XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 18,355 $ 13,441
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 879 839
Amortization of premium and accretion of discount on securities, net 169 947
Amortization of restricted stock 2,666 2,475
Amortization of intangible assets 354 431
Amortization of subordinated debt costs 72 71
Provision for credit losses 1,513 2,375
Swap valuation allowance   673
Deferred tax benefit (2,493) (3,575)
Stock-based compensation and employee stock purchase plan expense 48 35
Fair value adjustment for equity security (209) 682
Loss on securities available for sale   6,609
Loans originated for sale [1] (9,856) (34,779)
Proceeds from sales of loans held for sale [1] 12,568 43,006
Gain on loans held for sale [1] (886) (3,091)
Loss on disposal of fixed assets 6  
Increase in cash surrender value of life insurance, net (114) (142)
Decrease/(Increase) in accrued interest receivable 6,014 (1,301)
Decrease in other assets 5,735 2,810
Increase/(decrease) in accrued expenses and other liabilities 4,176 (587)
NET CASH PROVIDED BY OPERATING ACTIVITIES 38,997 30,919
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 157,660 102,224
Principal repayments, maturities and calls of securities held to maturity 1,021 1,829
Redemptions of FHLB and FRB stock 27,887 16,771
Purchase of securities held to maturity (2,051)  
Purchase of securities available for sale (150,658) (74,590)
Purchase of FHLB and FRB stock (27,553) (22,391)
Net increase in loans, net of participations sold (80,575) (316,167)
Purchase of premises and equipment (643) (568)
Disposal of premises and equipment (6)  
NET CASH USED IN INVESTING ACTIVITIES (74,918) (292,892)
FINANCING ACTIVITIES:    
Net increase in deposits 103,678 121,267
Net (decrease)/increase in short-term borrowings (250,730) 122,085
Proceeds from FHLB short term advances 250,000  
Dividends paid on common stock (883) (920)
Exercise of stock options, net of stock swaps 4 120
Restricted stock repurchased on vesting to pay taxes (2,377) (2,504)
Issuance of shares for employee stock purchase plan 298 255
Shares repurchased (2,851) (11,174)
NET CASH PROVIDED BY FINANCING ACTIVITIES 97,139 229,129
Net increase/(decrease) in cash and cash equivalents 61,218 (32,844)
Cash and cash equivalents at beginning of period 190,075 146,804
Cash and cash equivalents at end of period 251,293 113,960
Cash paid during the period for:    
Interest 21,375 3,099
Income tax, net 199 199
Security purchases due from broker $ 8,308  
Security sales due from broker   $ 120,245
[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.