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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and due from banks $ 32,586 $ 28,477
Interest-bearing deposits with banks 32,575 32,346
Cash and cash equivalents 65,161 60,823
Restricted investments in bank stocks 11,992 10,642
Securities available-for-sale (amortized cost of $549,089 and $563,278 at December 31, 2023 and 2022, respectively) 513,519 513,728
Loans held for sale, at fair value 5,816 10,880
Loans 2,298,313 2,151,232
Less: Allowance for credit losses (28,702) (25,178)
Net loans 2,269,611 2,126,054
Premises and equipment, net 29,393 29,328
Cash surrender value of life insurance 73,204 71,760
Goodwill 18,724 18,724
Other intangible assets, net 2,414 3,078
Accrued interest receivable 13,630 11,027
Deferred tax asset, net 22,017 24,031
Other assets 38,759 42,333
Total assets 3,064,240 2,922,408
Deposits:    
Noninterest-bearing 430,959 494,131
Interest-bearing 2,127,855 1,950,807
Deposits held for assumption in connection with sale of bank branch 0 31,307
Total deposits 2,558,814 2,476,246
Securities sold under agreements to repurchase and federal funds purchased 9,785 17,251
FHLB advances and other borrowings 137,500 106,139
Subordinated notes 32,093 32,026
Other liabilities 60,992 61,850
Total liabilities 2,799,184 2,693,512
Shareholders’ Equity    
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding 0 0
Common stock, no par value—$0.05205 stated value per share 50,000,000 shares authorized; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023; 11,229,242 shares issued and 10,671,413 outstanding at December 31, 2022 583 584
Additional paid—in capital 189,027 189,264
Retained earnings 117,667 92,473
Accumulated other comprehensive loss (28,476) (39,913)
Treasury stock— 592,209 and 557,829 shares, at cost, at December 31, 2023 and 2022, respectively (13,745) (13,512)
Total shareholders’ equity 265,056 228,896
Total liabilities and shareholders’ equity $ 3,064,240 $ 2,922,408