XML 75 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Net income $ 4,551,000 $ 8,771,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 8,183,000 59,000
ESOP and stock compensation expense 894,000 1,764,000
Depreciation 795,000 771,000
Amortization of premiums, and deferred loan costs, net of (accretion) of discounts, and deferred loan fees 1,065,000 861,000
Amortization of intangible assets 55,000 69,000
Amortization of operating lease right-of-use assets 1,059,000 1,057,000
Income on bank owned life insurance (876,000) (896,000)
Losses (gains) on available-for-sale debt securities, net 13,000 (155,000)
Losses (gains) on trading securities, net 1,992,000 (1,086,000)
Net sales of trading securities 842,000 295,000
Decrease (increase) in accrued interest receivable 311,000 (246,000)
(Increase) decrease in other assets (1,023,000) 3,118,000
Decrease in accrued expenses and other liabilities (5,912,000) (4,753,000)
Net cash provided by operating activities 11,949,000 9,629,000
Cash flows from investing activities:    
Net increase in loans receivable (72,609,000) (11,156,000)
Purchases of Federal Home Loan Bank of New York stock (7,515,000) (1,125,000)
Redemptions of Federal Home Loan Bank of New York stock 17,235,000 1,125,000
Purchases of debt securities available-for-sale (26,320,000) (150,074,000)
Purchases of equity securities (142,000) (177,000)
Principal payments and maturities on debt securities available-for-sale 110,946,000 42,972,000
Principal payments and maturities on debt securities held-to-maturity 52,000 53,000
Proceeds from sale of debt securities available-for-sale 0 29,163,000
Proceeds from bank owned life insurance 2,000 0
Purchases and improvements of premises and equipment (806,000) (377,000)
Net cash provided by (used in) investing activities 20,843,000 (89,596,000)
Cash flows from financing activities:    
Net increase in deposits 77,313,000 88,693,000
Dividends paid (5,151,000) (4,727,000)
Exercise of stock options 175,000 995,000
Increase in advance payments by borrowers for taxes and insurance 2,399,000 2,716,000
Repayments under capital lease obligations 0 (44,000)
Proceeds from securities sold under agreements to repurchase and other borrowings 220,353,000 25,397,000
Repayments related to securities sold under agreements to repurchase and other borrowings (361,000,000) (25,000,000)
Net cash (used in) provided by financing activities (65,911,000) 88,030,000
Net (decrease) increase in cash and cash equivalents (33,119,000) 8,063,000
Cash and cash equivalents at beginning of period 147,818,000 77,762,000
Cash and cash equivalents at end of period 114,699,000 85,825,000
Cash paid during the period for:    
Interest 13,003,000 11,683,000
Income taxes 550,000 401,000
Non-cash transactions:    
Loan charge-offs, net 90,000 70,000
Initial recognition of operating lease right-of use assets 0 43,560,000
Initial recognition of operating lease liabilities $ 0 $ 47,328,000