XML 150 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 65,719 $ 50,543 $ 44,094
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan and lease losses 8,518 20,310 9,892
Depreciation of premises and equipment 5,277 5,581 5,561
Net gain on sales of investment securities [1] (54) (10) (48)
Net gain on mortgage banking activities [1] (3,946) (3,125) (4,023)
Bank owned life insurance income [1] (3,179) (3,174) (3,988)
Net amortization of investment securities premiums and discounts 1,738 1,602 1,838
Amortization, fair market value adjustments and capitalization of servicing rights 141 (196) (87)
Net accretion of acquisition accounting fair value adjustments (761) (1,037) (3,022)
Stock-based compensation 2,348 2,557 3,166
Intangible expenses 1,595 2,166 2,582
Other adjustments to reconcile net income to cash (used in) provided by operating activities (1,642) 305 (80)
Deferred tax (benefit) expense (1,807) (599) 7,483
Originations of loans held for sale (227,083) (158,097) (188,072)
Proceeds from the sale of loans held for sale 227,473 161,357 196,813
Contributions to pension and other postretirement benefit plans (266) (3,264) (2,295)
(Increase) decrease in accrued interest receivable and other assets (2,332) 4,547 (1,369)
Increase in accrued interest payable and other liabilities 1,409 6,540 215
Net cash provided by operating activities 73,148 86,006 68,660
Cash flows from investing activities:      
Net capital expenditures (2,446) (3,119) (3,961)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity 34,207 11,526 23,265
Proceeds from maturities, calls and principal repayments of securities available-for-sale 67,020 54,702 64,954
Proceeds from sales of securities available-for-sale 26,494 1,010 7,069
Purchases of investment securities held-to-maturity 84,733 99,132 54,149
Purchases of investment securities available-for-sale (2,993) (1,986) (33,334)
Proceeds from sales of money market mutual funds 5,035 11,225 29,948
Purchases of money market mutual funds (5,413) (6,482) (25,149)
Net decrease (increase) in other investments 83 (1,133) (2,335)
Net increase in loans and leases (381,343) (398,240) (338,481)
Proceeds from sales of other real estate owned 720 490 3,996
Purchases of bank owned life insurance 0 (1,563) (7,271)
Proceeds from bank owned life insurance 0 1,384 2,961
Net cash used in investing activities (343,369) (431,318) (332,487)
Cash flows from financing activities:      
Net increase in deposits 474,190 331,170 297,792
Net (decrease) increase in short-term borrowings (171,088) 84,337 (90,740)
Proceeds from issuance of long-term debt 25,000 10,000 95,000
Repayments of long-term debt (20,000) (20,000) (65,000)
Payment of contingent consideration on acquisitions (129) (131) (5,413)
Proceeds from public offering of common stock 0 0 70,501
Purchases of treasury stock (2,045) (5,984) (3,519)
Stock issued under dividend reinvestment and employee stock purchase plans 2,233 2,295 2,413
Proceeds from exercise of stock options 1,203 1,131 1,676
Cash dividends paid (23,435) (23,495) (21,299)
Net cash provided by financing activities 285,929 379,323 281,411
Net increase in cash and cash equivalents 15,708 34,011 17,584
Cash and cash equivalents at beginning of year 109,420 75,409 57,825
Cash and cash equivalents at end of year 125,128 109,420 75,409
Supplemental disclosures of cash flow information:      
Cash paid for interest 44,479 30,875 21,493
Cash paid for income taxes, net of refunds 17,171 2,022 12,599
Non cash transactions:      
Transfer of loans to other real estate owned $ 71 $ 477 $ 729
[1] Net interest income as well as many other revenues for financial assets and liabilities including loans, leases, securities, and derivatives are excluded from the scope of FASB ASC 606 "Revenue from Contracts with Customers" (FASB ASC 606). Noninterest income streams that are out of scope of FASB ASC 606 include bank owned life insurance income, sales of investment securities and mortgage banking activities.