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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 27,596 $ 9,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,566 1,543
Amortization of premium and accretion of discount on securities, net 3,141 1,667
Amortization of restricted stock 3,422 3,264
Amortization of intangible assets 736 645
Amortization of subordinated debt costs 763 112
Provision for loan and lease losses 1,125 24,900
Deferred tax (benefit)/expense (4,539) 483
Stock-based compensation and employee stock purchase plan expense 56 190
Fair value adjustment for equity security 223 (323)
Loans originated for sale [1] (89,775) (67,539)
Proceeds from sales of loans held for sale [1] 103,605 65,345
Gain on loans held for sale [1] (3,815) (2,154)
(Gain)/loss on loans held for sale at lower of cost or fair value (1,407) 3
Gain on OREO sold (51)  
Gain on life insurance death benefit (455)  
Increase in cash surrender value of life insurance, net (310) (351)
Increase in accrued interest receivable (622) (5,462)
Decrease in other assets 10,798 802
Increase/(decrease) in accrued expenses and other liabilities 1,883 (11,641)
NET CASH PROVIDED BY OPERATING ACTIVITIES 53,940 21,099
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 189,926 85,946
Redemptions of FHLB and FRB stock 808 34,573
Purchase of securities available for sale (402,711) (228,768)
Purchase of equity securities   (4,000)
Purchase of FHLB and FRB stock   (29,103)
Proceeds from sales of loans held for sale at lower of cost or fair value 54,123 10,067
Net increase in loans, net of participations sold (247,101) (496,481)
Proceeds from sales of other real estate 101  
Purchase of premises and equipment (2,895) (1,705)
Proceeds from life insurance death benefit 816  
NET CASH USED IN INVESTING ACTIVITIES (406,933) (629,471)
FINANCING ACTIVITIES:    
Net increase in deposits 77,291 608,327
Net decrease in short-term borrowings (15,000) (113,100)
Proceeds from Paycheck Protection Program Liquidity Facility   535,837
Repayments of Paycheck Protection Program Liquidity Facility (93,500)  
Dividends paid on common stock (1,901) (1,887)
Exercise of Stock Options, net of stock swaps 34 76
Restricted stock repurchased on vesting to pay taxes (2,231) (643)
Repayments of subordinated debt (50,000)  
Issuance of shares for employee stock purchase plan 424 891
Shares repurchased (11,984) (6,487)
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES (96,867) 1,023,014
Net (decrease)/increase in cash and cash equivalents (449,860) 414,642
Cash and cash equivalents at beginning of period 653,322 208,185
Cash and cash equivalents at end of period 203,462 622,827
Cash paid during the period for:    
Interest 12,542 23,380
Income tax, net 4,056 551
Transfer of loans to loans held for sale $ 45,776 $ 25,423
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.