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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 14,083 $ 13,313
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,063 999
Amortization of right-of-use asset 1,573 1,520
Net gain on sale of other real estate owned 0 (82)
Writedown of other real estate owned 121 80
Provision for loan losses 350 2,000
Deferred tax expense 1,152 846
Net amortization of securities 1,081 858
Stock based compensation expense 0 4
Net gain on sale of bank premises and equipment (4) 0
Net gain on sales of securities [1] 0 (1,155)
Decrease in taxes receivable 101 3,682
Decrease in interest receivable 392 673
Decrease in interest payable (164) (200)
Increase in other assets (3,160) (2,171)
Decrease in operating lease liabilities (1,637) (1,555)
Decrease in accrued expenses and other liabilities (6,221) (4,307)
Total adjustments (5,353) 1,192
Net cash provided by operating activities 8,730 14,505
Cash flows from investing activities:    
Proceeds from sales and calls of securities available for sale 36,820 98,363
Proceeds from calls and maturities of held to maturity securities 1,061 859
Purchases of securities available for sale (132,456) (22,793)
Proceeds from maturities of securities available for sale 55 5,000
Net increase in loans (24,656) (37,792)
Proceeds from dispositions of other real estate owned 0 731
Proceeds from dispositions of bank premises and equipment 4 0
Purchases of bank premises and equipment (663) (805)
Net cash (used in) provided by investing activities (119,835) 43,563
Cash flows from financing activities:    
Net increase in deposits 135,729 31,812
Net increase (decrease) in short-term borrowings 15,195 (576)
Proceeds from exercise of stock options 71 0
Purchases of treasury stock (45) (3,493)
Dividends paid (6,571) (6,604)
Net cash provided by financing activities 144,379 21,139
Net increase in cash and cash equivalents 33,274 79,207
Cash and cash equivalents at beginning of period 1,107,099 456,846
Cash and cash equivalents at end of period 1,140,373 536,053
Cash paid during the year for:    
Interest paid 2,552 8,258
Income taxes paid 4,661 626
Other non cash items:    
Transfer of loans to other real estate owned 0 434
Increase in dividends payable 0 223
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes (6,018) 9,577
Change in deferred tax effect on unrealized loss (gain) on securities available for sale 1,557 (2,487)
Amortization of net actuarial gain and prior service credit on pension and postretirement plans (280) (215)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans $ 73 $ 56
[1] Not within the scope of ASC 606.