XML 23 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 103,996 $ 42,318 $ 36,186
Adjustments to reconcile net income to net cash provided by operating activities:      
Net gain on sales of securities available-for-sale and other assets (1,705) (4,592) (31)
Net gain on equity securities (131) (361) (531)
Net gain on sale of loans held for sale (24,791) (3,002) (1,540)
Loss on termination of derivatives 16,505 6,596  
Net depreciation, amortization and accretion 7,805 5,069 5,075
Amortization of other intangible assets 2,622 0 0
Stock-based compensation 5,407 7,223 1,843
Provision for credit losses 6,212 26,165 17,340
Originations of loans held for sale (48,610) (50,359) (23,154)
Proceeds from sale of loans originated for sale 77,184 62,383 38,666
Increase in cash surrender value of BOLI (6,721) (3,725) (2,830)
Gain from death benefits from BOLI (350) (1,134)  
Deferred income tax benefit 8,596 (1,965) (2,383)
Decrease (increase) in other assets 118,641 (13,106) 3,186
Decrease in other liabilities (118,333) (11,578) (3,336)
Net cash provided by operating activities 146,327 59,932 68,491
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales of securities available-for-sale 138,077 94,252 148,857
Proceeds from sales of marketable equity securities 6,101 546 570
Purchases of securities available-for-sale (1,095,028) (219,621) (317,656)
Purchases of securities held-to-maturity (40,249)    
Acquisition of marketable equity securities 0 (261) (266)
Proceeds from calls and principal repayments of securities available-for-sale 411,031 153,119 129,680
Proceeds from calls and principal repayments of securities held-to-maturity 1,360    
Purchase of BOLI (40,000) (40,000)  
Proceeds received from cash surrender value of BOLI 1,464 3,020  
Loans purchased (9,855) (29,892)  
Proceeds from the sale of portfolio loans transferred to held for sale 684,898 47,830 9,684
Net decrease (increase) in loans 282,683 (327,736) 18,953
Purchases of fixed assets, net   (954) (1,719)
Purchases of fixed assets, net 14    
Redemptions (purchases) of restricted stock, net 46,337 (4,688) 1,532
Net cash received in business combination 715,988    
Net cash provided by (used in) investing activities 1,102,821 (324,385) (10,365)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Increase (decrease) in deposits 518,682 176,027 (82,882)
(Repayments) proceeds from FHLBNY advances, short-term, net (1,228,865) 127,500 240,500
Repayments of FHLBNY advances, long-term (190,150) (113,190) (470,050)
Proceeds from FHLBNY advances, long-term 25,000 97,450 196,450
(Repayments) proceeds of other short-term borrowings, net (118,138) 10,000 110,000
Proceeds from preferred stock issuance, net   116,569  
Proceeds from exercise of stock options 431 38 367
Release of stock for benefit plan awards 1,153 84 131
Payments related to tax withholding for equity awards (111) (3,060) (133)
BMP ESOP shares received to satisfy distribution of retirement benefits (993)   (4)
Treasury shares repurchased (59,280) (35,356) (24,191)
Redemption of REIT preferred stock (121)    
Cash dividends paid to preferred stockholders (7,286) (4,783)  
Cash dividends paid to common stockholders (39,351) (18,711) (20,082)
Net cash (used in) provided by financing activities (1,099,029) 352,568 (49,894)
Increase (decrease) in cash and cash equivalents 150,119 88,115 8,232
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 243,603 155,488 147,256
CASH AND CASH EQUIVALENTS, END OF PERIOD 393,722 243,603 155,488
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for income taxes 34,771 15,755 11,944
Cash paid for interest 28,460 59,138 92,707
Securities transferred to held-to-maturity 140,399    
Loans transferred to held for sale 692,751 62,243 22,921
Premises transferred to (from) held for sale 2,799   514
Premises transferred from held for sale   (514)  
Operating lease assets in exchange for operating lease liabilities 9,769 $ 1,524 $ 49,747
Cumulative change due to Current Expected Credit Loss ("CECL") Standard adoption 1,686    
Net non-cash liabilities assumed in Merger (See Note 2) $ 324,937