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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 70,832 $ 53,368
Interest-bearing balances with other financial institutions 13,332 4,405
Federal funds sold 9,711 3,108
Total cash and cash equivalents 93,875 60,881
Investment securities:    
HTM, at amortized cost (fair value $355,789 and $348,505) 404,831 399,494
AFS, at fair value 228,774 237,878
Equity securities available for sale, at fair value 433 430
Loans held for sale, at fair value 7,258 2,475
Loans, net of unearned interest 4,034,510 3,514,119
Less: ACL - Loans (32,588) (18,957)
Net loans 4,001,922 3,495,162
Premises and equipment, net 39,230 34,471
Operating lease right of use asset 9,106 8,798
Finance lease right of use asset 2,817 2,907
Cash surrender value of life insurance 53,931 50,674
Restricted investment in bank stocks 11,646 8,315
Accrued interest receivable 19,626 18,405
Deferred income taxes 24,309 13,674
Goodwill 129,403 114,231
Core deposit and other intangibles, net 7,453 7,260
Foreclosed assets held for sale 489 43
Other assets 53,710 42,856
Total Assets 5,088,813 4,497,954
Deposits:    
Noninterest-bearing demand 830,479 793,939
Interest-bearing transaction accounts 2,180,312 2,325,847
Time 1,275,895 658,545
Total Deposits 4,286,686 3,778,331
Short-term borrowings 112,442 102,647
Long-term debt 58,982 4,409
Subordinated debt 46,648 56,941
Operating lease liability 9,894 9,725
Accrued interest payable 11,115 2,303
Other liabilities 37,158 31,499
Total Liabilities 4,562,925 3,985,855
Shareholders' Equity:    
Common stock, par value $1.00 per share; 40,000,000 shares authorized at June 30, 2023 and 20,000,000 at December 31, 2022; 16,980,300 issued at June 30, 2023 and 16,094,486 at December 31, 2022; 16,567,578 outstanding at June 30, 2023 and 15,886,143 at December 31, 2022 16,980 16,094
Additional paid-in capital 404,902 386,987
Retained earnings 131,271 133,114
Accumulated other comprehensive loss (17,805) (19,216)
Treasury stock, at cost; 412,722 shares at June 30, 2023 and 208,343 shares at December 31, 2022 (9,460) (4,880)
Total Shareholders’ Equity 525,888 512,099
Total Liabilities and Shareholders' Equity $ 5,088,813 $ 4,497,954