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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 58,646 $ 75,234 $ 61,519
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,114 4,101 4,219
Amortization of right-of-use asset 6,672 6,452 6,383
Net gain on sale of other real estate owned (355) (122) (216)
Writedown of other real estate owned 143 68 121
Provision (Credit) for credit losses 1,250 (341) (5,450)
Deferred tax expense 2,156 4,114 (238)
Net amortization of securities 1,734 2,266 3,955
Stock based compensation expense 103 0 0
Net loss (gain) on sale of bank premises and equipment 101 (315) 0
(Increase) Decrease in taxes receivable (79) 4,906 (148)
(Increase) Decrease in interest receivable (2,192) (2,393) 932
Increase (Decrease) in interest payable 3,010 439 (311)
Increase in other assets (5,588) (8,432) (10,247)
Decrease in operating lease liabilities (6,996) (6,829) (6,652)
Increase (Decrease) in accrued expenses and other liabilities 1,410 (522) 1,498
Total adjustments 5,483 3,392 (6,154)
Net cash provided by operating activities 64,129 78,626 55,365
Cash flows from investing activities:      
Proceeds from paydowns and calls of securities available for sale 53,503 68,954 148,609
Purchases of securities available for sale (19,678) (203,516) (139,962)
Proceeds from maturities of securities available for sale 5,008 15,057 9,162
Proceeds from calls and maturities of held to maturity securities 1,199 2,142 3,780
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (406) (193) (98)
Net increase in loans (269,952) (296,343) (194,677)
Proceeds from dispositions of other real estate owned 2,399 588 764
Proceeds from dispositions of bank premises and equipment 0 470 6
Purchases of bank premises and equipment (5,666) (3,785) (2,840)
Net cash used in investing activities (233,593) (416,626) (175,256)
Cash flows from financing activities:      
Net change in deposits 157,967 (75,319) 230,936
Net change in short-term borrowings (33,710) (121,986) 29,931
Proceeds from exercise of stock options and related tax benefits 0 429 260
Cash used to settle fractional shares in the Reverse Stock Split 0 0 (200)
Purchases of treasury stock 0 (7,004) (2,386)
Dividends paid (27,388) (26,991) (26,279)
Net cash provided by (used in) financing activities 96,869 (230,871) 232,262
Net (decrease) increase in cash and cash equivalents (72,595) (568,871) 112,371
Cash and cash equivalents at beginning of period 650,599 1,219,470 1,107,099
Cash and cash equivalents at end of period 578,004 650,599 1,219,470
Cash paid during the year for:      
Interest paid 51,351 6,028 7,885
Income taxes paid 19,064 19,459 20,493
Non cash investing and financing activities:      
Transfer of loans to real estate owned 320 2,233 490
Change in dividends payable 20 (2) 158
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes 11,293 (43,513) (9,715)
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment (2,921) 11,268 2,503
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes (410) (1,321) (269)
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans 107 343 70
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes 7,955 (8,266) 10,297
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ (2,067) $ 2,148 $ (2,675)