Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating activities: |
|
|
|
| Net income |
$ 6,309
|
$ 35,840
|
$ 13,420
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Investment securities amortization, net |
1,165
|
1,423
|
1,356
|
| Equity in trust |
(7)
|
(6)
|
(6)
|
| Depreciation and amortization |
2,604
|
1,703
|
1,470
|
| Valuation adjustment for loan servicing rights |
5
|
|
|
| Provision (credit) for loan and lease losses |
1,153
|
(1,345)
|
(5,869)
|
| Valuation adjustment for off-balance sheet commitments |
(51)
|
(117)
|
(94)
|
| Stock-based compensation expense |
265
|
316
|
170
|
| Gain on the sale of available-for-sale securities |
(960)
|
(2,296)
|
(6,272)
|
| Gain on the sale of held-to-maturity securities |
|
|
(368)
|
| Gain on the sale of loans held for sale |
(340)
|
(292)
|
(292)
|
| Loss on the sale of education loans |
|
|
13
|
| Gain on branch divestitures |
|
|
(607)
|
| Loss on the disposition of bank premises and equipment and other assets |
|
|
232
|
| Gain on the sale of SBA guaranteed loans |
(51)
|
|
|
| Net gain on the sale of other real estate owned |
(49)
|
(162)
|
(209)
|
| Valuation adjustment for other real estate owned |
169
|
208
|
2,200
|
| Income from bank-owned life insurance |
(552)
|
(564)
|
(650)
|
| Proceeds from the sale of loans held for sale |
9,817
|
8,210
|
8,555
|
| Funds used to originate loans held for sale |
(9,390)
|
(7,998)
|
(8,046)
|
| Deferred income tax expense (benefit) |
1,613
|
(27,684)
|
|
| (Increase) decrease in accrued interest receivable |
(282)
|
(400)
|
116
|
| Decrease in prepaid expenses and other assets |
496
|
917
|
169
|
| (Decrease) increase in accrued interest payable |
(10,923)
|
903
|
1,530
|
| (Decrease) increase in accrued expenses and other liabilities |
(558)
|
(4,195)
|
1,694
|
| Total adjustments |
(5,876)
|
(31,379)
|
(4,908)
|
| Net cash provided by operating activities |
433
|
4,461
|
8,512
|
| Cash flows from investing activities: |
|
|
|
| Maturities, calls and principal payments of investment securities available for sale |
6,264
|
8,615
|
8,331
|
| Proceeds from the sale of securities available for sale |
32,588
|
88,658
|
111,243
|
| Proceeds from the sale of securities held to maturity |
|
|
2,686
|
| Purchases of securities available for sale |
(60,302)
|
(133,269)
|
(123,380)
|
| Redemption (purchase) of the stock of the Federal Home Loan Bank of Pittsburgh |
3,033
|
(3,541)
|
(657)
|
| Redemption of Federal Reserve Bank stock |
1,351
|
|
|
| Net increase in loans to customers |
(5,656)
|
(68,665)
|
(25,321)
|
| Proceeds from the sale of SBA guaranteed loans |
1,315
|
0
|
0
|
| Proceeds from the sale of education loans |
|
|
2,537
|
| Proceeds from the sale of other real estate owned |
1,928
|
758
|
1,737
|
| Purchases of bank premises and equipment |
(861)
|
(1,419)
|
(1,217)
|
| Proceeds from the sale of bank premises and equipment |
|
|
2,505
|
| Net cash used in investing activities |
(20,340)
|
(108,863)
|
(21,536)
|
| Cash flows from financing activities: |
|
|
|
| Net increase (decrease) in deposits |
193,593
|
26,210
|
(88,936)
|
| Net (repayment of) proceeds from Federal Home Loan Bank of Pittsburgh advances - overnight |
(60,500)
|
60,500
|
|
| Proceeds from Federal Home Loan Bank of Pittsburgh advances - term |
46,915
|
151,300
|
194,235
|
| Repayment of Federal Home Loan Bank of Pittsburgh advances - term |
(63,680)
|
(137,192)
|
(160,164)
|
| Principal reduction on subordinated debentures |
(4,000)
|
(11,000)
|
|
| Proceeds from issuance of common shares |
433
|
|
|
| Cash dividends paid |
(1,492)
|
|
|
| Net cash provided by (used in) financing activities |
111,269
|
89,818
|
(54,865)
|
| Net increase (decrease) in cash and cash equivalents |
91,362
|
(14,584)
|
(67,889)
|
| Cash and cash equivalents at beginning of year |
21,083
|
35,667
|
103,556
|
| Cash and cash equivalents at end of year |
112,445
|
21,083
|
35,667
|
| Supplemental cash flow information |
|
|
|
| Interest |
15,120
|
3,898
|
4,617
|
| Income taxes |
10
|
22
|
308
|
| Other transactions: |
|
|
|
| Principal balance of loans transferred to other real estate owned |
1,210
|
3,697
|
13
|
| Government guarantee receivable on loans transferred to other real estate owned or other assets |
|
(1,980)
|
|
| Change in deferred gain on sale of other real estate owned |
(8)
|
14
|
26
|
| Bank Premises [Member] |
|
|
|
| Other transactions: |
|
|
|
| Principal balance of loans transferred to other real estate owned |
|
|
$ 1,749
|