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Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Unearned Employee Stock Ownership Plan Shares
Retained Earnings
Accumulated Other Comprehensive Loss, Net of Income Taxes
Treasury Stock
Non-Controlling Interest
Total
Balance at Dec. 31, 2023 $ 230 $ 96,294 $ (698) $ 208,376 $ (21,384) $ (35,177) $ 2,758 $ 250,399
Battle Creek demutualization 3,832 (1,074) (2,758)
Net income 6,419 6,419
Other comprehensive income (loss), net of income taxes (1,400) (1,400)
Share-based compensation 581 581
Issuance of vested award shares (555) (176) 578 (153)
Balance at Mar. 31, 2024 230 96,320 (698) 218,451 (23,858) (34,599) 255,846
Balance at Dec. 31, 2024 230 95,796 (455) 201,584 (18,231) (34,293) 244,631
Battle Creek demutualization
Net income 6,460 6,460
Other comprehensive income (loss), net of income taxes 2,560 2,560
Share-based compensation 480 480
Issuance of vested award shares (493) (47) 409 (131)
Balance at Mar. 31, 2025 $ 230 $ 95,783 $ (455) $ 207,997 $ (15,671) $ (33,884) $ 254,000