Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 28,952 $ 25,038
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,595 9,573
Share-based compensation expense 1,542 1,022
Negative provision for loan losses (3,040) (4,076)
Gain on sales of securities 0 (4,096)
Gain on sales of SBA loans (2,632) (3,257)
Gain on sale of premises and equipment (35) 0
Disposition gains on PCI loans (2,622) (3,693)
Valuation adjustment on OREO 648 (228)
Origination of SBA loans held for sale (42,559) (37,942)
Proceeds from sales of SBA loans 35,119 43,443
Change in accrued interest receivable (1,051) 1,616
Change in bank-owned life insurance (511) (498)
Change in prepaid expenses and other assets 882 4,225
Change in income tax asset (1,689) 1,606
Change in accrued interest payable (70) (7)
Change in FDIC loss sharing liability (1,271) (1,958)
Change in accrued expenses and other liabilities (8,366) (14,809)
Net cash provided by (used in) operating activities 10,892 15,959
Cash flows from investing activities:    
Proceeds from redemption of FHLB stock 0 1,195
Proceeds from matured, called and repayment of securities 74,063 62,863
Proceeds from sales of securities available for sale 0 307,442
Proceeds from sales of OREO 1,297 6,096
Proceeds from sales of loans 0 360
Proceeds from bank-owned life insurance 0 1,323
Change in loans receivable, excluding purchases (171,240) (23,135)
Purchases of securities 0 (40,484)
Purchases of premises and equipment (1,393) (1,292)
Purchases of loans receivable (97,200) (64,553)
Purchases of FRB stock (325) (1,244)
Net cash (used in) provided by provided by investing activities (194,798) 248,571
Cash flows from financing activities:    
Change in deposits 79,313 (116,965)
Change in overnight FHLB borrowings 110,000 (150,000)
Redemption of rescinded stock obligation 0 (783)
Proceeds from exercise of stock options 562 363
Cash paid for treasury shares acquired in respect of share-based compensation (247) 0
Cash dividends paid (13,454) (2,234)
Net cash provided by (used in) financing activities 176,174 (269,619)
Net (decrease) increase in cash and cash equivalents (7,732) (5,089)
Cash and cash equivalents at beginning of year 164,364 158,320
Cash and cash equivalents at end of period 156,632 153,231
Cash paid during the period for:    
Interest 8,353 7,945
Income taxes 16,486 14,338
Non-cash activities:    
Transfer of loans receivable to OREO 4,318 2,711
Transfer of loans receivable to loans held for sale 0 360
Income tax (expense) benefit related to items in other comprehensive income (6,702) 54
Change in unrealized gain in accumulated other comprehensive income (16,147) (4,002)
Cash dividends declared $ (8,978) $ (7,030)