v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 19,747 $ 21,737
Adjustments to reconcile net income to net cash provided by operating activities:    
Net (accretion) amortization of securities premiums and discounts (5) 3
Provision for credit losses 860 237
Depreciation 587 597
Net accretion of deferred loan fees and costs (116) (244)
Deferred income tax benefit (541) (242)
Unrealized loss (gain) recognized on equity securities 243 (351)
Earnings on bank owned life insurance (364) (336)
ESOP compensation expense 631 1,011
Compensation expense related to stock options 452 371
Compensation expense related to restricted stock 616 586
Decrease in accrued interest receivable 39 1,362
Decrease in other assets 805 1,094
Increase in accounts payable and accrued expenses 280 741
Net Cash Provided by Operating Activities 23,234 26,566
Cash Flows from Investing Activities:    
Net (increase) decrease in loans (60,279) 18,915
Net proceeds from loan participation 423 557
Principal repayments on securities held-to-maturity 1,031 485
Purchase of securities held-to-maturity (470) (270)
Purchase of marketable equity securities (1,000) (3,000)
Purchase of restricted stock (133) (688)
Purchases of premises and equipment (231) (1,133)
Net Cash (Used in) Provided by Investing Activities (60,659) 14,866
Cash Flows from Financing Activities:    
Net decrease in deposits (80,358) (191,214)
Net proceeds from borrowings 120,000 135,000
Stock repurchases (4,669)  
Stock option exercised 37  
Increase in advance payments by borrowers for taxes and insurance 210 803
Cash dividends paid (5,556) (4,907)
Net Cash Provided by (Used in) Financing Activities 29,664 (60,318)
Net Decrease in Cash and Cash Equivalents (7,761) (18,886)
Cash and Cash Equivalents - Beginning 81,175 78,259
Cash and Cash Equivalents - Ending 73,414 59,373
Supplementary Cash Flows Information:    
Income taxes paid: Federal 5,000 4,500
Income taxes paid: State and local [1] 2,901 2,617
Total income taxes paid 7,901 7,117
Interest paid 22,892 25,666
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 $ 3,417 $ 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.