PARENT COMPANY FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| PARENT COMPANY FINANCIAL INFORMATION |
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| Schedule of condensed balance sheets |
BALANCE SHEETS (Dollars in thousands) | | | | | | | | | December 31, | | | 2025 | | 2024 | ASSETS | | | | | | | Cash | | $ | 3,884 | | $ | 4,124 | Investment in banking subsidiary | | | 131,313 | | | 125,239 | Marketable equity securities | | | 1,810 | | | 1,587 | Prepaid expenses and other assets | | | 697 | | | 512 | TOTAL ASSETS | | $ | 137,704 | | $ | 131,462 | | | | | | | | LIABILITIES | | | | | | | Receivable from banking subsidiary | | $ | (595) | | $ | (547) | Subordinated debentures | | | 25,000 | | | 25,000 | Accrued expenses and other liabilities | | | 259 | | | 258 | TOTAL LIABILITIES | | | 24,664 | | | 24,711 | | | | | | | | STOCKHOLDERS’ EQUITY | | | | | | | Common stock | | | 13,007 | | | 12,901 | Surplus | | | 45,888 | | | 45,072 | Retained earnings | | | 79,327 | | | 80,148 | Accumulated other comprehensive loss | | | (19,473) | | | (25,661) | Treasury stock, at cost | | | (5,709) | | | (5,709) | TOTAL STOCKHOLDERS’ EQUITY | | | 113,040 | | | 106,751 | | | | | | | | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 137,704 | | $ | 131,462 |
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| Schedule of condensed statements of Income (loss) |
STATEMENTS OF INCOME (LOSS) (Dollars in thousands) | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | INCOME | | | | | | | Dividends from subsidiary bank | | $ | 7,041 | | $ | 1,760 | Net securities gains | | | 223 | | | 105 | Other income | | | 80 | | | 79 | TOTAL INCOME | | | 7,344 | | | 1,944 | | | | | | | | EXPENSE | | | | | | | Interest on subordinated debt | | | 1,094 | | | 1,094 | Other expense | | | 256 | | | 256 | TOTAL EXPENSE | | | 1,350 | | | 1,350 | | | | | | | | INCOME BEFORE INCOME TAX BENEFIT | | | 5,994 | | | 594 | INCOME TAX BENEFIT | | | (272) | | | (251) | | | | 6,266 | | | 845 | EQUITY IN UNDISTRIBUTED LOSSES OF BANKING SUBSIDIARY | | | (114) | | | (14,048) | | | | | | | | NET INCOME (LOSS) | | $ | 6,152 | | $ | (13,203) |
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| Schedule of condensed statements of comprehensive income (loss) |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands) | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | Net Income (Loss) | | $ | 6,152 | | $ | (13,203) | | | | | | | | Other comprehensive income (loss): | | | | | | | | | | | | | | Equity in other comprehensive income of banking subsidiary | | | 6,177 | | | 4,015 | | | | | | | | Total other comprehensive income | | | 6,177 | | | 4,015 | Total Comprehensive Income (Loss) | | $ | 12,329 | | $ | (9,188) |
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| Schedule of condensed statements of cash flows |
STATEMENTS OF CASH FLOWS (Dollars in thousands) | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Net income (loss) | | $ | 6,152 | | $ | (13,203) | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | Gains on securities | | | (223) | | | (105) | Deferred income tax (benefit) expense | | | (2) | | | 27 | Equity in undistributed losses of banking subsidiary | | | 114 | | | 14,048 | Decrease in prepaid/accrued expenses and other assets/liabilities | | | (182) | | | (509) | Decrease in advances from banking subsidiary | | | (48) | | | (242) | NET CASH PROVIDED BY OPERATING ACTIVITIES | | | 5,811 | | | 16 | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Proceeds from sales of equity securities | | | — | | | — | NET CASH PROVIDED BY INVESTING ACTIVITIES | | | — | | | — | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Proceeds from issuance of common stock | | | 922 | | | 1,264 | Dividends paid | | | (6,973) | | | (6,909) | NET CASH USED IN FINANCING ACTIVITIES | | | (6,051) | | | (5,645) | | | | | | | | DECREASE IN CASH AND CASH EQUIVALENTS | | | (240) | | | (5,629) | CASH AND CASH EQUIVALENTS, BEGINNING | | | 4,124 | | | 9,753 | CASH AND CASH EQUIVALENTS, ENDING | | $ | 3,884 | | $ | 4,124 |
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