XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 10,027 $ 9,433 $ 8,157
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets 986 1,136 1,310
Deferred income tax (benefit) expense (2,564) 774 (2,263)
Provision for loan losses 2,437 1,571 3,981
(Gain) loss on disposal of fixed assets 0 (18) 14
Depreciation and amortization of fixed assets 4,205 4,044 3,861
Amortization of premiums on securities, net 1,771 1,903 2,398
Gains on sales of loans held for sale, net (326) (294) (301)
Proceeds from sales of loans held for sale 15,498 13,669 14,062
Loans originated and held for sale (14,508) (13,786) (13,731)
Net (gains) losses on sale of other real estate owned (21) (84) 64
Writedowns on OREO 7 390 141
Net (gains) losses on trading assets (76) 2 (50)
Net gains on securities transactions (987) (372) (6,869)
Proceeds from sales of trading assets 99 16 7
Purchase of trading assets (96) (170) (140)
(Increase) decrease in other assets (165) 4,931 (7,579)
Increase (decrease) in accrued interest payable 1 (28) (99)
Expense related to restricted stock units for directors' deferred compensation plan 97 95 94
Expense related to employee stock compensation 210 93 117
Expense related to employee restricted stock awards 192 314 151
Increase (decrease) in other liabilities 5,427 (9,421) 15,086
Proceeds from bank owned life insurance 0 0 110
Income from bank owned life insurance (73) (75) (78)
Net cash provided by operating activities 22,141 14,123 18,443
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales and calls of securities available for sale 51,128 73,823 62,738
Proceeds from maturities and principal collected on securities available for sale 78,160 48,601 24,222
Proceeds from maturities and principal collected on securities held to maturity 2,868 3,290 3,201
Purchases of securities available for sale (95,993) (191,112) (23,613)
Purchases of securities held to maturity (3,007) (2,025) (2,537)
Purchase of FHLBNY and FRBNY stock (5,458) (8,552) (3,907)
Redemption of FHLBNY and FRBNY stock 6,214 9,290 2,854
Proceeds from sales of fixed assets 0 18 0
Purchases of premises and equipment (1,696) (1,154) (2,586)
Proceeds from sale of other real estate owned 1,568 1,329 342
Net increase in loans (34,513) (48,156) (131,852)
Net cash used by investing activities (729) (114,648) (71,138)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 78,021 166,045 46,407
Net decrease in time deposits (21,973) (45,764) (32,649)
Net decrease in securities sold under agreements to repurchase (847) (1,199) (3,049)
Net change in FHLBNY overnight advances (13,900) (16,930) 30,830
Repayments of FHLBNY long term advances (10,110) (107) (5,933)
Payments made on capital lease (186) (103) (561)
Sale of treasury stock 438 438 0
Cash dividends paid (4,878) (4,833) (4,796)
Net cash provided by financing activities 26,565 97,547 30,249
Net increase (decrease) in cash and cash equivalents 47,977 (2,978) (22,446)
Cash and cash equivalents, beginning of period 26,185 29,163 51,609
Cash and cash equivalents, end of period 74,162 26,185 29,163
Cash paid during the year for:      
Interest 3,838 3,630 3,744
Income Taxes 4,360 7,047 3,346
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned 412 100 3,074
Dividends declared, not yet paid 1,225 1,214 1,204
Assets acquired through long term capital lease obligation 2,035 0 3,537
Repurchase of common stock in lieu of employee payroll taxes (22) (33) 0
Distribution of treasury stock for directors' deferred compensation plan 3 3 3
Distribution of treasury stock for directors' compensation $ 262 $ 271 $ 273