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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 18,839 $ 23,246
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4,993 2,533
Realized gains on available-for-sale debt securities, net (21) (25)
Net amortization of securities 2,174 1,554
Increase in cash surrender value of life insurance (405) (434)
Depreciation and amortization of bank premises and equipment 1,780 1,602
Net accretion of purchase accounting adjustments (1,017) (1,827)
Stock-based compensation 1,169 970
Deferred income taxes (93) (989)
(Increase) decrease in fair value of servicing rights (128) 9
Gains on sales of loans, net (733) (2,786)
Origination of loans held for sale (25,003) (86,428)
Proceeds from sales of loans held for sale 26,752 87,483
(Increase) decrease in accrued interest receivable and other assets (1,562) 295
Decrease in accrued interest payable and other liabilities (352) (50)
Other 148 (18)
Net Cash Provided by Operating Activities 26,541 25,135
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of certificates of deposit (250) (3,000)
Proceeds from maturities of certificates of deposit 750 0
Proceeds from sales of available-for-sale debt securities 4,100 2,027
Proceeds from calls and maturities of available-for-sale debt securities 50,263 48,262
Purchase of available-for-sale debt securities (104,601) (145,445)
Redemption of Federal Home Loan Bank of Pittsburgh stock 10,765 1,934
Purchase of Federal Home Loan Bank of Pittsburgh stock (12,009) (1,614)
Net (increase) decrease in loans (126,792) 68,018
Proceeds from bank owned life insurance 0 287
Proceeds from sales of premises and equipment 0 575
Purchase of premises and equipment (2,986) (1,173)
Proceeds from sale of foreclosed assets 351 303
Other 161 176
Net Cash Used in Investing Activities (180,248) (29,650)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in deposits 114,667 120,386
Net increase (decrease) in short-term borrowings 654 (18,082)
Proceeds from long-term borrowings - FHLB advances 39,041 0
Repayments of long-term borrowings - FHLB advances (11,430) (15,571)
Proceeds from issuance of senior notes, net of issuance costs 0 14,663
Proceeds from issuance of subordinated debt, net of issuance costs 0 24,437
Redemption of subordinated debt (8,500) (8,000)
Sale of treasury stock 141 212
Purchases of treasury stock (9,349) (7,412)
Common dividends paid (11,921) (11,980)
Net Cash Provided by Financing Activities 113,303 98,653
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (40,404) 94,138
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 95,848 96,017
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 55,444 $ 190,155