XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 33,533 $ 29,183
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,601 3,797
Net gain on sale of other real estate owned (2,501) (87)
Writedown of other real estate owned 1,447 1,721
Net gain on sale of building held for sale (1,556) 0
Provision for loan losses 4,100 5,500
Deferred tax expense (benefit) 1,546 (360)
Stock based compensation expense 260 246
Net gain on sale of bank premises and equipment (1) (16)
Net gain on sales and calls of securities (382) (1,434)
Decrease (increase) in taxes receivable (662) 2,747
Decrease in interest receivable 407 52
Increase (decrease) in interest payable 32 (11)
Decrease (increase) in other assets (2,900) 6,292
Increase (decrease) in accrued expenses and other liabilities (678) 1,634
Total adjustments 2,713 20,081
Net cash provided by operating activities 36,246 49,264
Cash flows from investing activities:    
Proceeds from sales and calls of securities available for sale 268,499 355,678
Proceeds from calls and maturities of held to maturity securities 12,036 52,148
Purchases of securities available for sale (118,755) (389,877)
Proceeds from maturities of securities available for sale 9,002 10,052
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (451) (868)
Proceeds from redemption of Federal Reserve Bank and Federal Home Loan Bank stock 1,723 0
Net increase in loans (188,009) (165,626)
Net proceeds from sale of building held for sale 4,745 0
Proceeds from dispositions of other real estate owned 11,276 6,929
Proceeds from dispositions of bank premises and equipment 98 16
Purchases of bank premises and equipment (6,171) (5,306)
Net cash used in investing activities (6,007) (136,854)
Cash flows from financing activities:    
Net increase in deposits 57,970 90,175
Net (decrease) increase in short-term borrowings (24,205) 25,380
Proceeds from exercise of stock options and related tax benefits 78 0
Proceeds from sale of treasury stock 2,147 2,188
Dividends paid (18,618) (18,520)
Net cash provided by financing activities 17,372 99,223
Net increase in cash and cash equivalents 47,611 11,633
Cash and cash equivalents at beginning of period 583,044 544,016
Cash and cash equivalents at end of period 630,655 555,649
Cash paid during the year for:    
Interest paid 11,360 11,446
Income taxes paid 21,602 14,691
Other non cash items:    
Transfer of loans to other real estate owned 8,487 9,685
Transfer of other real estate owned to fixed assets 568 0
Transfer of building to other assets 0 3,189
Increase in dividends payable 21 26
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes 17,233 (29,227)
Change in deferred tax effect on unrealized gain (loss) on securities available for sale (6,893) 11,654
Amortization of net actuarial loss and prior service credit on pension and postretirement plans (74) 153
Change in deferred tax effect of amortization of net actuarial loss and prior service credit $ 29 $ (61)