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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 48,854,000 $ 74,246,000 $ 56,622,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,688,000 3,475,000 3,190,000
Amortization of premium and accretion of discount on securities, net 578,000 2,665,000 5,817,000
Amortization of restricted stock 10,751,000 8,382,000 7,055,000
Amortization of intangible assets 1,319,000 1,569,000 1,598,000
Amortization of subordinated debt costs 287,000 286,000 1,003,000
Provision for credit losses [1] 14,091,000 6,353,000 6,475,000
Swap valuation allowance   673,000 2,243,000
Stock-based compensation and employee stock purchase plan expense 178,000 145,000 126,000
Deferred tax (benefit)/expense (15,276,000) (6,641,000) 9,452,000
Fair value adjustment for equity security (181,000) 1,700,000 432,000
Loss on sale of securities, available for sale, net   6,609,000  
Proceeds from sales of loans held for sale [2] 41,355,000 98,568,000 171,342,000
Loans originated for sale [2] (30,000,000) (74,856,000) (176,759,000)
Gain on loans held for sale [2] (2,524,000) (7,248,000) (7,133,000)
Gain on loans held for sale at lower of cost or fair value     (1,142,000)
Gain on OREO sold 0 0 (51,000)
Loss/(gain) on disposal of fixed assets 6,000 (275,000)  
Gain on life insurance death benefit (41,000) (27,000) (455,000)
Increase in cash surrender value of life insurance, net (457,000) (532,000) (618,000)
(Increase)/decrease in accrued interest receivable (5,519,000) (3,568,000) 906,000
(Increase)/decrease in other assets (3,324,000) 5,261,000 (4,866,000)
Increase in accrued expenses and other liabilities 6,295,000 2,116,000 226,000
Net cash provided by operating activities 70,080,000 118,901,000 75,463,000
Investing activities:      
Principal repayments, maturities and calls of securities held to maturity 4,803,000 6,286,000 234,000
Principal repayments, maturities and calls of securities available for sale 633,737,000 440,668,000 453,427,000
Redemptions for FHLB & FRB stock 115,947,000 33,804,000 807,000
Sales of securities available for sale   118,972,000  
Purchase of securities held to maturity (10,347,000)   (108,925,000)
Purchase of securities available for sale (619,025,000) (420,169,000) (653,524,000)
Purchase of FHLB & FRB stock (116,319,000) (51,526,000) (48,000)
Proceeds from sale of loans held for sale at lower of cost or fair value     66,086,000
Net increase in loans, net of participations sold (153,112,000) (480,862,000) (503,747,000)
Sales of OREO 116,000   101,000
Purchases of premises and equipment (3,275,000) (3,517,000) (3,928,000)
Disposal of premises and equipment (6,000) 277,000  
Purchase of wealth management company     (5,500,000)
Proceeds from life insurance death benefit     1,219,000
Net cash used in investing activities (147,481,000) (356,067,000) (753,798,000)
Financing activities:      
Net increase/(decrease) in deposits 68,950,000 (60,985,000) 447,665,000
Net increase/(decrease) in short-term borrowings 24,284,000 379,530,000  
Repayments of Paycheck Protection Program Liquidity Facility     (177,086,000)
Repayments of FHLB advances     (15,000,000)
Dividends paid on common stock (3,558,000) (3,645,000) (3,775,000)
Exercise of stock options, net of stock swaps 42,000 292,000 187,000
Restricted stock repurchased on vesting to pay taxes (3,243,000) (2,937,000) (2,380,000)
Issuance of restricted stock 0 0 0
Repayments of subordinated debt     (50,000,000)
Issuance of shares for employee stock purchase plan 1,016,000 904,000 833,000
Shares repurchased (12,494,000) (32,722,000) (28,627,000)
Net cash provided by financing activities 74,997,000 280,437,000 171,817,000
Net (decrease)/increase in cash and cash equivalents (2,404,000) 43,271,000 (506,518,000)
Cash and cash equivalents at beginning of period 190,075,000 146,804,000 653,322,000
Cash and cash equivalents at end of period 187,671,000 190,075,000 146,804,000
Cash paid during the period for:      
Interest 141,166,000 33,158,000 22,356,000
Income tax, net $ 18,474,000 25,002,000 16,079,000
Transfer of loans to loans held for sale     57,376,000
Transfer of loans to other real estate owned   $ 116,000  
Acquisitions (Note 21)      
Goodwill     3,109,000
Customer relationship & other intangibles     $ 3,500,000
[1] Commencing on January 1, 2022, the allowance calculation is based on the CECL methodology. Prior to January 1, 2022 the calculation was based on the incurred loss methodology.
[2] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, includes the guaranteed portion of SBA loans which are carried at the lower of cost or fair value.