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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 19,169 $ 15,629
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,280 2,408
Amortization of premium and accretion of discount on securities, net 1,090 1,337
Amortization of restricted stock 2,154 1,734
Amortization of intangible 93
Amortization of subordinated debt costs 38
Provision of loan losses 6,000 5,150
Provision for OREO losses 250
Provision/(benefit) for deferred taxes 1,837 (2,922)
Stock-based compensation, including ESPP 128 252
Gains on securities, available for sale (119) (527)
Loans originated for sale at fair value (53,412) (26,495)
Proceeds from sales of loans at fair value 52,770 27,244
Gains on loans held for sale at fair value (813) (411)
Net gains on loans held for sale at lower of cost or fair value (880)
Gain on sale of other real estate owned (5)
Losses on disposal of fixed assets 15
Gain on death benefit (285)
Increase in cash surrender value of life insurance, net (656) (485)
Decrease/(increase) in accrued interest receivable 437 (1,468)
(Increase)/decrease in other assets (391) 1,466
Increase in accrued expenses, capital lease obligations and other liabilities 2,732 2,043
NET CASH PROVIDED BY OPERATING ACTIVITIES 32,452 24,935
INVESTING ACTIVITIES:    
Maturities of securities available for sale 43,997 58,098
Redemptions for FHLB & FRB stock 61,155 44,568
Call of securities available for sale 10,035 14,880
Sales of securities available for sale 5,499 46,254
Purchase of securities available for sale (106,524) (6,474)
Purchase of FHLB & FRB stock (61,264) (44,712)
Proceeds from sales of loans held for sale at lower of cost or fair value 182,763
Net increase in loans (451,101) (632,239)
Sales of other real estate owned 568 744
Purchase of premises and equipment (2,257) (1,475)
Acquisition of a wealth management company (800)
Proceeds from death benefit 677
NET CASH USED IN INVESTING ACTIVITIES (317,129) (520,479)
FINANCING ACTIVITIES:    
Net increase in deposits 364,590 588,852
Net decrease in overnight borrowings (40,700) (54,600)
Repayments of Federal Home Loan Bank advances (11,897)  
Cash dividends paid on common stock (2,452) (2,310)
Exercise of Stock Options, net of stock swap 246 29
Restricted stock tax expense (496) (54)
Subordinated debt 48,693
Sales of shares (DRIP Program) 15,532 8,124
Purchase of shares for Profit Sharing Plan 494
Issuance of shares for employee stock purchase plan 556
NET CASH PROVIDED BY FINANCING ACTIVITIES 374,072 540,535
Net increase in cash and cash equivalents 89,395 44,991
Cash and cash equivalents at beginning of period 70,160 31,207
Cash and cash equivalents at end of period 159,555 76,198
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 13,492 5,722
Taxes 10,880 4,198
Transfer of loans to loans held for sale 159,804
Transfer of loans held for sale to loans 30,121
Transfer of loans to other real estate owned 534
Security purchases settled in subsequent period $ 7,003