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
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 32,788 $ 57,868 $ 54,660
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,532 11,111 12,854
Share-based compensation expense 3,125 3,515 2,893
Loan and lease loss provision 30,170 3,990 831
(Gain) loss on sales of securities (1,295) 341 (1,748)
Gain on sales of SBA loans (5,251) (4,954) (8,734)
Origination of SBA loans held for sale (76,765) (79,146) (109,111)
Proceeds from sales of SBA loans 74,866 82,133 117,780
Increase in cash surrender value of bank-owned life insurance (1,121) (1,107) (1,114)
Change in prepaid expenses and other assets (5,770) 404 98
Change in current tax assets 8,314 (2,490) (4,109)
Change in deferred tax assets (13,173) 6,698 13,501
Change in accrued expenses and other liabilities 3,376 (1,728) 3,855
Net cash provided by operating activities 58,796 76,635 81,656
Cash flows from investing activities:      
Purchases of securities available for sale (320,815) (141,351) (242,369)
Proceeds from matured, called and repayment of securities 159,942 99,253 79,878
Proceeds from sales of securities available for sale 113,306 34,751 97,271
Purchases of loans and leases receivable   (66,966) (266,275)
Purchases of premises and equipment (1,579) (3,696) (843)
Proceeds from disposition of premises and equipment 5,655    
Proceeds from sales of other real estate owned ("OREO") 716 2,173 5,711
Change in loans and leases receivable, excluding purchases (1,770) (235,731) (193,557)
Net cash used in investing activities (44,545) (311,567) (520,184)
Cash flows from financing activities:      
Change in deposits (48,273) 398,581 538,917
Change in overnight borrowings (75,000) (95,000) (165,000)
Proceeds from borrowings 110,000    
Issuance of subordinated debentures     97,828
Proceeds from exercise of stock options 2,979 570 288
Cash paid for surrender of vested shares due to employee tax liability (517) (680) (1,103)
Repurchase of common stock (7,362) (36,068)  
Cash dividends paid (29,776) (30,921) (25,811)
Net cash (used in) provided by financing activities (47,949) 236,482 445,119
Net increase (decrease) in cash and due from banks (33,698) 1,550 6,591
Cash and due from banks at beginning of year 155,376 153,826 147,235
Cash and due from banks at end of period 121,678 155,376 153,826
Supplemental disclosures of cash flow information:      
Interest expense paid 71,064 47,314 32,519
Income taxes paid 15,570 20,792 28,135
Non-cash activities:      
Transfer of loans receivable to other real estate owned 248 938 143
Income tax (expense) benefit related to items of other comprehensive income (3,827) 1,684 (376)
Change in unrealized (gain) loss in accumulated other comprehensive income 14,583 $ 5,790 $ (2,649)
Right-of-use asset obtained in exchange for lease liability $ 43,085