XML 23 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ 27,818 $ 17,811 $ 29,060
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 2,587 5,528 1,683
Depreciation and amortization 1,806 1,520 1,033
Amortization and accretion of loans and other assets (3,186) (3,119) (1,950)
Amortization and accretion of investment securities 1,372 1,581 1,889
Deferred income taxes 1,771 595 (36)
Equity security (gains) losses, net (145) 144 247
Available for sale security losses, net 0 51 14
Earnings on bank owned life insurance (1,684) (1,254) (852)
Stock awards 412 309 336
Originations of loans held for sale (155,379) (87,323) (10,024)
Proceeds from sales of loans held for sale 157,365 90,782 14,004
Realized gains on loans sold (2,316) (1,452) (258)
Realized gains on sale of Braavo (1,102) 0 0
Decrease (increase) in accrued interest receivable 736 (1,485) (2,097)
Increase in accrued interest payable 395 2,181 521
Other, net 2,732 668 (330)
Net cash provided by operating activities 33,182 26,537 33,240
Available-for-sale securities:      
Proceeds from sales of available-for-sale securities 0 86,504 7,480
Proceeds from maturity and principal repayments of securities 62,858 27,007 33,554
Purchase of securities (70,423) (10,246) (117,913)
Purchase of equity securities 0 0 (218)
Proceeds from sale of equity securities 335 127 33
Proceeds from redemption of Regulatory Stock 28,072 24,915 7,770
Purchase of Regulatory Stock (27,599) (29,127) (15,105)
Net increase in loans (70,245) (43,951) (281,389)
Purchase of interest bearing time deposits (100) (100) (3,720)
Proceeds from matured interest bearing time deposits with other banks 350 2,085 5,954
Proceeds from sale of interest bearing time deposits with other banks 0 0 2,733
Purchase of premises, equipment and software (1,314) (2,617) (1,634)
Proceeds from life insurance 1,241 1,098 0
Investments in low income housing partnerships 0 (1,470) (1,123)
Proceeds from sale of foreclosed assets held for sale 567 335 1,126
Proceeds from sale of Braavo assets 7,185 0 0
Acquisition, net of cash paid 0 4,905 0
Net cash (used in) provided by investing activities (69,073) 59,465 (362,452)
Cash Flows from Financing Activities:      
Net increase (decrease) in deposits 60,548 (56,092) 8,057
Proceeds from long-term borrowings 0 40,000 0
Repayments of long-term borrowings (35,000) 0 (4,725)
Net increase (decrease) in short-term borrowed funds 9,279 (34,569) 188,013
Purchase of treasury stock (202) (265) (1,279)
Purchase of restricted stock (64) 0 0
Sale of treasury stock 0 34 112
Issuance of Common stock for ESPP 16 0 0
Dividends paid (9,302) (8,503) (7,588)
Net cash provided by (used in) financing activities 25,275 (59,395) 182,590
Net increase (decrease) in cash (10,616) 26,607 (146,622)
Cash and Cash Equivalents at Beginning of Year 52,818 26,211 172,833
Cash and Cash Equivalents at End of Year 42,202 52,818 26,211
Supplemental Disclosures of Cash Flow Information:      
Interest paid 67,466 44,677 10,703
Income taxes paid 2,500 5,100 6,600
Non-cash activities:      
Stock dividend 2,048 3,021 2,560
Real estate acquired in settlement of loans 2,635 147 61
Investments matured and not settled included in other assets 0 8,000 0
Investments in low income housing included in other assets and liabilities 0 6,530 0
Right of use asset and liability 306 28 2,403
CECL adjustment 0 3,300 0
Non-cash assets acquired      
Goodwill 85,758 85,758  
HV Bancorp, Inc. [Member]      
Non-cash assets acquired      
Available-for-sale securities 0 79,248 0
Interest bearing time deposits with other banks 0 0 0
Loans held for sale 0 10,750 0
Loans 0 475,338 0
Premises and equipment 0 2,310 0
Accrued interest receivable 0 2,226 0
Bank owned life insurance 0 10,387 0
Intangibles 0 2,972 0
Deferred tax asset 0 7,706 0
Other assets 0 18,213 0
Goodwill 0 54,382 0
Total non-cash assets acquired 0 663,532 0
Liabilities assumed      
Noninterest-bearing deposits 0 197,549 0
Interest-bearing deposits 0 335,815 0
Accrued interest payable 0 885 0
Borrowed funds 0 58,647 0
Other liabilities 0 11,988 0
Total liabilities assumed 0 604,884 0
Net non-cash assets acquired 0 58,648 0
Cash and cash equivalents acquired $ 0 $ 18,017 $ 0