XML 34 R23.htm IDEA: XBRL DOCUMENT v3.26.3
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

16. SUBSEQUENT EVENTS

On October 19, 2026, the Company announced it has adopted a stock repurchase program.  Under the repurchase program, the Company may repurchase up to 144,411 shares of its common stock, or approximately 8.0% of the current outstanding shares.  

On October 21, 2026, the Bank, the Company and Financial Quest (together, the “Sellers”) entered into an Asset Purchase Agreement (the “Agreement”) with Boshart Wealth Management, LLC (the “Buyer”) and Gregory Boshart, the Buyer’s sole member and manager.  

Under the Agreement, the Sellers will sell to the Buyer substantially all of the business assets of Financial Quest’s financial advisory and investment services business, including its retail investment advisory and brokerage business and its company-sponsored retirement plan services business (collectively, the “Business”) for the purchase price of $1,400,000. For three years following the closing, the Sellers and their affiliates may not compete with the Buyer in connection with the purchased assets, solicit or accept business from the Buyer’s clients, or solicit the Buyer’s employees.  At the closing, the Bank will lease to the Buyer a portion of its premises for an initial term of one year at a monthly rent of $2,000 for the first six months and $2,500 for the remaining six months, with a six-month extension option and a mutual right to terminate on three months’ notice. The sale of the Business was completed on October 26, 2026.