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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 11,526 $ 17,328
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,018 4,694
Share-based compensation expense 1,395 1,371
Credit loss expense 40,333 17,816
Gain on sales of securities (15,712) (1,295)
Gain on sales of SBA loans (1,154) (1,986)
Origination of SBA loans held for sale (30,139) (27,523)
Proceeds from sales of SBA loans 19,366 32,856
Change in bank-owned life insurance (552) (561)
Change in prepaid expenses and other assets (34,409) (3,267)
Change in income tax assets 4,930  
Change in accrued expenses and other liabilities 23,324 (1,501)
Net cash provided by operating activities 23,926 37,932
Cash flows from investing activities:    
Purchases of securities available for sale (615,454) (230,112)
Proceeds from matured, called and repayment of securities 108,444 63,528
Proceeds from sales of securities available for sale 495,566 113,306
Purchases of premises and equipment (2,279) (515)
Proceeds from disposition of premises and equipment 51 3,055
Proceeds from sales of other real estate owned ("OREO")   22
Change in loans receivable, excluding purchases (244,973) 43,689
Net cash provided by (used in) investing activities (258,645) (7,027)
Cash flows from financing activities:    
Change in deposits 510,819 14,833
Change in overnight borrowings (15,000) (55,000)
Proceeds from borrowings 176,808  
Proceeds from exercise of stock options   22
Cash paid for surrender of vested shares due to employee tax liability (291) (439)
Repurchase of common stock (2,196)  
Cash dividends paid (11,052) (14,846)
Net cash provided by (used in) financing activities 659,088 (55,430)
Net increase (decrease) in cash and due from banks 424,370 (24,525)
Cash and due from banks at beginning of year 121,678 155,376
Cash and due from banks at end of period 546,048 130,851
Supplemental disclosures of cash flow information:    
Interest expense paid 28,804 35,959
Income taxes paid 99 (3,587)
Non-cash activities:    
Transfer of loans receivable to other real estate owned 85  
Income tax (expense) benefit related to items of other comprehensive income 1,234 (3,418)
Change in unrealized (gain) loss in accumulated other comprehensive income 4,281 (11,872)
Change in right-of-use asset obtained in exchange for lease liability $ 17,333 $ 43,110