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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 14,891,000 $ 13,325,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization (increase in) of right-of-use assets 393,000 369,000
Amortization of intangible assets 15,000 190,000
Provision for loan losses (2,889,000) (409,000)
Loss (Gains) on disposal of fixed assets 20,000 (20,000)
Depreciation and amortization of fixed assets 1,147,000 1,307,000
Amortization of premiums on securities, net 2,172,000 2,672,000
Gain on sales of loans held for sale, net (99,000) (642,000)
Proceeds from sales of loans held for sale 5,575,000 20,120,000
Loans originated and held for sale (5,080,000) (19,308,000)
Net (gains) losses on sale of other real estate owned (45,000) 18,000
Net change in fair value of equity investments 355,000 (188,000)
Proceeds from sales of trading assets 37,000 41,000
Purchase of equity investments (178,000) (167,000)
(Increase) Decrease in other assets and accrued interest receivable (8,656,000) 1,375,000
Increase in accrued interest payable 25,000 7,000
Expense related to restricted stock units for directors' deferred compensation plan 100,000 9,000
Expense related to employee stock compensation 0 132,000
Expense related to employee restricted stock awards 333,000 223,000
Increases in (payments on) operating leases (380,000) 145,000
Increase (decrease) in other liabilities 10,171,000 (1,761,000)
Income from bank owned life insurance (22,000) (27,000)
Net cash provided by operating activities 17,885,000 17,411,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales of securities available for sale 0 0
Proceeds from maturities, calls, and principal paydowns on securities available for sale 53,412,000 72,057,000
Proceeds from maturities and principal collected on securities held to maturity 842,000 520,000
Purchases of securities available for sale (22,713,000) (216,069,000)
Purchases of securities held to maturity 0 (1,042,000)
Purchase of FHLBNY and FRBNY stock (13,096,000) (412,000)
Redemption of FHLBNY and FRBNY stock 11,417,000 0
Proceeds from sales of fixed assets 125,000 0
Purchases of premises and equipment (135,000) (262,000)
Proceeds from sale of other real estate owned 159,000 128,000
Proceeds from bank owned life insurance 0 286,000
Net increase in loans (100,256,000) (21,407,000)
Net cash used in investing activities (70,245,000) (166,201,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (decrease) increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts (59,925,000) 144,861,000
Increase (decrease) in time deposits 87,283,000 (44,448,000)
Net proceeds from FHLB overnight advances 31,300,000 0
Payments made on finance leases (133,000) (125,000)
Purchase of treasury stock (695,000) (1,046,000)
Sale of treasury stock 216,000 232,000
Cash dividends paid (2,899,000) (2,425,000)
Net cash provided by financing activities 55,147,000 97,049,000
Net increase (decrease) in cash and cash equivalents 2,787,000 (51,741,000)
Cash and cash equivalents, beginning of period 26,981,000 108,538,000
Cash and cash equivalents, end of period 29,768,000 56,797,000
Cash paid for:    
Interest 1,653,000 1,813,000
Income taxes 2,545,000 2,900,000
Supplemental disclosure of non-cash activity:    
Transfer of loans to other real estate owned 292,000 32,000
Dividends declared, not yet paid 1,449,000 1,447,000
Repurchase of common stock in lieu of employee payroll taxes 53,000 80,000
Operating lease right-of-use assets 0 (498,000)
Distribution of treasury stock for directors' compensation 105,000 317,000
Distribution of treasury stock for deferred directors' compensation 100,000 3,000
Forfeiture of shares of restricted stock awards $ (2,000) $ 0