Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Balance Sheets

For the Years Ended December 31, 2025 and 2024


(dollars in thousands)	2025		2024
Assets
Cash in bank	$	6,680	$	5,295
Investment in subsidiary	472,495		435,839
Other assets	10,678		9,488
Total assets	$	489,853	$	450,622
Liabilities
Subordinated debt, net of issuance cost	$	54,675	$	54,459
Other liabilities	84		75
Total liabilities	$	54,759	$	54,534
Shareholders’ equity	435,094		396,088
Total liabilities and shareholders’ equity	$	489,853	$	450,622

Condensed Statements of Income

For the Years Ended December 31, 2025, 2024 and 2023


(dollars in thousands)	2025		2024		2023
Operating income

Dividend from subsidiary	$	26,000	$	13,000	$	15,000
Total operating income	26,000		13,000		15,000
Operating expenses
Other expenses	436		369		340
Total operating expenses	436		369		340
Interest expense
Subordinated debt expense	3,379		3,381		3,390
Total interest expense	3,379		3,381		3,390
Income before income tax benefit and equity in undistributed earnings of subsidiary	22,185		9,250		11,270
Income tax benefit	801		788		783
Income before equity in undistributed earnings of subsidiary	22,986		10,038		12,053
Undistributed earnings of subsidiary	23,076		26,389		28,187
Net income	$	46,062	$	36,427	$	40,240

Condensed Statements of Cash Flows

For the Years Ended December 31, 2025, 2024 and 2023


(dollars in thousands)	2025		2024		2023
Cash flows from operating activities
Net income	$	46,062	$	36,427	$	40,240
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash compensation	1,980		1,643		1,468
Amortization of subordinated debt issuance cost	216		218		228
Increase in accrued interest receivable and other assets	(1,190)		(1,281)		(558)
Undistributed earnings in subsidiary	(23,076)		(26,389)		(28,187)
Decrease in accrued expenses and other liabilities	9		40		—
Net cash provided by operating activities	24,001		10,658		13,191




Cash flows from financing activities
Proceeds from exercise of stock options	87		130		102

Payment of dividends on common stock	(8,988)		(8,189)		(8,222)
Issuance of stock under incentive plan	640		886		329
Purchase of Company’s common stock	(14,355)		(4,774)		(5,259)
Net cash used in financing activities	(22,616)		(11,947)		(13,050)
Net change in cash and cash equivalents	1,385		(1,289)		141
Cash and cash equivalents at beginning of year	5,295		6,584		6,443
Cash and cash equivalents at end of year	$	6,680	$	5,295	$	6,584