PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2016

PARENT COMPANY STATEMENTS [Abstract]

PARENT COMPANY STATEMENTS

NOTE Q:  PARENT COMPANY STATEMENTS

The condensed balance sheets of the parent company at December 31 are as follows:

(000's omitted)	2016		2015
Assets:
Cash and cash equivalents	$	151,127	$	97,317
Investment securities		3,628		3,576
Investment in and advances to:
Bank subsidiary		1,116,554		1,117,419
Non-bank subsidiaries		35,566		30,643
Other assets		10,345		9,996
Total assets	$	1,317,220	$	1,258,951
Liabilities and shareholders' equity:
Accrued interest and other liabilities	$	16,950	$	16,158
Borrowings		102,170		102,146
Shareholders' equity		1,198,100		1,140,647
Total liabilities and shareholders' equity	$	1,317,220	$	1,258,951

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

(000's omitted)	2016			2015			2014
Revenues:
Dividends from subsidiaries:
Bank subsidiary	$	89,000		$	70,000		$	57,200
Non-bank subsidiaries		1,750			6,000			3,900
Interest and dividends on investments		102			94			88
Total revenues		90,852			76,094			61,188
Expenses:
Interest on borrowings		2,949			2,537			2,477
Acquisition expenses		429			0			0
Other expenses		11			19			37
Total expenses		3,389			2,556			2,514
Income before tax benefit and equity in undistributed net income of subsidiaries		87,463			73,538			58,674
Income tax benefit/(expense)		866			(572	)		581
Income before equity in undistributed net income of subsidiaries		88,329			72,966			59,255
Equity in undistributed net income of subsidiaries		15,483			18,264			32,098
Net income	$	103,812		$	91,230		$	91,353
Other comprehensive (loss)/income, net of tax:
Other comprehensive income/(loss) related to pension and other post retirement obligations		3,322			(4,567	)		(9,571	)
Other comprehensive (loss)/income related to unrealized (losses)/gains on available-for-sale securities		(14,714	)		(6,918	)		66,837
Other comprehensive (loss)/income		(11,392	)		(11,485	)		57,266
Comprehensive income	$	92,420		$	79,745		$	148,619

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

(000's omitted)	2016			2015			2014
Operating activities:
Net income	$	103,812		$	91,230		$	91,353
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries		(15,483	)		(18,264	)		(32,098	)
Net change in other assets and other liabilities		(215	)		(27	)		(479	)
Net cash provided by operating activities		88,114			72,939			58,776
Investing activities:
Proceeds from sale of investment securities		0			0			3
Cash received for acquisitions, net of cash acquired of $0, $81,772, and $0, respectively		0			25,505			0
Capital contributions to subsidiaries		0			(80,231	)		0
Net cash (used in) provided by investing activities		0			(54,726	)		3
Financing activities:
Issuance of common stock		15,326			13,975			13,410
Purchase of treasury stock		(3,470	)		(9,126	)		(4,368	)
Sale of treasury stock		8,888			16,571			1,531
Cash dividends paid		(55,048	)		(49,273	)		(46,178	)
Net cash used in financing activities		(34,304	)		(27,853	)		(35,605	)
Change in cash and cash equivalents		53,810			(9,640	)		23,174
Cash and cash equivalents at beginning of year		97,317			106,957			83,783
Cash and cash equivalents at end of year	$	151,127		$	97,317		$	106,957
Supplemental disclosures of cash flow information:
Cash paid for interest	$	2,909		$	2,523		$	2,473
Supplemental disclosures of noncash financing activities
Dividends declared and unpaid	$	14,268		$	13,605		$	12,254
Capital contributions to subsidiaries		0			76,461			0
Common stock issued for acquisition		0			102,202			0