v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 21,737 $ 24,172
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of securities premiums and discounts, net 3 3
Provision for (reversal of) credit losses 237 (391)
Depreciation 597 598
Net accretion of deferred loan fees and costs (244) (67)
Deferred income tax benefit (242) (319)
Unrealized (gain) loss recognized on equity securities (351) 102
Earnings on bank owned life insurance (336) (319)
ESOP compensation expense 1,011 711
Compensation expense related to stock options 371 384
Compensation expense related to restricted stock 586 504
Decrease (increase) in accrued interest receivable 1,362 (1,162)
Decrease in other assets 1,094 1,279
Increase (decrease) in accounts payable and accrued expenses 741 (1,465)
Net Cash Provided by Operating Activities 26,566 24,030
Cash Flows from Investing Activities:    
Net decrease (increase) in loans 18,915 (124,714)
Proceeds from sale of loans 557 3,424
Principal repayments on securities held-to-maturity 485 476
Purchase of securities held-to-maturity (270)  
Purchase of marketable equity securities (3,000)  
Purchase of restricted stock (688) (98)
Redemptions of restricted stock   315
Purchases of premises and equipment (1,133) (201)
Net Cash Provided by (Used in) Investing Activities 14,866 (120,798)
Cash Flows from Financing Activities:    
Net (decrease) increase in deposits (191,214) 163,814
Repayment of FRB borrowings   (10,000)
Repayment of FHLB of NY advances   (7,000)
Proceeds from FRB borrowing 120,000  
Proceeds from FHLB of NY advances 15,000  
Stock repurchases   (2,474)
Stock option exercised   14
Increase (decrease) in advance payments by borrowers for taxes and insurance 803 (117)
Cash dividends paid (4,907) (2,255)
Net Cash (Used in) Provided by Financing Activities (60,318) 141,982
Net (Decrease) Increase in Cash and Cash Equivalents (18,886) 45,214
Cash and Cash Equivalents - Beginning 78,259 68,671
Cash and Cash Equivalents - Ending 59,373 113,885
Supplementary Cash Flows Information:    
Income taxes paid 7,117 8,844
Interest paid 25,666 26,728
Supplementary Disclosure of Non-Cash Investing and Financing Activities:    
Recognition of right of use asset - operating 912  
Recognition of lease liability - operating 912  
Sale of real estate owned 4,353  
Dividends declared and not paid $ 2,805 $ 1,400