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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 26,618 $ 30,554 $ 19,222
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 7,255 3,661 3,913
Loss on prepayment of borrowings 0 0 1,636
Realized gains on available-for-sale debt securities, net (20) (24) (169)
Net amortization of securities 2,760 2,204 1,570
Increase in cash surrender value of life insurance (545) (573) (515)
Depreciation and amortization of bank premises and equipment 2,389 2,130 1,981
Net accretion of purchase accounting adjustments (1,181) (2,124) (2,524)
Stock-based compensation 1,260 1,214 1,050
Deferred income taxes (400) (1,381) (361)
(Increase) decrease in fair value of servicing rights (126) 68 576
Gains on sales of loans, net (757) (3,428) (5,403)
Origination of loans held for sale (26,231) (105,523) (158,909)
Proceeds from sales of loans held for sale 27,636 107,797 163,149
(Increase) decrease in accrued interest receivable and other assets (3,532) 186 (2,645)
(Decrease) increase in accrued interest payable and other liabilities (589) 210 2,473
Other 62 (127) (260)
Net Cash Provided by Operating Activities 34,599 34,844 24,784
CASH FLOWS FROM INVESTING ACTIVITIES:      
Net cash and cash equivalents provided by business combination 0 0 75,955
Purchase of certificates of deposit (250) (4,500) (2,500)
Proceeds from maturities of certificates of deposit 2,000 1,240 740
Proceeds from sales of available-for-sale debt securities 4,100 2,027 28,941
Proceeds from calls and maturities of available-for-sale debt securities 58,673 61,684 94,486
Purchase of available-for-sale debt securities (113,715) (243,925) (105,354)
Redemption of Federal Home Loan Bank of Pittsburgh stock 11,604 2,517 8,496
Purchase of Federal Home Loan Bank of Pittsburgh stock (16,459) (2,110) (5,146)
Net (increase) decrease in loans (178,203) 78,746 1,564
Proceeds from bank owned life insurance 0 287 0
Proceeds from sales of premises and equipment 0 627 0
Purchase of premises and equipment (3,288) (1,864) (3,137)
Proceeds from sale of foreclosed assets 647 1,148 2,262
Other 203 228 273
Net Cash (Used in) Provided by Investing Activities (234,688) (103,895) 96,580
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 72,689 105,381 86,941
Net increase (decrease) in short-term borrowings 78,259 (18,154) (99,969)
Proceeds from long-term borrowings - FHLB advances 50,000 0 25,891
Repayments of long-term borrowings - FHLB advances (15,455) (26,095) (54,831)
Proceeds from issuance of senior notes, net of issuance costs 0 14,663 0
Proceeds from issuance of subordinated debt, net of issuance costs 0 24,437 0
Redemption of subordinated debt (8,500) (8,000) 0
Sale of treasury stock 160 212 131
Purchases of treasury stock (9,349) (7,586) (163)
Common dividends paid (15,865) (15,976) (14,469)
Net Cash Provided by (Used in) Financing Activities 151,939 68,882 (56,469)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (48,150) (169) 64,895
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 95,848 96,017 31,122
CASH AND CASH EQUIVALENTS, END OF YEAR $ 47,698 $ 95,848 $ 96,017