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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 48,798 $ 54,324
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,052 3,091
Amortization of right-of-use asset 4,905 4,841
Net gain on sale of other real estate owned (181) (99)
Writedown of other real estate owned 143 0
Credit provision for credit losses (100) (391)
Deferred tax expense 2,112 1,523
Net amortization of securities 1,332 1,802
Net gain on sale of bank premises and equipment 0 (314)
Decrease in taxes receivable 1,341 4,062
Increase in interest receivable (1,937) (1,837)
Increase (decrease) in interest payable 1,878 (1)
Increase in other assets (7,196) (4,406)
Decrease in operating lease liabilities (5,215) (5,127)
Decrease in accrued expenses and other liabilities (2,619) (1,652)
Total adjustments (2,485) 1,492
Net cash provided by operating activities 46,313 55,816
Cash flows from investing activities:    
Proceeds from sales, paydowns and calls of securities available for sale 39,346 57,714
Proceeds from paydowns of held to maturity securities 944 1,772
Purchases of securities available for sale (7,485) (184,391)
Proceeds from maturities of securities available for sale 5,000 15,050
Purchases of Federal Home Loan Bank stock (406) (193)
Net increase in loans (226,980) (191,052)
Proceeds from dispositions of other real estate owned 1,108 416
Proceeds from dispositions of bank premises and equipment 0 469
Purchases of bank premises and equipment (2,631) (2,150)
Net cash used in investing activities (191,104) (302,365)
Cash flows from financing activities:    
Net increase in deposits 41,555 13,725
Net change in short-term borrowings (19,590) (119,754)
Purchases of treasury stock 0 (5,479)
Dividends paid (20,512) (20,149)
Net cash provided by (used in) financing activities 1,453 (131,657)
Net increase in cash and cash equivalents (143,338) (378,206)
Cash and cash equivalents at beginning of period 650,599 1,219,470
Cash and cash equivalents at end of period 507,261 841,264
Cash paid during the year for:    
Interest paid 13,453 3,570
Income taxes paid 14,611 13,687
Other non cash items:    
Transfer of loans to other real estate owned 194 637
Increase (decrease) in dividends payable 35 (8)
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes (5,530) (49,379)
Change in deferred tax effect on unrealized loss (gain) on securities available for sale 1,464 12,777
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans (333) (1,019)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans 87 265
Securities purchased settled in subsequent period (12,306) 0
Impact to retained earnings from adoption of ASC 326, net of tax $ 0 $ (3,470)