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Section 1: 10-Q (10-Q)

10Q 20180930_Taxonomy2017

 



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 0-50275



BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)



 

New Jersey

 

26-0065262

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

I.D. No.)

 

 

104-110 Avenue C Bayonne, New Jersey

 

07002

(Address of principal executive offices)

 

(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)

 



Not Applicable

(Former name, former address and former fiscal year if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes       No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes       No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer, larger accelerated filer, non-accelerated filer, smaller reporting company, or emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

Large Accelerated Filer

 

  

Accelerated Filer

 

 

 

 

 

 

Non-Accelerated Filer

 

  

Smaller Reporting Company   

 

 



 

 

 

 

 

 



 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).      Yes      No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of November 1st, 2018, BCB Bancorp, Inc., had 15,801,875 shares of common stock, no par value, outstanding.


 



 

BCB BANCORP INC. AND SUBSIDIARIES

INDEX

 



 

 

 

 

 

 

 

 

 

 

  

Page

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Financial Condition as of September 30, 2018 (unaudited) and December 31, 2017 (unaudited)

  

 

  

Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017 (unaudited)

  

 

  

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017 (unaudited)

  

 

 

Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2018 and 2017 (unaudited)

  

 

  

Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)

  

 

  

Notes to Unaudited Consolidated Financial Statements

  

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 

39 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

  

 

46 

 

Item 4. Controls and Procedures

  

 

47 

  

 

 

PART II. OTHER INFORMATION

  

 

47 

 

Item 1. Legal Proceedings

  

 

47 

  

Item 1A. Risk Factors

  

 

48 

  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

 

48 

  

Item 3. Defaults Upon Senior Securities

  

 

48 

  

Item 4. Mine Safety Disclosures

  

 

48 

  

Item 5. Other Information

  

 

48 

  

Item 6. Exhibits

 

 

48 

 

 





 

 

 


 

PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In thousands, Except Share and Per Share Data, Unaudited)



 



 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2018

 

2017



 

 

 

 

 

ASSETS

 

 

 

 

 

Cash and amounts due from depository institutions

$

32,459 

 

$

16,460 

Interest-earning deposits

 

174,251 

 

 

107,775 

  Total cash and cash equivalents

 

206,710 

 

 

124,235 



 

 

 

 

 

Interest-earning time deposits

 

980 

 

 

980 

Debt securities available for sale

 

119,811 

 

 

114,295 

Equity investments

 

8,052 

 

 

8,294 

Loans held for sale

 

1,772 

 

 

1,295 

Loans receivable, net of allowance for loan losses

 

 

 

 

 

  of $21,504 and $17,375 respectively

 

2,225,001 

 

 

1,643,677 

Federal Home Loan Bank of New York stock, at cost

 

14,755 

 

 

10,211 

Premises and equipment, net

 

20,392 

 

 

18,768 

Accrued interest receivable

 

8,635 

 

 

6,153 

Other real estate owned

 

1,232 

 

 

532 

Deferred income taxes

 

11,607 

 

 

5,144 

Goodwill

 

5,223 

 

 

 -

Other assets

 

13,698 

 

 

9,253 

   Total Assets

$

2,637,868 

 

$

1,942,837 



 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 



 

 

 

 

 

LIABILITIES

 

 

 

 

 

Non-interest bearing deposits

$

276,998 

 

$

201,043 

Interest bearing deposits

 

1,839,626 

 

 

1,368,327 

 Total deposits

 

2,116,624 

 

 

1,569,370 

FHLB advances

 

275,800 

 

 

185,000 

Subordinated debt

 

36,519 

 

 

4,124 

Other liabilities and accrued interest payable

 

13,162 

 

 

7,889 

   Total Liabilities

 

2,442,105 

 

 

1,766,383 



 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

Preferred stock: $0.01 par value, 10,000,000 shares authorized;

 

 

 

 

 

 issued and outstanding 7,807 shares of series C 6%, series D 4.5%, (liquidation value $10,000 per share)

 

 

 

 

 

 and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock

 

 

 

 

 

 at September 30, 2018 and 1,342 shares of series C 6% and series D 4.5% (liquidation value $10,000 per share)

 

 

 

 

 

 noncumulative perpetual preferred stock at December 31, 2017

 

 -

 

 

 -

Additional paid-in capital preferred stock

 

