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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 50,264 $ 56,573 $ 77,697
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 8,091 8,112 8,049
Net amortization of premiums on securities 3,466 4,970 5,493
Provision (benefit) for credit losses 13,681 13,311 (8,336)
Share-based compensation 1,674 2,551 1,743
Deferred income tax (benefit) expense (1,348) (4,382) 5,218
Proceeds from sale of loans held for sale 19,316 31,556 81,334
Originations of loans held for sale (19,570) (24,677) (80,281)
Income on company owned life insurance (12,106) (5,542) (2,947)
Net gain on sale of loans held for sale (566) (1,227) (2,950)
Net loss (gain) on investment securities 3,576 15 (71)
Net loss (gain) on other assets 6 16 (441)
Restructuring charges 114 1,619 392
Increase in other assets (56,076) (29,902) (9,342)
Increase (decrease) in other liabilities 372 80,580 (2,596)
Net cash provided by operating activities 10,894 133,573 72,962
Cash flows from investing activities:      
Purchases of available for sale securities (51,472) (75,269) (784,064)
Purchases of held to maturity securities (3,145) (38,551) (18,425)
Proceeds from principal payments, maturities and calls on available for sale securities 83,412 122,591 150,919
Proceeds from principal payments, maturities and calls on held to maturity securities 43,601 54,479 83,684
Proceeds from sales of securities available for sale 50,515 6,252 51,891
Net loan originations (420,234) (376,251) (90,058)
Purchases of company owned life insurance, net of benefits received (53,655) (35,564) (20,056)
Proceeds from surrender of company owned life insurance 43,880 25,522 0
Proceeds from sales of other assets 0 0 3,510
Purchases of premises and equipment (2,992) (8,369) (9,403)
Cash consideration paid for acquisition, net of cash acquired 0 0 (1,420)
Net cash used in investing activities (310,090) (325,160) (633,422)
Cash flows from financing activities:      
Net increase in deposits 283,488 102,334 548,723
Net (decrease) increase in short-term borrowings (20,000) 175,000 24,700
Repurchase of preferred stock 0 0 (43)
Issuance of long-term debt 50,000 0 0
Purchases of common stock for treasury (571) (15,340) (9,235)
Cash dividends paid to preferred shareholders (1,459) (1,459) (1,460)
Cash dividends paid to common shareholders (18,286) (17,594) (16,991)
Net cash used in financing activities 293,172 242,941 545,694
Net (decrease) increase in cash and cash equivalents (6,024) 51,354 (14,766)
Cash and cash equivalents, beginning of period 130,466 79,112 93,878
Cash and cash equivalents, end of period $ 124,442 $ 130,466 $ 79,112