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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 61,519 $ 52,452 $ 57,840
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,219 4,040 3,954
Amortization of right-of-use asset 6,383 6,138 5,989
Net gain on sale of other real estate owned (216) (347) (1,316)
Writedown of other real estate owned 121 120 366
(Credit) Provision for loan losses (5,450) 5,600 159
Deferred tax (benefit) expense (238) (1,067) 1,139
Net amortization of securities 3,955 3,883 2,971
Stock based compensation expense 0 15 5
Net gain on sale of bank premises and equipment 0 0 (3)
Net gain on securities transactions [1] 0 (1,155) 0
(Increase) Decrease in taxes receivable (148) (1,243) 2,049
Decrease in interest receivable 932 884 426
(Decrease) Increase in interest payable (311) (985) 435
Increase in other assets (10,247) (2,625) (4,013)
Decrease in operating lease liabilities (6,652) (6,317) (6,093)
Increase (Decrease) in accrued expenses and other liabilities 1,498 2,764 (110)
Total adjustments (6,154) 9,705 5,958
Net cash provided by operating activities 55,365 62,157 63,798
Cash flows from investing activities:      
Proceeds from sales, paydowns and calls of securities available for sale 148,609 276,843 192,003
Purchases of securities available for sale (139,962) (145,339) (262,754)
Proceeds from maturities of securities available for sale 9,162 10,007 10,052
Proceeds from calls and maturities of held to maturity securities 3,780 4,627 3,710
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (98) (380) (230)
Proceeds from redemptions of Federal Reserve Bank stock 0 4,057 0
Net increase in loans (194,677) (183,320) (193,283)
Proceeds from dispositions of other real estate owned 764 1,989 5,622
Proceeds from dispositions of bank premises and equipment 6 0 15
Purchases of bank premises and equipment (2,840) (3,830) (3,894)
Net cash used in investing activities (175,256) (35,346) (248,759)
Cash flows from financing activities:      
Net increase in deposits 230,936 587,177 175,769
Net change in short-term borrowings 29,931 66,089 (13,227)
Proceeds from exercise of stock options and related tax benefits 260 0 185
Proceeds from sales of treasury stock 0 0 1,791
Cash used to settle fractional shares in the Reverse Stock Split (200) 0 0
Purchases of treasury stock (2,386) (3,493) (35)
Dividends paid (26,279) (26,331) (26,385)
Net cash provided by (used in) financing activities 232,262 623,442 138,098
Net increase (decrease) in cash and cash equivalents 112,371 650,253 (46,863)
Cash and cash equivalents at beginning of period 1,107,099 456,846 503,709
Cash and cash equivalents at end of period 1,219,470 1,107,099 456,846
Cash paid during the year for:      
Interest paid 7,885 25,693 35,886
Income taxes paid 20,493 18,185 16,806
Non cash investing and financing activities:      
Transfer of loans to real estate owned 490 724 4,575
Change in dividends payable 158 214 (215)
Change in unrealized (loss) gain on securities available for sale - gross of deferred taxes (9,715) 9,320 14,459
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment 2,503 (2,420) (3,757)
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes (269) (904) (471)
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans 70 235 122
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes 10,297 1,681 5,967
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ (2,675) $ (437) $ (1,550)
[1] Not within the scope of ASC 606.