19,706 

 

 

13,241 

Common stock: no par value; 20,000,000 shares authorized; issued 18,313,476 and 17,572,942

 

 

 

 

 

 at September 30, 2018 and December 31, 2017, respectively, outstanding 15,782,713 shares and

 

 

 

 

 

 15,042,179 shares, at September 30, 2018 and December 31, 2017, respectively

 

 -

 

 

 -

Additional paid-in capital common stock

 

175,970 

 

 

164,230 

Retained earnings

 

35,693 

 

 

31,241 

Accumulated other comprehensive (loss)

 

(6,490)

 

 

(3,142)

Treasury stock, at cost, 2,530,763 shares at September 30, 2018 and December 31, 2017

 

(29,116)

 

 

(29,116)

   Total Stockholders' Equity

 

195,763 

 

 

176,454 



 

 

 

 

 

    Total Liabilities and Stockholders' Equity

$

2,637,868 

 

$

1,942,837 



 

 

 

 

 



See accompanying notes to unaudited consolidated financial statements

 

1


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, Except for Per Share Amounts, Unaudited)





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2018

 

 

2017

 

 

2018

 

 

2017



 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 Loans, including fees

$

26,019 

 

$

18,399 

 

$

69,588 

 

$

53,967 

 Mortgage-backed securities

 

827 

 

 

581 

 

 

2,363 

 

 

1,712 

 Municipal bonds and other debt

 

116 

 

 

113 

 

 

416 

 

 

377 

 FHLB stock and other interest earning assets

 

1,009 

 

 

313 

 

 

2,242 

 

 

874 

    Total interest income

 

27,971 

 

 

19,406 

 

 

74,609 

 

 

56,930 



 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 Deposits:

 

 

 

 

 

 

 

 

 

 

 

    Demand

 

1,130 

 

 

700 

 

 

2,902 

 

 

2,050 

    Savings and club

 

116 

 

 

100 

 

 

318 

 

 

299 

    Certificates of deposit

 

4,591 

 

 

2,284 

 

 

10,726 

 

 

6,437 



 

5,837 

 

 

3,084 

 

 

13,946 

 

 

8,786 

    Borrowings

 

2,054 

 

 

748 

 

 

4,153 

 

 

2,902 

      Total interest expense

 

7,891 

 

 

3,832 

 

 

18,099 

 

 

11,688 



 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

20,080 

 

 

15,574 

 

 

56,510 

 

 

45,242 

Provision for loan losses

 

907 

 

 

511 

 

 

4,309 

 

 

1,785 



 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

19,173 

 

 

15,063 

 

 

52,201 

 

 

43,457 



 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

  Fees and service charges

 

1,092 

 

 

749 

 

 

2,773 

 

 

2,383 

  Gain on sales of loans

 

738 

 

 

540 

 

 

1,897 

 

 

1,611 

  Loss on bulk sale of impaired loans held in portfolio

 

 -

 

 

 -

 

 

(24)

 

 

 -

  Gain on sales of other real estate owned

 

14 

 

 

222 

 

 

 

 

1,570 

  Gain on sale of investment securities

 

 -

 

 

97 

 

 

 -

 

 

97 

  Unrealized loss on equity investments

 

(82)

 

 

 -

 

 

(242)

 

 

 -

  Other

 

90 

 

 

25 

 

 

2,393 

 

 

307 

     Total non-interest income

 

1,852 

 

 

1,633 

 

 

6,801 

 

 

5,968 



 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

  Salaries and employee benefits

 

7,156 

 

 

5,925 

 

 

20,548 

 

 

17,893 

  Occupancy and equipment

 

2,490 

 

 

2,038 

 

 

7,028 

 

 

6,185 

  Data processing and service fees

 

942 

 

 

703 

 

 

2,499 

 

 

2,034 

  Professional fees

 

437 

 

 

491 

 

 

1,475 

 

 

2,237 

  Director fees

 

192 

 

 

198 

 

 

594 

 

 

576 

  Regulatory assessments

 

419 

 

 

318 

 

 

948 

 

 

1,010 

  Advertising and promotional

 

129 

 

 

117 

 

 

314 

 

 

375 

  Other real estate owned, net

 

22 

 

 

 

 

213 

 

 

64 

  Merger related costs

 

119 

 

 

 -

 

