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, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 28,240 $ 28,952
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,081 7,595
Share-based compensation expense 1,363 1,542
Loan and lease loss provision (income) 342 (3,040)
Gain on sales of securities (1,206) 0
Gain on sales of SBA loans (4,132) (2,632)
Loss (gain) on sale of premises and equipment 76 (35)
Disposition gains on PCI loans (723) (2,622)
Gain on sales of OREO (532) 0
Valuation adjustment on OREO 949 648
Origination of SBA loans held for sale (53,667) (42,559)
Proceeds from sales of SBA loans 56,938 35,119
Change in accrued interest receivable (180) (1,051)
Change in bank-owned life insurance (542) (511)
Change in prepaid expenses and other assets (508) 882
Change in income tax assets (4,032) (1,689)
Change in accrued interest payable 865 (70)
Change in FDIC loss sharing liability 0 (1,271)
Change in accrued expenses and other liabilities 633 (8,366)
Net cash provided by operating activities 30,965 10,892
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 33,665 74,063
Proceeds from sales of securities available for sale 52,688 0
Proceeds from sales of OREO 3,386 1,297
Change in loans and leases receivable, excluding purchases (157,068) (171,240)
Purchases of securities (138,777) 0
Purchases of premises and equipment 269  
Purchases of premises and equipment   (1,393)
Purchases of loans receivable (73,008) (97,200)
Purchases of FRB stock 0 (325)
Net cash used in investing activities (278,845) (194,798)
Cash flows from financing activities:    
Change in deposits 449,436 79,313
Change in overnight FHLB borrowings (295,000) 110,000
Issuance of subordinated debentures 97,735 0
Proceeds from exercise of stock options 139 562
Cash paid for treasury shares acquired in respect of share-based compensation (909) (247)
Cash dividends paid (12,249) (13,454)
Net cash provided by financing activities 239,152 176,174
Net decrease in cash and cash equivalents (8,728) (7,732)
Cash and cash equivalents at beginning of year 147,235 164,364
Cash and cash equivalents at end of period 138,507 156,632
Cash paid (received) during the period for:    
Interest 14,143 8,353
Income taxes 19,826 16,486
Non-cash activities:    
Transfer of loans receivable to OREO 143 4,318
Income tax expense related to items in other comprehensive income (1,793) (6,702)
Change in unrealized gain in accumulated other comprehensive income (5,530) (16,147)
Cash dividends declared $ (12,249) $ (8,978)