Ownership / The First of Long Island Corporation | Tables in SEC filings

FLIC The First of Long Island Corporation

Quarterly report

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended September 30,
(in thousands)	2024		2023
Cash Flows From Operating Activities:
Net income	$	13,832	$	20,180
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		740		(1,227)
Credit provision for deferred income taxes		(3,032)		(445)
Depreciation and amortization of premises and equipment		2,357		2,314
Amortization of right-of-use asset - operating leases		2,229		1,988
Premium amortization on investment securities, net		1,825		1,597
Net loss on sales of securities		—		3,489
Stock-based compensation expense		1,200		1,510
Accretion of cash surrender value on bank-owned life insurance		(2,573)		(2,383)
Pension expense		919		1,118
Decrease in other liabilities		(1,422)		(1,210)
Other increases in assets		(1,032)		(12,545)
Net cash provided by operating activities		15,043		14,386
Cash Flows From Investing Activities:
Available-for-sale securities:
Proceeds from sales		—		145,451
Proceeds from maturities and redemptions		51,267		41,389
Purchases		(3,904)		(206,155)
Proceeds from sales of loans held-for-sale		1,092		—
Net decrease in loans		7,476		56,318
Net decrease in restricted stock		4,468		921
Purchases of premises and equipment, net		(1,286)		(2,611)
Proceeds from disposition of premises and facilities held-for-sale		383		2,291
Proceeds from death benefit of bank-owned life insurance		576		—
Net cash provided by investing activities		60,072		37,604
Cash Flows From Financing Activities:
Net increase (decrease) in deposits		56,078		(27,124)
Net decrease in overnight advances		(70,000)		—
Proceeds from other borrowings		245,000		125,000
Repayment of other borrowings		(272,500)		(153,500)
Proceeds from issuance of common stock, net of shares withheld		198		(167)
Repurchase of common stock		(2,020)		—
Cash dividends paid		(14,190)		(14,178)
Net cash used in financing activities		(57,434)		(69,969)
Net increase (decrease) in cash and cash equivalents		17,681		(17,979)
Cash and cash equivalents, beginning of year		60,887		74,178
Cash and cash equivalents, end of period	$	78,568	$	56,199
Supplemental Cash Flow Disclosures:
Cash paid for:
Interest	$	71,568	$	44,961
Income taxes		3,621		2,820
Operating cash flows from operating leases		2,629		2,189
Noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities		—		1,280
Cash dividends payable		4,732		4,740
Loans transferred from portfolio to held-for-sale		1,006		—

	December 31, 2023
State and municipals	$	29,522	$	(719)	$	95,725	$	(11,271)	$	125,247	$	(11,990)
Pass-through mortgage securities		2,361		(1)		134,558		(27,130)		136,919		(27,131)
Collateralized mortgage obligations		—		—		102,528		(21,074)		102,528		(21,074)
SBA agency obligations		98,879		(1,083)		—		—		98,879		(1,083)
Corporate bonds		—		—		105,915		(13,085)		105,915		(13,085)
Total temporarily impaired	$	130,762	$	(1,803)	$	438,726	$	(72,560)	$	569,488	$	(74,363)

	Balance at						Provision (Credit) for		Balance at
(in thousands)	1/1/2023		Chargeoffs		Recoveries		Credit Losses		9/30/2023
Commercial and industrial	$	1,543	$	(439)	$	60	$	210	$	1,374
Commercial mortgages:
Multifamily		8,430		—		—		(1,032)		7,398
Other		7,425		—		15		677		8,117
Owner-occupied		3,024		—		—		103		3,127
Residential mortgages:
Closed end		10,633		(170)		—		(1,187)		9,276
Revolving home equity		362		—		—		(7)		355
Consumer and other		15		(8)		—		9		16
	$	31,432	$	(617)	$	75	$	(1,227)	$	29,663

	Balance at						Provision (Credit) for		Balance at
(in thousands)	7/1/2023		Chargeoffs		Recoveries		Credit Losses		9/30/2023
Commercial and industrial	$	1,483	$	(119)	$	27	$	(17)	$	1,374
Commercial mortgages:
Multifamily		7,298		—		—		100		7,398
Other		8,022		—		15		80		8,117
Owner-occupied		3,161		—		—		(34)		3,127
Residential mortgages:
Closed end		9,619		(48)		—		(295)		9,276
Revolving home equity		369		—		—		(14)		355
Consumer and other		15		(8)		—		9		16
	$	29,967	$	(175)	$	42	$	(171)	$	29,663

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