 

2,303 

 

 

 -

  Other

 

2,485 

 

 

1,500 

 

 

6,460 

 

 

4,635 

     Total non-interest expense

 

14,391 

 

 

11,299 

 

 

42,382 

 

 

35,009 



 

 

 

 

 

 

 

 

 

 

 

Income before income tax provision

 

6,634 

 

 

5,397 

 

 

16,620 

 

 

14,416 

Income tax provision

 

2,040 

 

 

2,180 

 

 

5,081 

 

 

5,773 



 

 

 

 

 

 

 

 

 

 

 

Net Income

$

4,594 

 

$

3,217 

 

$

11,539 

 

$

8,643 

Preferred stock dividends

 

263 

 

 

166 

 

 

691 

 

 

449 

Net Income available to common stockholders

$

4,331 

 

$

3,051 

 

$

10,848 

 

$

8,194 



 

 

 

 

 

 

 

 

 

 

 

Net Income per common share-basic and diluted

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.27 

 

$

0.25 

 

$

0.70 

 

$

0.71 

Diluted

$

0.27 

 

$

0.25 

 

$

0.69 

 

$

0.70 



 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

15,789 

 

 

12,142 

 

 

15,482 

 

 

11,572 

Diluted

 

15,896 

 

 

12,226 

 

 

15,609 

 

 

11,664 

See accompanying notes to unaudited consolidated financial statements.

 

 

2


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(In thousands, Unaudited)







 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,



2018

 

2017

 

2018

 

2017



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Net Income

$

4,594 

 

$

3,217 

 

$

11,539 

 

$

8,643 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains arising during the period

 

(845)

 

 

496 

 

 

(4,189)

 

 

2,833 

Tax Effect

 

155 

 

 

(203)

 

 

967 

 

 

(1,157)

Net of Tax Effect

 

(690)

 

 

293 

 

 

(3,222)

 

 -

1,676 

Other comprehensive (loss) income

 

(690)

 

 

293 

 

 

(3,222)

 

 

1,676 

Comprehensive income

$

3,904 

 

$

3,510 

 

$

8,317 

 

$

10,319 



See accompanying notes to unaudited consolidated financial statements.

 



 

 

3


 



BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(In thousands, Except Share and Per Share Data, Unaudited) 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Preferred Stock

 

Common Stock

 

Additional             Paid-In Capital

 

Retained Earnings

 

Treasury Stock

 

Accumulated Other Comprehensive Loss

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

$

 -

 

$

 -

 

$

177,471 

 

$

31,241 

 

$

(29,116)

 

$

(3,142)

 

$

176,454 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of IA Bancorp

 

 -

 

 

 -

 

 

17,405 

 

 

 -

 

 

 -

 

 

 -

 

 

17,405 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of Stock Options (200 shares)

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 -

 

 

 -

 

 

230 

 

 

 -

 

 

 -

 

 

 -

 

 

230 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends payable on Series C 6%, Series D 4.5%, and Series F 6% noncumulative perpetual preferred stock

 

 -

 

 

 -

 

 

 -

 

 

(691)

 

 

 -

 

 

 -

 

 

(691)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends on common stock ($0.14 per share declared)

 

 -

 

 

 -

 

 

 -

 

 

(6,275)

 

 

 -

 

 

 -

 

 

(6,275)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Reinvestment Plan

 

 -

 

 

 -

 

 

247 

 

 

(247)

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan

 

 -

 

 

 -

 

 

321 

 

 

 -

 

 

 -

 

 

 -

 

 

321 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

 -

 

 

11,539 

 

 

 -

 

 

 -

 

 

11,539 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of unrealized gains on AFS equity securities

 

 -

 

 

 -

 

 

 -

 

 

126 

 

 

 -

 

 

(126)

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(3,222)

 

 

(3,222)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2018

$

 -

 

$

 -

 

$

195,676 

 

$

35,693 

 

$

(29,116)

 

$

(6,490)

 

$

195,763 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Preferred Stock

 

Common Stock

 

Additional             Paid-In Capital

 

Retained Earnings

 

Treasury Stock

 

Accumulated Other Comprehensive Income (Loss)

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

$

 -

 

$

 -

 

$

135,881 

 

$

28,159 

 

$

(29,103)

 

$

(3,856)

 

