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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets      
Cash and cash equivalents $ 35,136 $ 31,942 $ 29,894
Interest bearing deposits in other banks 17,199 3,488 38,366
Securities available for sale 285,021 282,053 284,972
Securities held-to-maturity (net of ACL), fair value of $333,575,000 at September 30, 2024, $338,570,000 at December 31, 2023 and $311,864,000 at September 30, 2023 377,635 385,235 387,374
Restricted equity securities, at cost 6,420 3,385 3,860
Loans held for sale 0 0 268
Loans 2,307,253 2,129,454 2,079,860
Less allowance for credit losses 23,999 24,030 23,322
Net loans 2,283,254 2,105,424 2,056,538
Accrued interest receivable 14,600 11,894 12,038
Premises and equipment, net 27,449 28,684 28,868
Other real estate owned 173 0 0
Goodwill 30,646 30,646 30,646
Other assets 65,030 63,947 71,315
Total assets 3,142,563 2,946,698 2,944,139
Liabilities      
Demand deposits 312,956 289,104 323,375
NOW deposits 651,242 634,543 683,180
Money market deposits 344,102 305,931 271,056
Savings deposits 269,092 299,837 313,160
Certificates of deposit 1,125,326 1,070,247 1,009,166
Total deposits 2,702,718 2,599,662 2,599,937
Borrowed funds – short term 56,027 69,652 82,993
Borrowed funds – long term 95,000 0 0
Other liabilities 32,035 34,305 34,544
Total liabilities 2,885,780 2,703,619 2,717,474
Shareholders' equity      
Common stock, one cent par value per share 111 111 111
Additional paid-in capital 71,389 70,071 69,649
Retained earnings 219,559 211,925 209,132
Accumulated other comprehensive income (loss)      
Net unrealized loss on securities available-for-sale (34,394) (39,575) (53,852)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (49) (56) (58)
Net unrealized (loss) gain on cash flow hedging derivative instruments (136) 300 1,410
Net unrealized gain on postretirement costs 303 303 273
Total shareholders' equity 256,783 243,079 226,665
Total liabilities & shareholders' equity $ 3,142,563 $ 2,946,698 $ 2,944,139
Common Stock      
Number of shares authorized (in shares) 18,000,000 18,000,000 18,000,000
Number of shares issued (in shares) 11,148,066 11,098,057 11,089,290
Number of shares outstanding (in shares) 11,148,066 11,098,057 11,089,290
Book value per common share (usd per share) $ 23.03 $ 21.90 $ 20.44
Tangible book value per common share (usd per share) $ 20.27 $ 19.12 $ 17.66