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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Assets      
Cash and cash equivalents $ 23,875 $ 31,942 $ 27,458
Interest bearing deposits in other banks 2,911 3,488 2,773
Securities available for sale 274,451 282,053 288,242
Securities held-to-maturity (net of ACL), fair value of $327,816,000 at March 31, 2024, $338,570,000 at December 31, 2023 and $344,053,000 at March 31, 2023) 379,453 385,235 391,845
Restricted equity securities, at cost 5,933 3,385 3,874
Loans 2,173,746 2,129,454 1,982,847
Less allowance for credit losses 24,207 24,030 23,458
Net loans 2,149,539 2,105,424 1,959,389
Accrued interest receivable 15,970 11,894 12,142
Premises and equipment, net 28,435 28,684 28,286
Goodwill 30,646 30,646 30,646
Other assets 66,957 63,947 67,165
Total assets 2,978,170 2,946,698 2,811,820
Liabilities      
Demand deposits 262,652 289,104 293,123
NOW deposits 618,554 634,543 623,523
Money market deposits 321,822 305,931 194,183
Savings deposits 280,533 299,837 346,205
Certificates of deposit 1,065,427 1,070,247 1,009,667
Total deposits 2,548,988 2,599,662 2,466,701
Borrowed funds – short term 84,779 69,652 83,800
Borrowed funds – long term 70,000 0 81
Other liabilities 31,779 34,305 32,777
Total liabilities 2,735,546 2,703,619 2,583,359
Shareholders' equity      
Common stock, one cent par value per share 111 111 111
Additional paid-in capital 70,506 70,071 68,830
Retained earnings 213,839 211,925 202,036
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (42,816) (39,575) (40,537)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (54) (56) (60)
Net unrealized gain (loss) on cash flow hedging derivative instruments 735 300 (2,192)
Net unrealized gain on postretirement costs 303 303 273
Total shareholders' equity 242,624 243,079 228,461
Total liabilities & shareholders' equity $ 2,978,170 $ 2,946,698 $ 2,811,820
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,130,933 11,098,057 11,074,182
Number of shares outstanding (in shares) 11,130,933 11,098,057 11,074,182
Book value per common share (usd per share) $ 21.80 $ 21.90 $ 20.63
Tangible book value per common share (usd per share) $ 19.03 $ 19.12 $ 17.84