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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common stock
Preferred Stock
Additional paid-in capital
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Loss
Treasury Stock, Common
Beginning balance at Dec. 31, 2022 $ 260,640 $ (1,353) $ 259,287 $ 94 $ 11,992 $ 87,512 $ 203,507 $ (1,353) $ 202,154 $ (15,310) $ (27,155)
Common shares outstanding at Dec. 31, 2022       8,362,085              
Net income 8,979           8,979        
Other comprehensive income (loss) 1,639                 1,639  
Share-based compensation - restricted shares and employee stock purchase plan 634         634          
Share-based compensation restricted shares and employee stock purchase plan, shares       (426)              
Issuance of common stock under the employee stock purchase plan 27         27          
Issuance of common stock under the employee stock purchase plan, shares       1,005              
Preferred stock dividends (219)           (219)        
Cash dividends (1,906)           (1,906)        
Treasury stock purchased (1,860)                   (1,860)
Treasury stock purchased, shares       (56,394)              
Ending balance at Mar. 31, 2023 266,581     $ 94 11,992 88,173 209,008     (13,671) (29,015)
Common shares outstanding at Mar. 31, 2023       8,306,270              
Beginning balance at Dec. 31, 2022 260,640 $ (1,353) $ 259,287 $ 94 11,992 87,512 203,507 $ (1,353) $ 202,154 (15,310) (27,155)
Common shares outstanding at Dec. 31, 2022       8,362,085              
Net income 27,257                    
Preferred stock dividends (656)                    
Ending balance at Sep. 30, 2023 280,758     $ 95 11,992 89,947 223,068     (14,234) (30,110)
Common shares outstanding at Sep. 30, 2023       8,315,186              
Beginning balance at Mar. 31, 2023 266,581     $ 94 11,992 88,173 209,008     (13,671) (29,015)
Common shares outstanding at Mar. 31, 2023       8,306,270              
Net income 8,337           8,337        
Other comprehensive income (loss) (206)                 (206)  
Share-based compensation - restricted shares and employee stock purchase plan 1,072     $ 1   1,071          
Share-based compensation restricted shares and employee stock purchase plan, shares       45,280              
Issuance of common stock under the employee stock purchase plan 28         28          
Issuance of common stock under the employee stock purchase plan, shares       1,044              
Preferred stock dividends (219)           (219)        
Cash dividends (1,889)           (1,889)        
Treasury stock purchased (1,072)                   (1,072)
Treasury stock purchased, shares       (37,129)              
Ending balance at Jun. 30, 2023 272,632     $ 95 11,992 89,272 215,237     (13,877) (30,087)
Common shares outstanding at Jun. 30, 2023       8,315,465              
Net income 9,941           9,941        
Other comprehensive income (loss) (357)                 (357)  
Share-based compensation - restricted shares and employee stock purchase plan 643         643          
Share-based compensation restricted shares and employee stock purchase plan, shares       (702)              
Issuance of common stock under the employee stock purchase plan 32         32          
Issuance of common stock under the employee stock purchase plan, shares       1,134              
Preferred stock dividends (218)           (218)        
Cash dividends (1,892)           (1,892)        
Treasury stock purchased (23)                   (23)
Treasury stock purchased, shares       (711)              
Ending balance at Sep. 30, 2023 280,758     $ 95 11,992 89,947 223,068     (14,234) (30,110)
Common shares outstanding at Sep. 30, 2023       8,315,186              
Beginning balance at Dec. 31, 2023 $ 289,588     $ 95 11,992 90,616 230,728     (13,717) (30,126)
Common shares outstanding at Dec. 31, 2023 8,314,778     8,314,778              
Net income $ 8,848           8,848        
Other comprehensive income (loss) 1,541                 1,541  
Share-based compensation - restricted shares and employee stock purchase plan 665         665          
Share-based compensation restricted shares and employee stock purchase plan, shares       6,940              
Issuance of common stock under the employee stock purchase plan 31         31          
Issuance of common stock under the employee stock purchase plan, shares       913              
Preferred stock dividends (219)           (219)        
Cash dividends (2,087)           (2,087)        
Treasury stock purchased (579)                   (579)
Treasury stock purchased, shares       (16,058)              
Ending balance at Mar. 31, 2024 297,788     $ 95 11,992 91,312 237,270     (12,176) (30,705)
Common shares outstanding at Mar. 31, 2024       8,306,573              
Beginning balance at Dec. 31, 2023 $ 289,588     $ 95 11,992 90,616 230,728     (13,717) (30,126)
Common shares outstanding at Dec. 31, 2023 8,314,778     8,314,778              
Net income $ 29,830                    
Issuance of common stock under the employee stock purchase plan, shares 2,692                    
Preferred stock dividends $ (656)                    
Ending balance at Sep. 30, 2024 $ 311,982     $ 95 11,992 92,650 253,660     (15,032) (31,383)
Common shares outstanding at Sep. 30, 2024 8,295,017     8,295,017              
Beginning balance at Mar. 31, 2024 $ 297,788     $ 95 11,992 91,312 237,270     (12,176) (30,705)
Common shares outstanding at Mar. 31, 2024       8,306,573              
Net income 10,456           10,456        
Other comprehensive income (loss) (768)                 (768)  
Share-based compensation - restricted shares and employee stock purchase plan 624         624          
Share-based compensation restricted shares and employee stock purchase plan, shares       6,494              
Issuance of common stock under the employee stock purchase plan 31         31          
Issuance of common stock under the employee stock purchase plan, shares       949              
Preferred stock dividends (219)           (219)        
Cash dividends (2,076)           (2,076)        
Treasury stock purchased (666)                   (666)
Treasury stock purchased, shares       (19,427)              
Ending balance at Jun. 30, 2024 305,170     $ 95 11,992 91,967 245,431     (12,944) (31,371)
Common shares outstanding at Jun. 30, 2024       8,294,589              
Net income 10,526           10,526        
Other comprehensive income (loss) (2,088)                 (2,088)  
Share-based compensation - restricted shares and employee stock purchase plan 649         649          
Share-based compensation restricted shares and employee stock purchase plan, shares       (145)              
Issuance of common stock under the employee stock purchase plan 34         34          
Issuance of common stock under the employee stock purchase plan, shares       830              
Preferred stock dividends (218)           (218)        
Cash dividends (2,079)           (2,079)        
Treasury stock purchased (12)                   (12)
Treasury stock purchased, shares       (257)              
Ending balance at Sep. 30, 2024 $ 311,982     $ 95 $ 11,992 $ 92,650 $ 253,660     $ (15,032) $ (31,383)
Common shares outstanding at Sep. 30, 2024 8,295,017     8,295,017