v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity [Abstract]  
Stockholders' Equity
9.
STOCKHOLDERS’ EQUITY
Common Stock
There were
no
stock repurchases during the three months
ended June 30, 2026. During the
six months ended June 30,
2026, the Company repurchased
53,475
shares of Class A common stock at a weighted average cost per share of $
18.74
.
The aggregate
purchase
price
for these
transactions
was
approximately
$
1.0
million,
including transaction
costs.
These
repurchases
were made
pursuant to
the Company’s
publicly announced
share repurchase
programs. At
June 30,
2026,
474,834
shares remained authorized
for repurchase
under the
Company’s 2024 share
repurchase program.
The Company’s
2022 share repurchase program has been fully utilized.
There were
no
stock repurchases during the three months
ended June 30, 2025. During the six
months ended June 30,
2025, the Company repurchased
9,671
shares of Class
A common stock at a
weighted average cost
per share of $
17.91
.
The aggregate
purchase price
for these
transactions was
approximately $
174
thousand, including
transaction costs.
The
repurchases
were
made
pursuant
to
the
Company’s
publicly
announced
repurchase
programs.
As
of
June 30,
2025,
528,309
shares remained authorized for repurchase under
the Company’s two stock repurchase programs.
There were
no
restricted stock awards issued
in the three months ended
June 30, 2026. During
the six months ended
June 30, 2026,
the Company
issued
147,490
shares of
Class common
A
stock to
employees as
restricted stock
awards
pursuant to the Company’s 2015 equity incentive
plan.
There were
no
restricted stock awards issued
in the three months ended
June 30, 2025. During
the six months ended
June 30,
2025, the
Company issued
124,424
shares of
Class A
common stock
to employees
as restricted
stock awards
pursuant to the Company’s 2015 equity incentive
plan.
The
number
of
shares
of
the
Company’s
Class
A
common
stock
issued
and
outstanding
as
of
June 30,
2026
and
December 31, 2025 were
18,459,470
and
18,137,885
, respectively.
Dividends
Declaration of
dividends by
the Board
of Directors
is required
before dividend
payments are
made. The
Company is
limited in
the amount
of cash
dividends that
it may
pay.
Payment of
dividends is
generally limited
to the
Company’s
net
income for the current year combined with the Company’s
retained income for the preceding two years, as defined by state
banking
regulations.
However,
for
any
dividend
declaration,
the
Company
must
consider
additional
factors
such
as
the
amount of current
period net income,
liquidity,
asset quality,
capital adequacy
and economic
conditions at the
Bank since
the Bank is the
primary source of
funds to fund dividends
paid by the Company.
It is likely that
these factors would
further
limit the
amount of
dividends which
the Company
could legally
declare. In
addition, bank
regulators have
the authority
to
prohibit banks and bank holding companies
from paying dividends if they deem such
payment to be an unsafe or unsound
practice.
As of June 30, 2026, the Company was not subject
to any formal supervisory restrictions on its
ability to pay dividends
but will notify the Federal
Reserve Bank of Atlanta
in advance of any proposed
dividend to the Company's
stockholders in
light of the Bank's negative retained earnings. In addition, under applicable FDIC regulations and policy,
because the Bank
has negative retained
earnings, it must
obtain the prior
approval of the
FDIC before effecting a
cash dividend or other
capital
distribution from the Bank to the Company.
The following table details the dividends declared and paid by
the Company for the periods presented:
The Bank exceeded all
regulatory capital requirements and remained above “well-capitalized” guidelines as
of June 30,
2026 and December 31, 2025. At June 30, 2026, the total
risk-based capital ratio for the Bank was
13.68
%.
See Note 12, Subsequent Events, for information regarding
dividends declared in July 2026.
Six Months Ended June 30, 2026
Declaration Date
Record Date
Payment Date
Dividend Per Share
Dividend Amount
January 20, 2026
February 17, 2026
March 5, 2026
$
0.125
$
2.3
million
April 20, 2026
May 15, 2026
June 5, 2026
$
0.125
$
2.3
million
Six Months Ended June 30, 2025
Declaration Date
Record Date
Payment Date
Dividend Per Share
Dividend Amount
January 21, 2025
February 14, 2025
March 5, 2025
$
0.10
$
2.0
million
April 21, 2025
May 15, 2025
June 5, 2025
$
0.10
$
2.0
million