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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash due from banks $ 20,379 $ 17,901
Federal funds sold and interest-bearing balances in banks 327,953 289,638
Cash and cash equivalents 348,332 307,539
Time deposits in banks 996 1,245
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both March 31, 2024 and December 31, 2023 167,919 163,152
Equity securities 13,158 12,585
Federal Home Loan Bank ("FHLB") stock, at par 11,313 11,313
Federal Reserve Bank ("FRB") stock, at par 9,630 9,626
Loans held for sale 1,684  
Loans, net of allowance for credit losses of $18,890 at March 31, 2024 and $22,000 at December 31, 2023 1,867,840 1,905,829
Premises and equipment, net 14,355 13,734
Other real estate owned ("OREO") 0 0
Core deposit intangible, net 3,610 3,915
Cash surrender value of bank owned life insurance ("BOLI") policies, net 23,044 22,867
Right-of-use assets ("ROU"), net 13,460 13,939
Goodwill 38,838 38,838
Interest receivable and other assets 46,530 47,378
Total assets 2,560,709 2,551,960
LIABILITIES AND SHAREHOLDERS' EQUITY    
Noninterest and interest bearing deposits 2,142,907 2,132,750
Junior subordinated deferrable interest debentures, net 8,585 8,565
Subordinated debt, net 63,609 63,881
Salary continuation plan 4,667 4,552
Lease liabilities 14,321 14,752
Interest payable and other liabilities 12,385 14,591
Total liabilities 2,246,474 2,239,091
Commitments and contingencies (Note 17)
Shareholders' equity    
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both March 31, 2024 and December 31, 2023
Common stock, no par value; 100,000,000 shares authorized; 11,377,117 and 11,551,271 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 177,075 180,913
Additional paid in capital 287 287
Accumulated other comprehensive loss, net of tax (14,108) (14,592)
Retained earnings 150,981 146,261
Total shareholders' equity 314,235 312,869
Total liabilities and shareholders' equity $ 2,560,709 $ 2,551,960