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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Assets      
Cash and cash equivalents $ 29,894 $ 22,728 $ 27,408
Interest bearing deposits in other banks 38,366 3,693 65,786
Securities available for sale 284,972 284,509 283,268
Securities held-to-maturity, net of allowance for credit losses of $432,000 at September 30, 20231 (fair value of $311,864,000 at September 30, 2023, $339,011,000 at December 31, 2022 and $313,796,000 at September 30, 2022) [1] 387,374 393,896 381,906
Restricted equity securities, at cost 3,860 3,883 4,514
Loans held for sale 268 275 0
Loans 2,079,860 1,914,674 1,857,975
Less allowance for credit losses 23,322 16,723 16,387
Net loans 2,056,538 1,897,951 1,841,588
Accrued interest receivable 12,038 9,829 8,176
Premises and equipment, net 28,868 28,277 28,548
Goodwill 30,646 30,646 30,646
Other assets 71,315 63,491 63,225
Total assets 2,944,139 2,739,178 2,735,065
Liabilities      
Demand deposits 323,375 318,626 356,867
NOW deposits 683,180 630,416 656,865
Money market deposits 271,056 192,632 188,729
Savings deposits 313,160 369,532 381,312
Certificates of deposit 1,009,166 867,671 786,176
Total deposits 2,599,937 2,378,877 2,369,949
Borrowed funds – short term 82,993 103,399 118,258
Borrowed funds – long term 0 84 85
Other liabilities 34,544 27,895 26,856
Total liabilities 2,717,474 2,510,255 2,515,148
Shareholders' equity      
Common stock, one cent par value per share 111 110 110
Additional paid-in capital 69,649 68,435 68,028
Retained earnings 209,132 204,343 198,902
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (53,852) (44,718) (47,661)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (58) (64) (67)
Net unrealized gain on cash flow hedging derivative instruments 1,410 544 500
Net unrealized gain on postretirement costs 273 273 105
Total shareholders' equity 226,665 228,923 219,917
Total liabilities & shareholders' equity $ 2,944,139 $ 2,739,178 $ 2,735,065
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,089,290 11,045,186 11,038,224
Number of shares outstanding (in shares) 11,089,290 11,045,186 11,038,224
Book value per common share (usd per share) $ 20.44 $ 20.73 $ 19.92
Tangible book value per common share (usd per share) $ 17.66 $ 17.93 $ 17.13
[1] December 31, 2022 and September 30, 2022 had no allowance for credit losses