XML 21 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income (loss) $ 2,396 $ (36,342)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization of premises and equipment 2,662 2,347
Change in right-of-use asset 2,550 2,618
(Accretion) amortization of:    
Deferred loan fees, costs, and discounts, net (655) 1,107
Premiums and discounts on securities, net 1,065 893
Change in deferred taxes, net of valuation allowance 0 8,733
Release of provision for loan losses (1,001) (2,518)
(Gain) loss on sales and calls of securities (14) 1
Increase in BOLI cash surrender value (490) (476)
Issuance of common shares donated to Blue Foundry Charitable Foundation 0 7,500
ESOP and stock-based compensation expense 1,816 1,274
(Increase) decrease in interest and dividends receivable (1,521) 377
Increase in other assets (2,247) (1,945)
Decrease in other liabilities 590 4,325
Change in lease liability (2,372) (2,036)
Net cash provided by (used in) operating activities 2,779 (14,142)
Cash flows from investing activities    
Net (originations) repayments of loans receivable (152,847) 86,975
Purchases of residential mortgage loans (104,040) (91,635)
Proceeds from sale of Real Estate Owned 0 618
Purchases of securities available for sale (80,039) (164,958)
Purchases of securities held to maturity (10,600) (23,362)
Proceeds from calls of securities held to maturity 0 7,000
Proceeds from sales and calls of securities available for sale 4,659 14,216
Principal payments and maturities on securities available for sale 47,875 65,002
Purchases of other investments 150 0
Purchase of Federal Home Loan Bank stock (30,863) 0
Redemption of Federal Home Loan Bank stock 25,133 6,678
Proceeds from Assets held for sale 0 6,034
Purchases of premises and equipment (5,364) (11,902)
Net cash used in investing activities (306,236) (105,334)
Cash flows from financing activities    
Net change in deposits 41,822 (109,144)
Proceeds from advances from Federal Home Loan Bank 1,423,000 583,600
Repayments of advances from Federal Home Loan Bank (1,298,000) (727,500)
Net increase in advances by borrowers for taxes and insurance (280) (1,259)
Purchase of treasury stock (15,349) 0
Net proceeds from issuance of common shares 0 250,780
Net cash provided by (used in) financing activities 151,193 (3,523)
Net decrease in cash and cash equivalents (152,264) (122,999)
Cash and cash equivalents at beginning of period 193,446 316,445
Cash and cash equivalents at end of period 41,182 193,446
Cash paid during the period for:    
Interest 10,714 12,836
Income taxes 190 150
Supplemental noncash disclosures    
Transfers of assets to held for sale 917 892
Lease liabilities arising from obtaining right-of-use assets 2,999 3,197
Purchase of common shares by the ESOP $ 0 $ 22,818