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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 24,148 $ 26,618 $ 30,554
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 186 7,255 3,661
Realized losses (gains) on available-for-sale debt securities, net 3,036 (20) (24)
Net amortization of securities 2,062 2,760 2,204
Increase in cash surrender value of life insurance (2,703) (545) (573)
Depreciation and amortization of bank premises and equipment 2,151 2,389 2,130
Net accretion of purchase accounting adjustments (288) (1,181) (2,124)
Stock-based compensation 1,472 1,260 1,214
Deferred income taxes 836 (400) (1,381)
Decrease (increase) in fair value of servicing rights 200 (126) 68
Gains on sales of loans, net (723) (757) (3,428)
Origination of loans held for sale (24,630) (26,231) (105,523)
Proceeds from sales of loans held for sale 25,106 27,636 107,797
(Increase) decrease in accrued interest receivable and other assets (1,400) (3,532) 186
Increase (decrease) in accrued interest payable and other liabilities 4,161 (589) 210
Other (66) 62 (127)
Net Cash Provided by Operating Activities 33,548 34,599 34,844
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of certificates of deposit 0 (250) (4,500)
Proceeds from maturities of certificates of deposit 3,250 2,000 1,240
Proceeds from sales of available-for-sale debt securities 60,819 4,100 2,027
Proceeds from calls and maturities of available-for-sale debt securities 52,323 58,673 61,684
Purchase of available-for-sale debt securities (23,414) (113,715) (243,925)
Redemption of Federal Home Loan Bank of Pittsburgh stock 22,634 11,604 2,517
Purchase of Federal Home Loan Bank of Pittsburgh stock (23,680) (16,459) (2,110)
Purchase of Federal Reserve Bank stock (6,252) 0 0
Net (increase) decrease in loans (107,356) (178,203) 78,746
Purchase of bank-owned life insurance (30,000) 0 0
Proceeds from bank-owned life insurance 363 0 287
Proceeds from sales of premises and equipment 0 0 627
Purchase of premises and equipment (2,265) (3,288) (1,864)
Proceeds from sale of foreclosed assets 267 647 1,148
Other 109 203 228
Net Cash Used in Investing Activities (53,202) (234,688) (103,895)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 17,234 72,689 105,381
Net (decrease) increase in short-term borrowings (46,188) 78,259 (18,154)
Proceeds from long-term borrowings - FHLB advances 85,436 50,000 0
Repayments of long-term borrowings - FHLB advances (9,395) (15,455) (26,095)
Proceeds from issuance of senior notes, net of issuance costs 0 0 14,663
Proceeds from issuance of subordinated debt, net of issuance costs 0 0 24,437
Redemption of subordinated debt 0 (8,500) (8,000)
Sale of treasury stock 0 160 212
Purchases of treasury stock (6,784) (9,349) (7,586)
Common dividends paid (15,569) (15,865) (15,976)
Net Cash Provided by Financing Activities 24,734 151,939 68,882
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,080 (48,150) (169)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 47,698 95,848 96,017
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 52,778 $ 47,698 $ 95,848