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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income $ 34,674 $ 41,279 $ 55,090
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 23,129 2,811 575
Depreciation and amortization of premises and equipment 6,212 5,930 5,792
Net gain on sales of loans (48) (870) (168)
Net loss on sales of securities 701 15 1,920
Net loss (gain) on sales of OREO 36 0 (27)
Net gain on sales of assets 0 (770) (1,141)
Amortization of premium, net of accretion of discount 6,446 7,110 8,146
Fair value adjustments for financial assets and financial liabilities 2,142 5,353 4,122
Net loss from fair value adjustments on qualifying hedges 1,185 1,677 0
Income from bank owned life insurance (3,814) (3,534) (3,099)
Life insurance proceeds (659) (462) (2,998)
Stock-based compensation expense 6,450 7,763 7,016
Deferred Compensation (4,403) (3,078) (3,061)
Amortization of core deposit intangibles 108 0 0
Deferred income tax (4,637) (3,895) (2,664)
Decrease in other assets 2,605 706 824
Increase in other liabilities 1,151 3,735 6,976
Net cash provided by operating activities 71,278 63,770 77,303
Investing Activities      
Purchases of premises and equipment (2,512) (4,213) (5,409)
Net purchases of Federal Home Loan Bank-NY shares 14,617 361 2,807
Purchases of securities held-to-maturity 0 (30,030) (2,653)
Proceeds from calls of securities held-to-maturity 180 2,568 1,130
Proceeds from prepayments of securities held-to-maturity 603 583 377
Purchases of securities available for sale (217,405) (146,183) (305,059)
Proceeds from sales and calls of securities available for sale 232,970 65,493 128,474
Proceeds from maturities and prepayments of securities available for sale 271,533 144,673 73,968
Proceeds from sale of assets 0 813 1,184
Purchase of bank owned life insurance 0 (25,000) 0
Proceeds from life insurance 2,477 3,071 6,165
Net originations of loans (55,276) (800) (111,351)
Purchases of loans (193,289) (221,222) (282,703)
Proceeds from sale of loans 7,493 15,117 14,410
Proceeds from sale of OREO, net 203 0 665
Cash used in acquisition of Empire Bancorp, Inc. (54,836) 0 0
Cash provided by acquisition of Empire Bancorp, Inc. 86,340 0 0
Net cash provided by (used in) investing activities 93,098 (194,769) (477,995)
Financing Activities      
Net increase in non-interest bearing deposits 174,104 21,325 28,478
Net decrease in interest-bearing deposits 39,591 84,540 546,322
Net (decrease) increase in mortgagors' escrow deposits (5,159) (486) 2,255
Net proceeds from short-term borrowed funds   15,750 165,250
Proceeds from long-term borrowings 215,378 225,000 40,996
Repayment of long-term borrowings (451,999) (257,102) (270,088)
Purchases of treasury stock (3,877) (2,656) (22,585)
Proceeds from issuance of common stock upon exercise of stock options   3 6
Cash dividends paid (24,813) (24,149) (22,927)
Net cash (used in) provided by financing activities (56,775) 62,225 467,707
Net increase (decrease) in cash and cash equivalents 107,601 (68,774) 67,015
Cash and cash equivalents, beginning of year 49,787 118,561 51,546
Cash and cash equivalents, end of year 157,388 49,787 118,561
Supplemental Cash Flow Disclosure      
Interest paid 71,380 115,616 85,112
Income taxes paid 17,919 15,369 6,616
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible 17,764 15,403 7,245
Non-cash activities:      
Loans transferred to other real estate owned   239 673
Right-of-use assets   42,869  
Operating lease liabilities   $ 51,780  
Reclassification of the income tax effects of Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings     $ 2,073
Assets acquired:      
Securities available for sale 159,369    
Net loans 669,682    
Interest and dividends receivable 5,394    
Bank premises and equipment, net 3,203    
Federal Home Loan Bank of New York stock, at cost 1,135    
Bank owned life insurance 21,992    
Core deposit Intangibles 3,280    
Right of Use Asset 9,993    
Other assets 22,300    
Total 896,348    
Liabilities assumed:      
Non-interest bearing 169,496    
Interest-bearing 685,393    
Mortgagors' escrow deposits 6,406    
Borrowed funds 21,215    
Operating lease liability 11,039    
Other liabilities 3,108    
Total 896,657    
Goodwill recorded $ 1,509    
Common stock issued 32,705