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 $ 11,275 $ 6,888
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of premiums and discounts on investment securities 54 30
(Credit) provision for credit losses (1,029) 463
Credit for deferred income taxes 0 176
Change in fair value of marketable equity securities 25 (31)
Depreciation and amortization 1,105 974
Amortization of debt issuance costs 62 62
Increase in cash surrender value of bank-owned life insurance (358) (344)
Gains and fees from sales of loans (2,425) (442)
Stock-based compensation 1,092 243
Changes in other real estate owned, net 0 103
Net change in:    
Deferred loan fees (566) 1
Accrued interest receivable 114 (874)
Other assets 441 (1,685)
Accrued expenses and other liabilities (2,066) (1,639)
Net cash provided by operating activities 7,724 3,925
Cash flows from investing activities    
Proceeds from principal repayments on available for sale securities 1,025 1,259
Proceeds from principal repayments on held to maturity securities 83 61
Net proceeds from maturities of available for sale securities 3,000 10,000
Net proceeds from sales of held to maturity securities 0 28
Purchases of marketable equity securities (32) (16)
Net (increase) decrease in loans (45,848) 57,468
Proceeds from sales of loans not originated for sale 21,461 4,119
Purchases of premises and equipment, net (470) (97)
Reduction of Federal Home Loan Bank stock 2,000 2,072
Proceeds from the sale of other real estate owned 0 8,195
Net cash (used in) provided by investing activities (18,781) 83,089
Cash flows from financing activities    
Net change in time certificates of deposit (73,092) (75,326)
Net change in other deposits 128,860 38,201
Payments on FHLB advances (95,000) (50,000)
Proceeds on FHLB advances 45,000 0
Dividends paid on common stock (1,581) (1,573)
Repurchase of common stock (150) (912)
Net cash (used in) financing activities 4,037 (89,610)
Net decrease in cash and cash equivalents (7,020) (2,596)
Cash and cash equivalents:    
Beginning of year 224,921 307,524
End of period 217,901 304,928
Cash paid for:    
Interest 23,650 26,411
Income taxes:    
Federal 0 0
Noncash investing and financing activities:    
Net change in unrealized gains or losses on available for sale securities (393) 1,197
Net change in unrealized gains or losses on interest rate swaps 54 (1,134)
Transfer of loans from held-for-investment to held-for-sale 19,035 3,677
New York City    
Income taxes:    
State 26 98
New York State    
Income taxes:    
State 103 397
Pennsylvania    
Income taxes:    
State 150 0
Florida    
Income taxes:    
State 0 0
New Jersey    
Income taxes:    
State 0 0
Other    
Income taxes:    
State $ 25 $ 20