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PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

NOTE 21 — PARENT COMPANY FINANCIAL INFORMATION

Condensed financial information for the Company (parent company only) is as follows (in thousands):

Condensed Statements of Financial Condition

​

​	​	​	​	​	​	​
​	​ ​ ​	At December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Assets		​	​		​	​
Cash and due from banks	​	$	36,058	​	$	16,820
Investments	​		620	​		620
Investment in subsidiary bank, at equity	​		726,724	​		731,705
Other assets	​		1,461	​		1,960
Total assets	​	​	764,863	​	​	751,105
​	​	​	​	​	​	​
Liabilities and Stockholders’ Equity	​		​	​		​
Trust preferred securities	​		20,620	​		20,620
Other liabilities	​		1,131	​		658
Total liabilities	​		21,751	​		21,278
​	​	​	​	​	​	​
Stockholders’ Equity	​		​	​		​
Common stock	​		113	​		112
Surplus	​		405,565	​		400,188
Retained earnings	​		450,639	​		382,661
Accumulated other comprehensive income (loss), net of tax	​	​	(39,739)	​	​	(53,134)
Treasury Stock	​		(73,466)	​		—
Total equity	​		743,112	​		729,827
Total liabilities and stockholders’ equity	​	$	764,863	​	$	751,105

​

​

Condensed Statements of Operations

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Income	​ ​ ​	​	​	​ ​ ​	​	​	​ ​ ​	​	​
Loans	​	$	—	​	$	—	​	$	3
Securities and money market funds	​	​	40	​	​	46	​	​	46
Total interest income	​		40	​		46	​		49
Interest expense	​		​	​		​	​		​
Trust preferred securities	​		1,334	​		1,534	​		1,514
Subordinated debt	​		—	​		—	​		—
Total interest expense	​		1,334	​		1,534	​		1,514
Net interest expense	​		(1,294)	​		(1,488)	​		(1,465)
Provision for credit losses	​		—	​		—	​		4
Net interest expense after provision for credit losses	​		(1,294)	​		(1,488)	​		(1,461)
Other expense	​		6,335	​		5,106	​		5,227
Loss before undistributed earnings of subsidiary bank	​		(7,629)	​		(6,594)	​		(6,688)
Equity in undistributed earnings of subsidiary bank	​		76,423	​		71,284	​		82,101
Income before income tax benefit	​		68,794	​		64,690	​		75,413
Income tax benefit	​		2,304	​		1,996	​		1,855
Net income	​	$	71,098	​	$	66,686	​	$	77,268
​	​	​	​	​	​	​	​	​	​
Comprehensive income	​	$	84,493	​	$	66,488	​	$	78,630
​	​	​	​	​	​	​	​	​	​

​

​

Condensed Statement of Cash Flows

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​	2024		​	2023
Cash Flows From Operating Activities	​	​	​	​	​	​	​	​	​
Net income	​	$	71,098	​	$	66,686	​	$	77,268
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​		​	​		​	​		​
Undistributed earnings of subsidiary bank	​		(76,423)	​		(71,284)	​		(82,101)
Cash dividend from subsidiary bank	​	​	94,800	​	​	—	​	​	5,000
Other operating adjustments	​	​	10,164	​	​	9,054	​	​	9,697
Net cash provided by (used in) operating activities	​		99,639	​		4,456	​		9,864
​	​	​	​	​	​	​	​	​	​
Cash Flows From Investing Activities	​		​	​		​	​		​
Proceeds from loan payments	​	​	—	​	​	—	​	​	776
Net cash provided by (used in) investing activities	​		—	​		—	​		776
​	​	​	​	​	​	​	​	​	​
Cash Flows From Financing Activities	​		​	​		​	​		​
Redemption of common stock for tax withholdings for restricted stock vesting	​	​	(3,815)	​	​	(4,582)	​	​	(3,170)
Purchase of common shares to treasury	​	​	(73,466)	​	​	—	​	​	—
Dividends paid	​	​	(3,120)	​	​	—	​	​	—
Net cash provided by (used in) financing activities	​		(80,401)	​		(4,582)	​		(3,170)
​	​	​	​	​	​	​	​	​	​
Increase (decrease) in cash and cash equivalents	​		19,238	​		(126)	​		7,470
Cash and cash equivalents, beginning of year	​		16,820	​		16,946	​		9,476
Cash and cash equivalents, end of year	​	$	36,058	​	$	16,820	​	$	16,946

​

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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