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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES:    
Net income $ 13,178 $ 1,373
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 784 771
Amortization of premium and accretion of discount on securities, net 1,578 684
Amortization of restricted stock 1,615 1,541
Amortization of intangible assets 368 324
Amortization of subordinated debt costs 43 56
Provision for loan and lease losses 225 20,000
Deferred tax benefit (841) (3,520)
Stock-based compensation and employee stock purchase plan expense 30 41
Fair value adjustment for equity security 265 (198)
Loans originated for sale [1] (53,886) (30,247)
Proceeds from sales of loans held for sale [1] 64,900 31,095
Gain on loans held for sale [1] (2,474) (1,346)
(Gain)/loss on loans held for sale at lower of cost or fair value (282) 3
Gain on life insurance death benefit (302)  
Increase in cash surrender value of life insurance, net (153) (181)
Increase in accrued interest receivable (1,421) (1,310)
Decrease/(increase) in other assets 4,956 (7,528)
Increase/(decrease) in accrued expenses and other liabilities 1,722 (4,174)
NET CASH PROVIDED BY OPERATING ACTIVITIES 30,305 7,384
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 52,781 31,037
Redemptions of FHLB and FRB stock 10 12,072
Purchase of securities available for sale (324,589) (24,852)
Purchase of equity securities   (3,000)
Purchase of FHLB and FRB stock   (28,875)
Proceeds from sales of loans held for sale at lower of cost or fair value 7,221 10,067
Net increase in loans, net of participations sold (51,268) (13,761)
Purchase of premises and equipment (2,248) (914)
Proceeds from life insurance death benefit 582  
NET CASH USED IN INVESTING ACTIVITIES (317,511) (18,226)
FINANCING ACTIVITIES:    
Net increase in deposits 126,429 197,722
Net increase in short-term borrowings   386,900
Repayments of Paycheck Protection Program Liquidity Facility (8,906)  
Dividends paid on common stock (949) (949)
Exercise of Stock Options, net of stock swaps 10 75
Restricted stock repurchased on vesting to pay taxes (2,002) (601)
Issuance of shares for employee stock purchase plan 218  
Purchase of treasury shares (4,379) (6,487)
NET CASH PROVIDED BY FINANCING ACTIVITIES 110,421 576,660
Net (decrease)/increase in cash and cash equivalents (176,785) 565,818
Cash and cash equivalents at beginning of period 653,322 208,185
Cash and cash equivalents at end of period 476,537 774,003
Cash paid during the year for:    
Interest 4,413 12,424
Income tax, net 200 206
Transfer of loans to loans held for sale $ 45,776  
Security purchases settled in subsequent period   $ 10,885
[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.