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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 74,246 $ 56,622 $ 26,192
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 3,475 3,190 3,127
Amortization of premium and accretion of discount on securities, net 2,665 5,817 5,009
Amortization of restricted stock 8,382 7,055 6,875
Amortization of intangible assets 1,569 1,598 1,287
Amortization of subordinated debt costs 286 1,003 224
Provision for credit losses [1] 6,353 6,475 32,400
Swap valuation allowance 673 2,243  
Valuation allowance loans held for sale     4,425
Stock-based compensation and employee stock purchase plan expense 145 126 224
Deferred tax (benefit)/expense (6,641) 9,452 8,225
Fair value adjustment for equity security 1,700 432 (281)
Loss on sale of securities, available for sale, net 6,609    
Proceeds from sales of loans held for sale [2] 98,568 171,342 187,704
Loans originated for sale [2] (74,856) (176,759) (194,735)
Gain on loans held for sale [2] (7,248) (7,133) (5,032)
Gain on loans held for sale at lower of cost or fair value   (1,142) (7,426)
Gain on OREO sold   (51)  
Gain on disposal of fixed assets (275)    
Gain on life insurance death benefit (27) (455)  
Increase in cash surrender value of life insurance, net (532) (618) (681)
(Increase)/decrease in accrued interest receivable (3,568) 906 (12,001)
Decrease/(increase) in other assets 5,261 (4,866) (8,096)
Increase/(decrease) in accrued expenses and other liabilities 2,116 226 (10,720)
Net cash provided by operating activities 118,901 75,463 36,720
Investing activities:      
Principal repayments, maturities and calls of securities held to maturity 6,286 234  
Principal repayments, maturities and calls of securities available for sale 440,668 453,427 217,072
Redemptions for FHLB & FRB stock 33,804 807 39,462
Sales of securities available for sale 118,972    
Purchase of securities held to maturity   (108,925)  
Purchase of securities available for sale (420,169) (653,524) (448,053)
Purchase of equity securities     (4,000)
Purchase of FHLB & FRB stock (51,526) (48) (29,103)
Proceeds from sale of loans held for sale at lower of cost or fair value   66,086 372,406
Net increase in loans, net of participations sold (480,862) (503,747) (354,544)
Sales of OREO   101  
Purchases of premises and equipment (3,517) (3,928) (3,075)
Disposal of premises and equipment 277    
Purchase of wealth management company   (5,500) (4,160)
Proceeds from life insurance death benefit   1,219  
Net cash used in investing activities (356,067) (753,798) (213,995)
Financing activities:      
Net (decrease)/increase in deposits (60,985) 447,665 574,973
Net increase/(decrease) in short-term borrowings 379,530   (113,100)
Proceeds from Paycheck Protection Program Liquidity Facility     535,838
Repayments of Paycheck Protection Program Liquidity Facility   (177,086) (358,752)
Repayments of FHLB advances   (15,000) (105,000)
Dividends paid on common stock (3,645) (3,775) (3,780)
Exercise of stock options, net of stock swaps 292 187 230
Restricted stock repurchased on vesting to pay taxes (2,937) (2,380) (741)
Proceeds from issuance of subordinated debt     98,153
Repayments of subordinated debt   (50,000)  
Issuance of shares for employee stock purchase plan 904 833 1,078
Shares repurchased (32,722) (28,627) (6,487)
Net cash provided by financing activities 280,437 171,817 622,412
Net increase/(decrease) in cash and cash equivalents 43,271 (506,518) 445,137
Cash and cash equivalents at beginning of period 146,804 653,322 208,185
Cash and cash equivalents at end of period 190,075 146,804 653,322
Cash paid during the period for:      
Interest 33,158 22,356 38,281
Income tax, net 25,002 16,079 9,786
Transfer of loans to loans held for sale   57,376 367,477
Transfer of loans to other real estate owned $ 116    
Acquisitions (Note 21)      
Goodwill   3,109 2,895
Customer relationship & other intangibles   $ 3,500 $ 1,695
[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.