PARENT COMPANY STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

The condensed statements of condition of the parent company at December 31 are as follows:

(000's omitted)	2017		2016
Assets:
Cash and cash equivalents	$	84,460	$	151,127
Investment securities		4,322		3,628
Investment in and advances to:
Bank subsidiary		1,511,780		1,116,554
Non-bank subsidiaries		169,341		35,566
Other assets		9,150		10,345
Total assets	$	1,779,053	$	1,317,220

Liabilities and shareholders' equity:
Accrued interest and other liabilities	$	20,924	$	16,950
Borrowings		122,814		102,170
Shareholders' equity		1,635,315		1,198,100
Total liabilities and shareholders' equity	$	1,779,053	$	1,317,220

The condensed statements of income of the parent company for the years ended December 31 is as follows:

(000's omitted)	2017			2016			2015
Revenues:
Dividends from subsidiaries:
Bank subsidiary	$	91,000		$	89,000		$	70,000
Non-bank subsidiaries		35,500			1,750			6,000
Interest and dividends on investments		133			102			94
Total revenues		126,633			90,852			76,094
Expenses:
Interest on borrowings		3,904			2,949			2,537
Acquisition expenses		91			429			0
Other expenses		26			11			19
Total expenses		4,021			3,389			2,556

Income before tax benefit and equity in undistributed net income of subsidiaries		122,612			87,463			73,538
Income tax benefit/(expense)		1,930			866			(572	)
Income before equity in undistributed net income of subsidiaries		124,542			88,329			72,966
Equity in undistributed net income of subsidiaries		26,175			15,483			18,264
Net income	$	150,717		$	103,812		$	91,230
Other comprehensive (loss), net of tax:
Changes in other comprehensive income/(loss) related to pension and other post retirement obligations		168			3,322			(4,567	)
Changes in other comprehensive loss related to unrealized losses on available-for-sale securities		(11,065	)		(14,714	)		(6,918	)
Other comprehensive loss		(10,897	)		(11,392	)		(11,485	)
Comprehensive income	$	139,820		$	92,420		$	79,745

The statements of cash flows of the parent company for the years ended December 31 is as follows:

(000's omitted)	2017			2016			2015
Operating activities:
Net income	$	150,717		$	103,812		$	91,230
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries		(26,175	)		(15,483	)		(18,264	)
Net change in other assets and other liabilities		1,870			(215	)		(27	)
Net cash provided by operating activities		126,412			88,114			72,939
Investing activities:
Proceeds from sale of investment securities		0			0			0
Cash (paid)/received for acquisitions, net of cash acquired of $150,534, $0, and $81,772, respectively		(139,471	)		0			25,505
Capital contributions to subsidiaries		(11,063	)		0			(80,231	)
Net cash used in investing activities		(150,534	)		0			(54,726	)
Financing activities:
Issuance of common stock		9,700			15,326			13,975
Purchase of treasury stock		(3,306	)		(3,470	)		(9,126	)
Sale of treasury stock		10,060			8,888			16,571
Increase in deferred compensation arrangements		3,306			0			0
Cash dividends paid		(62,305	)		(55,048	)		(49,273	)
Net cash used in financing activities		(42,545	)		(34,304	)		(27,853	)
Change in cash and cash equivalents		(66,667	)		53,810			(9,640	)
Cash and cash equivalents at beginning of year		151,127			97,317			106,957
Cash and cash equivalents at end of year	$	84,460		$	151,127		$	97,317

Supplemental disclosures of cash flow information:
Cash paid for interest	$	3,826		$	2,909		$	2,523
Supplemental disclosures of noncash financing activities
Dividends declared and unpaid	$	17,460		$	14,268		$	13,605
Capital contributions to subsidiaries		513,769			0			76,461
Common stock issued for acquisition		343,132			0			102,202