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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 47,434,000 $ 44,170,000 $ 36,497,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,122,000 3,127,000 3,275,000
Amortization of premium and accretion of discount on securities, net 1,782,000 1,399,000 1,697,000
Amortization of restricted stock 5,909,000 4,445,000 3,741,000
Amortization of intangible assets 1,043,000 1,187,000 321,000
Amortization of subordinated debt costs 224,000 169,000 135,000
Provision for loan and lease losses 4,000,000 3,550,000 5,850,000
Valuation allowance on other real estate owned   232,000  
Stock-based compensation and employee stock purchase plan expense 158,000 189,000 122,000
Deferred tax expense 10,013,000 17,042,000 14,118,000
Fair value adjustment for equity security (117,000) 105,000  
Loss on sale of securities, available for sale, net   288,000  
Proceeds from sales of loans held for sale [1] 73,709,000 44,483,000 45,763,000
Loans originated for sale [1] (75,588,000) (44,075,000) (43,381,000)
Gain on loans held for sale [1] (2,866,000) (1,970,000) (1,965,000)
Loss/(gain) on sale of loans held for sale at lower of cost or fair value 10,000 4,392,000 (412,000)
Loss on sale of other real estate owned   58,000  
Gain on death benefit   (3,000,000) (62,000)
Increase in cash surrender value of life insurance, net of split dollar liability (775,000) (767,000) (818,000)
Decrease/(increase) in accrued interest receivable 328,000 (1,362,000) (1,299,000)
Decrease/(increase) in other assets 5,111,000 (8,485,000) (9,977,000)
Increase/(decrease) in accrued expenses and other liabilities 12,799,000 (929,000) 2,330,000
Net cash provided by operating activities 86,296,000 64,248,000 55,935,000
Investing activities:      
Principal repayments, maturities and calls of securities available for sale 208,625,000 79,313,000 66,450,000
Redemptions for FHLB & FRB stock 34,427,000 87,602,000 40,561,000
Sales of securities available for sale 19,542,000
Purchase of securities available for sale (209,971,000) (156,893,000) (91,561,000)
Purchase of equity securities (6,000,000)    
Purchase of FHLB & FRB stock (39,962,000) (92,758,000) (40,126,000)
Proceeds from sale of loans held for sale at lower of cost or fair value 4,984,000 126,898,000 109,454,000
Net increase in loans, net of participations sold (478,099,000) (358,652,000) (505,046,000)
Sales of other real estate owned 336,000 1,800,000 534,000
Purchases of premises and equipment (1,705,000) (1,059,000) (2,380,000)
Purchase of wealth management company (2,600,000) (3,500,000) (13,500,000)
Proceeds from death benefit 3,000,000   100,000
Net cash used in investing activities (486,965,000) (297,707,000) (435,514,000)
Financing activities:      
Net increase in deposits 348,171,000 196,986,000 286,517,000
Net increase in short-term borrowings 128,100,000    
Proceeds from FHLB advances   105,000,000  
Repayments of FHLB advances (3,000,000) (34,898,000) (23,897,000)
Dividends paid on common stock (3,865,000) (3,712,000) (3,548,000)
Exercise of stock options, net stock swaps 251,000 275,000 690,000
Restricted stock repurchased on vesting to pay taxes (1,106,000) (1,540,000) (1,826,000)
Proceeds from issuance of subordinated debt     34,125,000
Sale of common shares (Dividend Reinvestment Program)   16,677,000 36,588,000
Issuance of shares for employee’s savings and investment plan   1,039,000 889,000
Issuance of shares for employee stock purchase plan 532,000 958,000 797,000
Purchase of treasury shares (21,002,000)    
Net cash provided by financing activities 448,081,000 280,785,000 330,335,000
Net increase/(decrease) in cash and cash equivalents 47,412,000 47,326,000 (49,244,000)
Cash and cash equivalents at beginning of year 160,773,000 113,447,000 162,691,000
Cash and cash equivalents at end of year 208,185,000 160,773,000 113,447,000
Cash paid during the year for:      
Interest 60,293,000 42,768,000 26,506,000
Income taxes, net 3,595,000 3,605,000 11,597,000
Transfer of loans to loans held for sale 15,064,000 137,317,000  
Transfer of loans to other real estate owned 386,000   2,090,000
Security purchase settled in subsequent period 7,959,000    
Acquisitions (Note 21)      
Goodwill 5,791,000 7,310,000 15,534,000
Customer relationship & other intangibles 3,441,000 $ 2,440,000 $ 5,466,000
Right-of-use asset obtained in exchange for lease obligation $ 7,012,000    
[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.