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
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 13,783 $ 14,804
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,885 3,982
Share-based compensation expense 692 619
Loan and lease loss provision (income) (80) (1,525)
Gain on sales of securities (269) 0
Gain on sales of SBA loans (1,464) (858)
Gain on sale of premises and equipment (1) (35)
Disposition gains on PCI loans (183) (659)
Valuation adjustment on OREO (101) 465
Origination of SBA loans held for sale (19,192) (12,152)
Proceeds from sales of SBA loans 21,414 13,662
Change in accrued interest receivable 213 (1,125)
Change in bank-owned life insurance (282) (272)
Change in prepaid expenses and other assets (2,219) (441)
Change in income tax assets 7,438 (3,326)
Change in accrued interest payable 52 72
Change in accrued expenses and other liabilities (3,569) (7,377)
Net cash provided by operating activities 20,117 5,834
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 17,404 30,884
Proceeds from sales of securities available for sale 12,573 0
Proceeds from sales of OREO 3,349 117
Change in loans and leases receivable, excluding purchases (66,556) (93,113)
Purchases of securities (60,960) 0
Purchases of premises and equipment (411) (990)
Purchases of loans receivable (33,573) (30,687)
Purchases of FRB stock 0 (325)
Net cash used in investing activities (128,174) (94,114)
Cash flows from financing activities:    
Change in deposits 273,428 (9,984)
Change in overnight FHLB borrowings (265,000) 80,000
Issuance of subordinated debentures 97,735 0
Proceeds from exercise of stock options 13 341
Cash paid for treasury shares acquired in respect of share-based compensation (648) (17)
Cash dividends paid (6,114) (8,960)
Net cash provided by financing activities 99,414 61,380
Net decrease in cash and cash equivalents (8,643) (26,900)
Cash and cash equivalents at beginning of year 147,235 164,364
Cash and cash equivalents at end of period 138,592 137,464
Cash paid (received) during the period for:    
Interest 5,943 4,034
Income taxes (101) 9,887
Non-cash activities:    
Transfer of loans receivable to OREO 0 676
Income tax expense related to items in other comprehensive income (560) (4,044)
Change in unrealized gain in accumulated other comprehensive income (1,620) (9,723)
Cash dividends declared $ (6,114) $ (4,484)