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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES:    
Net income $ 7,982 $ 5,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 787 756
Amortization of premium and accretion of discount on securities, net 399 344
Amortization of restricted stock 814 589
Amortization of intangible 31 17
Amortization of subordinated debt costs 32  
Provision of loan losses 1,600 1,700
Deferred tax benefit (596) (1,190)
Stock-based compensation and employee stock purchase plan expense 35 55
Gains on securities, available for sale, net   (101)
Loans originated for sale [1] (4,494) (8,062)
Proceeds from sales of loans held for sale [1] 6,157 6,204
Gain on loans held for sale [1] (202) (121)
Gain on loans held for sale at lower of cost or fair value   (124)
Increase in cash surrender value of life insurance, net (186) (216)
Decrease/(increase) in accrued interest receivable 1,330 (677)
Decrease/(increase) in other assets 8,715 (1,168)
Increase in accrued expenses, capital lease obligations and other liabilities 1,104 169
NET CASH PROVIDED BY OPERATING ACTIVITIES 23,508 3,664
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 17,828 13,709
Redemptions for FHLB & FRB stock 450 17,338
Sales of securities available for sale   4,194
Purchase of securities available for sale (12,435) (35,559)
Purchase of FHLB & FRB stock (2,073) (16,608)
Proceeds from sales of loans held for sale at lower of cost or fair value   57,436
Net increase in loans, net of participations sold (127,841) (128,170)
Purchase of premises and equipment (529) (119)
NET CASH USED IN INVESTING ACTIVITIES (124,600) (87,779)
FINANCING ACTIVITIES:    
Net increase in deposits 18,807 108,108
Net increase/(decrease) in overnight borrowings 34,550 (19,600)
Repayments of Federal Home Loan Bank advances (3,000)  
Cash dividends paid on common stock (863) (803)
Exercise of Stock Options, net of stock swaps 184 62
Restricted stock repurchased on vesting to pay taxes (1,323) (452)
Sales of common shares (Dividend Reinvestment Program) 8,839 4,385
Issuance of shares for employee stock purchase plan 171 174
NET CASH PROVIDED BY FINANCING ACTIVITIES 57,365 91,874
Net (decrease)/increase in cash and cash equivalents (43,727) 7,759
Cash and cash equivalents at beginning of period 162,691 70,160
Cash and cash equivalents at end of period 118,964 77,919
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 5,051 4,304
Taxes 749 5,800
Transfer of loans to loans held for sale   13,178
Transfer of loans to other real estate owned $ 137 $ 298
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of SBA loans which are carried at the lower of cost or fair value.