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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 12,730 $ 43,254
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 8,924 2,948
Depreciation and amortization of premises and equipment 2,992 2,907
Net gain on sales of loans (108) (73)
Net amortization of premiums and discounts 1,876 568
Deferred income tax provision 3,139 3,191
Net gain from fair value adjustments (2,913) (724)
Net loss from fair value adjustments of qualifying hedges 105 129
Gain from life insurance proceeds (561) (1,536)
Income from bank owned life insurance (2,243) (2,229)
Stock-based compensation expense 4,706 5,255
Deferred compensation (2,309) (3,627)
Amortization of core deposit intangibles 248 280
(Increase) decrease in other assets (16,940) 9,303
Decrease in other liabilities (8,705) (15,004)
Net cash provided by operating activities 941 44,642
Investing Activities    
Purchases of premises and equipment (3,424) (1,854)
Purchases of Federal Home Loan Bank - NY shares (79,799) (41,058)
Redemptions of Federal Home Loan Bank - NY shares 89,473 26,978
Purchases of securities held-to-maturity 0 (16,476)
Proceeds from prepayments of securities held-to-maturity 395 0
Purchases of securities available for sale (151,860) (210,261)
Proceeds from maturities and prepayments of securities available for sale 31,292 64,227
Proceeds from life insurance 0 2,727
Change in cash collateral 6,910 34,365
Net repayments (originations) of loans 171,297 (69,676)
Purchases of loans (84,040) (111,028)
Proceeds from sale of loans 7,042 18,565
Net cash used in investing activities (12,714) (303,491)
Financing Activities    
Net (decrease) increase in noninterest-bearing deposits (93,418) 113,587
Net increase (decrease) in interest-bearing deposits 321,819 (47,067)
Net increase in mortgagors' escrow deposits 9,658 5,664
Net (repayments) proceeds from short-term borrowed funds (316,200) 325,000
Proceeds from long-term borrowing 162,029 0
Repayment of long-term borrowings (39,001) (50,000)
Purchase of treasury shares and repurchase of shares to satisfy tax obligations (11,558) (19,396)
Cash dividends paid (13,257) (13,636)
Net cash provided by financing activities 20,072 314,152
Net increase in cash and cash equivalents, and restricted cash 8,299 55,303
Cash, cash equivalents, and restricted cash, beginning of period 151,754 81,723
Cash, cash equivalents, and restricted cash, end of period 160,053 137,026
Supplemental Cash Flow Disclosure    
Interest paid 96,476 16,612
Income taxes paid 6,082 16,215
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible 6,084 16,385
Securities purchased not yet settled $ 20,000 $ 0