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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss)   $ (4,144) $ 2,723 $ 13,641
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for credit losses     4,853 700
Depreciation and amortization     530 519
Amortization and accretion of loans and other assets     (825) (1,068)
Amortization and accretion of investment securities     826 1,025
Deferred income taxes     125 294
Investment securities losses, net     343 179
Earnings on bank owned life insurance   (234) (452) (419)
Vesting of restricted stock     150 141
Originations of loans held for sale     (12,730) (4,624)
Proceeds from sales of loans held for sale     9,444 8,056
Realized gains on loans sold   (169) (214) (146)
Decrease (increase) in accrued interest receivable     275 (640)
Gain on sale of foreclosed assets held for sale     (67) (491)
Increase (decrease) in accrued interest payable     139 (145)
Other, net     (2,219) (1,950)
Net cash provided by operating activities     2,901 15,072
Available-for-sale securities:        
Proceeds from sales   86,504 86,504 0
Proceeds from maturity and principal repayments     10,336 21,294
Purchase of securities     (10,246) (110,022)
Proceeds from sale of equity securities     67 0
Purchase of interest bearing time deposits with other banks     0 (2,480)
Proceeds from matured interest bearing time deposits with other banks     1,241 5,458
Proceeds from redemption of regulatory stock     10,839 1,912
Purchase of regulatory stock     (12,789) (3,493)
Net decrease (increase) in loans     40,119 (152,949)
Purchase of premises and equipment     (1,926) (898)
Investments in low income housing partnerships     (591) (949)
Proceeds from sale of foreclosed assets held for sale     233 760
Acquisition, net of cash paid     4,905 0
Net cash provided by (used in) investing activities     128,692 (241,367)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Net (decrease) increase in deposits     (111,473) 42,560
Proceeds from long-term borrowings     20,000 0
Repayments of long-term borrowings     0 (4,725)
Net (decrease) increase in short-term borrowed funds     (17,731) 41,282
Purchase of treasury and restricted stock     0 (1,279)
Sale of treasury stock to employees     0 72
Dividends paid     (3,891) (3,776)
Net cash (used in) provided by financing activities     (113,095) 74,134
Net increase (decrease) in cash and cash equivalents     18,498 (152,161)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     26,211 172,833
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 44,709 44,709 44,709 20,672
Supplemental Disclosures of Cash Flow Information:        
Interest paid     14,892 3,376
Income taxes paid     3,600 3,600
Loans transferred to foreclosed property     49 61
Right of use asset and liability     5 1,518
Stock Dividend     3,021 2,560
CECL adjustment     3,300 $ 0
Non-cash assets acquired        
Goodwill [1] 84,758 84,758 84,758  
HV Bancorp, Inc. [Member]        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) 590      
Non-cash assets acquired        
Available-for-sale securities 79,248 79,248 79,248  
Interest bearing time deposits with other banks 0 0 0  
Loans held for sale 10,750 10,750 10,750  
Loans 475,338 475,338 475,338  
Premises and equipment 2,310 2,310 2,310  
Accrued interest receivable 2,226 2,226 2,226  
Bank owned life insurance 10,387 10,387 10,387  
Intangibles 2,972 2,972 2,972  
Deferred tax asset 8,392 8,392 8,392  
Other assets 18,213 18,213 18,213  
Goodwill 53,382 53,382 53,382  
Total Non-cash assets acquired 663,218 663,218 663,218  
Liabilities assumed        
Noninterest-bearing deposits 197,549 197,549 197,549  
Interest-bearing deposits 335,816 335,816 335,816  
Accrued interest payable 885 885 885  
Borrowed funds 58,647 58,647 58,647  
Other liabilities 11,674 11,674 11,674  
Total liabilities assumed 604,571 604,571 604,571  
Net non-cash liabilities acquired 58,647 58,647 58,647  
Cash and cash equivalents acquired $ 18,017 $ 18,017 $ 18,017  
[1] Excludes fully amortized intangible assets