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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 24,567 $ 29,225
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,989 1,982
Amortization of right-of-use asset 3,050 2,941
Net gain on sale of other real estate owned (158) (465)
Writedown of other real estate owned 103 276
Provision (credit) for loan losses 4,000 (41)
Deferred tax (benefit) expense (342) 660
Net amortization of securities 1,880 1,313
Stock based compensation expense 10 (6)
Net gain on sale of bank premises and equipment 0 (2)
Net gain on sales of securities [1] (1,155) 0
Decrease in taxes receivable 957 1,038
Increase in interest receivable (733) (996)
(Decrease) increase in interest payable (432) 528
Increase in other assets (1,127) (1,647)
Decrease in operating lease liabilities (3,130) (2,983)
Decrease in accrued expenses and other liabilities (1,137) (1,469)
Total adjustments 3,775 1,129
Net cash provided by operating activities 28,342 30,354
Cash flows from investing activities:    
Proceeds from sales and calls of securities available for sale 183,835 44,450
Proceeds from calls and maturities of held to maturity securities 1,904 1,754
Purchases of securities available for sale (37,854) (176,045)
Proceeds from maturities of securities available for sale 5,000 10,052
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (380) (230)
Proceeds from redemption of Federal Reserve Bank stock 4,057 0
Net increase in loans (115,972) (35,385)
Proceeds from dispositions of other real estate owned 1,238 1,951
Proceeds from dispositions of bank premises and equipment 0 2
Purchases of bank premises and equipment (1,409) (1,346)
Net cash provided by (used in) investing activities 40,419 (154,797)
Cash flows from financing activities:    
Net increase in deposits 415,291 188,020
Net increase (decrease) in short-term borrowings 28,612 4,853
Proceeds from exercise of stock options 0 35
Proceeds from sale of treasury stock 0 1,194
Purchases of treasury stock (3,493) (35)
Dividends paid (13,181) (13,178)
Net cash provided by financing activities 427,229 180,889
Net increase in cash and cash equivalents 495,990 56,446
Cash and cash equivalents at beginning of period 456,846 503,709
Cash and cash equivalents at end of period 952,836 560,155
Cash paid during the year for:    
Interest paid 15,378 16,626
Income taxes paid 6,887 8,332
Other non cash items:    
Transfer of loans to other real estate owned 434 2,712
Increase in dividends payable 214 11
Change in unrealized gain on securities available for sale-gross of deferred taxes 10,504 11,767
Change in deferred tax effect on unrealized (gain) loss on securities available for sale (2,729) (3,058)
Amortization of net actuarial gain and prior service cost on pension and postretirement plans (407) (235)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans $ 107 $ 61
[1] Not within the scope of ASC 606.