Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating activities: |
|
|
|
| Net Income |
$ 36,036
|
$ 16,754
|
$ 27,843
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for loan and lease losses |
4,326
|
4,396
|
884
|
| Depreciation of fixed assets |
5,630
|
4,925
|
3,486
|
| Net amortization of investment premiums and discounts |
3,200
|
3,280
|
2,299
|
| Net loss on settlement of pension plan |
|
17,377
|
|
| Net loss (gain) on sale of investment securities available for sale |
77
|
(931)
|
(471)
|
| Net gain on sale of loans |
(3,119)
|
(3,022)
|
(1,772)
|
| Stock based compensation cost |
1,713
|
1,441
|
1,256
|
| Amortization and net impairment of mortgage servicing rights |
880
|
661
|
532
|
| Net accretion of fair value adjustments |
(3,776)
|
(4,942)
|
(2,757)
|
| Amortization of intangible assets |
3,498
|
4,214
|
2,659
|
| Impairment of intangible assets |
|
387
|
|
| Impairment of other real estate owned ("OREO") |
94
|
89
|
|
| Net loss (gain) on sale of OREO |
76
|
(123)
|
(175)
|
| Net increase in cash surrender value of bank owned life insurance ("BOLI") |
(908)
|
(782)
|
(315)
|
| Other, net |
(899)
|
1,049
|
2,822
|
| Loans originated for resale |
(161,597)
|
(141,578)
|
(58,173)
|
| Proceeds from loans sold |
162,762
|
138,964
|
56,866
|
| Provision for deferred income taxes |
1,676
|
(2,834)
|
2,350
|
| Excess tax benefit from stock-based compensation |
|
(783)
|
(831)
|
| Change in income taxes payable/receivable |
4,340
|
(529)
|
808
|
| Change in accrued interest receivable |
(664)
|
(215)
|
168
|
| Change in accrued interest payable |
883
|
516
|
199
|
| Net cash provided by operating activities |
54,228
|
37,928
|
37,678
|
| Investing activities: |
|
|
|
| Purchases of investment securities available for sale |
(350,669)
|
(176,034)
|
(45,199)
|
| Purchases of investment securities held to maturity |
(2,928)
|
|
|
| Proceeds from maturity and paydowns of investment securities available for sale |
65,176
|
66,209
|
40,801
|
| Proceeds from maturity and paydowns of investment securities held to maturity |
34
|
|
|
| Proceeds from sale of investment securities available for sale |
276
|
64,851
|
24,394
|
| Net change in FHLB stock |
(4,363)
|
3,562
|
131
|
| Proceeds from calls of investment securities |
60,840
|
104,240
|
37,750
|
| Proceeds from sales of other investments |
664
|
|
342
|
| Net change in other investments |
264
|
(4,184)
|
(789)
|
| Net portfolio loan and lease originations |
(266,331)
|
(194,066)
|
(105,918)
|
| Purchases of premises and equipment |
(2,207)
|
(7,611)
|
(5,455)
|
| Purchases of BOLI |
|
(5,000)
|
|
| Acquisitions, net of cash acquired |
|
16,129
|
(4,125)
|
| Proceeds from sale of OREO |
1,806
|
1,215
|
1,646
|
| Net cash used in investing activities |
(497,438)
|
(130,689)
|
(56,422)
|
| Financing activities: |
|
|
|
| Change in deposits |
327,169
|
83,784
|
96,704
|
| Change in short-term borrowings |
109,995
|
(38,128)
|
12,933
|
| Dividends paid |
(13,961)
|
(13,837)
|
(10,189)
|
| Change in long-term FHLB advances and other borrowings |
(65,000)
|
(24,883)
|
54,623
|
| Payment of contingent consideration for business combinations |
(627)
|
(542)
|
|
| Net proceeds from issuance of subordinated notes |
|
29,456
|
|
| Excess tax benefit from stock-based compensation |
|
783
|
831
|
| Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation |
(745)
|
|
|
| Net (purchase of) proceeds from sale of treasury stock for deferred compensation plans |
(133)
|
(128)
|
79
|
| Net purchase of treasury stock through publicly announced plans |
(7,971)
|
(26,418)
|
(947)
|
| Proceeds from issuance of common stock |
|
20
|
72
|
| Proceeds from exercise of stock options |
2,181
|
6,452
|
2,836
|
| Net cash provided by financing activities |
350,908
|
16,559
|
156,942
|
| Change in cash and cash equivalents |
(92,302)
|
(76,202)
|
138,198
|
| Cash and cash equivalents at beginning of period |
143,067
|
219,269
|
81,071
|
| Cash and cash equivalents at end of period |
50,765
|
143,067
|
219,269
|
| Supplemental cash flow information: |
|
|
|
| Income taxes |
12,261
|
11,703
|
11,831
|
| Interest |
9,872
|
7,604
|
5,879
|
| Non-cash information: |
|
|
|
| Change in other comprehensive loss |
(1,997)
|
11,292
|
(9,446)
|
| Change in deferred tax due to change in comprehensive income |
(1,074)
|
6,068
|
(3,306)
|
| Transfer of loans to other real estate owned and repossessed assets |
546
|
2,283
|
1,763
|
| Issuance of shares and options for acquisitions |
|
123,734
|
|
| Acquisition of noncash assets and liabilities: |
|
|
|
| Assets acquired |
|
727,908
|
10,005
|
| Liabilities assumed |
|
$ 620,303
|
$ 5,880
|