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, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 39,906 $ 90,374 $ 28,147
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 1,960 2,123 2,163
Amortization of premiums and accretion of discounts on investment securities, net 2,443 3,470 3,222
Amortization of other intangible assets 164 198 700
Amortization of servicing assets 1,463 1,067 730
Share-based compensation expense 705 478 608
Provision for credit losses   6,000 12,100
Other-than-temporary loss on investment securities 0 292  
Gain on sales of investment securities (1,039) (1,396) (1,635)
Loss on investment in affordable housing partnership 639 620 846
Gain on bank-owned life insurance settlement   (163)  
Gain on sales of loans (7,443) (4,188) (1,426)
(Gain) loss on sales of other real estate owned (71) (10) 671
(Gain) loss on sale of premises and equipment (13) 5  
Valuation adjustment on other real estate owned 10 301 488
Valuation adjustment for loans held for sale   3,746 2,903
Origination of loans held for sale (83,027) (116,829) (60,238)
Proceeds from sales of SBA loans guaranteed portion 105,006 126,777 63,950
Change in restricted cash 5,350 (3,532) (1,818)
Change in accrued interest receivable 526 248 219
Change in servicing assets   (2,889) (1,560)
Change in deferred tax assets 9,650 (52,342)   
Change in current tax assets (2,739) 43 115
Change in cash surrender value of bank-owned life insurance (1,171) (947) (939)
Change in prepaid expenses 669 (486) (167)
Change in other assets (6,319) 183 2,118
Change in accrued interest payable (8,409) (4,257) 66
Change in stock warrants payable 83 23 (717)
Change in other liabilities 2,375 1,029 (1,301)
Net cash provided by operating activities 60,718 49,938 49,245
Cash flows from investing activities:      
Proceeds from matured term federal funds   270,000  
Proceeds from redemption of federal home loan bank and federal reserve bank stock 5,743 5,054 4,428
Proceeds from matured or called securities available-for-sale 65,574 150,113 249,282
Proceeds from sales of securities available-for-sale 78,473 102,538 155,468
Proceeds from matured or called securities held to maturity   6,704 135
Proceeds from sales of other real estate owned 784 749 6,453
Proceeds from sales of loans held for sale 5,380 97,915 107,782
Proceeds from insurance settlement on bank-owned life insurance 526 345  
Change in loans receivable (207,999) (157,514) 120,686
Purchases of term federal fund   (155,000) (115,000)
Purchases of securities available-for-sale (250,852) (267,949) (368,442)
Purchases of securities held to maturity     (59,179)
Purchases of premises and equipment (1,018) (675) (1,167)
Purchases of loans receivable   (82,885)  
Purchases of federal reserve bank stock (977) (3,664) (1,109)
Net cash (used in) provided by investing activities (304,366) (34,269) 99,337
Cash flows from financing activities:      
Change in deposits 116,362 51,053 (121,811)
Repayment of long-term federal home loan bank advances (389) (368) (347)
Redemption of junior subordinated debentures (82,406)    
Proceeds from issuance of common stock in offering     77,109
Proceeds from exercise of stock options 525 10  
Proceeds from exercise of stock warrants 305    
Cash dividend paid (4,439)    
Net change in short-term federal home loan bank advances and other borrowings 125,000   (151,570)
Net cash provided by (used in) financing activities 154,958 50,695 (196,619)
Net (decrease) increase in cash and cash equivalents (88,690) 66,364 (48,037)
Cash and cash equivalents at beginning of year 268,047 201,683 249,720
Cash and cash equivalents at end of period 179,357 268,047 201,683
Cash paid during the period for:      
Interest paid 21,916 23,002 27,696
Income taxes paid 15,110 4,912 3
Non-cash activities:      
Transfer of loans receivable to other real estate owned 1,612 3,071 4,213
Transfer of loans receivable to loans held for sale 8,010 95,611 110,290
Transfer of loans held for sale to loans receivable 2,534 1,779  
Loans provided in the sale of loans held for sale     5,750
Loans provided in the sale of other real estate owned     510
Reclassification of held-to-maturity securities to available-for-sale securities   52,674  
Conversion of stock warrants into common stock 987    
Issuance of treasury stocks in connection with reverse stock split     154
Income tax benefit related to items of other comprehensive loss 10,737 (1,344)  
Change in unrealized loss in accumulated other comprehensive income $ 24,496 $ (2,369) $ (8,123)