Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Only Condensed Financial Statements

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

December 31, 2025 and 2024

(In thousands)	2025		2024
ASSETS
Cash and cash equivalents	$	1,955	$	303
Investment in Bank subsidiary	472,650		428,907
Other assets	5,006		3,564
Total assets	$	479,611	$	432,774
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Senior debt and subordinated debentures	$	69,526	$	69,889
Other liabilities	497		200
Total liabilities	70,023		70,089
Shareholders’ equity:
Common stock	210,222		207,816
Retained earnings	238,990		209,984
Accumulated other comprehensive loss, net of tax	(39,624)		(55,115)
Total shareholders’ equity	409,588		362,685
Total liabilities and shareholders’ equity	$	479,611	$	432,774

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31, 2025, 2024, and 2023

(In thousands)	2025		2024		2023
Income:
Dividends declared by Subsidiary (Company)	$	14,200	$	14,000	$	6,963
Other income	10		30		11
Total income	14,210		14,030		6,974
Expenses:
Interest on subordinated debentures and borrowings	3,591		3,298		3,652
Professional fees	320		514		1,305
Other expenses	2,132		3,825		283
Total expenses	6,043		7,637		5,240
Income before equity in undistributed net income of Subsidiary	8,167		6,393		1,734
Equity in undistributed (deficit in distributed) net income of Subsidiary, net of distributions	28,252		(477)		22,256
Income before income tax benefit	36,419		5,916		23,990
Benefit from income taxes	1,749		1,750		1,546
Net income	$	38,168	$	7,666	$	25,536
Total other comprehensive income	15,491		10,919		15,193
Comprehensive income	$	53,659	$	18,585	$	40,729

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2025, 2024, and 2023

(In thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	38,168	$	7,666	$	25,536
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Undistributed net income of subsidiary, net of distributions	(28,252)		477		(22,256)
Equity-based compensation	1,158		879		858
Amortization of unamortized issuance cost	145		145		145
Net increase in other assets	(1,442)		(2,017)		(715)
Net increase (decrease) in other liabilities	297		(68)		(542)
Net cash provided by operating activities	10,074		7,082		3,026
Cash flows used in investing activities:
Cash flows from financing activities:
Cash dividend payments on common stock	(9,162)		(8,230)		(5,657)
Repayments of senior debt	(508)		—		—
Purchase and retirement of common stock	(151)		(38)		(1)
Proceeds from exercise of stock options	1,093		465		—
Proceeds from stock issued under employee stock purchase plan	306		248		206
Net cash used in financing activities	(8,422)		(7,555)		(5,452)
Change in cash and cash equivalents	1,652		(473)		(2,426)
Cash and cash equivalents at beginning of year	303		776		3,202
Cash and cash equivalents at end of year	$	1,955	$	303	$	776
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest	$	3,248	$	2,756	$	4,180