Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

NOTE 23. Condensed Financial Information – Parent Company Only

The following tables present parent company only condensed financial statements of the Company, reflecting the investment in the Bank on the equity basis of accounting. The Statements of Changes in Shareholders' Equity for the parent company only are identical to the Consolidated Statements of Changes in Shareholders' Equity and are therefore not presented.

Balance Sheets

December 31, 2025 and 2024

(dollars in thousands)

	2025			2024
Assets
Cash held in subsidiary bank	$	393		$	1,509
Investment in subsidiary		217,435			146,851
Other assets		928			477
Total assets	$	218,756		$	148,837
Liabilities and Shareholders’ Equity
Subordinated debt	$	29,579		$	29,512
Other liabilities		338			338
Total liabilities	$	29,917		$	29,850
Shareholders’ Equity
Common stock	$	13,264		$	8,714
Surplus		64,720			14,901
Retained earnings		116,115			114,012
Accumulated other comprehensive (loss)		(5,260	)		(18,640	)
Total shareholders’ equity	$	188,839		$	118,987
Total liabilities and shareholders’ equity	$	218,756		$	148,837

Statements of Income

Years Ended December 31, 2025 and 2024

(dollars in thousands)

	2025			2024
Income
Dividends from subsidiary bank	$	—		$	5,000
Total income	$	—		$	5,000
Expenses
Interest expense on subordinated debt	$	1,417		$	1,417
Other operating expenses		497			432
Total expenses	$	1,914		$	1,849
Income before income (benefit) tax and equity in undistributed earnings of subsidiary bank	$	(1,914	)	$	3,151
Income Tax (Benefit)		(424	)		(361	)
(Loss) income before equity in undistributed earnings of subsidiary bank	$	(1,490	)	$	3,512
Equity in Undistributed Net Income of Subsidiary Bank		9,704			11,831
Net income	$	8,214		$	15,343
Comprehensive income	$	21,594		$	14,709

Statements of Cash Flows

Years Ended December 31, 2025 and 2024

(dollars in thousands)

	2025			2024
Cash Flows from Operating Activities
Net Income	$	8,214		$	15,343
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Stock-based compensation expense		1,216			912
Undistributed earnings of subsidiary bank		(9,704	)		(11,831	)
Amortization of debt issuance costs		67			67
Changes in assets and liabilities:
(Increase) decrease in other assets		(451	)		429
Net cash (used in) provided by operating activities	$	(658	)	$	4,920
Cash Flows from Investing Activities
Capital contribution to bank subsidiary	$	(47,500	)	$	—
Net cash (used in) investing activities	$	(47,500	)	$	—
Cash Flows from Financing Activities
Cash dividends paid		(6,111	)		(4,299	)
Net proceeds from issuance of common stock in public offering		53,501			—
Retirement of common stock		(348	)		(237	)
Net cash provided by (used in) financing activities	$	47,042		$	(4,536	)
(Decrease) increase in cash	$	(1,116	)	$	384
Cash
Beginning	$	1,509		$	1,125
Ending	$	393		$	1,509