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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and due from depository institutions $ 14,092 $ 9,678
Interest bearing deposits and short-term investments 3,353 4,349
Total cash and cash equivalents 17,445 14,027
Investment securities, net of allowance for credit losses:    
Available for sale, at fair value (allowance for credit losses $116 on March 31, 2024 and $926 on December 31, 2023) 165,452 165,711
Held to maturity (fair value $59,180 on March 31, 2024 and $58,621 on December 31, 2023; allowance for credit losses $90 on March 31, 2024 and $37 on December 31, 2023) 64,967 63,979
Loans held for sale 899 130
Loans (net of unearned income $468 on March 31, 2024 and $483 on December 31, 2023) 1,025,687 1,038,271
Less: Allowance for credit losses 14,639 15,053
Net loans 1,011,048 1,023,218
Premises and equipment:    
Operating lease right-of-use asset 1,685 646
Financing lease right-of-use asset 2,500 2,384
Other premises and equipment, net 14,381 14,149
Accrued interest income receivable 6,098 5,529
Intangible assets:    
Goodwill 13,611 13,611
Core deposit intangible 94 101
Bank owned life insurance 39,079 39,560
Net deferred tax asset 2,280 2,679
Federal Home Loan Bank stock 4,318 5,210
Federal Reserve Bank stock 2,125 2,125
Other assets 38,534 36,579
TOTAL ASSETS 1,384,516 1,389,638
LIABILITIES    
Non-interest bearing deposits 178,936 172,070
Interest bearing deposits 997,642 986,290
Total deposits 1,176,578 1,158,360
Short-term borrowings 11,446 40,951
Advances from Federal Home Loan Bank 49,412 44,562
Operating lease liabilities 1,699 658
Financing lease liabilities 2,817 2,700
Subordinated debt 26,695 26,685
Total borrowed funds 92,069 115,556
Other liabilities 11,936 13,445
TOTAL LIABILITIES 1,280,583 1,287,361
SHAREHOLDERS' EQUITY    
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,776,089 shares issued and 17,147,270 shares outstanding on March 31, 2024 and December 31, 2023 268 268
Treasury stock at cost, 9,628,819 shares on March 31, 2024 and December 31, 2023 (83,280) (83,280)
Capital surplus 146,372 146,364
Retained earnings 60,291 58,901
Accumulated other comprehensive loss, net (19,718) (19,976)
TOTAL SHAREHOLDERS' EQUITY 103,933 102,277
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,384,516 $ 1,389,638