XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,787 $ 4,166
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 259 1,528
Net amortization of securities 488 367
Increase in cash surrender value of life insurance (150) (104)
Depreciation and amortization of bank premises and equipment 553 447
Net accretion of purchase accounting adjustments (818) (355)
Stock-based compensation 341 194
Deferred income taxes 462 397
(Increase) decrease in fair value of servicing rights (75) 126
Gains on sales of loans, net (1,064) (315)
Origination of loans held for sale (32,478) (10,414)
Proceeds from sales of loans held for sale 30,727 10,842
Increase in accrued interest receivable and other assets (2,190) (1,886)
Increase (decrease) in accrued interest payable and other liabilities 891 (799)
Other (20) (67)
Net Cash Provided by Operating Activities 5,713 4,127
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of certificates of deposit (1,250) 0
Proceeds from sales of available-for-sale debt securities 0 6,722
Proceeds from calls and maturities of available-for-sale debt securities 17,093 17,451
Purchase of available-for-sale debt securities (34,494) (12,993)
Redemption of Federal Home Loan Bank of Pittsburgh stock 584 3,660
Purchase of Federal Home Loan Bank of Pittsburgh stock (473) (2,735)
Net decrease in loans 29,936 15,179
Proceeds from bank owned life insurance 287 0
Proceeds from sales of premises and equipment 495 0
Purchase of premises and equipment (239) (1,300)
Proceeds from sale of foreclosed assets 0 1,253
Other 70 70
Net Cash Provided by Investing Activities 12,009 27,307
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 103,793 (2,789)
Net decrease in short-term borrowings (10,211) (48,619)
Proceeds from long-term borrowings 0 25,891
Repayments of long-term borrowings (4,024) (5,074)
Sale of treasury stock 77 124
Purchase of vested restricted stock for tax withholding (157) (163)
Common dividends paid (3,912) (3,328)
Net Cash Provided by (Used in) Financing Activities 85,566 (33,958)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 103,288 (2,524)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 96,017 31,122
CASH AND CASH EQUIVALENTS, END OF PERIOD 199,305 28,598
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Accrued purchase of certificates of deposit 750 0
Increase in accrued purchase of available-for-sale debt securities 6,245 0
Assets acquired through foreclosure of real estate loans 134 0
Interest paid 2,193 2,650
Income taxes paid $ 47 $ 42