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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 75,234 $ 61,519 $ 52,452
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,101 4,219 4,040
Amortization of right-of-use asset 6,452 6,383 6,138
Net gain on sale of other real estate owned (122) (216) (347)
Writedown of other real estate owned 68 121 120
(Credit) Provision for credit losses (341) (5,450) 5,600
Deferred tax expense (benefit) 4,114 (238) (1,067)
Net amortization of securities 2,266 3,955 3,883
Stock based compensation expense 0 0 15
Net gain on sale of bank premises and equipment (315) 0 0
Net gain on securities transactions [1] 0 0 (1,155)
Decrease (Increase) in taxes receivable 4,906 (148) (1,243)
(Increase) Decrease in interest receivable (2,393) 932 884
Increase (Decrease) in interest payable 439 (311) (985)
Increase in other assets (8,432) (10,247) (2,625)
Decrease in operating lease liabilities (6,829) (6,652) (6,317)
(Decrease) Increase in accrued expenses and other liabilities (522) 1,498 2,764
Total adjustments 3,392 (6,154) 9,705
Net cash provided by operating activities 78,626 55,365 62,157
Cash flows from investing activities:      
Proceeds from sales, paydowns and calls of securities available for sale 68,954 148,609 276,843
Purchases of securities available for sale (203,516) (139,962) (145,339)
Proceeds from maturities of securities available for sale 15,057 9,162 10,007
Proceeds from calls and maturities of held to maturity securities 2,142 3,780 4,627
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (193) (98) (380)
Proceeds from redemptions of Federal Reserve Bank stock 0 0 4,057
Net increase in loans (296,343) (194,677) (183,320)
Proceeds from dispositions of other real estate owned 588 764 1,989
Proceeds from dispositions of bank premises and equipment 470 6 0
Purchases of bank premises and equipment (3,785) (2,840) (3,830)
Net cash used in investing activities (416,626) (175,256) (35,346)
Cash flows from financing activities:      
Net (decrease) increase in deposits (75,319) 230,936 587,177
Net change in short-term borrowings (121,986) 29,931 66,089
Proceeds from exercise of stock options and related tax benefits 429 260 0
Cash used to settle fractional shares in the Reverse Stock Split 0 (200) 0
Purchases of treasury stock (7,004) (2,386) (3,493)
Dividends paid (26,991) (26,279) (26,331)
Net cash (used in) provided by financing activities (230,871) 232,262 623,442
Net (decrease) increase in cash and cash equivalents (568,871) 112,371 650,253
Cash and cash equivalents at beginning of period 1,219,470 1,107,099 456,846
Cash and cash equivalents at end of period 650,599 1,219,470 1,107,099
Cash paid during the year for:      
Interest paid 6,028 7,885 25,693
Income taxes paid 19,459 20,493 18,185
Non cash investing and financing activities:      
Transfer of loans to real estate owned 2,233 490 724
Change in dividends payable (2) 158 214
Change in unrealized (loss) gain on securities available for sale - gross of deferred taxes (43,513) (9,715) 9,320
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment 11,268 2,503 (2,420)
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes (1,321) (269) (904)
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans 343 70 235
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes (8,266) 10,297 1,681
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ 2,148 $ (2,675) $ (437)
[1] Not within the scope of ASC 606.