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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 28,516 $ 24,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,133 1,989
Amortization of right-of-use asset 3,167 3,050
Net gain on sale of other real estate owned (86) (158)
Writedown of other real estate owned 121 103
Provision for loan losses 350 4,000
Deferred tax benefit (19) (342)
Net amortization of securities 2,099 1,880
Stock based compensation expense 0 10
Net gain on sale of bank premises and equipment 1 0
Net gain on sales of securities [1] 0 (1,155)
(Increase) decrease in taxes receivable (166) 957
Increase in interest receivable (62) (733)
Decrease in interest payable (227) (432)
Increase in other assets (1,610) (1,127)
Decrease in operating lease liabilities (3,305) (3,130)
Decrease in accrued expenses and other liabilities (3,197) (1,137)
Total adjustments (801) 3,775
Net cash provided by operating activities 27,715 28,342
Cash flows from investing activities:    
Proceeds from sales, paydowns and calls of securities available for sale 76,450 183,835
Proceeds from calls and maturities of held to maturity securities 2,093 1,904
Purchases of securities available for sale (132,456) (37,854)
Proceeds from maturities of securities available for sale 5,055 5,000
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (98) (380)
Proceeds from redemptions of Federal Reserve Bank stock 0 4,057
Net increase in loans (104,687) (115,972)
Proceeds from dispositions of other real estate owned 255 1,238
Proceeds from dispositions of bank premises and equipment 4 0
Purchases of bank premises and equipment (1,417) (1,409)
Net cash (used in) provided by investing activities (154,801) 40,419
Cash flows from financing activities:    
Net increase in deposits 193,327 415,291
Net increase (decrease) in short-term borrowings 23,036 28,612
Proceeds from exercise of stock options 130 0
Stock based award tax withholding payments 0 0
Cash used to settle fractional shares in the Reverse Stock Split (200) 0
Proceeds from sale of treasury stock 0 0
Purchases of treasury stock (778) (3,493)
Dividends paid (13,140) (13,181)
Net cash provided by financing activities 202,375 427,229
Net increase in cash and cash equivalents 75,289 495,990
Cash and cash equivalents at beginning of period 1,107,099 456,846
Cash and cash equivalents at end of period 1,182,388 952,836
Cash paid during the year for:    
Interest paid 4,548 15,378
Income taxes paid 9,665 6,887
Other non cash items:    
Transfer of loans to other real estate owned 0 434
Increase in dividends payable 0 214
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes (5,174) 10,504
Change in deferred tax effect on unrealized loss (gain) on securities available for sale 1,335 (2,729)
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans (347) (407)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans $ 90 $ 107
[1] Not within the scope of ASC 606.