XML 51 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 40,308 $ 47,309 $ 41,389
Adjustments to reconcile net income to net cash provided by operating activities:      
Net gain on the sales of investment securities and mortgage backed securities available-for-sale (1,022) (32) (609)
Net gain recognized on the transfer of securities from available-for-sale into trading 0 0 (242)
Net (gain) loss recognized on trading securities (113) 34 (75)
Net (gain) loss on sale of loans held for sale (68) 9 (448)
Net (gain) loss on sales of OREO and other assets (13,726) 0 10
Loss on debt extinguishment 28,772 0 0
Net depreciation, amortization and accretion 2,880 2,935 2,444
Stock plan compensation (excluding ESOP) 2,164 2,105 2,194
ESOP compensation expense 1,078 1,041 1,025
Provision for loan losses 3,921 6,846 11,209
Provision for losses on OREO 0 0 422
Credit to reduce the liability for loans sold with recourse (1,286) 0 0
Net OTTI recognized in earnings 181 727 2,475
Increase in cash surrender value of BOLI (1,689) (1,758) (1,941)
Deferred income tax provision (credit) (2,068) (1,223) (737)
Excess tax benefit of stock plans (389) (431) (112)
Changes in assets and liabilities:      
Originations of loans held for sale during the period (32,665) (5,650) (24,560)
Proceeds from sales of loans held for sale 36,755 8,556 28,246
Decrease in other assets 6,009 5,671 5,246
Increase (Decrease) in other liabilities 3,663 (3,552) 2,245
Net cash provided by operating activities 72,705 62,587 68,181
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from maturities of investment securities held-to-maturity 983 1,152 556
Proceeds from maturities of investment securities available-for-sale 200,320 204,000 101,510
Proceeds from sales of investment securities available-for-sale 22,415 236 2,519
Proceeds from sales of mortgage backed securities available-for-sale 21,949 0 0
Proceeds from sales of trading securities 171 136 0
Purchases of investment securities available-for-sale (80,153) (293,157) (147,426)
Purchases of mortgage backed securities available-for-sale (23,186) 0 0
Acquisition of trading securities (3,158) (454) (24)
Principal collected on mortgage backed securities available-for-sale 42,822 48,911 78,389
Proceeds from the sale of portfolio loans 30,906 29,772 46,975
Purchases of loans (30,425) 0 0
Net increase in loans (50,609) (28,839) (141,898)
Proceeds from the sale of OREO and real estate investment property owned 17,477 0 643
Purchases of fixed assets, net (4,422) (3,884) (3,910)
Net (Redemption) Purchase of FHLBNY capital stock 4,478 2,229 2,365
Net cash used in Investing Activities 149,568 (39,898) (60,301)
CASH FLOWS FROM FINANCING ACTIVITIES:      
(Decrease) Increase in due to depositors 135,728 (6,880) 133,745
Increase (Decrease) in escrow and other deposits 10,941 3,270 2,647
Repayment of FHLBNY advances (172,275) (105,750) (184,150)
Proceeds from FHLBNY advances 75,000 55,000 130,000
Repayments of securities sold under agreements to repurchase ("REPOS") (195,000) 0 0
Prepayment penalty on debt (28,772) 0 0
Proceeds from exercise of stock options 5,608 3,669 1,012
Excess tax benefit of stock plans 389 431 112
BMP award distribution 145 0 0
Proceeds disbursed for the repayment of subordinated note 0 0 (25,000)
Cash dividends paid to stockholders and cash disbursed in payment of stock dividends (19,221) (18,898) (18,640)
Net cash (used in) provided by Financing Activities (187,457) (69,158) 39,726
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS 34,816 (46,469) 47,606
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 44,260 90,729 43,123
CASH AND CASH EQUIVALENTS, END OF PERIOD 79,076 44,260 90,729
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for income taxes 26,913 36,618 26,955
Cash paid for interest 87,281 70,041 80,454
Loans transferred to OREO 0 0 320
Loans transferred to held for sale 1,560 2,628 6,130
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity 202 446 184
Net increase in non-credit component of OTTI 296 25 282
Transfer of REPOS to FHLBNY Advances $ 0 $ 0 $ 35,000