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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 45,278 $ 38,638
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,184 3,003
Amortization of right-of-use asset 4,745 4,588
Net gain on sale of other real estate owned (86) (332)
Writedown of other real estate owned 121 120
(Credit) Provision for loan losses (2,450) 5,000
Deferred tax benefit (1,247) (1,199)
Net amortization of securities 3,113 2,703
Stock based compensation expense 0 14
Net gain on sales of securities [1] 0 (1,155)
(Increase) decrease in taxes receivable (463) 570
Decrease (increase) in interest receivable 673 (180)
Decrease in interest payable (249) (682)
Increase in other assets (1,442) (1,201)
Decrease in operating lease liabilities (4,965) (4,715)
(Decrease) increase in accrued expenses and other liabilities (2,106) 2,734
Total adjustments (1,172) 9,268
Net cash provided by operating activities 44,106 47,906
Cash flows from investing activities:    
Proceeds from sales, paydowns and calls of securities available for sale 123,550 226,886
Proceeds from calls and maturities of held to maturity securities 3,028 3,398
Purchases of securities available for sale (136,543) (103,991)
Proceeds from maturities of securities available for sale 8,555 5,000
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (98) (380)
Proceeds from redemption of Federal Reserve Bank stock 0 4,057
Net increase in loans (152,314) (152,987)
Proceeds from dispositions of other real estate owned 255 1,802
Proceeds from dispositions of bank premises and equipment 6 0
Purchases of bank premises and equipment (2,011) (2,798)
Net cash used in investing activities (155,572) (19,013)
Cash flows from financing activities:    
Net increase in deposits 203,825 449,034
Net increase in short-term borrowings 16,015 44,789
Proceeds from exercise of stock options 160 0
Cash used to settle fractional shares in the Reverse Stock Split (200) 0
Purchases of treasury stock (2,386) (3,493)
Dividends paid (19,708) (19,750)
Net cash provided by financing activities 197,706 470,580
Net increase in cash and cash equivalents 86,240 499,473
Cash and cash equivalents at beginning of period 1,107,099 456,846
Cash and cash equivalents at end of period 1,193,339 956,319
Cash paid during the year for:    
Interest paid 6,345 21,451
Income taxes paid 15,430 12,274
Other non cash items:    
Transfer of loans to other real estate owned 260 434
(Decrease) Increase in dividends payable (10) 214
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes (5,939) 10,237
Change in deferred tax effect on unrealized loss (gain) on securities available for sale 1,534 (2,660)
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans (307) (678)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans $ 80 $ 177
[1] Not within the scope of ASC 606.