$

131,081 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Issuance of Common Stock

 

 

 

 

 

 

 

42,759 

 

 

 

 

 

 

 

 

 

 

 

42,759 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Series A and B Preferred Stock

 

 -

 

 

 -

 

 

(11,720)

 

 

 -

 

 

 -

 

 

 -

 

 

(11,720)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series D Preferred Stock

 

 -

 

 

 -

 

 

9,497 

 

 

 -

 

 

 -

 

 

 -

 

 

9,497 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of Stock Options (200 shares)

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 -

 

 

 -

 

 

126 

 

 

 -

 

 

 -

 

 

 -

 

 

126 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock purchases

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(13)

 

 

 

 

 

(13)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends payable on Series C 6% and Series D 4.5% noncumulative perpetual preferred stock

 

 -

 

 

 -

 

 

 -

 

 

(449)

 

 

 -

 

 

 -

 

 

(449)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends on common stock ($0.14 per share declared)

 

 -

 

 

 -

 

 

 -

 

 

(4,519)

 

 

 -

 

 

 -

 

 

(4,519)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Reinvestment Plan

 

 -

 

 

 -

 

 

221 

 

 

(221)

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan

 

 -

 

 

 -

 

 

485 

 

 

 -

 

 

 -

 

 

 -

 

 

485 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

 -

 

 

8,643 

 

 

 -

 

 

 -

 

 

8,643 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,676 

 

 

1,676 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2017

$

 -

 

$

 -

 

$

177,251 

 

$

31,613 

 

$

(29,116)

 

$

(2,180)

 

$

177,568 

See accompanying notes to unaudited consolidated financial statements.

 

4


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands, Unaudited)







 

 

 

 

 



Nine Months Ended September 30,



2018

 

2017

Cash Flows from Operating Activities :

 

 

 

 

 

  Net Income

$

11,539 

 

$

8,643 

  Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

        Depreciation of premises and equipment

 

2,039 

 

 

1,927 

        Amortization and accretion, net

 

(2,191)

 

 

(1,013)

        Provision for loan losses

 

4,309 

 

 

1,785 

        Deferred income tax (benefit)

 

(284)

 

 

2,314 

        Loans originated for sale

 

(17,320)

 

 

(19,371)

        Proceeds from sales of loans

 

18,740 

 

 

22,651 

        Gain on sales of loans originated for sale

 

(1,897)

 

 

(1,611)

        Gains on sales of other real estate owned

 

(4)

 

 

(1,570)

        Gains on sales of securities available for sale

 

 -

 

 

(97)

        Fair value adjustment of OREO

 

101 

 

 

 -

        Loss on equity investments

 

242 

 

 

 -

        Loss on bulk sale of impaired loans held in portfolio

 

24 

 

 

 -

        Stock-based compensation expense

 

230 

 

 

126 

        Increase in interest receivable

 

(1,870)

 

 

(235)

        (Increase) decrease in other assets

 

(2,637)

 

 

92 

        Increase (decrease) in accrued interest payable

 

1,132 

 

 

(209)

        Increase in other liabilities

 

1,376 

 

 

311 

Net Cash Provided by Operating Activities

 

13,529 

 

 

13,743 

Cash flows from investing activities:

 

 

 

 

 

        Proceeds from calls on securities available for sale

 

20,286 

 

 

22,423 

        Purchases of securities available for sale

 

(16,353)

 

 

(46,298)

        Proceeds from sales of other real estate owned

 

502 

 

 

4,813 

        Proceeds from bulk sale of impaired loans held

 

250 

 

 

 -

        Proceeds from sales of securities available for sale

 

 -

 

 

21,165 

        Net increase in loans receivable

 

(401,888)

 

 

(135,657)

        Additions to premises and equipment

 

(829)

 

 

(1,804)

        (Purchase) Redemption of Federal Home Loan Bank of New York stock

 

(3,381)

 

 

1,210 

        Cash acquired in acquisition

 

7,597 

 

 

 -

        Cash paid in acquisition

 

(2,550)

 

 

 -

Net Cash Used In Investing Activities

 

(396,366)

 

 

(134,148)

Cash flows from financing activities:

 

 

 

 

 

        Net increase in deposits

 

368,818 

 

 

153,943 

        Proceeds from Federal Home Loan Bank of New York advances

 

175,800