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Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income      
Interest and fees on loans (includes tax-exempt income of $1,913,000 in 2023, $1,181,000 in 2022, and $1,102,000 in 2021) $ 108,274 $ 75,805 $ 62,195
Interest on deposits with other banks 517 315 72
Interest and dividends on investments (includes tax-exempt income of $8,032,000 in 2023, $7,571,000 in 2022, and $7,644,000 in 2021) 19,383 16,915 14,814
Total interest and dividend income 128,174 93,035 77,081
Interest expense      
Interest on deposits 61,004 15,359 7,314
Interest on borrowed funds 1,963 1,510 3,464
Total interest expense 62,967 16,869 10,778
Net interest income 65,207 76,166 66,303
Provision for (reduction in) credit losses - loans 1,330 1,750 (375)
Provision for (reduction in) credit losses - debt securities held to maturity (4) 0 0
Provision for (reduction in) credit losses - off-balance sheet credit exposures (142) 0 0
Total provision for (reduction in) credit losses 1,184 1,750 (375)
Net interest income after provision credit losses 64,023 74,416 66,678
Non-interest income      
Net securities gains 0 7 23
Other operating income 2,699 2,670 2,819
Total non-interest income 15,437 16,874 19,383
Non-interest expense      
Salaries and employee benefits 21,942 23,316 21,152
Occupancy expense 3,319 3,052 2,841
Furniture and equipment expense 5,391 5,058 4,788
FDIC insurance premiums 1,962 1,068 824
Amortization of identified intangibles 26 69 69
Other operating expense 11,118 11,341 12,474
Total non-interest expense 43,758 43,904 42,148
Income before income taxes 35,702 47,386 43,913
Applicable tax expense 6,184 8,396 7,644
Net income $ 29,518 $ 38,990 $ 36,269
Basic earnings per common share (in usd per share) $ 2.68 $ 3.56 $ 3.33
Diluted earnings per common share (in usd per share) $ 2.66 $ 3.53 $ 3.30
Other comprehensive income (loss), net of tax      
Net unrealized gain (loss) on securities available for sale $ 5,143 $ (43,000) $ (6,727)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization 8 23 46
Net (loss) gain on cash flow hedging derivative instruments (244) 544 4,932
Net unrecognized gain on postretirement benefits 30 168 77
Other comprehensive income (loss) 4,937 (42,265) (1,672)
Comprehensive income (loss) 34,455 (3,275) 34,597
Fiduciary and investment management income      
Non-interest income      
Non-interest income 4,654 4,600 4,529
Service charges on deposit accounts      
Non-interest income      
Non-interest income 1,887 1,825 1,568
Mortgage origination and servicing income      
Non-interest income      
Non-interest income 813 1,424 5,236
Debit card income      
Non-interest income      
Non-interest income $ 5,384 $ 6,348 $ 5,208