XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:      
Net Income $ 8,683 $ 16,710 $ 20,115
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 895 964 1,242
Amortization and accretion, net (856) (1,080) (522)
Provision (benefit) for credit losses [1] 4,526 1,972 (2,575)
Deferred income tax expense 1,086 877 736
Loans originated for sale (2,815)   (4,856)
Proceeds from sales of loans 2,799 664 5,911
(Loss) gain on sales of loans 4,806 (6) (108)
Gain on sale of fixed asset (4)    
Realized and unrealized loss on equity investments 92 3,896 4,987
Stock-based compensation expense 397 217 191
Increase in cash surrender value of BOLI (1,346) (688) (1,441)
Net change in accrued interest receivable (504) (1,929) (1,132)
Net change in other assets 881 (716) (1,671)
Net change in accrued interest payable (803) 2,747 (46)
Net change in other liabilities (1,422) 895 (1,087)
Net Cash Provided by Operating Activities 16,415 24,523 19,744
Cash flows from investing activities:      
Proceeds from repayments, calls, and maturities on securities available for sale 1,396 5,579 8,118
Purchases of securities   (5,453) (15,488)
Proceeds from sales of securities   965 1,232
Proceeds from sales of fixed asset 4    
Proceeds from the sale of portfolio loans 2,014    
Net decrease (increase) in loans receivable 73,726 (271,806) (311,845)
Proceeds from BOLI     3,500
Additions to premises and equipment (184) (4,017) (81)
Purchase of Federal Home Loan Bank of New York stock (84) (11,554) (697)
Net Cash Provided by (Used In) Investing Activities 76,872 (286,286) (315,261)
Cash flows from financing activities:      
Net increase in deposits (43,841) 74,114 93,628
Proceeds from Federal Home Loan Bank of New York Long Term Advances   250,000  
Net change in Federal Home Loan Bank of New York Short Term Advances   (10,000) 15,000
Purchases of treasury stock   (3,816) (764)
Cash dividends paid on common stock (5,202) (5,280) (5,213)
Cash dividends paid on preferred stock (882) (347) (450)
Net proceeds from issuance of common stock 625 527 219
Net proceeds from issuance of preferred stock 3,360   2,370
Payments for redemption of preferred stock     (14,730)
Exercise of Stock Options   418  
Net Cash (Used in) Provided by Financing Activities (45,940) 305,616 90,060
Net Increase (Decrease) in Cash and Cash Equivalents 47,347 43,853 (205,457)
Cash and Cash Equivalents-Beginning 279,523 229,359 411,629
Cash and Cash Equivalents-Ending 326,870 273,212 206,172
Supplementary Cash Flow Information:      
Cash paid during the period for: Income taxes 2,429 8,522 9,948
Cash paid during the period for: Interest 52,751 $ 32,382 $ 5,419
Transfer of loans receivable to loans held for sale $ 38,402    
[1] The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated.