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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 61,445 $ 43,145 $ 42,601
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,109 3,816 4,038
Net gain on sale of other real estate owned (613) (924) (298)
Writedown of other real estate owned 769 1,071 1,242
Provision for loan losses 1,400 2,000 2,950
Deferred tax (benefit) expense 2,556 (183) 3,261
Net amortization of securities 3,147 4,326 4,986
Stock based compensation expense 173 150 224
Net (gain) loss on sale of bank premises and equipment (1) 43 (480)
Net gain on securities transactions 0 0 (668)
Decrease (increase) in taxes receivable 1,683 6,124 (921)
Decrease (increase) in interest receivable 100 (371) (808)
Increase in interest payable 487 11 25
Increase in other assets (6,386) (310) (1,677)
Decrease (increase) in accrued expenses and other liabilities (1,229) 2,792 419
Total adjustments 6,195 18,545 12,293
Net cash provided by operating activities 67,640 61,690 54,894
Cash flows from investing activities:      
Proceeds from sales, paydowns and calls of securities available for sale 78,230 124,624 245,929
Purchases of securities available for sale (61,807) (83,031) (275,303)
Proceeds from maturities of securities available for sale 45,604 5,000 1,949
Proceeds from calls and maturities of held to maturity securities 5,050 17,939 10,975
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (174) (143) (99)
Proceeds from redemption of Federal Reserve Bank and Federal Home Loan Bank stock 0 943 0
Net increase in loans (241,149) (212,028) (146,629)
Proceeds from dispositions of other real estate owned 4,071 5,362 6,768
Proceeds from dispositions of bank premises and equipment 1 63 674
Purchases of bank premises and equipment (3,646) (3,613) (2,055)
Net cash used in investing activities (173,820) (144,884) (157,791)
Cash flows from financing activities:      
Net increase in deposits 100,921 (22,837) 95,785
Net change in short-term borrowings (81,098) 33,585 18,180
Proceeds from exercise of stock options 1,259 5,237 1,368
Stock based award tax withholding payments (37) 0 0
Proceeds from sales of treasury stock 2,391 2,480 2,447
Purchases of treasury stock (718) (4,608) (701)
Dividends paid (25,569) (25,197) (25,064)
Net cash (used in) provided by financing activities (2,851) (11,340) 92,015
Net (decrease) increase in cash and cash equivalents (109,031) (94,534) (10,882)
Cash and cash equivalents at beginning of period 612,740 707,274 718,156
Cash and cash equivalents at end of period 503,709 612,740 707,274
Cash paid during the year for:      
Interest paid 19,741 14,581 15,279
Income taxes paid 16,359 26,127 23,494
Non cash investing and financing activities:      
Transfer of loans to real estate owned 2,656 4,487 5,525
Increase in dividends payable 261 29 29
Change in unrealized (loss) gain on securities available for sale - gross of deferred taxes (5,328) 2,524 (3,784)
Change in deferred tax effect on unrealized gain (loss) on securities available for sale, net of reclassification adjustment 1,384 (792) 1,514
Amortization of net actuarial loss and prior service credit on pension and post retirement plans, gross of deferred taxes (656) (199) 0
Change in deferred tax effect of amortization of net actuarial loss and prior service credit on pension and post retirement plans 170 (100) 0
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes (3,684) 3,824 1,333
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ 957 $ (812) $ (533)