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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income $ 22,717 $ 15,922
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,560 1,703
Amortization of premium and accretion of discount on securities, net 741 841
Amortization of restricted stock 2,130 1,671
Amortization of intangible assets 359 62
Amortization of subordinated debt costs 109 65
Provision of loan and lease losses 1,550 3,800
Provision for OREO losses 204 0
Deferred tax expense/(benefit) 1,429 (2,234)
Stock-based compensation and employee stock purchase plan expense 112 79
Fair value adjustment for equity security 114 0
Loans originated for sale [1] (25,418) (13,910)
Proceeds from sales of loans held for sale [1] 23,609 13,233
Gain on loans held for sale [1] (1,018) (435)
Gain on OREO sold (26) 0
Gain on death benefit 0 (62)
Increase in cash surrender value of life insurance, net (394) (404)
Decrease in accrued interest receivable 2,250 1,377
Decrease in other assets 4,496 8,843
(Decrease)/increase in accrued expenses, capital lease obligations and other liabilities (3,167) 743
NET CASH PROVIDED BY OPERATING ACTIVITIES 31,357 31,294
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 40,189 32,337
Redemptions for FHLB & FRB stock 49,068 13,282
Purchase of securities available for sale (68,547) (42,179)
Purchase of FHLB & FRB stock (57,223) (17,956)
Net increase in loans, net of participations sold (18,389) (352,270)
Sale of other real estate owned 304 298
Purchase of premises and equipment (488) (1,138)
NET CASH USED IN INVESTING ACTIVITIES (55,086) (367,626)
FINANCING ACTIVITIES:    
Net (decrease)/increase in deposits (175,441) 169,416
Net increase in overnight borrowings 127,350 87,000
Proceeds from Federal Home Loan Bank advances 30,000 0
Repayments of Federal Home Loan Bank advances (15,000) (3,000)
Dividends paid on common stock (1,798) (1,742)
Exercise of Stock Options, net of stock swaps 102 321
Restricted stock repurchased on vesting to pay taxes (1,403) (1,415)
Sales of common shares (Dividend Reinvestment Program) 12,733 16,473
Issuance of shares for employee stock purchase plan 529 408
NET CASH (USED IN)/PROVIDED BY IN FINANCING ACTIVITIES (22,928) 267,461
Net decrease in cash and cash equivalents (46,657) (68,871)
Cash and cash equivalents at beginning of period 113,447 162,691
Cash and cash equivalents at end of period 66,790 93,820
Cash paid during the year for:    
Interest 18,086 12,028
Income tax, net 964 197
Transfer of loans to other real estate owned $ 0 $ 137
[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.