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CONSOLIDATED STATEMENTS OF CONDITION - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 4,859 $ 5,937
Interest-earning deposits 166,769 184,138
Total cash and cash equivalents 171,628 190,075
Securities available for sale 540,519 554,648
Securities held to maturity (fair value $95,501 at June 30, 2023 and $87,187 at December 31, 2022) 110,438 102,291
CRA equity security, at fair value 12,985 12,985
FHLB and FRB stock, at cost [1] 35,402 30,672
Loans held for sale, at lower of cost or fair value 14,198 15,626
Loans 5,435,016 5,285,246
Less: allowance for credit losses 62,704 60,829
Net loans 5,372,312 5,224,417
Premises and equipment 23,814 23,831
Other real estate owned   116
Accrued interest receivable 20,865 25,157
Bank owned life insurance 47,382 47,147
Goodwill 36,212 36,212
Other intangible assets 10,412 11,121
Finance lease right-of-use assets 2,461 2,835
Operating lease right-of-use assets 13,500 12,873
Other assets 67,572 63,587
TOTAL ASSETS 6,479,700 6,353,593
Deposits:    
Noninterest-bearing demand deposits 1,024,105 1,246,066
Interest-bearing deposits:    
Checking [2] 2,816,913 2,143,611
Savings 120,082 157,338
Money market accounts 763,026 1,228,234
Certificates of deposit - retail 384,106 318,573
Certificates of deposit - listing service 10,822 25,358
Subtotal deposits 5,119,054 5,119,180
Interest-bearing demand - brokered 10,000 60,000
Certificates of deposit - brokered 69,443 25,984
Total deposits 5,198,497 5,205,164
Short-term borrowings 485,360 379,530
Finance lease liabilities 4,071 4,696
Operating lease liabilities 14,308 13,704
Subordinated debt, net 133,131 132,987
Deferred tax liabilities, net 8,334 15,432
Accrued expenses and other liabilities 70,930 69,100
TOTAL LIABILITIES 5,914,631 5,820,613
SHAREHOLDERS’ EQUITY    
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,348,808 at June 30, 2023 and 21,007,350 at December 31, 2022; outstanding shares, 17,887,895 at June 30, 2023 and 17,813,451 at December 31, 2022) 17,797 17,513
Surplus 342,137 338,706
Treasury stock at cost (3,460,913 shares at June 30, 2023 and 3,193,899 shares at December 31, 2022) (105,393) (97,826)
Retained earnings 378,525 348,798
Accumulated other comprehensive loss, net of income tax (67,997) (74,211)
TOTAL SHAREHOLDERS’ EQUITY 565,069 532,980
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY $ 6,479,700 $ 6,353,593
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
[2] Interest-bearing checking includes $895.3 million at June 30, 2023 and $620.1 million at December 31, 2022 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.