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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 57,840 $ 61,445 $ 43,145
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,954 4,109 3,816
Amortization of right-of-use asset 5,989 0 0
Net gain on sale of other real estate owned (1,316) (613) (924)
Writedown of other real estate owned 366 769 1,071
Provision for loan losses 159 1,400 2,000
Deferred tax expense (benefit) 1,139 2,556 (183)
Net amortization of securities 2,971 3,147 4,326
Stock based compensation expense 5 173 150
Net (gain) loss on sale of bank premises and equipment (3) (1) 43
Decrease in taxes receivable 2,049 1,683 6,124
Decrease (increase) in interest receivable 426 100 (371)
Increase in interest payable 435 487 11
Increase in other assets (4,013) (6,386) (310)
Decrease in operating lease liabilities (6,093) 0 0
(Increase) decrease in accrued expenses and other liabilities (110) (1,229) 2,792
Total adjustments 5,958 6,195 18,545
Net cash provided by operating activities 63,798 67,640 61,690
Cash flows from investing activities:      
Proceeds from sales, paydowns and calls of securities available for sale 192,003 78,230 124,624
Purchases of securities available for sale (262,754) (61,807) (83,031)
Proceeds from maturities of securities available for sale 10,052 45,604 5,000
Proceeds from calls and maturities of held to maturity securities 3,710 5,050 17,939
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (230) (174) (143)
Proceeds from redemptions of Federal Reserve Bank and Federal Home Loan Bank stock 0 0 943
Net increase in loans (193,283) (241,149) (212,028)
Proceeds from dispositions of other real estate owned 5,622 4,071 5,362
Proceeds from dispositions of bank premises and equipment 15 1 63
Purchases of bank premises and equipment (3,894) (3,646) (3,613)
Net cash used in investing activities (248,759) (173,820) (144,884)
Cash flows from financing activities:      
Net increase (decrease) in deposits 175,769 100,921 (22,837)
Net change in short-term borrowings (13,227) (81,098) 33,585
Proceeds from exercise of stock options and related tax benefits 185 1,259 5,237
Stock based award tax withholding payments 0 (37) 0
Proceeds from sales of treasury stock 1,791 2,391 2,480
Purchases of treasury stock (35) (718) (4,608)
Dividends paid (26,385) (25,569) (25,197)
Net cash provided by (used in) financing activities 138,098 (2,851) (11,340)
Net decrease in cash and cash equivalents (46,863) (109,031) (94,534)
Cash and cash equivalents at beginning of period 503,709 612,740 707,274
Cash and cash equivalents at end of period 456,846 503,709 612,740
Cash paid during the year for:      
Interest paid 35,886 19,741 14,581
Income taxes paid 16,806 16,359 26,127
Non cash investing and financing activities:      
Transfer of loans to real estate owned 4,575 2,656 4,487
(Decrease) increase in dividends payable (215) 261 29
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes 14,459 (5,328) 2,524
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment (3,757) 1,384 (792)
Amortization of net actuarial loss and prior service credit on pension and post retirement plans, gross of deferred taxes (471) (656) (199)
Change in deferred tax effect of amortization of net actuarial loss and prior service credit on pension and post retirement plans 122 170 (100)
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes 5,967 (3,684) 3,824
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ (1,550) $ 957 $ (812)