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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net Income $ 33,507 $ 23,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 1,735 2,156
Amortization and accretion, net (1,005) (406)
(Credit) provision for loan losses (2,575) 4,840
Deferred income tax expense (benefit) (505) (938)
Loans originated for sale (5,733) (21,927)
Proceeds from sales of loans 6,811 25,119
Gain on sales of loans originated for sale (126) (575)
Gain on sale of premises   (371)
Realized and unrealized losses on equity investments 5,546 4
Gain on sales of other real estate owned   (11)
Loss on bulk sale of impaired loans held in portfolio   64
Stock-based compensation expense 458 337
BOLI Income (2,087) (2,195)
(Increase) decrease in interest receivable (1,910) 2,536
(Increase) decrease in other assets 700 1,313
Decrease in accrued interest payable (214) (803)
(Decrease) increase in other liabilities (1,841) 454
Net Cash Provided by Operating Activities 32,761 33,086
Cash flows from investing activities:    
Proceeds from repayments, calls, and maturities on securities available for sale 9,310 29,245
Purchases of securities (26,968) (18,345)
Proceeds from bulk sale of impaired loans   3,442
Proceeds from sales of securities 1,232  
Net increase in loans receivable (477,429) (1,671)
Purchases of BOLI   (8,500)
Proceeds from BOLI 3,500  
Proceeds from sales of other real estate owned   425
Additions to premises and equipment (221) (254)
Proceeds from the sale of fixed assets and premises   742
Redemption of Federal Home Loan Bank of New York stock (6,304) 3,131
Net Cash Used In Investing Activities (496,880) 8,215
Cash flows from financing activities:    
Net increase in deposits 151,544 223,355
Proceeds from Federal Home Loan Bank of New York Advances 140,000 10,000
Repayments of Federal Home Loan Bank of New York Advances   (83,000)
Purchases of treasury stock (1,998) (2,511)
Cash dividends paid on common stock (7,809) (7,241)
Cash dividends paid on preferred stock (624) (852)
Net proceeds from issuance of common stock 319 376
Net proceeds from issuance of preferred stock 6,809  
Net payment for redemption of preferred stock (14,730)  
Proceeds from exercise of stock options 3 281
Net Cash Provided by Financing Activities 273,514 140,408
Net Increase (Decrease) in Cash and Cash Equivalents (190,605) 181,709
Cash and Cash Equivalents - Beginning 411,629 261,229
Cash and Cash Equivalents - Ending 221,024 442,938
Supplementary Cash Flow Information:    
Cash paid during the period for income taxes 16,532 10,150
Cash paid during the period for interest $ 9,036 $ 12,787