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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash due from banks $ 30,444 $ 26,980
Federal funds sold and interest-bearing balances in banks 271,490 149,835
Cash and cash equivalents 301,934 176,815
Time deposits in banks 1,743 2,241
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both September 30, 2023 and December 31, 2022 145,845 154,004
Equity securities 11,639 13,757
Federal Home Loan Bank ("FHLB") stock, at par 11,313 10,679
Federal Reserve Bank ("FRB") stock, at par 9,621 9,602
Loans held for sale 1,274 2,380
Outstanding balance 1,949,004  
Loans, net of allowance for credit losses of $19,800 at September 30, 2023 and $18,900 at December 31, 2022   2,002,224
Premises and equipment, net 13,466 13,278
Other real estate owned ("OREO")   21
Core deposit intangible, net 4,221 5,201
Cash surrender value of bank owned life insurance ("BOLI") policies, net 22,698 22,193
Right-of-use assets ("ROU"), net 15,220 16,569
Goodwill 38,838 38,838
Interest receivable and other assets 47,570 45,532
Total assets 2,574,386 2,513,334
LIABILITIES AND SHAREHOLDERS' EQUITY    
Noninterest and interest bearing deposits 2,159,444 2,085,479
Junior subordinated deferrable interest debentures, net 8,544 8,484
Subordinated debt, net 63,839 63,711
Salary continuation plan 4,886 4,840
Lease liabilities 16,017 17,138
Interest payable and other liabilities 14,396 16,533
Total liabilities 2,267,126 2,196,185
Commitments and contingencies (Note 18)
Shareholders' equity    
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both September 30, 2023 and December 31, 2022
Common stock, no par value; 100,000,000 shares authorized; 11,673,830 and 12,838,462 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 183,212 204,301
Additional paid in capital 287 287
Accumulated other comprehensive loss, net of tax (17,260) (11,561)
Retained earnings 141,021 124,122
Total shareholders' equity 307,260 317,149
Total liabilities and shareholders' equity $ 2,574,386 $ 2,513,334