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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Assets      
Cash and cash equivalents $ 26,432 $ 27,636 $ 23,875
Interest bearing deposits in other banks 2,938 22,100 2,911
Securities available for sale 280,764 274,680 274,451
Securities held-to-maturity (net of ACL), fair value of $312,788,000 at March 31, 2025, $314,993,000 at December 31, 2024 and $327,816,000 at March 31, 2024 368,571 369,704 379,453
Restricted equity securities, at cost 7,509 7,203 5,933
Loans 2,383,150 2,340,940 2,173,746
Less allowance for credit losses 25,114 24,871 24,207
Net loans 2,358,036 2,316,069 2,149,539
Accrued interest receivable 17,923 13,976 15,970
Premises and equipment, net 28,626 27,855 28,435
Other real estate owned 0 173 0
Goodwill 30,646 30,646 30,646
Other assets 65,927 66,968 66,957
Total assets 3,187,372 3,157,010 2,978,170
Liabilities      
Demand deposits 267,876 292,255 262,652
NOW deposits 613,245 676,107 618,554
Money market deposits 398,966 376,627 321,822
Savings deposits 261,732 265,451 280,533
Certificates of deposit 1,169,516 1,114,811 1,065,427
Total deposits 2,711,335 2,725,251 2,548,988
Borrowed funds – short term 115,444 51,278 84,779
Borrowed funds – long term 70,000 95,000 70,000
Other liabilities 30,912 32,988 31,779
Total liabilities 2,927,691 2,904,517 2,735,546
Shareholders' equity      
Common stock, one cent par value per share 112 112 111
Additional paid-in capital 72,355 71,832 70,506
Retained earnings 225,592 222,823 213,839
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (38,702) (42,671) (42,816)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (45) (47) (54)
Net unrealized gain on cash flow hedging derivative instruments 82 157 735
Net unrealized gain on postretirement costs 287 287 303
Total shareholders' equity 259,681 252,493 242,624
Total liabilities & shareholders' equity $ 3,187,372 $ 3,157,010 $ 2,978,170
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,196,881 11,155,528 11,130,933
Number of shares outstanding (in shares) 11,196,881 11,155,528 11,130,933
Book value per common share (usd per share) $ 23.19 $ 22.63 $ 21.80
Tangible book value per common share (usd per share) $ 20.44 $ 19.87 $ 19.03