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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 27,249 $ 21,338
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 886 869
Amortization of intangible assets 183 222
Deferred income tax expense 4,750 3,308
Provision for credit losses 1,588 4,958
Stock-based compensation expense 1,081 1,037
Net amortization on loan fees, costs, premiums, and discounts 792 36
Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity 341 408
Net income from equity method investments (2,072) (153)
Net loss on sale of securities available for sale 2,774 3,086
Net gain on sale of loans (47) (3)
Net gain on redemption of bank-owned life insurance 0 (225)
Proceeds from sales of loans held for sale 7,084 3,459
Originations of loans held for sale (7,357) (1,176)
Increase in cash surrender value of bank-owned life insurance (609) (556)
Net gain on repurchase of subordinated debt 0 (780)
Decrease in accrued interest receivable 2,048 597
Decrease in other assets 9,985 6,403
Decrease in other liabilities (17,414) (7,975)
Net cash provided by operating activities 31,262 34,853
CASH FLOWS FROM INVESTING ACTIVITIES    
Net increase in loans (15,434) (94,742)
Purchase of securities available for sale (142,368) (17,220)
Purchase of securities held-to-maturity (38,918) (98,893)
Proceeds from sales of securities available for sale 78,827 145,305
Maturities, principal payments and redemptions of securities available for sale 46,038 42,144
Maturities, principal payments and redemptions of securities held-to-maturity 61,975 21,082
Decrease (increase) in resell agreements (81,242) 10,323
Increase in equity method investments 295 288
Decrease (increase) in FHLBNY stock, net (214) 26,100
Purchases of premises and equipment, net (207) (263)
Proceeds from redemption of bank-owned life insurance 0 980
Net cash (used in) provided by investing activities (91,248) 35,104
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 293,777 446,324
Net decrease in other borrowings (165,246) (440,000)
Repurchase of subordinated debt 0 (3,220)
Common stock issued under Employee Stock Purchase Plan 244 388
Repurchase of common stock (285) (2,425)
Dividends paid (3,115) (3,082)
Payments related to repurchase of common stock for equity awards (755) (585)
Net cash provided by (used in) financing activities 124,620 (2,600)
Increase in cash, cash equivalents, and restricted cash 64,634 67,357
Cash, cash equivalents, and restricted cash at beginning of year 90,570 63,540
Cash, cash equivalents, and restricted cash at end period 155,204 130,897
Supplemental disclosures of cash flow information:    
Interest paid during the period 34,527 15,509
Income taxes paid during the period 317 291
Right-of-use assets obtained in exchange for lease liabilities 560 0
Purchase of securities available for sale, net not settled $ 21,000 $ 0