XML 25 R9.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 26,425 $ 19,262
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of right-of-use assets 759 856
Amortization of intangible assets 243 484
Deferred income tax (benefit) expense 570 (86)
Provision for loan losses 17 4,239
Loss on disposal of fixed assets 16 247
Depreciation and amortization of fixed assets 2,501 2,918
Amortization of premiums on securities, net 5,373 1,842
Gains on sales of loans held for sale, net (1,073) (1,730)
Proceeds from sales of loans held for sale 38,157 47,996
Loans originated and held for sale (37,310) (45,251)
Net (gains) losses on sale of other real estate owned 16 46
Write-downs on OREO 0 38
Net change in fair value of equity investments (246) (89)
Net gains on securities transactions 0 0
Proceeds from sales of trading assets 161 91
Purchase of trading assets (337) (370)
(Increase) decrease in other assets (1,954) (9,883)
Increase (decrease) in accrued interest payable (53) (37)
Expense related to restricted stock units for directors' deferred compensation plan 19 29
Expense related to employee stock compensation 132 101
Expense related to employee restricted stock awards 535 672
Payments on operating leases (1,202) (820)
Increase (decrease) in other liabilities 2,764 8,265
Income from bank owned life insurance (52) (161)
Net cash provided by operating activities 35,461 28,659
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales of securities available for sale 0 0
Proceeds from maturities, calls, and principal paydowns on securities available for sale 143,193 67,888
Proceeds from maturities and principal collected on securities held to maturity 937 2,007
Purchases of securities available for sale (401,594) (329,836)
Purchases of securities held to maturity (2,277) (1,361)
Purchase of FHLBNY and FRBNY stock (3,467) (51)
Redemption of FHLBNY and FRBNY stock 2,399 0
Purchases of premises and equipment (367) (867)
Proceeds from sale of other real estate owned 210 627
Proceeds from sale of loans 0 5,227
Proceeds from bank owned life insurance 286 213
Net (increase) decrease in loans 18,196 (239,695)
Net cash (used by) provided by investing activities (242,484) (495,848)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 207,033 341,081
Net increase (decrease) in time deposits (89,374) 124,555
Net change in FHLBNY overnight advances 14,570 0
Principal payments made on capital lease (255) (236)
Purchase of treasury stock (1,616) (7,589)
Sale of treasury stock 426 1,018
Cash dividends paid (5,318) (5,006)
Net cash (used in) provided by financing activities 125,466 453,823
Net increase (decrease) in cash and cash equivalents (81,557) (13,366)
Cash and cash equivalents, beginning of period 108,538 121,904
Cash and cash equivalents, end of period 26,981 108,538
Cash paid during the year for:    
Interest 3,472 4,025
Income Taxes 5,675 6,005
Supplemental disclosure of non-cash activity:    
Transfer of loans to other real estate owned 102 431
Dividends declared, not yet paid 1,450 1,214
Repurchase of common stock in lieu of employee payroll taxes (270) (238)
Distribution of treasury stock for directors' deferred compensation plan 3 (14)
Distribution of treasury stock for directors' compensation 317 350
Forfeiture of shares of restricted stock awards $ 0 $ (5)