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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Assets      
Cash and cash equivalents $ 25,077 $ 22,728 $ 23,453
Interest bearing deposits in other banks 3,978 3,693 22,871
Securities available for sale 278,355 284,509 301,737
Securities held-to-maturity, net of allowance for credit losses of $428,000 at June 30, 20231 (fair value of $336,007,000 at June 30, 2023, $339,011,000 at December 31, 2022 and $335,950,000 at June 30, 2022) 389,987 393,896 379,693
Restricted equity securities, at cost 5,227 3,883 4,720
Loans held for sale 0 275 689
Loans 2,060,953 1,914,674 1,788,355
Less allowance for credit losses 23,465 16,723 16,201
Net loans 2,037,488 1,897,951 1,772,154
Accrued interest receivable 13,598 9,829 10,262
Premises and equipment, net 27,808 28,277 29,010
Other real estate owned 64 0 51
Goodwill 30,646 30,646 30,646
Other assets 62,587 63,491 55,068
Total assets 2,874,815 2,739,178 2,630,354
Liabilities      
Demand deposits 296,950 318,626 324,354
NOW deposits 615,370 630,416 640,497
Money market deposits 208,262 192,632 206,313
Savings deposits 329,651 369,532 376,448
Certificates of deposit 1,049,629 867,671 704,410
Total deposits 2,499,862 2,378,877 2,252,022
Borrowed funds – short term 89,401 103,399 126,501
Borrowed funds – long term 25,080 84 87
Other liabilities 28,469 27,895 24,059
Total liabilities 2,642,812 2,510,255 2,402,669
Shareholders' equity      
Common stock, one cent par value per share 111 110 110
Additional paid-in capital 69,240 68,435 67,627
Retained earnings 205,539 204,343 192,565
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (43,781) (44,718) (32,795)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (59) (64) (73)
Net unrealized gain on hedging derivative instruments 680 544 146
Net unrealized gain on postretirement costs 273 273 105
Total shareholders' equity 232,003 228,923 227,685
Total liabilities & shareholders' equity $ 2,874,815 $ 2,739,178 $ 2,630,354
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,081,800 11,045,186 11,030,236
Number of shares outstanding (in shares) 11,081,800 11,045,186 11,030,236
Book value per common share (usd per share) $ 20.94 $ 20.73 $ 20.64
Tangible book value per common share (usd per share) $ 18.15 $ 17.93 $ 17.84