v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income $ 11,844 $ 7,778
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 113 148
Provision for credit losses 202 590
Increase in value of bank owned life insurance (221) (165)
Net accretion of purchase premiums and discounts on securities (14) (10)
Stock based compensation 78 70
Net changes in:    
(Increase) decrease in accrued interest receivable and other assets (1,429) 590
Increase (decrease) in accrued interest payable and other accrued liabilities 2,446 (2,002)
Net cash provided by operating activities 13,019 6,999
Cash Flows from Investing Activities:    
Repayments and maturities of investment securities available for sale 372 380
Repayments and maturities of investment securities held to maturity 35 120
Net increase in loans (8,066) (15,021)
Purchases of bank premises and equipment (69) (381)
Redemptions of restricted stock 1,575 3,387
Purchases of restricted stock (2,056) (1,575)
Net cash used in investing activities (8,209) (13,090)
Cash Flows from Financing Activities:    
Cash dividends (2,124) (2,130)
Proceeds from exercise of stock options 1,250 99
Net increase (decrease) in FHLBNY term borrowings 10,000 (40,000)
Net (decrease) increase in noninterest-bearing deposits (32,401) 1,311
Net (decrease) increase in interest-bearing deposits (27,524) 34,320
Net cash used in financing activities (50,799) (6,400)
Net decrease in cash and cash equivalents (45,989) (12,491)
Cash and Cash Equivalents, January 1, 156,863 221,527
Cash and Cash Equivalents, March 31, 110,874 209,036
Supplemental Disclosure of Cash Flow Information:    
Interest paid 14,733 18,237
Income taxes paid 732 210
Non-cash Investing and Financing Items    
Accrued dividends payable $ 2,116 $ 2,137