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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES:    
Net income $ 23,162 $ 35,201
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,312 2,342
Amortization of premium and accretion of discount on securities, net 3,216 1,165
Amortization of restricted stock 5,062 4,374
Amortization of intangible assets 966 688
Amortization of subordinated debt costs 168 168
Provision for loan and lease losses 30,050 2,050
Deferred tax (benefit)/expense (2,336) 3,719
Stock-based compensation and employee stock purchase plan expense 199 117
Fair value adjustment for equity security (323) (162)
Loans originated for sale [1] (125,466) (40,561)
Proceeds from sales of loans held for sale [1] 117,892 42,188
Gain on loans held for sale [1] (3,188) (1,593)
(Gain)/loss on loans held for sale at lower of cost or fair value (7,426) 6
Increase in cash surrender value of life insurance, net (517) (587)
Increase in accrued interest receivable (11,674) (945)
(Increase)/decrease in other assets (2,659) 9,681
(Decrease)/increase in accrued expenses and other liabilities (10,697) 9,292
NET CASH PROVIDED BY OPERATING ACTIVITIES 18,741 67,143
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 152,273 170,247
Redemptions of FHLB and FRB stock 34,737 361
Purchase of securities available for sale (339,797) (140,537)
Purchase of equity securities (4,000)  
Purchase of FHLB and FRB stock (29,102) (3,231)
Proceeds from sales of loans held for sale at lower of cost or fair value 372,406 (6)
Net increase in loans, net of participations sold (409,005) (233,900)
Purchase of premises and equipment (2,506) (1,097)
Purchase of wealth management company   (2,600)
NET CASH USED IN INVESTING ACTIVITIES (224,994) (210,763)
FINANCING ACTIVITIES:    
Net increase in deposits 615,639 166,016
Net (decrease)/increase in short-term borrowings (113,100) 52,000
Proceeds from Paycheck Protection Program Liquidity Facility 535,838  
Repayments of Paycheck Protection Program Liquidity Facility (352,048)  
Proceeds from Federal Home Loan Bank short term advances   15,000
Repayments of Federal Home Loan Bank advances   (3,000)
Dividends paid on common stock (2,832) (2,913)
Exercise of Stock Options, net of stock swaps 76 23
Restricted stock repurchased on vesting to pay taxes (643) (981)
Issuance of shares for employee stock purchase plan 990 532
Purchase of treasury shares (6,487) (16,717)
NET CASH PROVIDED BY FINANCING ACTIVITIES 677,433 209,960
Net increase in cash and cash equivalents 471,180 66,340
Cash and cash equivalents at beginning of period 208,185 160,773
Cash and cash equivalents at end of period 679,365 227,113
Cash paid during the year for:    
Interest 30,260 44,497
Income tax, net 551 1,047
Transfer of loans to loans held for sale 364,910  
Transfer of loans to other real estate owned   336
Security purchases settled in subsequent period $ 15,088  
Acquisition goodwill   $ 9,400
[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.