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The following is an excerpt from a 10-K SEC Filing, filed by WARWICK COMMUNITY BANCORP INC on 8/31/1998.
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WARWICK COMMUNITY BANCORP INC - 10-K - 19980831 - CASH_FLOW

42 Warwick Community Bancorp, Inc. o Annual Report


WARWICK COMMUNITY BANCORP, INC. AND SUBSIDIARIES

                             STATEMENT OF CASH FLOWS
                         FOR THE YEAR ENDED MAY 31, 1998
                                 (000's omitted)

Cash flows from operating activities:
      Net income                                                                      $   1,861
      Adjustments to reconcile net income to net cash
         provided by operating activities-
          Undistributed earnings of subsidiary bank                                      (2,941)
          Charitable contribution to The Warwick Savings Foundation                       1,924
          Gain on sale of securities                                                        (30)
      (Increase) decrease in assets-
          Accrued interest receivable                                                      (262)
          Other assets                                                                     (783)
      Increase in liabilities-
          Other liabilities                                                                 252
          Income taxes payable                                                               39
                                                                                      ---------
                Net cash provided by operating activities                                    60
                                                                                      ---------

Cash flows from investing activities:
      Payment made to purchase 100% of the outstanding stock of the Bank                (30,743)
      Purchases of securities available for sale                                         (4,592)
      Proceeds from sale of securities available for sale                                 1,781
                                                                                      ---------
                Net cash used in investing activities                                   (33,554)
                                                                                      ---------

Cash flows from financing activities:
      (Increase) in ESOP loan receivable                                                 (8,015)
      Proceeds from issuance of common stock                                             61,485
                                                                                      ---------
                Net cash provided by financing activities                                53,470
                                                                                      ---------
                Net increase in cash and cash equivalents                                19,976

Cash and cash equivalents, beginning of year                                                 --
                                                                                      ---------
Cash and cash equivalents, end of year                                                $  19,976
                                                                                      =========

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