XML 19 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 7,866 $ 10,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 2,131 1,504
Allocation of ESOP stock 301 288
Stock awards 756 638
Amortization of servicing asset 87 214
Net premium amortization in excess of discount accretion on securities 849 1,140
Net amortization of deferred costs and discounts on loans 26 70
Amortization of core deposit intangible 138  
Net accretion/amortization of purchase accounting adjustments (1,431)  
Provision for loan losses 1,225 675
Net loss (gain) on sale of other real estate owned 145 (112)
Net loss on sales of available-for-sale securities 12  
Net gain on sales of loans (349) (377)
Proceeds from sales of mortgage loans held for sale 19,555 28,144
Mortgage loans originated for sale (21,819) (25,020)
Proceeds from Bank Owned Life Insurance 155  
Increase in value of Bank Owned Life Insurance (861) (810)
Increase in interest and dividends receivable (756) (44)
Decrease in other assets 8,928 1,311
Increase (decrease) in other liabilities (857) (2,205)
Total adjustments 8,235 5,416
Net cash provided by operating activities 16,101 15,811
Cash flows from investing activities:    
Net increase in loans receivable 9,648 (77,571)
Purchase of loans receivable (12,942) (7,186)
Purchase of investment securities available-for-sale   (9,973)
Proceeds from maturities and calls of investment securities held-to-maturity 19,635 23,285
Proceeds from sales of securities available-for-sale 59,211  
Principal repayments on mortgage-backed securities held-to-maturity 31,037 30,997
Decrease in Federal Home Loan Bank of New York stock 5,632 430
Proceeds from sales of other real estate owned 1,714 1,398
Purchases of premises and equipment (1,381) (1,697)
Cash received, net of cash consideration paid for acquisition (477)  
Cash acquired, net of cash paid for branch acquisition 16,727  
Net cash provided by (used in) investing activities 128,804 (40,317)
Cash flows from financing activities:    
Increase in deposits 24,496 41,540
Decrease in short-term borrowings (116,400) (40,747)
Proceeds from Federal Home Loan Bank advances 55,000 35,000
Repayments of Federal Home Loan Bank advances (73,048)  
Repayments of other borrowings (10,000)  
Increase in advances by borrowers for taxes and insurance 1,778 1,522
Exercise of stock options 1,286 165
Purchase of treasury stock   (4,452)
Dividends paid (5,481) (4,288)
Tax (expense) benefit of stock plans (260) 8
Net cash (used in) provided by financing activities (122,629) 28,748
Net increase in cash and due from banks 22,276 4,242
Cash and due from banks at beginning of period 43,946 36,117
Cash and due from banks at end of period 66,222 40,359
Supplemental Disclosure of Cash Flow Information:    
Interest 5,507 4,137
Income taxes 4,664 762
Non-cash activities:    
Accretion of unrealized loss on securities reclassified to held-to-maturity 679 644
Loans charged-off, net 1,269 $ 458
Transfer of loans receivable to other real estate owned 888  
Non-cash assets acquired:    
Securities 212,156  
Federal Home Loan Bank of New York stock 6,782  
Loans 1,156,980  
Premises & equipment 21,723  
Other real estate owned 1,935  
Deferred tax asset 22,054  
Other assets 61,793  
Goodwill and other intangible assets, net 68,739  
Total non-cash assets acquired 1,552,162  
Liabilities assumed:    
Deposits 1,248,367  
Federal Home Loan Bank advances 124,466  
Other liabilities 12,951  
Total liabilities assumed $ 1,385,784