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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 3,684 $ 4,044
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (benefit) for credit losses 592 7,508
Depreciation and amortization of premises and equipment 1,457 1,510
Net (loss) gain on sales of loans (110) (54)
Net amortization (accretion) of premiums and discounts 870 1,234
Deferred income tax provision (benefit) 922 1,136
Net (gain) loss from fair value adjustments 834 (2,619)
Net (gain) loss from fair value adjustments of hedges 1,133 (100)
Bank owned life insurance (1,200) (1,109)
Stock-based compensation expense 1,690 3,808
Deferred compensation (1,021) (1,707)
Amortization of core deposit intangibles 109 126
(Increase) decrease in other assets (6,365) (9,033)
Increase (decrease) in other liabilities (8,824) (15,162)
Net cash provided by (used in) operating activities (6,229) (10,418)
Investing Activities    
Purchases of premises and equipment (287) (1,327)
Purchases of Federal Home Loan Bank New York stock (759) (55,017)
Redemptions of Federal Home Loan Bank New York stock 6,980 62,080
Proceeds from prepayments of securities held-to-maturity 463 200
Purchases of securities available for sale (375,526) (93,068)
Proceeds from sales and calls of securities available for sale 6,000 0
Proceeds from maturities and prepayments of securities available for sale 61,964 21,087
Change in cash collateral 11,630 (6,180)
Net repayments (originations) of loans 147,552 75,496
Purchases of loans (75,813) (44,466)
Proceeds from sale of loans originally as classified as held to investment 3,810 2,575
Net cash provided by (used in) investing activities (213,986) (38,620)
Financing Activities    
Net increase (decrease) in noninterest-bearing deposits (31,479) (48,984)
Net increase (decrease) in interest-bearing deposits 437,530 267,208
Net increase (decrease) in mortgagors' escrow deposits 31,699 30,414
Net (repayments) proceeds from short-term borrowed funds (170,750) (235,000)
Proceeds from long-term borrowing 200,000 71,761
Repayment of long-term borrowings (200,000) 0
Purchase of treasury shares 0 (3,053)
Repurchase of shares to satisfy tax obligations (1,682) (1,656)
Cash dividends paid (6,537) (6,659)
Net cash provided by (used in) financing activities 258,781 74,031
Net increase (decrease) in cash and cash equivalents, and restricted cash 38,566 24,993
Cash, cash equivalents, and restricted cash, beginning of period 172,157 151,754
Cash, cash equivalents, and restricted cash, end of period 210,723 176,747
Supplemental Cash Flow Disclosure    
Interest paid 66,035 48,889
Income taxes paid 3,166 1,993
Transfer of loans held for investment to other real estate owned 665 0
Transfer of loans held for investment to held for sale 3,540 2,375
Securities purchased not yet settled $ 17,650 $ 0