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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 19,262 $ 15,609 $ 19,626
Adjustments to reconcile net income to net cash provided by operating activities:      
Operating Lease, Right-Of-Use Asset, Amortization 856 712 0
Amortization of intangible assets 484 609 734
Deferred income tax (benefit) expense (86) (1,564) 2,153
Provision for loan losses 4,239 5,945 3,153
Loss on disposal of fixed assets 247 334 10
Depreciation and amortization of fixed assets 2,918 3,112 3,437
Amortization of premiums on securities, net 1,842 1,055 1,304
Gains on sales of loans held for sale, net (1,730) (248) (351)
Proceeds from sales of loans held for sale 47,996 12,488 18,262
Loans originated and held for sale (45,251) (12,923) (17,871)
Net (gains) losses on sale of other real estate owned 46 99 (90)
Write-downs on OREO 38 53 14
Net change in fair value of equity investments (89) (81) (2,004)
Net gains on securities transactions 0 (19) 0
Proceeds from sales of trading assets 91 22 2,288
Purchase of trading assets (370) (206) (167)
(Increase) decrease in other assets (9,883) (1,945) (2,651)
Increase (decrease) in accrued interest payable (37) 67 84
Expense related to restricted stock units for directors' deferred compensation plan 29 42 67
Expense related to employee stock compensation 101 100 89
Expense related to employee restricted stock awards 672 503 405
Payments on operating leases (820) (629) 0
Increase (decrease) in other liabilities 8,265 3,333 (654)
Income from bank owned life insurance (161) (63) (66)
Net cash provided by operating activities 28,659 26,405 27,772
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of securities available for sale 0 33,690 0
Proceeds from maturities, calls, and principal paydowns on securities available for sale 67,888 49,665 64,180
Proceeds from maturities and principal collected on securities held to maturity 2,007 2,903 1,316
Purchases of securities available for sale (329,836) (118,151) (16,033)
Purchases of securities held to maturity (1,361) (1,143) (2,410)
Purchase of FHLBNY and FRBNY stock (51) (14) (22,003)
Redemption of FHLBNY and FRBNY stock 0 53 24,649
Purchases of premises and equipment (867) (883) (1,770)
Proceeds from sale of other real estate owned 627 458 1,709
Proceeds from sale of loans 5,227 0 0
Proceeds from bank owned life insurance 213 0 0
Net (increase) decrease in loans (239,695) 711 (5,719)
Net cash (used by) provided by investing activities (495,848) (32,711) 43,919
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 341,081 (8,050) 69,927
Net increase in time deposits 124,555 10,951 31,864
Net decrease in securities sold under agreements to repurchase 0 0 (10,000)
Net change in FHLBNY overnight advances 0 0 (57,700)
Repayments of FHLBNY long term advances 0 0 (2,000)
Principal payments made on capital lease (236) (219) (213)
Purchase of treasury stock (7,589) 0 0
Sale of treasury stock 1,018 585 643
Cash dividends paid (5,006) (5,029) (4,969)
Net cash (used in) provided by financing activities 453,823 (1,762) 27,552
Net increase (decrease) in cash and cash equivalents (13,366) (8,068) 99,243
Cash and cash equivalents, beginning of period 121,904 129,972 30,729
Cash and cash equivalents, end of period 108,538 121,904 129,972
Cash paid during the year for:      
Interest 4,025 6,254 3,989
Income Taxes 6,005 4,455 1,730
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned 431 517 267
Dividends declared, not yet paid 1,214 1,263 1,254
Repurchase of common stock in lieu of employee payroll taxes (238) (185) (112)
Distribution of treasury stock for directors' deferred compensation plan (14) 13 218
Distribution of treasury stock for directors' compensation 350 356 301
Forfeiture of shares of restricted stock awards $ (5) $ 0 $ 0