XML 48 R8.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 2,491,000 $ 4,468,000  
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of right-of-use assets 175,000 159,000  
Amortization of intangible assets 132,000 163,000  
Provision for loan losses 3,050,000 1,093,000  
Loss on disposal of fixed assets 0 9,000  
Depreciation and amortization of fixed assets 757,000 816,000  
Amortization of premiums on securities, net 237,000 236,000  
Gain on sales of loans held for sale, net (75,000) (48,000)  
Proceeds from sales of loans held for sale   2,416,000  
Loans originated and held for sale (2,630,000) (2,524,000)  
Net losses on sale of other real estate owned 29,000 83,000  
Write-downs on other real estate owned 8,000 0  
Net change in fair value of equity investments 246,000 (89,000)  
Purchase of equity investments   (34,000)  
Increase in other assets and accrued interest receivable (9,322,000) (1,147,000)  
(Decrease) increase in accrued interest payable (6,000) 47,000  
Expense related to restricted stock units for directors' deferred compensation plan 11,000 11,000  
Expense related to employee stock compensation 101,000 100,000  
Expense related to employee restricted stock awards 125,000 101,000  
Payments on operating leases (165,000) (151,000)  
Increase in other liabilities 8,231,000 1,550,000  
Income from bank owned life insurance (119,000) (15,000)  
Net cash provided by operating activities   7,244,000  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from maturities, calls, and principal paydowns on securities available for sale 8,882,000 8,198,000  
Proceeds from maturities and principal collected on securities held to maturity 114,000 1,074,000  
Purchases of securities available for sale (16,458,000) (29,467,000)  
Purchases of securities held to maturity 0 (60,000)  
Purchase of FHLBNY and FRBNY stock 0 (5,000)  
Purchases of premises and equipment (121,000) (124,000)  
Proceeds from sale of other real estate owned 101,000 313,000  
Proceeds from bank owned life insurance 213,000 0  
Net (increase) decrease in loans (11,537,000) 12,550,000  
Net cash used in investing activities   (7,521,000)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 30,880,000 (9,502,000)  
Increase in time deposits 5,086,000 6,767,000  
Payments made on capital lease (57,000) (54,000)  
Sale of treasury stock 420,000 158,000  
Cash dividends paid (1,263,000) (1,254,000)  
Net cash provided by (used in) financing activities   (3,885,000)  
Net increase (decrease) in cash and cash equivalents   (4,162,000)  
Cash and cash equivalents, beginning of period 121,904,000 129,972,000 $ 129,972,000
Cash and cash equivalents, end of period   125,810,000 121,904,000
Cash paid for:      
Interest 1,328,000 1,451,000  
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned 0 27,000  
Dividends declared, not yet paid 1,266,000 1,257,000 $ 1,263,000
Repurchase of common stock in lieu of employee payroll taxes (37) 0  
Distribution of treasury stock for directors' compensation $ 350,000 $ 357,000