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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 76,945 $ 81,793 $ 34,674
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision (benefit) for credit losses 5,081 (4,944) 23,129
Depreciation and amortization of premises and equipment 5,930 6,425 6,212
Net gain on sales of loans (119) (335) (48)
Net amortization (accretion) of premiums and discounts 1,139 (987) 6,446
Net gain from disposition of assets (104) (621) 0
Net loss on sales of OREO 0 0 36
Net loss (gain) from sale of securities 10,948 (113) 701
Deferred income tax provision (benefit) 144 (1,725) (4,637)
Net (gain) loss from fair value adjustments (5,728) 12,995 2,142
Net (gain) loss from fair value adjustments of qualifying hedges (775) (2,079) 1,185
Gain from life insurance proceeds (1,822) 0 (659)
Income from bank owned life insurance (4,487) (4,044) (3,814)
Stock-based compensation expense 6,807 6,829 6,450
Deferred compensation (5,365) (4,002) (4,403)
Amortization of core deposit intangibles 545 610 108
Decrease in other assets 11,775 563 2,605
(Decrease) increase in other liabilities (15,159) (1,767) 1,151
Net cash provided by operating activities 85,755 88,598 71,278
Investing Activities      
Purchases of premises and equipment (4,342) (3,680) (2,512)
Net (purchases) redemptions of Federal Home Loan Bank-NY shares (9,905) 7,502 14,617
Purchases of securities held-to-maturity (16,475) 0 0
Proceeds from prepayments of securities held-to-maturity 387 0 603
Proceeds from calls of securities held-to-maturity 0 0 180
Purchases of securities available for sale (224,940) (538,350) (217,405)
Proceeds from sales and calls of securities available for sale 73,276 64,613 232,970
Proceeds from maturities and prepayments of securities available for sale 96,861 330,701 271,533
Purchases of bank owned life insurance 0 (25,000) 0
Proceeds from life insurance 3,945 0 2,477
Change in cash collateral 66,345 0 0
Net (originations) and repayments of loans (93,262) 290,890 (55,276)
Purchases of loans (275,701) (262,091) (193,289)
Proceeds from sale of OREO, net 0 0 203
Proceeds from sale of loans 31,993 28,632 7,493
Cash used in acquisition of Empire Bancorp, Inc. 0 0 (54,836)
Cash provided by acquisition of Empire Bancorp, Inc. 0 0 86,340
Net cash (used in) provided by investing activities (351,818) (106,783) 93,098
Financing Activities      
Net (decrease) increase in non-interest bearing deposits (46,383) 188,949 174,104
Net increase in interest-bearing deposits 200,019 3,974 39,591
Net (decrease) increase in mortgagors' escrow deposits (3,754) 6,291 (5,159)
Net proceeds from short-term borrowed funds 235,000    
Proceeds from long-term borrowing 63,603 122,843 215,378
Repayment of long-term borrowings (55,685) (341,643) (451,999)
Purchase of treasury shares and repurchase of shares to satisfy tax obligations (29,675) (11,370) (3,877)
Cash dividends paid (27,031) (26,524) (24,813)
Net cash provided by (used in) financing activities 336,094 (57,480) (56,775)
Net increase (decrease) in cash and cash equivalents, and restricted cash 70,031 (75,665) 107,601
Cash, cash equivalents, and restricted cash, beginning of period 81,723 157,388 49,787
Cash, cash equivalents, and restricted cash, end of period 151,754 81,723 157,388
Supplemental Cash Flow Disclosure      
Interest paid 63,680 40,564 71,380
Income taxes paid 32,411 28,225 17,919
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible $ 33,031 $ 27,889 17,764
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