Parent Company Only Financial Statements (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Statement of Financial Position [Abstract] |
|
| Summary of Parent Company Only Condensed Statements of Financial Condition |
PARENT COMPANY ONLY CONDENSED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
ASSETS |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,664 |
|
|
$ |
40,241 |
|
Investment in subsidiaries |
|
|
302,477 |
|
|
|
308,055 |
|
Other equity investments |
|
|
4,676 |
|
|
|
4,588 |
|
Other investments |
|
|
11,663 |
|
|
|
10,359 |
|
Income tax receivable |
|
|
1,031 |
|
|
|
5,226 |
|
Other assets |
|
|
4,459 |
|
|
|
730 |
|
Total assets |
|
$ |
346,970 |
|
|
$ |
369,199 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Accrued expenses |
|
$ |
749 |
|
|
$ |
866 |
|
Accrued interest payable |
|
|
256 |
|
|
|
93 |
|
Deferred tax liability |
|
|
980 |
|
|
|
663 |
|
Subordinated notes, net |
|
|
14,716 |
|
|
|
39,789 |
|
Dividends payable (1) |
|
|
6,578 |
|
|
|
— |
|
Total liabilities |
|
|
23,279 |
|
|
|
41,411 |
|
Stockholders’ equity |
|
|
323,691 |
|
|
|
327,788 |
|
Total liabilities and stockholders’ equity |
|
$ |
346,970 |
|
|
$ |
369,199 |
|
|
|
|
|
|
|
|
(1) Amounts due upon the exercise of warrants to purchase common stock and upon the vesting of PSAs. |
|
|
| Summary of Parent Company Only Condensed Statements of Income |
PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
INCOME (LOSS) |
|
|
|
|
|
|
Fair value adjustments of other equity investments |
|
$ |
(112 |
) |
|
$ |
(8,152 |
) |
Loss on sale of other investments |
|
|
— |
|
|
|
(197 |
) |
Other |
|
|
— |
|
|
|
89 |
|
Total loss |
|
|
(112 |
) |
|
|
(8,260 |
) |
EXPENSES |
|
|
|
|
|
|
Interest on subordinated notes |
|
|
2,014 |
|
|
|
2,414 |
|
Legal and regulatory filings |
|
|
544 |
|
|
|
1,087 |
|
Other |
|
|
356 |
|
|
|
368 |
|
Total expenses |
|
|
2,914 |
|
|
|
3,869 |
|
Loss before income taxes and equity in undistributed earnings of subsidiary |
|
|
(3,026 |
) |
|
|
(12,129 |
) |
Income tax benefit |
|
|
(656 |
) |
|
|
(2,686 |
) |
Equity in undistributed income (loss) of subsidiaries |
|
|
13,079 |
|
|
|
(5,942 |
) |
Net income (loss) |
|
$ |
10,709 |
|
|
$ |
(15,385 |
) |
|
| Summary of Parent Company Only Condensed Statements of Cashflows |
PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
Cash Flows From Operating Activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
10,709 |
|
|
$ |
(15,385 |
) |
Equity in undistributed (income) loss of subsidiaries |
|
|
(13,079 |
) |
|
|
5,942 |
|
Deferred income tax benefit (expense) |
|
|
317 |
|
|
|
(297 |
) |
Amortization of subordinated note issuance costs |
|
|
15 |
|
|
|
35 |
|
Loss on sale of other investments |
|
|
— |
|
|
|
197 |
|
Fair value adjustments of other equity investments |
|
|
112 |
|
|
|
8,152 |
|
(Increase) decrease in other assets |
|
|
(665 |
) |
|
|
1,364 |
|
Increase (decrease) in accrued expenses |
|
|
3,661 |
|
|
|
(8,352 |
) |
Net cash provided by (used in) operating activities |
|
|
1,070 |
|
|
|
(8,344 |
) |
Cash Flows From Investing Activities |
|
|
|
|
|
|
Proceeds from sale of other equity investments and other investments |
|
|
— |
|
|
|
89 |
|
Net change in other investments |
|
|
(1,304 |
) |
|
|
(1,939 |
) |
Capital contribution to Bank subsidiary |
|
|
— |
|
|
|
(110,000 |
) |
Dividends received from Bank subsidiary |
|
|
30,000 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
28,696 |
|
|
|
(111,850 |
) |
Cash Flows From Financing Activities |
|
|
|
|
|
|
Proceeds from Private Placements, net of issuance costs |
|
|
— |
|
|
|
152,140 |
|
Warrants exercised |
|
|
9,758 |
|
|
|
1,270 |
|
Subordinated note repayments |
|
|
(25,000 |
) |
|
|
— |
|
Common stock dividends paid |
|
|
(22,595 |
) |
|
|
— |
|
Repurchases of common stock and warrants to purchase common stock |
|
|
(9,506 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(47,343 |
) |
|
|
153,410 |
|
Net (decrease) increase in cash and due from banks |
|
|
(17,577 |
) |
|
|
33,216 |
|
Cash and due from banks at beginning of period |
|
|
40,241 |
|
|
|
7,025 |
|
Cash and due from banks at end of period |
|
$ |
22,664 |
|
|
$ |
40,241 |
|
|
|
|
|
|
|
|
Supplemental Schedule of Cash Flow Information |
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
Interest |
|
$ |
1,851 |
|
|
$ |
2,689 |
|
Income taxes |
|
$ |
6,575 |
|
|
$ |
— |
|
Non-cash financing activities: |
|
|
|
|
|
|
Restricted stock awards, net of forfeitures |
|
$ |
2,739 |
|
|
$ |
1,180 |
|
|