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Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
[1]
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
[1]
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Balance (in shares) at Dec. 31, 2021     16,056,282          
Balance at Dec. 31, 2021 $ 490,076   $ 16,056 $ 384,742 $ 91,043   $ 158 $ (1,923)
Net income 11,354       11,354      
Total other comprehensive income, net of taxes (5,104)           (5,104)  
Common stock cash dividends declared - $0.20 per share (3,191)       (3,191)      
Stock issued during period pursuant to acquisition, value 776     776        
Employee Stock Purchase Plan (in shares)     1,710          
Employee Stock Purchase Plan 46   $ 2 44        
Director Stock Purchase Plan (in shares)     1,377          
Director Stock Purchase Plan 36   $ 1 35        
Restricted stock activity 168     168        
Balance (in shares) at Mar. 31, 2022     16,059,369          
Balance at Mar. 31, 2022 494,161   $ 16,059 385,765 99,206   (4,946) (1,923)
Balance (in shares) at Dec. 31, 2021     16,056,282          
Balance at Dec. 31, 2021 490,076   $ 16,056 384,742 91,043   158 (1,923)
Net income 23,606              
Total other comprehensive income, net of taxes (9,917)              
Stock issued during period pursuant to acquisition, value 776              
Balance (in shares) at Jun. 30, 2022     16,080,057          
Balance at Jun. 30, 2022 495,835   $ 16,081 386,128 108,265   (9,759) (4,880)
Balance (in shares) at Mar. 31, 2022     16,059,369          
Balance at Mar. 31, 2022 494,161   $ 16,059 385,765 99,206   (4,946) (1,923)
Net income 12,252       12,252      
Total other comprehensive income, net of taxes (4,813)           (4,813)  
Common stock cash dividends declared - $0.20 per share (3,193)       (3,193)      
Repurchased stock (2,957)             (2,957)
Employee Stock Purchase Plan (in shares)     1,899          
Employee Stock Purchase Plan 51   $ 2 49        
Director Stock Purchase Plan (in shares)     1,589          
Director Stock Purchase Plan 43   $ 2 41        
Restricted stock activity (in shares)     17,200          
Restricted stock activity 291   $ 18 273        
Balance (in shares) at Jun. 30, 2022     16,080,057          
Balance at Jun. 30, 2022 495,835   $ 16,081 386,128 108,265   (9,759) (4,880)
Balance (in shares) at Dec. 31, 2022     16,094,486          
Balance at Dec. 31, 2022 512,099 $ (11,548) $ 16,094 386,987 133,114 $ (11,548) (19,216) (4,880)
Net income 11,227       11,227      
Total other comprehensive income, net of taxes 1,842           1,842  
Common stock cash dividends declared - $0.20 per share (3,176)       (3,176)      
Employee Stock Purchase Plan (in shares)     2,217          
Employee Stock Purchase Plan 57   $ 2 55        
Director Stock Purchase Plan (in shares)     1,651          
Director Stock Purchase Plan 43   $ 2 41        
Restricted stock activity 249     249        
Balance (in shares) at Mar. 31, 2023     16,098,354          
Balance at Mar. 31, 2023 510,793   $ 16,098 387,332 129,617   (17,374) (4,880)
Balance (in shares) at Dec. 31, 2022     16,094,486          
Balance at Dec. 31, 2022 512,099 $ (11,548) $ 16,094 386,987 133,114 $ (11,548) (19,216) (4,880)
Net income 16,063              
Total other comprehensive income, net of taxes 1,411              
Balance (in shares) at Jun. 30, 2023     16,980,300          
Balance at Jun. 30, 2023 525,888   $ 16,980 404,902 131,271   (17,805) (9,460)
Balance (in shares) at Mar. 31, 2023     16,098,354          
Balance at Mar. 31, 2023 510,793   $ 16,098 387,332 129,617   (17,374) (4,880)
Net income 4,836       4,836      
Total other comprehensive income, net of taxes (431)           (431)  
Common stock cash dividends declared - $0.20 per share (3,182)       (3,182)      
Stock issued during period (in shares) [2]     849,510          
Stock issued during period pursuant to acquisition, value [2] 18,095   $ 850 17,245        
Repurchased stock (4,580)             (4,580)
Employee Stock Purchase Plan (in shares)     2,258          
Employee Stock Purchase Plan 50   $ 2 48        
Director Stock Purchase Plan (in shares)     2,511          
Director Stock Purchase Plan 56   $ 3 53        
Restricted stock activity (in shares)     27,667          
Restricted stock activity 251   $ 27 224        
Balance (in shares) at Jun. 30, 2023     16,980,300          
Balance at Jun. 30, 2023 $ 525,888   $ 16,980 $ 404,902 $ 131,271   $ (17,805) $ (9,460)
[1] 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.
[2] Shares issued on May 19, 2023 as a result of the Brunswick Acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.