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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income $ 5,827 $ 4,981 $ 8,318 $ 9,449  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization of right-of-use assets     351 322  
Amortization of intangible assets 119 151 251 314  
Provision for loan losses 260 150 3,310 1,243  
Loss on disposal of fixed assets     0 18  
Depreciation and amortization of fixed assets     1,509 1,623  
Amortization of premiums on securities, net     530 518  
Gain on sales of loans held for sale, net (288) (29) (363) (77)  
Proceeds from sales of loans held for sale     3,377 3,938  
Loans originated and held for sale     (3,320) (3,983)  
Net losses on sale of other real estate owned 48 3 77 86  
Write-downs on other real estate owned     8 53  
Net change in fair value of equity investments (156) (27) 90 (116)  
Net (gains) on securities transactions 0 (19) 0 (19)  
Purchase of equity investments     (85) (54)  
Increase in other assets and accrued interest receivable     (9,831) (2,716)  
(Decrease) increase in accrued interest payable     (45) 82  
Expense related to restricted stock units for directors' deferred compensation plan     20 21  
Expense related to employee stock compensation     100 100  
Expense related to employee restricted stock awards     306 199  
Payments on operating leases     (332) (300)  
Increase in other liabilities     10,190 2,702  
Income from bank owned life insurance (14) (16) (133) (31)  
Net cash provided by operating activities     14,328 13,372  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Proceeds from sales of securities available for sale     0 15,200  
Proceeds from maturities, calls, and principal paydowns on securities available for sale     21,215 21,828  
Proceeds from maturities and principal collected on securities held to maturity     516 1,330  
Purchases of securities available for sale     (44,105) (57,262)  
Purchases of securities held to maturity     (998) (545)  
Purchase of FHLBNY and FRBNY stock     (51) (6)  
Redemption of FHLBNY and FRBNY stock     0 53  
Purchases of premises and equipment     (487) (266)  
Proceeds from sale of other real estate owned     230 342  
Proceeds from bank owned life insurance     213 0  
Net (increase) decrease in loans     (191,528) 22,884  
Net cash (used in) provided by investing activities     (214,995) 3,558  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net increase (decrease) in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts     229,584 (55,665)  
Increase in time deposits     9,534 27,566  
Finance Lease, Principal Payments     (116) (109)  
Purchase of treasury stock     (3,321) 0  
Sale of treasury stock     774 276  
Cash dividends paid     (2,530) (2,510)  
Net cash provided by (used in) financing activities     233,925 (30,442)  
Net increase (decrease) in cash and cash equivalents     33,258 (13,512)  
Cash and cash equivalents, beginning of period     121,904 129,972 $ 129,972
Cash and cash equivalents, end of period 155,162 116,460 155,162 116,460 121,904
Cash paid for:          
Interest     2,248 2,997  
Income Taxes Paid     1,285 1,975  
Supplemental disclosure of non-cash activity:          
Transfer of loans to other real estate owned     91 120  
Dividends declared, not yet paid $ 1,247 $ 1,259 1,247 1,259 $ 1,263
Repurchase of common stock in lieu of employee payroll taxes     (54) 13  
Distribution of treasury stock for directors' compensation     350 357  
Distribution of treasury stock for deferred directors' compensation     (12) 13  
Forfeiture of shares of restricted stock awards     $ (5) $ 0