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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities:    
Net income $ 10,091 $ 9,526
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 165 173
Provision for loan losses 0 500
Increase in value of bank-owned life insurance (138) (140)
Gain on sale of SBA loans 0 (45)
SBA loans originated for sale 0 (903)
Proceeds from sale of SBA loans originated for sale 0 402
Net (gain) loss on sale of OREO and valuation adjustments (47) 21
Net accretion of purchase premiums and discounts on securities 0 18
Stock based compensation 60 50
Net changes in:    
Increase in accrued interest receivable and other assets (2,443) (682)
Increase in accrued interest payable and other accrued liabilities 981 2,131
Net cash provided by operating activities 8,669 11,051
Cash Flows from Investing Activities:    
Repayments and maturities of investment securities available for sale 944 1,870
Repayments and maturities of investment securities held to maturity 35 0
Net (increase) decrease in loans (10,927)  
Net (increase) decrease in loans   18,227
Purchases of bank premises and equipment (38) (25)
Proceeds from sale of OREO, net 1,606 48
(Purchase) redemptions of restricted stock (13) 1,435
Net cash (used in) provided by investing activities (8,393) 21,555
Cash Flows from Financing Activities:    
Cash dividends (1,914) (1,899)
Earnings distribution to non-controlling interest 0 (447)
Proceeds from exercise of stock options 114 200
Net decrease in FHLBNY and short-term borrowings 0 (33,000)
Net decrease in other borrowings 0 (90,026)
Net (decrease) increase in noninterest-bearing deposits (81,870) 101,373
Net (decrease) increase in interest-bearing deposits (9,330) 36,949
Net cash (used in) provided by financing activities (93,000) 13,150
Net (decrease) increase in cash and cash equivalents (92,724) 45,756
Cash and Cash Equivalents, January 1, 596,553 458,601
Cash and Cash Equivalents, March 31, 503,829 504,357
Supplemental Disclosure of Cash Flow Information:    
Interest paid 3,110 4,665
Income taxes paid 3,894 0
Non-cash Investing and Financing Items    
Loans transferred to OREO $ 71 $ 55