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, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net Income $ 53,823 $ 49,761 $ 39,857
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,846 8,701 6,669
Share-based compensation expense 2,241 2,165 705
(Negative provision) provision for loan losses (11,614) (6,258) 576
Gain on sales of securities (6,611) (2,011) (1,039)
Gain on sales of premises and equipment (137) 0 (13)
Gain on sales of loans (8,749) (3,494) (7,443)
Disposition gains on PCI loans (10,167) (1,432) 0
Bargain purchase gain on acquisition 0 (14,577) 0
Loss (gain) on sales of other real estate owned 0 2 (71)
Loss on sales of subsidiaries 0 444 0
Valuation adjustment on other real estate owned (27) 0 10
Origination of loans held for sale (86,657) (47,985) (83,027)
Proceeds from sales of SBA loans guaranteed portion 98,083 46,829 105,006
Change in restricted cash 0 0 5,350
Change in accrued interest receivable 248 740 526
Change in FDIC loss sharing liability (785) 13,487 0
Change in bank-owned life insurance (797) (879) (1,171)
Change in prepaid expenses 3,145 (1,257) 669
Change in other assets 575 (7,456) (4,854)
Change in deferred tax assets 18,055 (13,676) 8,418
Change in current tax assets 9,142 (2,268) (2,923)
Change in accrued interest payable (273) (401) (8,409)
Change in stock warrants payable 0 0 83
Change in other liabilities (13,047) 5,032 1,799
Net cash provided by operating activities 64,294 25,467 60,718
Cash flows from investing activities:      
Proceeds from redemption of FHLB and FRB stock 1,195 0 5,743
Proceeds from matured or called securities available for sale 135,413 101,713 65,574
Proceeds from sales of securities available for sale 454,201 169,533 78,473
Proceeds from sales of other real estate owned 7,532 20,200 784
Proceeds from sales of loans held for sale 360 0 5,380
Proceeds from insurance settlement on bank-owned life insurance 1,323 0 526
Cash acquired in acquisition, net of cash consideration paid 0 118,533 0
Net proceeds from sales of subsidiaries 0 398 0
Change in loans receivable (169,816) (153,138) (207,999)
Purchases of term federal fund 0 0 0
Purchases of securities available for sale (232,035) (124,442) (250,852)
Purchases of premises and equipment (1,146) (1,150) (1,018)
Purchases of loans receivable (215,469) (111,846) 0
Purchases of FRB stock (1,825) (3,404) (977)
Net cash provided by (used in) investing activities (20,267) 16,397 (304,366)
Cash flows from financing activities:      
Change in deposits (46,770) (54,576) 116,362
Change in short-term FHLB advances 20,000 14,865 125,000
Redemption of FHLB advances 0 (2,411) (389)
Redemption of subordinated debentures 0 0 (82,406)
Redemption of rescinded stock obligation (933) (14,552) 0
Proceeds from exercise of stock options 616 467 525
Cash paid for repurchases of vested shares due to employee tax liability (349) 0 305
Cash dividends paid (10,547) (6,694) (4,439)
Net cash (used in) provided by financing activities (37,983) (62,901) 154,958
Net increase (decrease) in cash and cash equivalents 6,044 (21,037) (88,690)
Cash and cash equivalents at beginning of year 158,320 179,357 268,047
Cash and cash equivalents at end of period 164,364 158,320 179,357
Cash paid during the period for:      
Interest 16,382 14,434 21,916
Income taxes 7,928 37,015 15,110
Non-cash activities:      
Transfer of loans receivable to other real estate owned 318 9,480 1,612
Transfer of loans receivable to loans held for sale 360 0 8,010
Transfer of loans held for sale to loans receivable 0 0 2,534
Note receivable from sale of insurance subsidiaries 0 1,394 0
Conversion of stock warrants into common stock 0 2 987
Income tax benefit (expense) related to items of other comprehensive income 575 (7,359) 10,737
Change in unrealized (gain) loss in accumulated other comprehensive income (5,258) (19,213) 24,496
Cash dividend declared $ (4,476) $ (2,234) $ 0