| PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
| (24) | PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
Condensed financial information for the Company (parent company only) follows: Balance Sheets (In thousands) | | | | | | | | | As of December 31, | | | | 2025 | | | 2024 | Assets: | | | | | | | Cash and cash equivalents | | $ | 2,340 | | $ | 2,861 | Other assets | | | 2,298 | | | 2,256 | Investment in subsidiaries | | | 133,482 | | | 109,970 | | | | | | | | | | $ | 138,120 | | $ | 115,087 | Liabilities and Equity: | | | | | | | Accrued expenses and other liabilities | | $ | 323 | | $ | 488 | Stockholders' equity | | | 137,797 | | | 114,599 | | | | | | | | | | $ | 138,120 | | $ | 115,087 |
Statements of Income (In thousands) | | | | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | | 2023 | | | | | | | | | | | Dividend income from subsidiaries | | $ | 4,440 | | $ | 3,150 | | $ | 3,745 | Other income | | | 31 | | | 100 | | | 115 | Gain (loss) on equity securities | | | 149 | | | (374) | | | (207) | Other operating expenses | | | (491) | | | (621) | | | (681) | | | | | | | | | | | Income before income taxes and equity in undistributed net income of shareholders | | | 4,129 | | | 2,255 | | | 2,972 | | | | | | | | | | | Income tax benefit | | | 70 | | | 194 | | | 164 | | | | | | | | | | | Income before equity in undistributed net income of subsidiaries | | | 4,199 | | | 2,449 | | | 3,136 | Equity in undistributed net income of subsidiaries | | | 12,168 | | | 9,491 | | | 9,654 | | | | | | | | | | | Net Income | | $ | 16,367 | | $ | 11,940 | | $ | 12,790 | | | | | | | | | | | Comprehensive Income | | $ | 27,711 | | $ | 12,983 | | $ | 24,498 |
Statements of Cash Flows (In thousands) | | | | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | | 2023 | Operating Activities: | | | | | | | | | | Net income | | $ | 16,367 | | $ | 11,940 | | $ | 12,790 | Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | Equity in undistributed net income of subsidiaries | | | (12,168) | | | (9,491) | | | (9,654) | Dissolution of Captive | | | — | | | — | | | 1,822 | Stock compensation expense | | | 104 | | | 202 | | | 252 | Unrealized (gain) loss on equity securities | | | (149) | | | 374 | | | 207 | Net change in other assets and liabilities | | | 31 | | | (28) | | | 80 | Net cash provided by operating activities | | | 4,185 | | | 2,997 | | | 5,497 | | | | | | | | | | | Investing Activities: | | | | | | | | | | Investment in technology fund | | | (89) | | | (115) | | | (250) | Net cash used in investing activities | | | (89) | | | (115) | | | (250) | | | | | | | | | | | Financing Activities: | | | | | | | | | | Purchase of treasury stock | | | (578) | | | (41) | | | (502) | Tax paid on stock award shares for employees | | | (17) | | | (23) | | | (23) | Cash dividends paid | | | (4,022) | | | (3,755) | | | (3,621) | Net cash used in financing activities | | | (4,617) | | | (3,819) | | | (4,146) | | | | | | | | | | | Net (decrease) increase in cash | | | (521) | | | (937) | | | 1,101 | | | | | | | | | | | Cash at beginning of year | | | 2,861 | | | 3,798 | | | 2,697 | | | | | | | | | | | Cash at end of year | | $ | 2,340 | | $ | 2,861 | | $ | 3,798 |
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