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, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 17,328 $ 30,403
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,694 5,228
Share-based compensation expense 1,371 1,814
Loan and lease loss provision 17,816 749
(Gain) loss on sales of securities (1,295) 361
Gain on sales of SBA loans (1,986) (2,856)
Loss (gain) on disposition of fixed assets (1,191) 0
Origination of SBA loans held for sale (27,523) (37,367)
Proceeds from sales of SBA loans 32,856 41,852
Change in accrued interest receivable 385 (170)
Change in bank-owned life insurance (561) (533)
Change in prepaid expenses and other assets (2,461) 1,705
Change in accrued interest payable 59 466
Change in accrued expenses and other liabilities (1,560) (2,618)
Net cash provided by operating activities 37,932 39,034
Cash flows from investing activities:    
Proceeds from matured, called and repayment of securities 63,528 48,695
Proceeds from sales of securities available for sale 113,306 31,325
Proceeds from sales of other real estate owned (“OREO”) 22 1,902
Proceeds from disposition of fixed assets 3,055 0
Change in loans and leases receivable, excluding purchases 43,689  
Change in loans and leases receivable, excluding purchases   (174,621)
Purchases of securities available for sale (230,112) (80,244)
Purchases of premises and equipment (515) (969)
Purchases of loans and leases receivable 0 (64,806)
Net cash used in investing activities (7,027) (238,718)
Cash flows from financing activities:    
Change in deposits 14,833 77,881
Change in borrowings (55,000) 120,000
Proceeds from exercise of stock options 22 570
Cash paid for surrender of vested shares due to employee tax liability (439) (589)
Cash dividends paid (14,846) (15,530)
Net cash (used in) provided by financing activities (55,430) 182,332
Net decrease in cash and cash equivalents (24,525) (17,352)
Cash and cash equivalents at beginning of year 155,376 153,826
Cash and cash equivalents at end of period 130,851 136,474
Supplemental disclosures of cash flow information:    
Interest expense paid 35,959 21,899
Non-cash activities:    
Change in income taxes (3,587) 8,743
Transfer of loans receivable to other real estate owned 0 334
Income tax (expense) benefit related to items in other comprehensive income (3,418) 2,995
Change in unrealized (gain) loss in accumulated other comprehensive income (11,872) $ 10,433
Right-of-use asset obtained in exchange for lease liability $ 43,110