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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 43,162 $ 42,073
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,353 10,848
Share-based compensation expense 2,071 2,329
Loan and lease loss provision (income) 611 (4,490)
Gain on sales of securities (1,473) (46)
Gain on sales of SBA loans (6,678) (4,247)
Loss (gain) on sale of premises and equipment 0 (1,053)
Disposition gains on PCI loans (1,702) (3,411)
Gain on sales of OREO (482) 0
Valuation adjustment on OREO 884 721
Origination of SBA loans held for sale (81,716) (60,248)
Proceeds from sales of SBA loans 92,715 61,494
Change in accrued interest receivable (1,111) (659)
Change in bank-owned life insurance (828) (809)
Change in prepaid expenses and other assets 1,894 3,791
Change in income tax asset (65) 1,436
Change in accrued interest payable 1,504 (733)
Change in accrued expenses and other liabilities (2,316) (10,121)
Net cash provided by operating activities 55,823 36,875
Cash flows from investing activities:    
Proceeds from redemption of FRB stock 0 14,423
Proceeds from matured, called and repayment of securities 51,117 98,771
Proceeds from sales of securities available for sale 70,333 78,282
Proceeds from sales of OREO 5,710 2,306
Change in loans and leases receivable, excluding purchases (191,594) (229,063)
Purchases of securities (201,398) (19,992)
Purchases of premises and equipment (147) 982
Purchases of loans receivable (161,253) (143,189)
Purchases of FRB stock 0 (325)
Net cash used in investing activities (427,232) (197,805)
Cash flows from financing activities:    
Change in deposits 489,273 261,231
Change in overnight FHLB borrowings (205,000) (115,000)
Issuance of subordinated debentures 97,735 0
Proceeds from exercise of stock options 270 592
Cash paid for treasury shares acquired in respect of share-based compensation (935) (502)
Cash dividends paid (19,030) (19,558)
Net cash provided by financing activities 362,313 126,763
Net decrease in cash and cash equivalents (9,096) (34,167)
Cash and cash equivalents at beginning of year 147,235 164,364
Cash and cash equivalents at end of period 138,139 130,197
Cash paid (received) during the period for:    
Interest 23,078 13,759
Income taxes 25,146 21,654
Non-cash activities:    
Transfer of loans receivable to OREO 143 4,318
Income tax expense related to items in other comprehensive income (1,902) (5,593)
Change in unrealized gain in accumulated other comprehensive income (6,059) (13,518)
Cash dividends declared $ (19,030) $ (15,082)