v3.25.2
Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events NOTE 16 – SUBSEQUENT EVENTS

On August 11, 2025, the Company completed the sale of 2,610,000 shares of common stock, no par value per share (“Common Stock”), at a public offering price of $23.00 per share in its initial public offering (“IPO”).

On August 13, 2025, the underwriters fully exercised their option to purchase an additional 391,500 shares of Common Stock in connection with the IPO, at the public offering price (the “Overallotment Option”). Following the full exercise of the Overallotment Option, the Company issued and sold an aggregate total of 3,001,500 shares of Common Stock in connection with the IPO, resulting in net proceeds to the Company, after deducting underwriting discounts and commissions and estimated offering expenses, of approximately $62.0 million.

As disclosed in our Form S-1 (File No. 333-288743) filed with the SEC in connection with the IPO, proceeds from the IPO could be used to increase the capital of the Bank to support our organic growth strategies, including expanding our overall market share and our lending activities, strengthening our regulatory capital, optimizing our balance sheet by repositioning a substantial portion of our available-for-sale securities portfolio as well as repaying short-term borrowings and non-core funding, and for working capital and other general corporate purposes. During the third quarter of 2025, we received approximately $275 million in proceeds from securities sold as part of this repositioning of the available-for-sale securities portfolio at a pre-tax loss of approximately $62 million. Additionally, we paid off short-term borrowings with part of the proceeds received from the sale of these securities. The Company intends to reinvest a significant portion of the proceeds from the sale of securities into additional available-for-sale securities during the third and fourth quarters of 2025.

The Company evaluated subsequent events through the date its financial statements were issued, and there were no other subsequent events requiring accrual or disclosure through September 18, 2025.