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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 44,170 $ 36,497 $ 26,477
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,127 3,275 3,093
Amortization of premium and accretion of discount on securities, net 1,399 1,697 1,478
Amortization of restricted stock 4,445 3,741 2,836
Amortization of intangible assets 1,187 321 124
Amortization of subordinated debt costs 169 135 71
Provision for loan losses 3,550 5,850 7,500
Valuation allowance on other real estate owned 232    
Stock-based compensation and employee stock purchase plan expense 189 122 156
Deferred tax expense 17,042 14,118 952
Fair value adjustment for equity security 105    
Loss/(gain) on sale of securities, available for sale, net 288   (119)
Proceeds from sales of loans held for sale [1] 44,483 45,763 72,477
Loans originated for sale [1] (44,075) (43,381) (70,874)
Gain on loans held for sale [1] (1,970) (1,965) (1,633)
Loss/(gain) on sale of loans held for sale at lower of cost or fair value 4,392 (412) (1,233)
Loss/(gain) on sale of other real estate owned 58   (5)
Gain on death benefit (3,000) (62)  
Increase in cash surrender value of life insurance, net of split dollar liability (767) (818) (921)
Increase in accrued interest receivable (1,362) (1,299) (1,333)
(Increase)/decrease in other assets (8,485) (9,977) 945
(Decrease)/increase in accrued expenses and other liabilities (929) 2,330 2,935
Net cash provided by operating activities 64,248 55,935 42,926
Investing activities:      
Principal repayments, maturities and calls of securities available for sale 79,313 66,450 67,999
Redemptions for FHLB & FRB stock 87,602 40,561 61,606
Sales of securities available for sale 19,542 5,499
Purchase of securities available for sale (156,893) (91,561) (187,043)
Purchase of FHLB & FRB stock (92,758) (40,126) (61,435)
Proceeds from sale of loans held for sale at lower of cost or fair value 126,898 109,454 201,681
Net increase in loans, net of participations sold (358,652) (505,046) (518,832)
Sales of other real estate owned 1,800 534 568
Purchases of premises and equipment (1,059) (2,380) (3,218)
Purchase of wealth management company (3,500) (13,500)  
Proceeds from death benefit   100  
Net cash used in investing activities (297,707) (435,514) (433,175)
Financing activities:      
Net increase in deposits 196,986 286,517 476,367
Net decrease in overnight borrowings     (40,700)
Proceeds from FHLB advances 105,000    
Repayments of FHLB advances (34,898) (23,897) (21,897)
Dividends paid on common stock (3,712) (3,548) (3,296)
Exercise of stock options, net stock swaps 275 690 1,069
Restricted stock repurchased on vesting to pay taxes (1,540) (1,826) (554)
Proceeds from issuance of subordinated debt   34,125 48,693
Sale of common shares (Dividend Reinvestment Program) 16,677 36,588 22,461
Issuance of shares for employee’s savings and investment plan 1,039 889  
Issuance of shares for employee stock purchase plan 958 797 637
Net cash provided by financing activities 280,785 330,335 482,780
Net increase/(decrease) in cash and cash equivalents 47,326 (49,244) 92,531
Cash and cash equivalents at beginning of year 113,447 162,691 70,160
Cash and cash equivalents at end of year 160,773 113,447 162,691
Cash paid during the year for:      
Interest 42,768 26,506 19,965
Income taxes, net 3,605 11,597 14,870
Transfer of loans to loans held for sale 137,317   182,694
Transfer of loans held for sale to loan portfolio     30,121
Transfer of loans to other real estate owned   2,090 $ 534
Acquisitions (Note 19)      
Goodwill 7,310 15,534  
Customer relationship & other intangibles $ 2,440 $ 5,466  
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of SBA loans which are carried at the lower of cost or fair value.