Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:      
Net income $ 56,489 $ 53,823 $ 49,761
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,578 17,846 8,701
Share-based compensation expense 3,008 2,241 2,165
Negative provision for loan and lease losses (4,339) (11,614) (6,258)
Gain on sales of securities (46) (6,611) (2,011)
Gain on sales of premises and equipment (1,053) (137) 0
Gain on sales of SBA loans (6,034) (8,749) (3,494)
Disposition gains on PCI loans (4,970) (10,167) (1,432)
Bargain purchase gain on acquisition 0 0 (14,577)
Loss on sales of other real estate owned 0 0 2
Loss on sales of subsidiaries 0 0 444
Valuation adjustment on other real estate owned 63 (27) 0
Origination of SBA loans held for sale (91,367) (86,657) (47,985)
Proceeds from sales of SBA loans 92,215 98,083 46,829
Change in accrued interest receivable (1,486) 248 740
Change in bank-owned life insurance (1,100) (797) (879)
Change in prepaid expenses and other assets (1,434) 3,720 (8,713)
Change in deferred tax assets 5,451 18,055 (13,676)
Change in current tax assets 3,364 9,142 (2,268)
Change in accrued interest payable (610) (273) (401)
Change in other liabilities (8,346) (11,596) 18,519
Net cash provided by operating activities 54,383 66,530 25,467
Cash flows from investing activities:      
Proceeds from redemption of FHLB stock 0 1,195 0
Proceeds from redemption of FRB stock 14,423 0 0
Proceeds from matured, called and repayment of securities 114,012 135,413 101,713
Proceeds from sales of securities 78,282 454,201 169,533
Proceeds from sales of other real estate owned 5,474 7,532 20,200
Proceeds from sales of loans held for sale 0 360 0
Proceeds from insurance settlement on bank-owned life insurance 0 1,323 0
Cash acquired in acquisition, net of cash consideration paid 0 0 118,533
Net proceeds from sales of subsidiaries 0 0 398
Change in loans and leases receivable (271,733) (169,816) (153,138)
Purchases of securities available for sale (19,992) (232,035) (124,442)
Purchases of premises and equipment (730) (1,146) (1,150)
Purchases of loans and leases receivable (410,897) (215,469) (111,846)
Purchases of FRB stock (325) (1,825) (3,404)
Net cash (used in) provided by investing activities (491,486) (20,267) 16,397
Cash flows from financing activities:      
Change in deposits 299,761 (46,770) (54,576)
Change in short-term FHLB advances 145,000 20,000 14,865
Redemption of FHLB advances 0 0 (2,411)
Redemption of rescinded stock obligation 0 (933) (14,552)
Proceeds from exercise of stock options 1,453 616 467
Cash paid for repurchases of vested shares due to employee tax liability (579) (349) 0
Cash dividends paid (25,661) (12,783) [1] (6,694)
Net cash provided by (used in) financing activities 419,974 (40,219) (62,901)
Net (decrease) increase in cash and cash equivalents (17,129) 6,044 (21,037)
Cash and cash equivalents at beginning of year 164,364 158,320 179,357
Cash and cash equivalents at end of period 147,235 164,364 158,320
Cash paid during the period for:      
Interest 18,884 16,382 14,434
Income taxes 23,327 7,928 37,015
Non-cash activities:      
Transfer of loans receivable to other real estate owned 4,763 318 9,480
Transfer of loans receivable to loans held for sale 0 360 0
Note receivable from sale of insurance subsidiaries 0 0 1,394
Conversion of stock warrants into common stock 0 0 2
Income tax (expense) benefit related to items of other comprehensive income (312) 575 (7,359)
Change in unrealized (gain) loss in accumulated other comprehensive income 1,712 (5,258) (19,213)
Cash dividend declared $ (21,185) (15,022) [1] (8,928) [1]
Scenario, Previously Reported [Member]      
Cash flows from financing activities:      
Cash dividends paid [1]   (10,500)  
Non-cash activities:      
Cash dividend declared [1]   $ (4,500) $ (2,200)
[1] The 2015 amounts have been corrected in the current year and differ from the previously reported amounts of $10.5 million and $4.5 million for cash dividends paid and declared, respectively; and the 2014 amount has been corrected in the current year from the previously reported amount of $2.2 million for cash dividends declared.