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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 17,784 $ 19,887
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (credit) for credit losses 2,726 (765)
Realized gains on available-for-sale debt securities, net 0 (6)
Net amortization of securities 1,269 1,556
Increase in cash surrender value of life insurance (1,372) (450)
Depreciation and amortization of bank premises and equipment 1,632 1,633
Net accretion of purchase accounting adjustments (197) (198)
Stock-based compensation 1,099 1,015
Deferred income taxes (1,338) 235
Decrease in fair value of servicing rights 172 136
Net gains from sale of loans (786) (450)
Origination of loans held for sale (27,070) (14,568)
Proceeds from sales of loans held for sale 24,773 14,341
Increase in accrued interest receivable and other assets (3,196) (1,175)
Increase in accrued interest payable and other liabilities 5,340 4,588
Other 124 22
Net Cash Provided by Operating Activities 20,960 25,801
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit 1,250 3,000
Proceeds from sales of available-for-sale debt securities 0 18,357
Proceeds from calls and maturities of available-for-sale debt securities 28,734 44,208
Purchase of available-for-sale debt securities (11,516) (8,215)
Redemption of Federal Home Loan Bank of Pittsburgh stock 5,991 19,503
Purchase of Federal Home Loan Bank of Pittsburgh stock (6,748) (19,905)
Purchase of Federal Reserve Bank stock (36) (6,243)
Net increase in loans (45,752) (89,998)
Proceeds from bank-owned life insurance 14,289 147
Purchase of premises and equipment (1,554) (1,381)
Proceeds from sale of foreclosed assets 293 62
Other 33 109
Net Cash Used in Investing Activities (15,016) (40,356)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in deposits 121,077 27,425
Net decrease in short-term borrowings (22,448) (56,809)
Proceeds from long-term borrowings - FHLB advances 59,386 70,049
Repayments of long-term borrowings - FHLB advances (23,083) (7,078)
Purchases of treasury stock (655) (6,719)
Common dividends paid (11,636) (11,703)
Net Cash Provided by Financing Activities 122,641 15,165
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 128,585 610
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 52,778 47,698
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 181,363 $ 48,308