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, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 22,033 $ 19,545
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 813 997
Amortization of premiums and accretion of discounts on investment securities, net 1,221 1,443
Amortization of other intangible assets 82 82
Amortization of servicing assets 891 739
Amortization of investment in affordable housing partnership 276 402
Share-based compensation expense 1,051 189
Negative provision for credit losses (7,166)  
Gain on sales of investment securities (1,785) (312)
Gain on sales of loans (1,045) (4,513)
Loss on sales of other real estate owned 2  
Loss on sales of subsidiaries 419  
Valuation adjustment on other real estate owned   7
Origination of loans held for sale (16,569) (45,978)
Proceeds from sales of SBA loans guaranteed portion 14,009 60,562
Change in restricted cash   5,350
Change in accrued interest receivable 700 140
Change in cash surrender value of bank-owned life insurance (447) (463)
Change in prepaid expenses (1,155) (488)
Change in other assets (3,622) 1,489
Change in income tax assets 5,202 (1,365)
Change in accrued interest payable 57 (9,205)
Change in stock warrants payable   82
Change in other liabilities 11,416 1,239
Net cash provided by operating activities 26,383 29,942
Cash flows from investing activities:    
Proceeds from redemption of federal home loan bank and federal reserve bank stock   3,603
Proceeds from matured or called securities available for sale 36,553 40,247
Proceeds from sales of securities available for sale 126,056 24,764
Proceeds from sales of other real estate owned 734 548
Proceeds from sales of loans held for sale   5,380
Net proceeds from sales of subsidiaries 398  
Change in loans receivable (118,166) (154,739)
Purchases of securities available for sale (124,442) (22,329)
Purchases of premises and equipment (611) (310)
Purchases of federal reserve bank stock (2,643) (978)
Net cash used in investing activities (82,121) (103,814)
Cash flows from financing activities:    
Change in deposits 32,524 (34,050)
Change in short-term federal home loan bank advances (28,135)  
Redemption of federal home loan bank advances (2,411) (192)
Redemption of junior subordinated debentures   (82,406)
Proceeds from exercise of stock options 418 28
Proceeds from exercise of stock warrants   305
Cash dividend paid (4,463)  
Net cash provided by (used in) financing activities 163 (116,315)
Net decrease in cash and cash equivalents (55,575) (190,187)
Cash and cash equivalents at beginning of year 179,357 268,047
Cash and cash equivalents at end of period 123,782 77,860
Cash paid during the period for:    
Interest paid 6,396 12,430
Income taxes paid 8,916 11,910
Non-cash activities:    
Transfer of loans receivable to other real estate owned 1,714 800
Transfer of loans receivable to loans held for sale   8,010
Note receivable from sale of insurance subsidiaries 1,394  
Conversion of stock warrants into common stock 2 983
Income tax (expense) benefit related to items of other comprehensive income (5,424) 2,648
Change in unrealized (gain) loss in accumulated other comprehensive income 14,438 (6,121)
Cash dividend declared $ (2,230)