XML 31 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Changes In Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
[2]
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
[2]
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021     16,056,282          
Beginning 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 cash dividends declared - $0.80 per share (12,735)       (12,735)      
Common stock issued to shareholders in acquisition [1] 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 cash dividends declared - $0.80 per share (12,981)       (12,981)      
Common stock issued to shareholders in acquisition (in shares) [3]     849,510          
Common stock issued to shareholders in acquisition [3] 18,095   $ 850 17,245        
Repurchased stock [4] (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 16,573,707   16,998,929          
Ending balance at Dec. 31, 2023 $ 542,350   $ 16,999 405,725 145,982   (16,637) (9,719)
Net income 49,437       49,437      
Total other comprehensive loss, net of taxes (188)           (188)  
Common stock cash dividends declared - $0.80 per share (13,822)       (13,822)      
Common stock issued to shareholders in acquisition (in shares) [5]     2,731,250          
Common stock issued to shareholders in acquisition [5] 75,956   $ 2,731 73,225        
Repurchased stock [4] (323)             (323)
Employee Stock Purchase Plan (in shares)     19,829          
Employee Stock Purchase Plan 438   $ 20 418        
Director Stock Purchase Plan (in shares)     5,072          
Director Stock Purchase Plan 123   $ 5 118        
Restricted stock activity (in shares)     41,439          
Restricted stock activity $ 1,047   $ 42 1,005        
Ending balance (in shares) at Dec. 31, 2024 19,355,797   19,796,519          
Ending balance at Dec. 31, 2024 $ 655,018   $ 19,797 $ 480,491 $ 181,597   $ (16,825) $ (10,042)
[1] Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
[2] The Corporation adopted ASC 326, Financial Instruments - Credit Losses, effective January 1, 2023. See "Note 1 - Summary of Significant Accounting Policies" for further details.
[3] 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.
[4] Includes tax effects of repurchased stock.
[5] Shares issued as a result of the underwritten public offering of 2,375,000 shares of common stock at a price of $29.50 per share on November 4, 2024.