|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income per the Consolidated Statements of operations |
$ 33,573 |
$ 34,582 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Net (gain) loss on sale of loans originated for sale |
(26) |
8 |
| Net gain on sale of investment securities available-for-sale |
(44) |
(22) |
| Net gain on trading securities |
(136) |
105 |
| Net depreciation and amortization |
2,080 |
2,236 |
| ESOP compensation expense |
819 |
812 |
| Stock plan compensation (excluding ESOP) |
1,750 |
1,582 |
| Provision for loan losses |
3,858 |
5,305 |
| Credit to reduce the liability for loans sold with recourse |
(1,107) |
0 |
| OTTI charge for investment securities recognized in earnings |
181 |
695 |
| Increase in cash surrender value of Bank Owned Life Insurance |
(1,265) |
(1,334) |
| Deferred income tax credit |
47 |
(2,415) |
| Excess tax benefit of stock plans |
(349) |
(399) |
| Changes in assets and liabilities: |
|
|
| Origination of loans held for sale |
(5,080) |
(4,539) |
| Proceeds from sale of loans held for sale |
8,741 |
7,957 |
| Decrease in other assets |
2,666 |
5,966 |
| Increase (decrease) in other liabilities |
5,906 |
21,473 |
| Net cash provided by operating activities |
51,614 |
72,012 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Proceeds from principal repayments of investment securities held-to-maturity |
904 |
118 |
| Proceeds from maturities of investment securities available-for-sale |
0 |
0 |
| Proceeds from calls and principal repayments of investment securities available-for-sale |
200,320 |
174,000 |
| Proceeds from sales of investment securities available-for-sale |
313 |
226 |
| Proceeds from sales of trading securities |
171 |
136 |
| Purchases of investment securities available-for-sale |
(80,086) |
(228,132) |
| Purchases of mortgage backed securities available-for-sale |
(23,186) |
0 |
| Purchases of trading securities |
(1,691) |
(426) |
| Principal collected on mortgage backed securities available-for-sale |
34,021 |
37,706 |
| Purchases of loans |
(24,483) |
(39,190) |
| Proceeds from the sale of portfolio loans |
30,906 |
15,712 |
| Net decrease in loans |
124,031 |
55,417 |
| Purchases of fixed assets, net |
(2,739) |
(3,271) |
| Redemption of FHLBNY capital stock |
7,853 |
4,704 |
| Net cash provided by (used in) investing activities |
266,334 |
17,000 |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Net increase in due to depositors |
75,465 |
34,036 |
| Net increase in escrow and other deposits |
39,254 |
23,803 |
| Decrease in REPOS |
(40,000) |
0 |
| Repayment of FHLBNY advances |
(172,275) |
(105,750) |
| Cash dividends paid |
(14,386) |
(14,156) |
| Exercise of stock options |
4,086 |
2,630 |
| BMP award distribution |
0 |
0 |
| Excess tax benefit of stock plans |
349 |
399 |
| Net cash (used in) provided by financing activities |
(107,507) |
(59,038) |
| INCREASE IN CASH AND DUE FROM BANKS |
210,441 |
29,974 |
| CASH AND DUE FROM BANKS, BEGINNING OF PERIOD |
44,260 |
90,729 |
| CASH AND DUE FROM BANKS, END OF PERIOD |
254,701 |
120,703 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Cash paid for income taxes |
22,531 |
20,718 |
| Cash paid for interest |
48,244 |
53,573 |
| Loans transferred to held for sale |
1,000 |
0 |
| Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity |
142 |
85 |
| Net decrease in non-credit component of OTTI |
(288) |
(1,239) |
| Defined benefit plan adjustments, net of taxes of $256 during the nine months ended September 30, 2012 and $23 during the nine months ended September 30, 2011 |
$ 312 |
$ 27 |