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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 52,509 $ 53,368
Interest-bearing balances with other financial institutions 12,739 4,405
Federal funds sold 52,851 3,108
Total cash and cash equivalents 118,099 60,881
Investment securities:    
HTM, at amortized cost (fair value $341,006 and $348,505) 401,561 399,494
AFS, at fair value 218,064 237,878
Equity securities available for sale, at fair value 413 430
Loans held for sale, at fair value 4,270 2,475
Loans, net of unearned interest 4,145,657 3,514,119
Less: ACL - Loans (34,004) (18,957)
Net loans 4,111,653 3,495,162
Premises and equipment, net 38,849 34,471
Operating lease right of use asset 8,693 8,798
Finance lease right of use asset 2,773 2,907
Cash surrender value of life insurance 54,209 50,674
Restricted investment in bank stocks 13,554 8,315
Accrued interest receivable 24,230 18,405
Deferred income taxes 25,509 13,674
Goodwill 129,752 114,231
Core deposit and other intangibles, net 6,970 7,260
Foreclosed assets held for sale 905 43
Other assets 56,459 42,856
Total Assets 5,215,963 4,497,954
Deposits:    
Noninterest-bearing demand 804,785 793,939
Interest-bearing transaction accounts 2,217,885 2,325,847
Time 1,358,946 658,545
Total Deposits 4,381,616 3,778,331
Short-term borrowings 139,000 102,647
Long-term debt 58,992 4,409
Subordinated debt 46,501 56,941
Operating lease liability 9,097 9,725
Accrued interest payable 14,657 2,303
Other liabilities 37,389 31,499
Total Liabilities 4,687,252 3,985,855
Shareholders' Equity:    
Common stock, par value $1.00 per share; 40,000,000 shares authorized at September 30, 2023 and 20,000,000 at December 31, 2022; 16,993,069 issued at September 30, 2023 and 16,094,486 at December 31, 2022; 16,580,347 outstanding at September 30, 2023 and 15,886,143 at December 31, 2022 16,993 16,094
Additional paid-in capital 405,341 386,987
Retained earnings 137,199 133,114
Accumulated other comprehensive loss (21,362) (19,216)
Treasury stock, at cost; 412,722 shares at September 30, 2023 and 208,343 shares at December 31, 2022 (9,460) (4,880)
Total Shareholders’ Equity 528,711 512,099
Total Liabilities and Shareholders' Equity $ 5,215,963 $ 4,497,954