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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (16,718) $ (29,744)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 1,644 1,411
Change in right-of-use asset 1,974 946
Amortization (accretion) of:    
Deferred loan fees, costs, and discounts, net 492 (802)
Premiums and discounts on securities 624 208
Goodwill impairment 0 15,460
Deferred income tax benefit (7,404) (5,706)
Dividends on CRA fund 0 (15)
(Recovery) provision for loan losses (1,699) 2,754
(Loss) gain on sales and calls of securities 0 119
Loss on assets held for sale 21 12,765
Gain (loss) on premises and equipment 79 0
Write-down of real estate owned 0 1,390
Increase in BOLI cash surrender value (362) (460)
Issuance of common shares donated to Blue Foundry Charitable Foundation 7,500 0
ESOP expense 554 0
Expense on withdrawal from pension plan 9,232 0
Decrease (increase) in interest and dividends receivable 43 (672)
(Increase) decrease in other assets (1,323) 886
Increase (decrease) in other liabilities 3,111 (125)
Change in lease liability (1,439) (654)
Net cash provided by operating activities (3,671) (2,239)
Cash flows from investing activities    
Net decrease in loans 29,347 73,158
Purchases of securities available for sale (134,927) (96,148)
Purchases of securities held to maturity (20,362) 0
Sales of equity securities 0 4,178
Proceeds from calls of securities held to maturity 4,000 0
Proceeds from sales and calls of securities available for sale 14,000 11,437
Principal payments and maturities on securities available for sale 47,533 67,609
Redemption (purchase) of Federal Home Loan Bank stock 3,884 (1,899)
Proceeds from Bank owned life insurance 0 275
Purchases of premises and equipment (9,695) (3,084)
Net cash used in investing activities (66,220) 55,526
Cash flows from financing activities    
Net (decrease) increase in deposits (90,567) 28,541
Proceeds of advances from Federal Home Loan Bank 474,600 478,000
Repayments of advances from Federal Home Loan Bank (556,400) (435,500)
Net decrease in advances by borrowers for taxes and insurance (676) (247)
Net proceeds from issuance of common shares 250,780 0
Net cash provided by financing activities 77,737 70,794
Net increase in cash and cash equivalents 7,846 124,081
Cash and cash equivalents at beginning of period 316,445 124,034
Cash and cash equivalents at end of period 324,291 248,115
Cash paid during the period for:    
Interest 11,032 17,707
Income taxes 150 103
Supplemental noncash disclosures    
Transfers of assets to held for sale 892 5,695
Lease liabilities arising from obtaining right-of-use assets $ 3,197 $ 26,467