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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES:    
Net income $ 11,425 $ 10,807
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 741 799
Amortization of premium and accretion of discount on securities, net 251 368
Amortization of restricted stock 1,390 976
Amortization of intangible assets 229 180
Amortization of subordinated debt costs 56 55
Provision for loan and lease losses 100 1,250
Deferred tax (benefit)/expense (4,105) 391
Stock-based compensation and employee stock purchase plan expense 45 53
Fair value adjustment for equity security (59) 78
Loans originated for sale [1] (10,030) (10,875)
Proceeds from sales of loans held for sale [1] 9,298 8,752
Gain on loans held for sale [1] (466) (125)
Increase in cash surrender value of life insurance, net (201) (193)
(Increase)/decrease in accrued interest receivable (874) 2,146
Decrease in other assets 16,412 1,744
Increase/(decrease) in accrued expenses and other liabilities 7,674 (2,324)
NET CASH PROVIDED BY OPERATING ACTIVITIES 31,886 14,082
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 49,056 15,817
Redemptions of FHLB & FRB stock 135 20,846
Purchase of securities available for sale (53,483) (38,912)
Purchase of FHLB & FRB stock (62) (31,171)
Net decrease/(increase) in loans, net of participations sold 32,949 (3,851)
Purchase of premises and equipment (173) (246)
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 28,422 (37,517)
FINANCING ACTIVITIES:    
Net increase/(decrease) in deposits 23,866 (146,198)
Net increase in overnight borrowings 0 216,000
Repayments of Federal Home Loan Bank advances (3,000) (15,000)
Dividends paid on common stock (967) (853)
Exercise of Stock Options, net of stock swaps 4 52
Restricted stock repurchased on vesting to pay taxes (964) (1,337)
Sales of common shares (Dividend Reinvestment Program) 0 10,619
Issuance of shares for employee stock purchase plan 294 221
NET CASH PROVIDED BY IN FINANCING ACTIVITIES 19,233 63,504
Net increase in cash and cash equivalents 79,541 40,069
Cash and cash equivalents at beginning of period 160,773 113,447
Cash and cash equivalents at end of period 240,314 153,516
Cash paid during the year for:    
Interest 12,993 6,917
Income tax, net $ 265 $ 529
[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.