v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income $ 9,952 $ 10,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Net (accretion) amortization of securities premiums and discounts, net (5) 1
Provision for credit losses   237
Depreciation 297 298
Net accretion of deferred loan fees and costs (32) (60)
Deferred income tax benefit (114) (136)
Unrealized loss (gain) recognized on equity securities 121 (300)
Earnings on bank owned life insurance (179) (167)
ESOP compensation expense 308 520
Compensation expense related to stock options 239 185
Compensation expense related to restricted stock 308 293
Decrease in accrued interest receivable 152 1,049
Decrease in other assets 2,276 619
Increase in accounts payable - loan closing 170 42
Decrease in accounts payable and accrued expenses (3,055) (2,205)
Net Cash Provided by Operating Activities 10,438 10,943
Cash Flows from Investing Activities:    
Net decrease in loans 31,689 86,912
Proceeds from sale of loans 268 380
Principal repayments on securities held-to-maturity 155 128
Purchase of equity securities (1,000) (1,000)
Purchases of premises and equipment (98) (382)
Net Cash Provided by Investing Activities 31,014 86,038
Cash Flows from Financing Activities:    
Net increase (decrease) in deposits 9,376 (84,360)
Net repayment from borrowings (50,000)  
Stock repurchases (3,609)  
Stock option exercised 37  
Increase in advance payments by borrowers for taxes and insurance 573 680
Cash dividends paid (2,793) (2,102)
Net Cash Used in Financing Activities (46,416) (85,782)
Net (Decrease) Increase in Cash and Cash Equivalents (4,964) 11,199
Cash and Cash Equivalents - Beginning 81,175 78,259
Cash and Cash Equivalents - Ending 76,211 89,458
Supplementary Cash Flows Information:    
Income taxes paid: State and local [1] 2,231 2,417
Total income taxes paid 2,231 2,417
Interest paid 12,111 13,789
Supplementary Disclosure of Non-Cash Investing and Financing Activities:    
Dividends declared and not paid $ 2,763 $ 2,805
[1] For the years presented New York State, New York City, and Massachusetts make up 100% of the tax effect in this category.