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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 41,767 $ 23,162
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,367 2,312
Amortization of premium and accretion of discount on securities, net 4,502 3,216
Amortization of restricted stock 5,229 5,062
Amortization of intangible assets 1,167 966
Amortization of subordinated debt costs 931 168
Provision for loan and lease losses 2,725 30,050
Deferred tax benefit (3,247) (2,336)
Stock-based compensation and employee stock purchase plan expense 93 199
Fair value adjustment for equity security 293 (323)
Loans originated for sale [1] (131,427) (125,466)
Proceeds from sales of loans held for sale [1] 142,141 117,892
Gain on loans held for sale [1] (5,792) (3,188)
Gain on loans held for sale at lower of cost or fair value (1,407) (7,426)
Gain on OREO sold (51)  
Gain on life insurance death benefit (455)  
Increase in cash surrender value of life insurance, net (465) (517)
Increase in accrued interest receivable (295) (11,674)
Decrease/(increase) in other assets 2,998 (2,659)
Increase/(decrease) in accrued expenses and other liabilities 7,390 (10,697)
NET CASH PROVIDED BY OPERATING ACTIVITIES 68,464 18,741
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 338,596 152,273
Redemptions of FHLB and FRB stock 807 34,737
Purchase of securities available for sale (578,336) (339,797)
Purchase of equity securities   (4,000)
Purchase of FHLB and FRB stock (48) (29,102)
Proceeds from sales of loans held for sale at lower of cost or fair value 54,123 372,406
Net increase in loans, net of participations sold (253,638) (409,005)
Proceeds from sales of other real estate 101  
Purchase of premises and equipment (3,371) (2,506)
Purchase of wealth management company (5,500)  
Proceeds from life insurance death benefit 1,219  
NET CASH USED IN INVESTING ACTIVITIES (446,047) (224,994)
FINANCING ACTIVITIES:    
Net increase in deposits 557,857 615,639
Net decrease in short-term borrowings   (113,100)
Proceeds from Paycheck Protection Program Liquidity Facility   535,838
Repayments of Paycheck Protection Program Liquidity Facility (128,590) (352,048)
Repayments of FHLB advances (15,000)  
Dividends paid on common stock (2,843) (2,832)
Exercise of Stock Options, net of stock swaps 40 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 656 990
Shares repurchased (19,416) (6,487)
NET CASH PROVIDED BY FINANCING ACTIVITIES 340,473 677,433
Net (decrease)/increase in cash and cash equivalents (37,110) 471,180
Cash and cash equivalents at beginning of period 653,322 208,185
Cash and cash equivalents at end of period 616,212 679,365
Cash paid during the period for:    
Interest 16,128 30,260
Income tax, net 13,448 551
Transfer of loans to loans held for sale $ 45,776 364,910
Security purchases settled in subsequent period   $ 15,088
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of U.S. Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.