XML 18 R8.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 22,975 $ 22,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,523 1,560
Amortization of premium and accretion of discount on securities, net 613 741
Amortization of restricted stock 2,865 2,130
Amortization of intangible assets 458 359
Amortization of subordinated debt costs 112 109
Provision for loan and lease losses 1,250 1,550
Provision for OREO losses 0 204
Deferred tax (benefit)/expense (620) 1,429
Stock-based compensation and employee stock purchase plan expense 75 112
Fair value adjustment for equity security (128) 114
Loans originated for sale [1] (22,531) (25,418)
Proceeds from sales of loans held for sale [1] 23,166 23,609
Gain on loans held for sale [1] (1,171) (1,018)
Gain on OREO sold 0 (26)
Increase in cash surrender value of life insurance, net (391) (394)
(Increase)/decrease in accrued interest receivable (780) 2,250
Decrease in other assets 8,548 4,496
Increase/(decrease) in accrued expenses and other liabilities 8,044 (3,167)
NET CASH PROVIDED BY OPERATING ACTIVITIES 44,008 31,357
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 96,230 40,189
Redemptions of FHLB & FRB stock 279 49,068
Purchase of securities available for sale (92,587) (68,547)
Purchase of FHLB & FRB stock (84) (57,223)
Net increase in loans, net of participations sold (98,986) (18,389)
Sale of other real estate owned 0 304
Purchase of premises and equipment (554) (488)
NET CASH USED IN INVESTING ACTIVITIES (95,702) (55,086)
FINANCING ACTIVITIES:    
Net increase/(decrease) in deposits 200,315 (175,441)
Net increase in overnight borrowings 0 127,350
Proceeds from Federal Home Loan Bank advances 0 30,000
Repayments of Federal Home Loan Bank advances (3,000) (15,000)
Dividends paid on common stock (1,940) (1,798)
Exercise of Stock Options, net of stock swaps 22 102
Restricted stock repurchased on vesting to pay taxes (981) (1,403)
Sales of common shares (Dividend Reinvestment Program) 0 12,733
Issuance of shares for employee stock purchase plan 532 529
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES 194,948 (22,928)
Net increase/(decrease) in cash and cash equivalents 143,254 (46,657)
Cash and cash equivalents at beginning of period 160,773 113,447
Cash and cash equivalents at end of period 304,027 66,790
Cash paid during the year for:    
Interest 29,954 18,086
Income tax, net $ 843 $ 964
[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.