Note 21 - Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 21. PARENT COMPANY ONLY FINANCIAL STATEMENTS

BALANCE SHEETS
		*December 31,*
(dollars in thousands)		*2025*				*2024*
ASSETS
Cash and due from banks		$	10,126			$	951
Equity securities at fair value			2,916				2,169
Due from bank subsidiary			652				1,670
Investment in bank subsidiary			313,191				262,251
Investment in trust			295				295
Trademark intangible			100				100
Other assets			1,790				1,095
Total assets		$	329,070			$	268,531

LIABILITIES
Subordinated debt, net of unamortized issuance costs		$	16,738			$	16,697
Junior subordinated debt			8,830				8,733
Accounts payable			210				228
Accrued interest payable			240				212
Dividend payable			1,606				1,032
Deferred tax liability			373				333
Total liabilities			27,997				27,235

STOCKHOLDERS’ EQUITY
Preferred stock			30,353				—
Common stock			9,799				9,828
Surplus			146,133				146,890
Retained earnings			150,510				132,935
Accumulated other comprehensive loss			(35,722	)			(48,357	)
Total stockholders’ equity			301,073				241,296
Total liabilities and stockholders’ equity		$	329,070			$	268,531

STATEMENTS OF INCOME
		*For the years ended December 31,*
(dollars in thousands)		*2025*				*2024*
REVENUE
Dividends received from bank subsidiary		$	9,500			$	34,937
Dividends on corporate stock			1				—
Change in the fair value of equity securities			247				417
Interest income from investment in trust			19				22
Other operating income			156				93
Total revenue			9,923				35,469
EXPENSE
Interest on borrowings			1,661				2,939
Management fees to bank subsidiary			360				360
Gain on early extinguishment of subordinated debt			—				(292	)
Acquisition expense			49				—
Other expense			574				546
Total expense			2,644				3,553
Income before income tax benefit and equity in undistributed earnings of bank subsidiary			7,279				31,916
Equity in undistributed earnings of bank subsidiary			15,155				(12,298	)
Income tax benefit			470				634
Net income			22,904				20,252
Preferred stock dividends declared			1,056				—
Net income available to common shareholders		$	21,848			$	20,252

STATEMENTS OF CASH FLOWS
		*For the years ended December 31,*
(dollars in thousands)		*2025*				*2024*
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	22,904			$	20,252
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of bank subsidiary			(15,155	)			12,298
Change in the fair value of equity securities			(247	)			(417	)
Amortization of subordinated debt issuance costs and purchase accounting adjustments			138				187
Gain on early extinguishment of subordinated debt			—				(292	)
Net change in:
Due from bank subsidiary			1,018				(529	)
Other assets			(446	)			(51	)
Deferred tax liability			40				73
Accrued other liabilities			1,435				1,083
Net cash provided by operating activities			9,687				32,604

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equity securities at fair value			(500	)			(1,000	)
Purchases of other investments			(230	)			(165	)
Investment in subsidiary			(23,150	)			—
Net cash used in investing activities			(23,880	)			(1,165	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid on common stock			(4,227	)			(3,972	)
Cash dividends paid on preferred stock			(528	)			—
Payments to repurchase common stock			(2,293	)			(305	)
Proceeds from stock options exercised			63				337
Extinguishment of subordinated debt			—				(27,388	)
Proceeds from preferred stock offering, net of issuance costs			30,353				—
Net cash provided by (used in) financing activities			23,368				(31,328	)
Net increase in cash			9,175				111
Cash and cash equivalents, beginning of period			951				840
Cash and cash equivalents, end of period		$	10,126			$	951

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for:
Interest on borrowings		$	1,633			$	3,298