Parent Company Only Financial Information (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Parent Company Only Financial Information |
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| Condensed Statement of Financial Condition |
| | | | | | | | | | | | | | | | December 31, | (in thousands) | | 2025 | | 2024 | Assets | | | | | | | Cash | | $ | 6,898 | | $ | 5,208 | Investment securities- available for sale (at fair value) | | | 14,654 | | | 13,463 | Investment in bank subsidiary | | | 207,810 | | | 185,974 | Investment in non-bank subsidiaries | | | 929 | | | 929 | Other assets | | | 11,619 | | | 11,323 | Total Assets | | $ | 241,910 | | $ | 216,897 | Liabilities and Shareholders' Equity | | | | | | | Accrued interest and other liabilities | | $ | 5,657 | | $ | 5,249 | Dividends payable | | | 1,690 | | | 1,424 | Junior subordinated debt | | | 30,929 | | | 30,929 | Shareholders' equity | | | 203,634 | | | 179,295 | Total Liabilities and Shareholders' Equity | | $ | 241,910 | | $ | 216,897 |
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| Condensed Statement of Income |
| | | | | | | | | | | | | | | | December 31, | (in thousands) | | 2025 | | 2024 | Income: | | | | | | | Dividend income from bank subsidiary | | $ | 8,009 | | $ | 6,052 | Interest income on investments | | | 1,323 | | | 1,529 | Other income | | | 190 | | | 225 | Total other income | | | 1,513 | | | 1,754 | Total Income | | | 9,522 | | | 7,806 | Expenses: | | | | | | | Interest expense | | | 1,874 | | | 2,034 | Other expenses | | | 615 | | | 608 | Total Expenses | | | 2,489 | | | 2,642 | Income before income taxes and equity in undistributed net income of subsidiaries | | | 7,033 | | | 5,164 | Applicable income tax benefit | | | 148 | | | 204 | Net income before equity in undistributed net income of subsidiaries | | | 7,181 | | | 5,368 | Equity in undistributed net income of subsidiaries: | | | | | | | Bank | | | 17,334 | | | 15,201 | Net Income | | $ | 24,515 | | $ | 20,569 |
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| Condensed Statement of Comprehensive Income |
| | | | | | | | | | | | | | | | December 31, | Components of Comprehensive Income (in thousands) | | 2025 | | 2024 | Net Income | | $ | 24,515 | | $ | 20,569 | Unrealized gains/(losses) on AFS securities, net of tax | | | 416 | | | (110) | Unrealized losses on cash flow hedges, net of tax | | | (299) | | | (197) | Other comprehensive income/(loss), net of tax | | | 117 | | | (307) | Comprehensive income | | $ | 24,632 | | $ | 20,262 |
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| Condensed Cash Flow Statement |
| | | | | | | | | | | | | | | | December 31, | (in thousands) | | 2025 | | 2024 | Operating Activities | | | | | | | Net Income | | $ | 24,515 | | $ | 20,569 | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Equity in undistributed net income of subsidiaries | | | (17,334) | | | (15,201) | Increase in other assets | | | (1,077) | | | (1,675) | Increase in accrued interest payable and other liabilities | | | 408 | | | 253 | Stock based compensation | | | 760 | | | 475 | Net cash provided by operating activities | | | 7,272 | | | 4,421 | Investing Activities | | | | | | | Proceeds from principal paydowns on AFS securities | | | 70 | | | 163 | Net cash provided by investing activities | | | 70 | | | 163 | Financing Activities | | | | | | | Proceeds from issuance of common stock | | | 315 | | | 290 | Repurchase of common stock | | | — | | | (4,032) | Cash dividends on common stock | | | (5,967) | | | (5,373) | Net cash used in financing activities | | | (5,652) | | | (9,115) | Increase/(decrease) in cash and cash equivalents | | | 1,690 | | | (4,531) | Cash and cash equivalents at beginning of year | | | 5,208 | | | 9,739 | Cash and cash equivalents at end of year | | $ | 6,898 | | $ | 5,208 |
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