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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Assets      
Cash and cash equivalents $ 22,051 $ 20,634 $ 20,029
Interest bearing deposits in other banks 18,427 66,678 104,602
Securities available for sale 313,015 320,566 294,537
Securities to be held to maturity (fair value of $353,191,000 at March 31, 2022, $375,327,000 at December 31, 2021 and $388,836,000 at March 31, 2021) 377,183 370,040 385,352
Restricted equity securities, at cost 5,402 5,365 10,105
Loans held for sale 400 835 3,522
Loans 1,707,348 1,647,649 1,516,772
Less allowance for loan losses 15,766 15,521 16,594
Net loans 1,691,582 1,632,128 1,500,178
Accrued interest receivable 9,737 7,544 10,847
Premises and equipment, net 29,137 28,949 29,985
Other real estate owned 0 0 401
Goodwill 30,646 30,646 30,646
Other assets 51,027 43,714 46,664
Total assets 2,548,607 2,527,099 2,436,868
Liabilities      
Demand deposits 321,971 334,945 275,898
NOW deposits 658,151 655,061 541,684
Money market deposits 197,176 206,901 175,887
Savings deposits 371,294 360,185 325,758
Certificates of deposit 609,947 566,205 634,330
Total deposits 2,158,539 2,123,297 1,953,557
Borrowed funds – short term 78,623 81,252 174,552
Borrowed funds – long term 55,089 55,090 55,096
Other liabilities 22,710 21,803 25,479
Total liabilities 2,314,961 2,281,442 2,208,684
Shareholders' equity      
Common stock, one cent par value per share 110 110 110
Additional paid-in capital 67,246 66,830 65,755
Retained earnings 186,324 180,417 163,659
Accumulated other comprehensive income (loss)      
Net unrealized gain (loss) on securities available for sale (20,061) (1,718) 219
Net unrealized loss on securities transferred from available for sale to held to maturity (78) (87) (124)
Net unrealized loss on cash flow hedging derivative instruments 0 0 (1,463)
Net unrealized gain on postretirement costs 105 105 28
Total shareholders' equity 233,646 245,657 228,184
Total liabilities & shareholders' equity $ 2,548,607 $ 2,527,099 $ 2,436,868
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,024,086 10,998,765 10,983,258
Number of shares outstanding (in shares) 11,024,086 10,998,765 10,983,258
Book value per common share (usd per share) $ 21.19 $ 22.33 $ 20.78
Tangible book value per common share (usd per share) $ 18.39 $ 19.52 $ 17.96