v3.25.4
Parent Only Condensed Financial Statements
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Parent Only Condensed Financial Statements PARENT ONLY CONDENSED FINANCIAL STATEMENTS
 
CONDENSED BALANCE SHEETS
 
December 31, 2025 and 2024
(In thousands)20252024
ASSETS  
Cash and cash equivalents$1,955 $303 
Investment in Bank subsidiary472,650 428,907 
Other assets5,006 3,564 
Total assets$479,611 $432,774 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Liabilities:  
Senior debt and subordinated debentures$69,526 $69,889 
Other liabilities497 200 
Total liabilities70,023 70,089 
Shareholders’ equity:  
Common stock210,222 207,816 
Retained earnings238,990 209,984 
Accumulated other comprehensive loss, net of tax(39,624)(55,115)
Total shareholders’ equity409,588 362,685 
Total liabilities and shareholders’ equity$479,611 $432,774 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
 
For the Years Ended December 31, 2025, 2024, and 2023
(In thousands)202520242023
Income:   
Dividends declared by Subsidiary (Company)$14,200 $14,000 $6,963 
Other income10 30 11 
Total income14,210 14,030 6,974 
Expenses:   
Interest on subordinated debentures and borrowings3,591 3,298 3,652 
Professional fees320 514 1,305 
Other expenses2,132 3,825 283 
Total expenses6,043 7,637 5,240 
Income before equity in undistributed net income of Subsidiary8,167 6,393 1,734 
Equity in undistributed (deficit in distributed) net income of Subsidiary, net of distributions28,252 (477)22,256 
Income before income tax benefit36,419 5,916 23,990 
Benefit from income taxes1,749 1,750 1,546 
Net income$38,168 $7,666 $25,536 
Total other comprehensive income15,491 10,919 15,193 
Comprehensive income$53,659 $18,585 $40,729 
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2025, 2024, and 2023
 
(In thousands)202520242023
Cash flows from operating activities:   
Net income$38,168 $7,666 $25,536 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
Undistributed net income of subsidiary, net of distributions(28,252)477 (22,256)
Equity-based compensation1,158 879 858 
Amortization of unamortized issuance cost145 145 145 
Net increase in other assets(1,442)(2,017)(715)
Net increase (decrease) in other liabilities297 (68)(542)
Net cash provided by operating activities10,074 7,082 3,026 
Cash flows used in investing activities:   
Cash flows from financing activities:   
Cash dividend payments on common stock(9,162)(8,230)(5,657)
Repayments of senior debt(508)— — 
Purchase and retirement of common stock(151)(38)(1)
Proceeds from exercise of stock options1,093 465 — 
Proceeds from stock issued under employee stock purchase plan306 248 206 
Net cash used in financing activities(8,422)(7,555)(5,452)
Change in cash and cash equivalents1,652 (473)(2,426)
Cash and cash equivalents at beginning of year303 776 3,202 
Cash and cash equivalents at end of year$1,955 $303 $776 
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest$3,248 $2,756 $4,180