v3.25.4
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
The condensed balance sheets of the parent company are as follows:

The condensed balance sheets of the parent company are as follows:

 

           
   December 31, 
   2025   2024 
   (Dollars in thousands) 
ASSETS:        
Cash equivalents  $604   $422 
Investment in subsidiaries   252,553    240,994 
ESOP loan receivable   1,795    2,417 
Other assets   14,680    14,575 
TOTAL ASSETS  $269,632   $258,408 
           
LIABILITIES:          
ESOP loan payable  $1,795   $2,417 
Other liabilities   20,200    20,081 
EQUITY   247,637    235,910 
TOTAL LIABILITIES AND EQUITY  $269,632   $258,408 
The condensed statements of net income for the parent company are as follows:

The condensed statements of net income for the parent company are as follows:

 

                     
   Years Ended December 31, 
   2025   2024   2023 
   (Dollars in thousands) 
INCOME:            
Dividends from subsidiaries  $12,955   $14,209   $12,119 
ESOP loan interest income   193    244    296 
Other income   12    11    36 
Total income   13,160    14,464    12,451 
                
OPERATING EXPENSE:               
Salaries and employee benefits   1,817    1,408    1,761 
ESOP loan interest expense   193    244    296 
Other expenses   1,358    1,285    1,310 
Total operating expense   3,368    2,937    3,367 
                
Income before equity in undistributed income of subsidiaries and income taxes   9,792    11,527    9,084 
Equity in undistributed income (loss) of subsidiaries   5,002    (255)   5,591 
Net income before taxes   14,794    11,272    14,675 
Income tax benefit   (475)   (394)   (393)
Net income  $15,269   $11,666   $15,068 
The condensed statements of cash flows of the parent company are as follows:

The condensed statements of cash flows of the parent company are as follows:

 

                     
   Years Ended December 31, 
   2025   2024   2023 
   (Dollars in thousands) 
OPERATING ACTIVITIES:               
Net income  $15,269   $11,666   $15,068 
Equity in undistributed (income) loss of subsidiaries   (5,002)   255    (5,591)
Net amortization of premiums on subordinated debt   39    39    39 
Change in other liabilities   (621)   (844)   (881)
Change in other assets   517    (162)   651 
Other, net   1,789    2,041    1,979 
Net cash provided by operating activities   11,991    12,995    11,265 
                

INVESTING ACTIVITIES: 

               
Purchase of securities   (62)   (82)   (103)
Redemption of securities   62    82    103 
Net cash provided by investing activities   —    —    — 
                

FINANCING ACTIVITIES: 

               
Cash dividends paid   (5,712)   (5,914)   (6,066)
Common stock repurchased   (6,097)   (7,599)   (5,022)
Net cash used in financing activities   (11,809)   (13,513)   (11,088)
                
NET CHANGE IN CASH AND CASH EQUIVALENTS   182    (518)   177 
                
CASH AND CASH EQUIVALENTS               
Beginning of year   422    940    763 
End of year  $604   $422   $940 
Supplemental cash flow information:               
Net change in due to broker for common stock repurchased  $(163)  $163   $—