Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 19,629 $ 63,116
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 997 1,087
Amortization of premiums and accretion of discounts on investment securities, net 1,443 2,005
Amortization of other intangible assets 82 116
Amortization of servicing assets 739 419
Share-based compensation expense 189 102
Provision for credit losses   6,000
Other-than-temporary loss on investment securities   116
FRB and FHLB stock dividends   334
Net gain on sales of investment securities (312) (1,382)
Net (gain) loss on sales of loans (4,513) 465
Loss on investment in affordable housing partnership 378 440
Gain on bank-owned life insurance settlement   (163)
Valuation adjustment on other real estate owned 7 57
Valuation adjustment for loans held for sale   1,781
Origination of loans held for sale (45,978) (60,589)
Proceeds from sales of SBA loans guaranteed portion 60,562 72,223
Change in restricted cash 5,350 (2,001)
Change in accrued interest receivable 140 661
Change in cash surrender value of bank-owned life insurance (463) (473)
Change in prepaid expenses (488) (1,128)
Change in other assets 1,489 (7,909)
Change in income tax assets (1,425) (52,063)
Change in accrued interest payable (9,205) (1,150)
Change in stock warrants payable 82 137
Change in other liabilities 1,239 882
Net cash provided by operating activities 29,942 23,083
Cash flows from investing activities:    
Proceeds from matured term federal funds   160,000
Proceeds from redemption of federal home loan bank and federal reserve bank stock 3,603 2,109
Proceeds from matured or called securities available-for-sale 40,247 71,339
Proceeds from sales of securities available-for-sale 24,764 88,538
Proceeds from matured or called securities held to maturity   6,338
Proceeds from sales of other real estate owned 548  
Proceeds from sales of loans held for sale 5,380 65,470
Proceeds from insurance settlement on bank-owned life insurance   344
Purchases of term federal fund   (155,000)
Change in loans receivable (154,739) (16,160)
Purchases of securities available-for-sale (22,329) (98,311)
Purchases of premises and equipment (310) (396)
Purchases of loans receivable   (82,669)
Purchases of federal reserve bank stock (978) (1,979)
Net cash (used in) provided by investing activities (103,814) 39,623
Cash flows from financing activities:    
Change in deposits (34,050) 40,197
Repayment of long-term federal home loan bank advances (192) (181)
Redemption of junior subordinated debentures (82,406)  
Proceeds from exercise of stock options 28  
Proceeds from exercise of stock warrants 305  
Net cash (used in) provided by financing activities (116,315) 40,016
Net (decrease) increase in cash and cash equivalents (190,187) 102,722
Cash and cash equivalents at beginning of year 268,047 201,683
Cash and cash equivalents at end of period 77,860 304,405
Cash paid during the period for:    
Interest paid 12,430 11,704
Income taxes paid 11,910 4,912
Non-cash activities:    
Transfer of loans receivable to other real estate owned 800 948
Transfer of loans receivable to loans held for sale 8,010 64,471
Transfer of loans held for sale to loans receivable   1,779
Conversion of stock warrants into common stock 983  
Income tax benefit related to items of other comprehensive income 2,648  
Change in unrealized loss in accumulated other comprehensive income $ 6,121 $ (888)