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Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
[1]
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
[1]
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022     16,094,486          
Beginning balance at Dec. 31, 2022 $ 512,099 $ (11,548) $ 16,094 $ 386,987 $ 133,114 $ (11,548) $ (19,216) $ (4,880)
Net income 11,227       11,227      
Total other comprehensive income (loss), net of taxes 1,842           1,842  
Common stock cash dividends declared, $0.20 per share (3,176)       (3,176)      
Employee Stock Purchase Plan (in shares)     2,217          
Employee Stock Purchase Plan 57   $ 2 55        
Director Stock Purchase Plan (in shares)     1,651          
Director Stock Purchase Plan 43   $ 2 41        
Restricted stock activity 249     249        
Ending balance (in shares) at Mar. 31, 2023     16,098,354          
Ending balance at Mar. 31, 2023 510,793   $ 16,098 387,332 129,617   (17,374) (4,880)
Beginning balance (in shares) at Dec. 31, 2022     16,094,486          
Beginning balance at Dec. 31, 2022 512,099 $ (11,548) $ 16,094 386,987 133,114 $ (11,548) (19,216) (4,880)
Net income 25,299              
Total other comprehensive income (loss), net of taxes (2,146)              
Ending balance (in shares) at Sep. 30, 2023     16,993,069          
Ending balance at Sep. 30, 2023 528,711   $ 16,993 405,341 137,199   (21,362) (9,460)
Beginning balance (in shares) at Mar. 31, 2023     16,098,354          
Beginning balance at Mar. 31, 2023 510,793   $ 16,098 387,332 129,617   (17,374) (4,880)
Net income 4,836       4,836      
Total other comprehensive income (loss), net of taxes (431)           (431)  
Common stock cash dividends declared, $0.20 per share (3,182)       (3,182)      
Common stock issued to Brunswick shareholders (in shares) [2]     849,510          
Common stock issued to Brunswick shareholders [2] 18,095   $ 850 17,245        
Repurchased stock (4,580)             (4,580)
Employee Stock Purchase Plan (in shares)     2,258          
Employee Stock Purchase Plan 50   $ 2 48        
Director Stock Purchase Plan (in shares)     2,511          
Director Stock Purchase Plan 56   $ 3 53        
Restricted stock activity (in shares)     27,667          
Restricted stock activity 251   $ 27 224        
Ending balance (in shares) at Jun. 30, 2023     16,980,300          
Ending balance at Jun. 30, 2023 525,888   $ 16,980 404,902 131,271   (17,805) (9,460)
Net income 9,236       9,236      
Total other comprehensive income (loss), net of taxes (3,557)           (3,557)  
Common stock cash dividends declared, $0.20 per share (3,308)       (3,308)      
Employee Stock Purchase Plan (in shares)     4,833          
Employee Stock Purchase Plan 95   $ 5 90        
Director Stock Purchase Plan (in shares)     2,263          
Director Stock Purchase Plan 45   $ 2 43        
Restricted stock activity (in shares)     5,673          
Restricted stock activity 312   $ 6 306        
Ending balance (in shares) at Sep. 30, 2023     16,993,069          
Ending balance at Sep. 30, 2023 $ 528,711   $ 16,993 405,341 137,199   (21,362) (9,460)
Beginning balance (in shares) at Dec. 31, 2023 16,573,707   16,998,929          
Beginning balance at Dec. 31, 2023 $ 542,350   $ 16,999 405,725 145,982   (16,637) (9,719)
Net income 12,133       12,133      
Total other comprehensive income (loss), net of taxes (310)           (310)  
Common stock cash dividends declared, $0.20 per share (3,314)       (3,314)      
Repurchased stock (323)             (323)
Employee Stock Purchase Plan (in shares)     5,653          
Employee Stock Purchase Plan 112   $ 5 107        
Director Stock Purchase Plan (in shares)     1,777          
Director Stock Purchase Plan 36   $ 2 34        
Restricted stock activity 284     284        
Ending balance (in shares) at Mar. 31, 2024     17,006,359          
Ending balance at Mar. 31, 2024 $ 550,968   $ 17,006 406,150 154,801   (16,947) (10,042)
Beginning balance (in shares) at Dec. 31, 2023 16,573,707   16,998,929          
Beginning balance at Dec. 31, 2023 $ 542,350   $ 16,999 405,725 145,982   (16,637) (9,719)
Net income 36,205              
Total other comprehensive income (loss), net of taxes 3,521              
Common stock issued to Brunswick shareholders $ 776              
Ending balance (in shares) at Sep. 30, 2024 16,620,174   17,060,896          
Ending balance at Sep. 30, 2024 $ 573,059   $ 17,061 406,922 172,234   (13,116) (10,042)
Beginning balance (in shares) at Mar. 31, 2024     17,006,359          
Beginning balance at Mar. 31, 2024 550,968   $ 17,006 406,150 154,801   (16,947) (10,042)
Net income 11,771       11,771      
Total other comprehensive income (loss), net of taxes (176)           (176)  
Common stock cash dividends declared, $0.20 per share (3,316)       (3,316)      
Employee Stock Purchase Plan (in shares)     5,123          
Employee Stock Purchase Plan 103   $ 5 98        
Director Stock Purchase Plan (in shares)     1,389          
Director Stock Purchase Plan 30   $ 1 29        
Restricted stock activity (in shares)     38,365          
Restricted stock activity 306   $ 39 267        
Ending balance (in shares) at Jun. 30, 2024     17,051,236          
Ending balance at Jun. 30, 2024 559,686   $ 17,051 406,544 163,256   (17,123) (10,042)
Net income 12,301       12,301      
Total other comprehensive income (loss), net of taxes 4,007           4,007  
Common stock cash dividends declared, $0.20 per share (3,323)       (3,323)      
Employee Stock Purchase Plan (in shares)     5,565          
Employee Stock Purchase Plan 122   $ 6 116        
Director Stock Purchase Plan (in shares)     1,021          
Director Stock Purchase Plan 31   $ 1 30        
Restricted stock activity (in shares)     3,074          
Restricted stock activity $ 235   $ 3 232        
Ending balance (in shares) at Sep. 30, 2024 16,620,174   17,060,896          
Ending balance at Sep. 30, 2024 $ 573,059   $ 17,061 $ 406,922 $ 172,234   $ (13,116) $ (10,042)
[1] The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" effective January 1, 2023. See "Note 1 - Summary of Significant Accounting Policies" for further details.
[2] Shares issued on May 19, 2023 as a result of the Brunswick Acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.