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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 21,344,000 $ 19,971,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization (increase in) of right-of-use assets 588,000 559,000
Amortization of intangible assets 15,000 232,000
Provision for loan losses (1,634,000) (53,000)
Loss (Gains) on disposal of fixed assets 20,000 (61,000)
Depreciation and amortization of fixed assets 1,691,000 1,896,000
Amortization of premiums on securities, net 3,143,000 4,020,000
Gain on sales of loans held for sale, net (106,000) (884,000)
Proceeds from sales of loans held for sale 342,000 29,840,000
Loans originated and held for sale 160,000  
Loans originated and held for sale   (29,010,000)
Net (gains) losses on sale of other real estate owned (68,000) 18,000
Net change in fair value of equity investments 448,000 (203,000)
Proceeds from sales of trading assets 36,000 41,000
Purchase of equity investments (197,000) (229,000)
(Increase) Decrease in other assets and accrued interest receivable (19,743,000) 1,279,000
Increase in accrued interest payable 133,000 27,000
Expense related to restricted stock units for directors' deferred compensation plan 195,000 14,000
Expense related to employee stock compensation 0 132,000
Expense related to employee restricted stock awards 486,000 307,000
Increases in (payments on) operating leases (568,000) (37,000)
Increase (decrease) in other liabilities 26,434,000 (1,242,000)
Income from bank owned life insurance (34,000) (39,000)
Net cash provided by operating activities 32,685,000 26,578,000
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 72,611,000 109,736,000
Proceeds from maturities and principal collected on securities held to maturity 1,306,000 558,000
Purchases of securities available for sale (23,502,000) (333,376,000)
Purchases of securities held to maturity (735,000) (1,287,000)
Purchase of FHLBNY and FRBNY stock (3,175,000) (412,000)
Redemption of FHLBNY and FRBNY stock 3,521,000 0
Proceeds from sales of fixed assets 125,000 451,000
Purchases of premises and equipment (448,000) (537,000)
Proceeds from sale of other real estate owned 279,000 128,000
Proceeds from bank owned life insurance 0 286,000
Net increase in loans (225,558,000) 19,784,000
Net cash used in investing activities (175,576,000) (204,669,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 23,600,000 191,360,000
Increase (decrease) in time deposits 153,507,000 (55,312,000)
Net proceeds from FHLB overnight advances (13,860,000) 0
Payments made on finance leases (200,000) (190,000)
Purchase of treasury stock (695,000) (1,050,000)
Sale of treasury stock 328,000 315,000
Cash dividends paid (4,347,000) (3,873,000)
Net cash provided by financing activities 158,333,000 131,250,000
Net increase (decrease) in cash and cash equivalents 15,442,000 (46,841,000)
Cash and cash equivalents, beginning of period 26,981,000 108,538,000
Cash and cash equivalents, end of period 42,423,000 61,697,000
Cash paid for:    
Interest 3,554,000 2,594,000
Income taxes 4,305,000 4,375,000
Supplemental disclosure of non-cash activity:    
Transfer of loans to other real estate owned 292,000 80,000
Dividends declared, not yet paid 1,450,000 1,445,000
Repurchase of common stock in lieu of employee payroll taxes 53,000 80,000
Operating lease right-of-use assets 0 (498,000)
Distribution of treasury stock for directors' compensation 105,000 317,000
Distribution of treasury stock for deferred directors' compensation 195,000 4,000
Forfeiture of shares of restricted stock awards $ (2,000) $ 0