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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 19,887 $ 18,839
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit (provision) for credit losses (765) 4,993
Realized gains on available-for-sale debt securities, net (6) (21)
Net amortization of securities 1,556 2,174
Increase in cash surrender value of life insurance (450) (405)
Depreciation and amortization of bank premises and equipment 1,633 1,780
Net accretion of purchase accounting adjustments (198) (1,017)
Stock-based compensation 1,015 1,169
Deferred income taxes 235 (93)
Decrease (increase) in fair value of servicing rights 136 (128)
Gains on sales of loans, net (450) (733)
Origination of loans held for sale (14,568) (25,003)
Proceeds from sales of loans held for sale 14,341 26,752
Increase in accrued interest receivable and other assets (1,175) (1,562)
Increase (decrease) in accrued interest payable and other liabilities 4,588 (352)
Other 22 148
Net Cash Provided by Operating Activities 25,801 26,541
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of certificates of deposit 0 (250)
Proceeds from maturities of certificates of deposit 3,000 750
Proceeds from sales of available-for-sale debt securities 18,357 4,100
Proceeds from calls and maturities of available-for-sale debt securities 44,208 50,263
Purchase of available-for-sale debt securities (8,215) (104,601)
Redemption of Federal Home Loan Bank of Pittsburgh stock 19,503 10,765
Purchase of Federal Home Loan Bank of Pittsburgh stock (19,905) (12,009)
Purchase of Federal Reserve Bank stock (6,243) 0
Net increase in loans (89,998) (126,792)
Proceeds from bank owned life insurance 147 0
Purchase of premises and equipment (1,381) (2,986)
Proceeds from sale of foreclosed assets 62 351
Other 109 161
Net Cash Used in Investing Activities (40,356) (180,248)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in deposits 27,425 114,667
Net (decrease) increase in short-term borrowings (56,809) 654
Proceeds from long-term borrowings - FHLB advances 70,049 39,041
Repayments of long-term borrowings - FHLB advances (7,078) (11,430)
Redemption of subordinated debt 0 (8,500)
Sale of treasury stock 0 141
Purchases of treasury stock (6,719) (9,349)
Common dividends paid (11,703) (11,921)
Net Cash Provided by Financing Activities 15,165 113,303
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 610 (40,404)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 47,698 95,848
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 48,308 $ 55,444