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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Assets      
Cash and cash equivalents $ 27,816 $ 31,942 $ 25,077
Interest bearing deposits in other banks 33,133 3,488 3,978
Securities available for sale 273,501 282,053 278,355
Securities held-to-maturity (net of ACL), fair value of $321,616,000 at June 30, 2024, $338,570,000 at December 31, 2023 and $336,007,000 at June 30, 2023 377,522 385,235 389,987
Restricted equity securities, at cost 7,110 3,385 5,227
Loans 2,247,670 2,129,454 2,060,953
Less allowance for credit losses 24,693 24,030 23,465
Net loans 2,222,977 2,105,424 2,037,488
Accrued interest receivable 17,760 11,894 13,598
Premises and equipment, net 27,929 28,684 27,808
Other real estate owned 208 0 64
Goodwill 30,646 30,646 30,646
Other assets 66,342 63,947 62,587
Total assets 3,084,944 2,946,698 2,874,815
Liabilities      
Demand deposits 270,858 289,104 296,950
NOW deposits 609,878 634,543 615,370
Money market deposits 317,133 305,931 208,262
Savings deposits 268,472 299,837 329,651
Certificates of deposit 1,111,739 1,070,247 1,049,629
Total deposits 2,578,080 2,599,662 2,499,862
Borrowed funds – short term 160,620 69,652 89,401
Borrowed funds – long term 70,000 0 25,080
Other liabilities 31,576 34,305 28,469
Total liabilities 2,840,276 2,703,619 2,642,812
Shareholders' equity      
Common stock, one cent par value per share 111 111 111
Additional paid-in capital 70,942 70,071 69,240
Retained earnings 215,999 211,925 205,539
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (43,369) (39,575) (43,781)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (51) (56) (59)
Net unrealized gain on cash flow hedging derivative instruments 733 300 680
Net unrealized gain on postretirement costs 303 303 273
Total shareholders' equity 244,668 243,079 232,003
Total liabilities & shareholders' equity $ 3,084,944 $ 2,946,698 $ 2,874,815
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,139,639 11,098,057 11,081,800
Number of shares outstanding (in shares) 11,139,639 11,098,057 11,081,800
Book value per common share (usd per share) $ 21.96 $ 21.90 $ 20.94
Tangible book value per common share (usd per share) $ 19.20 $ 19.12 $ 18.15