Proceeds from matured, called and repayment of securities 174,021 115,146
Proceeds from sales of securities available for sale 495,566 113,306
Purchases of loans receivable (9,437)  
Purchases of premises and equipment (4,860) (1,913)
Proceeds from disposition of premises and equipment 173 3,055
Proceeds from sales of other real estate owned ("OREO") 431 445
Change in loans receivable, excluding purchases (249,547) 28,693
Net cash provided by (used in) investing activities (341,511) (3,494)
Cash flows from financing activities:    
Change in deposits 495,330 (57,094)
Change in overnight borrowings (15,000) 20,000
Proceeds from borrowings 75,000  
Proceeds from exercise of stock options   2,979
Cash paid for surrender of vested shares due to employee tax liability (317) (461)
Repurchase of common stock (2,196)  
Cash dividends paid (13,504) (22,316)
Net cash provided by (used in) financing activities 539,313 (56,892)
Net increase (decrease) in cash and due from banks 238,077 (4,698)
Cash and due from banks at beginning of year 121,678 155,376
Cash and due from banks at end of period 359,755 150,678
Supplemental disclosures of cash flow information:    
Interest expense paid 41,273 55,441
Income taxes paid 13,546 9,070
Non-cash activities:    
Transfer of loans receivable to other real estate owned 1,052 168
Income tax benefit (expense) related to items of other comprehensive income 673 (3,960)
Change in right-of-use asset obtained in exchange for lease liability $ 21,815 $ 43,085