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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 37,552 $ 48,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,182 3,052
Amortization of right-of-use asset 4,981 4,905
Net gain on sale of other real estate owned 0 (181)
Writedown of other real estate owned 0 143
Provision (credit) for credit losses 1,600 (100)
Deferred tax expense 1,004 2,112
Net amortization of securities 902 1,332
Stock based compensation expense 463 0
Net gain on sale of bank premises and equipment (23) 0
Decrease in taxes receivable 2,897 1,341
Increase in interest receivable (817) (1,937)
(Decrease) Increase in interest payable (86) 1,878
Increase in other assets (3,149) (7,196)
Decrease in operating lease liabilities (5,399) (5,215)
Increase (Decrease) in accrued expenses and other liabilities 1,996 (2,619)
Total adjustments 7,551 (2,485)
Net cash provided by operating activities 45,103 46,313
Cash flows from investing activities:    
Proceeds from sales, paydowns and calls of securities available for sale 54,486 39,346
Proceeds from paydowns of held to maturity securities 791 944
Purchases of securities available for sale (37,176) (7,485)
Proceeds from maturities of securities available for sale 60,000 5,000
Purchases of Federal Home Loan Bank stock (304) (406)
Net increase in loans (70,482) (226,980)
Proceeds from dispositions of other real estate owned 68 1,108
Proceeds from dispositions of bank premises and equipment 64 0
Purchases of bank premises and equipment (2,540) (2,631)
Net cash provided by (used in) investing activities 4,907 (191,104)
Cash flows from financing activities:    
Net (decrease) increase in deposits (86,586) 41,555
Net change in short-term borrowings 2,460 (19,590)
Purchases of treasury stock (374) 0
Dividends paid (20,549) (20,512)
Net cash (used in) provided by financing activities (105,049) 1,453
Net decrease in cash and cash equivalents (55,039) (143,338)
Cash and cash equivalents at beginning of period 578,004 650,599
Cash and cash equivalents at end of period 522,965 507,261
Cash paid during the year for:    
Interest paid 68,456 13,453
Income taxes paid 8,869 14,611
Other non cash items:    
Transfer of loans to other real estate owned 2,377 194
Increase in dividends payable (7) 35
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes 9,546 (5,530)
Change in deferred tax effect on unrealized loss (gain) on securities available for sale (2,466) 1,464
Amortization of net actuarial gain and prior service cost on pension and postretirement plans (598) (333)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans 155 87
Securities purchased settled in subsequent period $ 0 $ (12,306)