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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 31,942 $ 22,728
Interest-bearing deposits in other banks 3,488 3,693
Securities available for sale 282,053 284,509
Securities to be held to maturity, net of allowance for credit losses of $434,000 at December 31, 20231 (fair value of $338,570,000 at December 31, 2023, and $339,011,000 at December 31, 2022) [1] 385,235 393,896
Restricted equity securities, at cost 3,385 3,883
Loans held for sale 0 275
Loans 2,129,454 1,914,674
Less allowance for credit losses 24,030 16,723
Net loans 2,105,424 1,897,951
Accrued interest receivable 11,894 9,829
Premises and equipment, net 28,684 28,277
Goodwill 30,646 30,646
Other assets 63,947 63,491
Total assets 2,946,698 2,739,178
Liabilities    
Demand deposits 289,104 318,626
NOW deposits 634,543 630,416
Money market deposits 305,931 192,632
Savings deposits 299,837 369,532
Certificates of deposit 1,070,247 867,671
Total deposits 2,599,662 2,378,877
Borrowed funds – short term 69,652 103,399
Borrowed funds – long term 0 84
Other liabilities 34,305 27,895
Total liabilities 2,703,619 2,510,255
Commitments and contingent liabilities
Shareholders' equity    
Common stock, one cent par value per share 111 110
Additional paid-in capital 70,071 68,435
Retained earnings 211,925 204,343
Accumulated other comprehensive income (loss)    
Net unrealized loss on securities available for sale (39,575) (44,718)
Net unrealized loss on securities transferred from available for sale to held to maturity (56) (64)
Net unrealized gain on cash flow hedging derivative instruments 300 544
Net unrealized gain on postretirement costs 303 273
Total shareholders' equity 243,079 228,923
Total liabilities and shareholders' equity $ 2,946,698 $ 2,739,178
Common stock    
Number of shares authorized (in shares) 18,000,000 18,000,000
Number of shares issued (in shares) 11,098,057 11,045,186
Number of shares outstanding (in shares) 11,098,057 11,045,186
Book value per common share (usd per share) $ 21.90 $ 20.73
Tangible book value per common share (usd per share) $ 19.12 $ 17.93
[1] December 31, 2022 had no ACL on HTM securities.