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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES:    
Net income $ 26,128 $ 19,169
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,473 2,280
Amortization of premium and accretion of discount on securities, net 1,276 1,090
Amortization of restricted stock 2,536 2,154
Amortization of intangible 93 93
Amortization of subordinated debt costs 98 38
Provision of loan and lease losses 4,200 6,000
Deferred tax (benefit)/expense (2,087) 1,837
Stock-based compensation and employee stock purchase plan expense 128
Gains on securities, available for sale, net (119)
Loans originated for sale [1] (27,925) (53,412)
Proceeds from sales of loans held for sale [1] 28,342 52,770
Gain on loans held for sale [1] (1,069) (813)
Gain on loans held for sale at lower of cost or fair value (34) (880)
Gain on sale of other real estate owned (5)
Gain on death benefit (62)
Increase in cash surrender value of life insurance, net (612) (656)
Decrease in accrued interest receivable 1,350 437
Decrease/(increase) in other assets 8,816 (391)
Increase in accrued expenses, capital lease obligations and other liabilities 1,084 2,732
NET CASH PROVIDED BY OPERATING ACTIVITIES 44,607 32,452
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 51,739 43,997
Redemptions for FHLB & FRB stock 31,568 61,155
Call of securities available for sale 10,035
Sales of securities available for sale 5,499
Purchase of securities available for sale (61,805) (106,524)
Purchase of FHLB & FRB stock (31,344) (61,264)
Proceeds from sales of loans held for sale at lower of cost or fair value 78,800 182,763
Net increase in loans, net of participations sold (434,449) (451,101)
Sales of other real estate owned 534 568
Purchase of premises and equipment (1,934) (2,257)
Proceeds from death benefit 100
Purchase of wealth management company (10,000)
NET CASH USED IN INVESTING ACTIVITIES (376,791) (317,129)
FINANCING ACTIVITIES:    
Net increase in deposits 250,860 364,590
Net increase/(decrease) in overnight borrowings (40,700)
Repayments of Federal Home Loan Bank advances (11,897) (11,897)
Dividends paid on common stock (2,635) (2,452)
Exercise of Stock Options, net of stock swaps 335 246
Restricted stock repurchased on vesting to pay taxes (1,415) (496)
Proceeds from issuance of subordinated debt 48,693
Sales of common shares (Dividend Reinvestment Program) 26,077 15,532
Issuance of shares for employee saving and investment plan 889
Issuance of shares for employee stock purchase plan 619 556
NET CASH PROVIDED BY IN FINANCING ACTIVITIES 262,833 374,072
Net (decrease)/increase in cash and cash equivalents (69,351) 89,395
Cash and cash equivalents at beginning of period 162,691 70,160
Cash and cash equivalents at end of period 93,340 159,555
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 18,501 13,492
Income tax, net 8,107 10,880
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 137 534
Security purchases settled in subsequent period 7,003
Acquisition    
Goodwill $ 12,000
[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.