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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 34,666 $ 32,825
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 50,051 48,594
Other amortization 2,372 1,928
Provision for loan losses 3,907 4,766
Loans receivable originated and purchased, held for sale (35,725) (42,719)
Proceeds from sale of loans receivable, held for sale 40,588 40,363
Deferred income taxes 10,096 13,008
Share-based compensation expense 1,056 1,013
Allowance for equity funds used during construction (2,399) (1,739)
Other (347) 1,702
Changes in assets and liabilities    
Decrease (increase) in accounts receivable and unbilled revenues, net (12,337) 28,108
Decrease (increase) in fuel oil stock (7,444) 22,812
Decrease in regulatory assets 5,909 1,585
Increase in accounts, interest and dividends payable 71,846 30,135
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (42,175) (14,343)
Increase in defined benefit pension and other postretirement benefit plans liability 1,012 137
Change in other assets and liabilities (27,142) 2,797
Net cash provided by operating activities 93,934 170,972
Cash flows from investing activities    
Available-for-sale investment securities purchased (171,878) (122,387)
Principal repayments on available-for-sale investment securities 48,200 48,819
Purchase of stock from Federal Home Loan Bank (488) (1,373)
Redemption of stock from Federal Home Loan Bank 0 833
Net decrease (increase) in loans held for investment 890 (28,137)
Proceeds from sale of commercial loans 13,493 0
Proceeds from sale of real estate acquired in settlement of loans 185 232
Capital expenditures (138,185) (127,818)
Contributions in aid of construction 10,650 13,761
Other 5,709 819
Net cash used in investing activities (231,424) (215,251)
Cash flows from financing activities    
Net increase in deposit liabilities 126,161 114,678
Net increase (decrease) in short-term borrowings with original maturities of three months or less 2,300 (7,578)
Net increase in retail repurchase agreements 21,071 19,041
Proceeds from other bank borrowings 0 20,835
Repayments of other bank borrowings (13,534) (39,369)
Proceeds from issuance of long-term debt 0 75,000
Repayment of long-term debt 0 (75,000)
Withheld shares for employee taxes on vested share-based compensation (3,687) (2,335)
Net proceeds from issuance of common stock 0 3,022
Common stock dividends (33,713) (27,716)
Preferred stock dividends of subsidiaries (473) (473)
Other (4,857) (1,561)
Net cash provided by financing activities 93,268 78,544
Net increase (decrease) in cash and cash equivalents (44,222) 34,265
Cash and cash equivalents, beginning of period 278,452 300,478
Cash and cash equivalents, end of period $ 234,230 $ 334,743