XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net Income $ 23,421 $ 33,507
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 1,480 1,735
Amortization and accretion, net (1,835) (1,005)
Provision (benefit) for credit losses [1] 4,177 (2,575)
Deferred income tax expense (benefit) 782 (505)
Loans originated for sale (1,528) (5,733)
Proceeds from sales of loans 1,739 6,811
Gain on sales of loans originated for sale (25) (126)
Realized and unrealized losses on equity investments 4,390 5,546
Stock-based compensation expense 402 458
BOLI Income (1,154) (2,087)
(Increase) decrease in accrued interest receivable (2,720) (1,910)
(Increase) decrease in other assets (246) 700
Increase (decrease) in accrued interest payable 2,662 (214)
Increase (decrease) in other liabilities 2,946 (1,841)
Net Cash Provided by Operating Activities 34,491 32,761
Cash flows from investing activities:    
Proceeds from repayments, calls, and maturities on securities available for sale 13,653 9,310
Purchases of securities (12,498) (26,968)
Proceeds from sales of securities 5,024 1,232
Net increase in loans receivable (239,035) (477,429)
Proceeds from BOLI   3,500
Additions to premises and equipment (4,335) (221)
Purchase of Federal Home Loan Bank of New York stock (11,516) (6,304)
Net Cash Used In Investing Activities (248,707) (496,880)
Cash flows from financing activities:    
Net increase in deposits 7,949 151,544
Proceeds from Federal Home Loan Bank of New York Long Term Advances 400,000  
Net change in Federal Home Loan Bank of New York Short Term Advances (160,000) 140,000
Purchases of treasury stock (3,816) (1,998)
Cash dividends paid on common stock (7,864) (7,809)
Cash dividends paid on preferred stock (520) (624)
Net proceeds from issuance of common stock 826 319
Net proceeds from issuance of preferred stock   6,809
Payments for redemption of preferred stock (220) (14,730)
Exercise of stock options 418 3
Net Cash Provided by Financing Activities 236,773 273,514
Net Increase (Decrease) in Cash and Cash Equivalents 22,557 (190,605)
Cash and Cash Equivalents-Beginning 229,359 411,629
Cash and Cash Equivalents-Ending 251,916 221,024
Supplementary Cash Flow Information:    
Cash paid during the period for: Income taxes 12,322 13,615
Cash paid during the period for: Interest $ 55,853 $ 9,036
[1] The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated.