| Condensed Financial Statements [Text Block] |
Note 25. Condensed Parent Company Financial Statements
Condensed financial statements pertaining only to the Company are presented below. The investment in subsidiary is accounted for using the equity method of accounting.
The payment of dividends by the subsidiary is restricted by various regulatory limitations. Banking regulations also prohibit extensions of credit to the parent company unless appropriately secured by assets.
Condensed Parent Company Only
Condensed Statements of Financial Condition
(Dollars in thousands)
| December 31, | | 2024 | | | 2023 | |
| ASSETS | | | | | | | | |
| Cash on deposit with subsidiary | | $ | 5,356 | | | $ | 3,616 | |
| Restricted securities, at cost | | | 5,362 | | | | 3,123 | |
| Investment in subsidiary | | | 269,239 | | | | 287,075 | |
| Other assets | | | 1,902 | | | | 1,190 | |
| Total Assets | | $ | 281,859 | | | $ | 295,004 | |
| Liabilities: | | | | | | | | |
| Other liabilities | | $ | 829 | | | $ | 845 | |
| Subordinated debt, net of debt issuance costs | | | 73,039 | | | | 72,642 | |
| Stockholders’ equity | | | 207,991 | | | | 221,517 | |
| Total Liabilities and Stockholders’ Equity | | $ | 281,859 | | | $ | 295,004 | |
Condensed Statements of Income (Loss)
(Dollars in thousands)
| For the Year Ended December 31, | | 2024 | | | 2023 | | | 2022 | |
| Income | | | | | | | | | | | | |
| Dividends from subsidiary | | $ | 5,203 | | | $ | 5,166 | | | $ | 4,038 | |
| | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | |
| Subordinated debt interest expense | | | 3,255 | | | | 3,288 | | | | 2,936 | |
| Non-interest expense | | | 103 | | | | 42 | | | | 26 | |
| | | | | | | | | | | | | |
| Total expenses | | | 3,358 | | | | 3,330 | | | | 2,962 | |
| | | | | | | | | | | | | |
| Undistributed earnings of subsidiary | | | (12,733 | ) | | | 23,546 | | | | 24,797 | |
| Net income (loss) before income taxes | | $ | (10,888 | ) | | $ | 25,382 | | | $ | 25,873 | |
| Income tax (benefit) expense | | | (908 | ) | | | 1,203 | | | | 801 | |
| Net income (loss) | | $ | (9,980 | ) | | $ | 26,585 | | | $ | 26,674 | |
| Less: preferred stock dividends | | | (2,156 | ) | | | (2,156 | ) | | | (2,156 | ) |
| Net income (loss) available to common shareholders | | $ | (12,136 | ) | | $ | 24,429 | | | $ | 24,518 | |
Condensed Statements of Cash Flows
(Dollars in thousands)
| Year Ended December 31, | | 2024 | | | 2023 | | | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | |
| Net income (loss) | | $ | (9,980 | ) | | $ | 26,585 | | | $ | 26,674 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | |
| Equity in undistributed earnings (losses) of subsidiary | | | 12,733 | | | | (23,546 | ) | | | (24,797 | ) |
| Stock based compensation | | | 2,838 | | | | 2,491 | | | | 2,519 | |
| Depreciation, amortization, and accretion, net | | | 1,308 | | | | 397 | | | | 328 | |
| Decrease (increase) in other assets | | | 295 | | | | (1,063 | ) | | | 2,014 | |
| Increase (decrease) in other liabilities | | | (16 | ) | | | 829 | | | | (274 | ) |
| Net cash provided by operating activities | | | 7,178 | | | | 5,693 | | | | 6,464 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | |
| Purchase of restricted equities | | | (3,504 | ) | | | (1,944 | ) | | | (1,430 | ) |
| Investment in bank subsidiary | | | 4,000 | | | | — | | | | (32,000 | ) |
| Net cash (used in) provided by investing activities | | | 496 | | | | (1,944 | ) | | | (33,430 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | |
| Repurchase of common stock | | | (732 | ) | | | (43 | ) | | | (6,918 | ) |
| Cash dividends paid on preferred stock | | | (2,156 | ) | | | (2,156 | ) | | | (2,156 | ) |
| Cash dividend paid on common stock | | | (3,046 | ) | | | (3,011 | ) | | | (1,882 | ) |
| Net increase in subordinated debt | | | — | | | | — | | | | 42,623 | |
| Net cash provided by (used in) financing activities | | | (5,934 | ) | | | (5,210 | ) | | | 31,667 | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | 1,740 | | | | (1,461 | ) | | | 4,701 | |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | | | 3,616 | | | | 5,077 | | | | 376 | |
| CASH AND CASH EQUIVALENTS, END OF YEAR | | $ | 5,356 | | | $ | 3,616 | | | $ | 5,077 | |
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