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CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 7,548 $ 10,271 $ 21,185
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses   5,328 1,425
Depreciation and amortization   1,022 773
Amortization and accretion of loans and other assets   (2,392) (1,386)
Amortization and accretion of investment securities   1,197 1,467
Deferred income taxes   355 86
Investment securities losses, net   274 204
Earnings on bank owned life insurance (489) (941) (635)
Vesting of restricted stock   184 158
Originations of loans held for sale   (53,510) (9,447)
Proceeds from sales of loans held for sale   51,428 12,864
Realized gains on loans sold (460) (674) (241)
Increase in accrued interest receivable   (769) (1,309)
Gain on sale of foreclosed assets held for sale   (98) (481)
Increase in accrued interest payable   609 211
Other, net   (1,955) (536)
Net cash provided by operating activities   10,329 24,338
Available-for-sale securities:      
Proceeds from sales 0 86,504 4,492
Proceeds from maturity and principal repayments   18,847 28,553
Purchase of securities   (10,246) (117,913)
Purchase of equity securities   0 (218)
Proceeds from sale of equity securities   127 33
Purchase of interest bearing time deposits with other banks   0 (3,720)
Proceeds from sale of interest bearing time deposits with other banks   0 2,733
Proceeds from life insurance   1,097 0
Proceeds from matured interest bearing time deposits with other banks   1,489 5,954
Proceeds from redemption of regulatory stock   19,936 3,811
Purchase of regulatory stock   (22,105) (12,081)
Net increase in loans   (42,162) (295,059)
Purchase of premises and equipment   (2,308) (1,150)
Investments in low income housing partnerships   (616) (949)
Proceeds from sale of foreclosed assets held for sale   314 845
Acquisition, net of cash paid   4,905 0
Net cash provided by (used in) investing activities   55,782 (384,669)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (decrease) increase in deposits   (42,438) 32,559
Proceeds from long-term borrowings   20,000 0
Repayments of long-term borrowings   0 (4,725)
Net (decrease) increase in short-term borrowed funds   (20,115) 189,661
Purchase of treasury stock   (264) (1,279)
Sale of treasury stock to employees   28 112
Dividends paid   (6,197) (5,682)
Net cash (used in) provided by financing activities   (48,986) 210,646
Net increase (decrease) in cash and cash equivalents   17,125 (149,685)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   26,211 172,833
CASH AND CASH EQUIVALENTS AT END OF PERIOD 43,336 43,336 23,148
Supplemental Disclosures of Cash Flow Information:      
Interest paid   28,707 5,957
Income taxes paid   4,600 4,600
Loans transferred to foreclosed property   147 61
Right of use asset and liability   5 1,518
Stock Dividend   3,021 2,560
CECL adjustment   3,300 $ 0
Non-cash assets acquired      
Goodwill 84,758 [1] 84,758 [1]  
HV Bancorp, Inc. [Member]      
Non-cash assets acquired      
Available-for-sale securities 79,248 79,248  
Interest bearing time deposits with other banks 0 0  
Loans held for sale 10,750 10,750  
Loans 475,338 475,338  
Premises and equipment 2,310 2,310  
Accrued interest receivable 2,226 2,226  
Bank owned life insurance 10,387 10,387  
Intangibles 2,972 2,972  
Deferred tax asset 8,392 8,392  
Other assets 18,213 18,213  
Goodwill 53,382 53,382  
Total Non-cash assets acquired 663,218 663,218  
Liabilities assumed      
Noninterest-bearing deposits 197,549 197,549  
Interest-bearing deposits 335,815 335,815  
Accrued interest payable 885 885  
Borrowed funds 58,647 58,647  
Other liabilities 11,674 11,674  
Total liabilities assumed 604,570 604,570  
Net non-cash liabilities acquired 58,648 58,648  
Cash and cash equivalents acquired $ 18,017 $ 18,017  
[1] Excludes fully amortized intangible assets