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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 81,793 $ 34,674 $ 41,279
Adjustments to reconcile net income to net cash provided by operating activities:      
(Benefit) provision for credit losses (4,944) 23,129 2,811
Depreciation and amortization of premises and equipment 6,425 6,212 5,930
Net gain on sales of loans (335) (48) (870)
Net (gain) loss on sales of securities (113) 701 15
Net loss on sales of OREO 0 36 0
Net gain on sale and disposition of assets (621) 0 (770)
Amortization of premium, net of accretion of discount (987) 6,446 7,110
Fair value adjustments for financial assets and financial liabilities 12,995 2,142 5,353
Net (gain) loss from fair value adjustments of qualifying hedges (2,079) 1,185 1,677
Income from bank owned life insurance (4,044) (3,814) (3,534)
Life insurance proceeds 0 (659) (462)
Stock-based compensation expense 6,829 6,450 7,763
Deferred compensation (4,002) (4,403) (3,078)
Amortization of core deposit intangibles 610 108 0
Deferred income tax (1,725) (4,637) (3,895)
Decrease (increase) in other assets 563 2,605 706
(Decrease) increase in other liabilities (1,767) 1,151 3,735
Net cash provided by operating activities 88,598 71,278 63,770
Investing Activities      
Purchases of premises and equipment (3,680) (2,512) (4,213)
Net redemptions of Federal Home Loan Bank-NY shares 7,502 14,617 361
Purchases of securities held-to-maturity 0 0 (30,030)
Proceeds from calls of securities held-to-maturity 0 180 2,568
Proceeds from prepayments of securities held-to-maturity 0 603 583
Purchases of securities available for sale (538,350) (217,405) (146,183)
Proceeds from sales and calls of securities available for sale 64,613 232,970 65,493
Proceeds from maturities and prepayments of securities available for sale 330,701 271,533 144,673
Proceeds from sale of assets 0 0 813
Purchase of bank owned life insurance (25,000) 0 (25,000)
Proceeds from life insurance 0 2,477 3,071
Net repayments (originations) of loans 290,890 (55,276) (800)
Purchases of loans (262,091) (193,289) (221,222)
Proceeds from sale of loans 28,632 7,493 15,117
Proceeds from sale of OREO, net 0 203 0
Cash used in acquisition of Empire Bancorp, Inc. 0 (54,836) 0
Cash provided by acquisition of Empire Bancorp, Inc. 0 86,340 0
Net cash (used in) provided by investing activities (106,783) 93,098 (194,769)
Financing Activities      
Net increase in non interest-bearing deposits 188,949 174,104 21,325
Net increase in interest-bearing deposits 3,974 39,591 84,540
Net increase (decrease) in mortgagors' escrow deposits 6,291 (5,159) (486)
Net proceeds from short-term borrowed funds     15,750
Proceeds from long-term borrowings 122,843 215,378 225,000
Repayment of long-term borrowings (341,643) (451,999) (257,102)
Purchases of treasury stock (11,370) (3,877) (2,656)
Proceeds from issuance of common stock upon exercise of stock options     3
Cash dividends paid (26,524) (24,813) (24,149)
Net cash (used in) provided by financing activities (57,480) (56,775) 62,225
Net (decrease) increase in cash and cash equivalents (75,665) 107,601 (68,774)
Cash and cash equivalents, beginning of year 157,388 49,787 118,561
Cash and cash equivalents, end of year 81,723 157,388 49,787
Supplemental Cash Flow Disclosure      
Interest paid 40,564 71,380 115,616
Income taxes paid 28,225 17,919 15,369
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible $ 27,889 17,764 15,403
Non-cash activities:      
Loans transferred to other real estate owned     239
Right-of-use assets     42,869
Operating lease liabilities     $ 51,780
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