Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 35,320,000 $ 29,930,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,418,000 1,525,000
Amortization of premiums and accretion of discounts on investment securities, net 2,754,000 1,961,000
Amortization of other intangible assets 33,000 123,000
Amortization of servicing assets 1,318,000 1,152,000
Amortization of investment in affordable housing partnerships 592,000 552,000
Amortization of subordinated debentures 36,000  
Share-based compensation expense 1,747,000 387,000
Negative provision for credit losses (7,166,000)  
Gain on sales of investment securities (1,852,000) (923,000)
Gain on sales of loans (2,267,000) (5,507,000)
Bargain purchase gain on acquisition (6,593,000)  
Gain (loss) on sales of other real estate owned 2,000 (71,000)
Loss on sales of subsidiaries 419,000  
Valuation adjustment on other real estate owned   7,000
Origination of loans held for sale (34,798,000) (63,113,000)
Proceeds from sales of SBA loans guaranteed portion 29,826,000 77,338,000
Change in restricted cash   5,350,000
Change in accrued interest receivable 609,000 624,000
Change in FDIC loss sharing asset 1,996,000  
Change in bank-owned life insurance (672,000) (693,000)
Change in prepaid expenses (1,338,000) 98,000
Change in other assets (4,462,000) 767,000
Change in income tax assets (3,066,000) 5,038,000
Change in accrued interest payable (821,000) (9,070,000)
Change in stock warrants payable   80,000
Change in other liabilities 11,670,000 2,422,000
Net cash provided by operating activities 24,705,000 47,977,000
Cash flows from investing activities:    
Proceeds from redemption of federal home loan bank and federal reserve bank stock   3,740,000
Proceeds from matured or called securities available for sale 61,145,000 62,104,000
Proceeds from sales of securities available for sale 135,834,000 41,560,000
Proceeds from sales of other real estate owned 9,932,000 1,645,000
Proceeds from sales of loans held for sale   5,380,000
Proceeds from insurance settlement on bank-owned life insurance   279,000
Cash acquired in acquisition, net of cash consideration paid 116,967,000  
Net proceeds from sales of subsidiaries 398,000  
Change in loans receivable (157,988,000) (131,169,000)
Purchases of securities available for sale (124,442,000) (53,762,000)
Purchases of premises and equipment (739,000) (567,000)
Purchases of federal reserve bank stock (3,403,000) (978,000)
Net cash provided by (used) in investing activities 37,704,000 (71,768,000)
Cash flows from financing activities:    
Change in deposits (13,168,000) 33,744,000
Change in short-term federal home loan bank advances (25,135,000)  
Redemption of Federal Home Loan Bank advances (2,411,000) (290,000)
Redemption of subordinated debentures   (82,406,000)
Proceeds from exercise of stock options 427,000 460,000
Proceeds from exercise of stock warrants   305,000
Cash dividends paid (4,463,000) (2,215,000)
Net cash used in financing activities (44,750,000) (50,402,000)
Net increase (decrease) in cash and cash equivalents 17,659,000 (74,193,000)
Cash and cash equivalents at beginning of year 179,357,000 268,047,000
Cash and cash equivalents at end of period 197,016,000 193,854,000
Cash paid during the period for:    
Interest 10,750,000 19,239,000
Income taxes 20,930,000 11,910,000
Non-cash activities:    
Transfer of loans receivable to other real estate owned 7,501,000 1,090,000
Transfer of loans receivable to loans held for sale 0 8,010,000
Transfer of loans held for sale to loans receivable   2,534,000
Note receivable from sale of insurance subsidiaries 1,394,000  
Conversion of stock warrants into common stock 2,000 981,000
Income tax (expense) benefit related to items of other comprehensive income (3,322,000) 7,176,000
Change in unrealized (gain) loss in accumulated other comprehensive income (9,489,000) 16,140,000
Cash dividend declared $ (2,231,000)