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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net income $ 19,972 $ 14,890 $ 9,261
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,921 2,993 3,536
Amortization of premium and accretion of discount on securities, net 1,664 1,533 1,887
Amortization of restricted stock 1,621 $ 1,475 $ 590
Amortization of intangible assets 82
Provision for loan losses 7,100 $ 4,875 $ 3,425
Valuation allowance on other real estate owned 250 400 1,010
Stock-based compensation and employee stock purchase plan expense 319 283 319
Deferred tax (benefit)/expense (4,043) (1,480) 2,670
Gains on sale of securities, available for sale, net (527) (260) (840)
Proceeds from sales of loans held for sale at fair value 34,543 30,585 85,081
Loans originated for sale (34,734) (28,985) (79,291)
Gain on loans sold held for sale at fair value $ (528) (439) (1,330)
Gain on loans sold held for sale from portfolio (166) (522)
Gain on OREO sold (139) (85)
Loss/(gain) on disposal of premises and equipment $ 15 $ (9) $ 49
Gain on death benefit (285)
Increase in cash surrender value of life insurance (643) $ (752) $ (794)
Increase in accrued interest receivable (1,449) (1,285) (222)
(Increase)/decrease in other assets (476) 2,590 5,643
Increase in accrued expenses and other liabilities 3,504 1,153 2,315
Net cash provided by operating activities 30,306 27,263 32,702
Investing activities:      
Maturities of securities available for sale 76,469 70,382 83,854
Redemptions for FHLB & FRB stock 48,627 29,722 8,963
Calls of securities available for sale 19,725 10,000 18,115
Sales of securities available for sale 46,254 35,411 54,881
Purchase of securities available for sale (8,049) (179,153) (129,095)
Purchase of FHLB & FRB stock $ (51,018) (31,283) (14,356)
Sales of loans held for sale at lower of cost or fair value 68,022 14,271
Net increase in loans, net of participations sold $ (746,132) (745,434) (445,523)
Sales of other real estate 744 1,100 3,749
Purchases of premises and equipment $ (1,924) (3,941) $ (2,545)
Disposal of premises and equipment $ 15
Purchase of wealth management company $ (800)
Proceeds from death benefit 677
Purchase of life insurance (10,000)
Net cash used in by investing activities (625,427) $ (745,159) $ (407,686)
Financing activities:      
Net increase in deposits 636,777 651,443 130,823
Net (decrease)/increase in overnight borrowings $ (13,900) (300) 54,900
Proceeds from Federal Home Loan Bank advances $ 9,000 62,692
Repayments of FHLB advances (218)
Dividends paid on common stock $ (3,100) $ (2,414) (1,802)
Exercise of stock options, net stock swaps 86 $ 174 $ 30
Restricted stock tax expense $ (81)
Net proceeds, rights offering $ 48,358 $ 41,100
Sale of common shares (Dividend Reinvestment Program) $ 13,648 7,429 3,248
Purchase of shares of profit sharing plan 70 $ 130
Issuance of shares for employee stock purchase plan $ 644 196
Net cash provided by financing activities 634,074 713,956 $ 290,903
Net increase/(decrease) in cash and cash equivalents 39,124 (3,940) (84,081)
Cash and cash equivalents at beginning of year 31,207 35,147 119,228
Cash and cash equivalents at end of year 70,160 31,207 35,147
Supplemental disclosures of cash flow information      
Interest 13,726 7,042 3,822
Income taxes 15,572 7,747 $ 1,223
Transfer of loans to loans held for sale 109,223 67,855
Transfer of loans to other real estate owned $ 233 744 $ 3,119
Increase in capital lease $ 2,326
Acquisition (Note 18)      
Goodwill $ 1,010
Customer relationship & other intangibles $ 1,790