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Consolidated Statements of Changes In Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
[4]
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
[4]
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020     8,511,835          
Beginning balance at Dec. 31, 2020 $ 255,688   $ 8,512 $ 178,853 $ 70,175   $ (57) $ (1,795)
Net income 29,319       29,319      
Total other comprehensive loss, net of taxes 215           215  
Common stock dividends declared (8,451)       (8,451)      
Common shares issued through follow-on public offering, net of underwriting discounts and offering expenses (in shares) [1]     2,990,000          
Common shares issued through follow-on public offering, net of underwriting discounts and offering expenses [1] 70,238   $ 2,990 67,248        
Common stock issued to shareholders in acquisition (in shares) [2]     4,519,776          
Common stock issued to shareholders in acquisition [2] 142,192   $ 4,520 137,672        
Repurchased stock (128)             (128)
Employee Stock Purchase Plan (in shares)     6,066          
Employee Stock Purchase Plan 172   $ 6 166        
Director Stock Purchase Plan (in shares)     4,771          
Director Stock Purchase Plan 135   $ 5 130        
Restricted stock activity (in shares)     23,834          
Restricted stock activity 696   $ 23 673        
Ending balance (in shares) at Dec. 31, 2021     16,056,282          
Ending balance at Dec. 31, 2021 490,076   $ 16,056 384,742 91,043   158 (1,923)
Net income 54,806       54,806      
Total other comprehensive loss, net of taxes (19,374)           (19,374)  
Common stock dividends declared (12,735)       (12,735)      
Common stock issued to shareholders in acquisition [3] 776     776        
Repurchased stock (2,957)             (2,957)
Employee Stock Purchase Plan (in shares)     7,152          
Employee Stock Purchase Plan 200   $ 7 193        
Director Stock Purchase Plan (in shares)     5,876          
Director Stock Purchase Plan 165   $ 6 159        
Restricted stock activity (in shares)     25,176          
Restricted stock activity 1,142   $ 25 1,117        
Ending balance (in shares) at Dec. 31, 2022     16,094,486          
Ending balance at Dec. 31, 2022 512,099 $ (11,548) $ 16,094 386,987 133,114 $ (11,548) (19,216) (4,880)
Net income 37,397       37,397      
Total other comprehensive loss, net of taxes 2,579           2,579  
Common stock dividends declared (12,981)       (12,981)      
Common stock issued to shareholders in acquisition (in shares) [5]     849,510          
Common stock issued to shareholders in acquisition [5] 18,095   $ 850 17,245        
Repurchased stock [6] (4,876)     (37)       (4,839)
Employee Stock Purchase Plan (in shares)     13,459          
Employee Stock Purchase Plan 303   $ 13 290        
Director Stock Purchase Plan (in shares)     7,884          
Director Stock Purchase Plan 179   $ 8 171        
Restricted stock activity (in shares)     33,590          
Restricted stock activity 1,103   $ 34 1,069        
Ending balance (in shares) at Dec. 31, 2023     16,998,929          
Ending balance at Dec. 31, 2023 $ 542,350   $ 16,999 $ 405,725 $ 145,982   $ (16,637) $ (9,719)
[1] Shares issued in offering were net of expenses of $4.6 million.
[2] Shares issued as a result of the acquisition of Riverview Financial Corporation ("Riverview").
[3] Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
[4] The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" effective January 1, 2023. See "Note 1 - Summary of Significant Accounting Policies" for further details.
[5] Shares issued as a result of the acquisition of Brunswick Bancorp ("Brunswick"). See "Note 2 - Business Combinations", to the Consolidated Financial Statements for more information.
[6] Includes tax effects of repurchased stock.