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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 48,833 $ 58,646 $ 75,234
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,540 4,114 4,101
Amortization of right-of-use asset 6,895 6,672 6,452
Net gain on sale of other real estate owned (75) (355) (122)
Writedown of other real estate owned 350 143 68
Net gain on securities transactions (1,383) 0 0
Provision (Credit) for credit losses 2,000 1,250 (341)
Deferred tax expense 1,986 2,156 4,114
Net amortization of securities 1,137 1,734 2,266
Stock based compensation expense 720 103 0
Net (gain) loss on sale of bank premises and equipment (144) 101 (315)
Decrease (Increase) in taxes receivable 6,351 (79) 4,906
Decrease (Increase) in interest receivable 489 (2,192) (2,393)
Increase in interest payable 204 3,010 439
Increase in other assets (6,341) (5,588) (8,432)
Decrease in operating lease liabilities (7,292) (6,996) (6,829)
Increase (Decrease) in accrued expenses and other liabilities 1,172 1,410 (522)
Total adjustments 10,609 5,483 3,392
Net cash provided by operating activities 59,442 64,129 78,626
Cash flows from investing activities:      
Proceeds from paydowns and calls of securities available for sale 68,119 53,503 68,954
Purchases of securities available for sale (42,773) (19,678) (203,516)
Proceeds from maturities of securities available for sale 70,608 5,008 15,057
Proceeds from paydowns of held to maturity securities 1,052 1,199 2,142
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock (304) (406) (193)
Net decrease in loans (97,989) (269,952) (296,343)
Proceeds from sale of securities transactions 1,383 0 0
Proceeds from dispositions of other real estate owned 325 2,399 588
Proceeds from dispositions of bank premises and equipment 713 0 470
Purchases of bank premises and equipment (4,884) (5,666) (3,785)
Net cash used in investing activities (3,750) (233,593) (416,626)
Cash flows from financing activities:      
Net change in deposits 40,206 157,967 (75,319)
Net change in short-term borrowings (4,209) (33,710) (121,986)
Proceeds from exercise of stock options and related tax benefits 95 0 429
Stock based award tax withholding payments (193) 0 0
Purchases of treasury stock (374) 0 (7,004)
Dividends paid (27,409) (27,388) (26,991)
Net cash provided by (used in) financing activities 8,116 96,869 (230,871)
Net (decrease) increase in cash and cash equivalents 63,808 (72,595) (568,871)
Cash and cash equivalents at beginning of period 578,004 650,599 1,219,470
Cash and cash equivalents at end of period 641,812 578,004 650,599
Cash paid during the year for:      
Interest paid 91,173 51,351 6,028
Income taxes paid 8,869 19,064 19,459
Non cash investing and financing activities:      
Transfer of loans to real estate owned 2,580 320 2,233
Change in dividends payable (10) 20 (2)
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes 2,946 11,293 (43,513)
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment (760) (2,921) 11,268
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes (811) (410) (1,321)
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans 211 107 343
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes 10,524 7,955 (8,266)
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) $ (2,734) $ (2,067) $ 2,148