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v3.25.1

Parent Company financial statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Parent Company financial statements |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | December 31, 2024 |  | December 31, 2023 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,151 | ​ | $ | 188 | ​
Equity securities | ​ | ​ | 1,657 | ​ | ​ | 98 | ​
Investment in bank subsidiary | ​ |  | 499,446 | ​ |  | 372,348 | ​
Due from subsidiaries | ​ | ​ | 486 | ​ | ​ | ​ | ​
Other assets | ​ |  | 7,813 | ​ |  | 936 | ​
Total assets | ​ | $ | 510,553 | ​ | $ | 373,570 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debt | ​ | $ | 33,000 | ​ | $ | 33,000 | ​
Junior subordinated debt | ​ | ​ | 8,039 | ​ | ​ | ​ | ​
Accrued interest payable | ​ | ​ | 177 | ​ | ​ | 148 | ​
Other liabilities | ​ | ​ | 387 | ​ | ​ | ​ | ​
Stockholders’ equity | ​ |  | 468,950 | ​ |  | 340,422 | ​
Total liabilities and stockholders’ equity | ​ | $ | 510,553 | ​ | $ | 373,570 | ​
CONDENSED STATEMENTS OF INCOME | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 20,593 | ​ | $ | 20,158 | ​ | $ | 11,325 | ​
Other income | ​ | ​ | 105 | ​ | ​ | 4 | ​ | ​ | 3 | ​
Gains (losses) on equity securities | ​ |  | 130 | ​ |  | (11) | ​ |  | (31) | ​
Total income | ​ |  | 20,828 | ​ |  | 20,151 | ​ |  | 11,297 | ​
Expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisition related expenses | ​ | ​ | 1,877 | ​ | ​ | 1,580 | ​ | ​ | ​ | ​
Interest expense on subordinated debt | ​ | ​ | 2,189 | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​
Other expenses | ​ |  | 1,551 | ​ |  | 1,538 | ​ |  | 1,188 | ​
Total expenses | ​ |  | 5,617 | ​ |  | 4,892 | ​ |  | 2,962 | ​
Income before taxes and undistributed income | ​ |  | 15,211 | ​ |  | 15,259 | ​ |  | 8,335 | ​
Income tax benefit | ​ | ​ | (1,464) | ​ |  | (857) | ​ |  | (624) | ​
Income before undistributed income of subsidiaries | ​ |  | 16,675 | ​ |  | 16,116 | ​ |  | 8,959 | ​
(Distributions in excess of net income) equity in undistributed net income of subsidiaries | ​ |  | (8,177) | ​ |  | 11,264 | ​ |  | 29,131 | ​
Net income | ​ | $ | 8,498 | ​ | $ | 27,380 | ​ | $ | 38,090 | ​
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022 |
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 8,498 | ​ | $ | 27,380 | ​ | $ | 38,090 | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization expense related to acquired borrowings | ​ | ​ | 47 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (gains) losses on investment securities | ​ |  | (130) | ​ |  | 11 | ​ |  | 31 | ​
Distributions in excess of net income (undistributed net income of subsidiaries) | ​ |  | 8,177 | ​ |  | (11,264) | ​ |  | (29,131) | ​
(Increase) decrease in other assets | ​ |  | (1,430) | ​ |  | 359 | ​ | ​ | (591) | ​
Increase (decrease) in other liabilities | ​ |  | 1,252 | ​ |  | ​ | ​ |  | (40) | ​
Stock based compensation | ​ |  | 786 | ​ |  | 888 | ​ |  | 534 | ​
Net cash provided by operating activities | ​ |  | 17,200 | ​ |  | 17,374 | ​ |  | 8,893 | ​
Cash flows from investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in insurance company | ​ | ​ | (802) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash balance acquired in merger, net of cash outlay | ​ | ​ | 1,091 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sale of equity securities | ​ | ​ | 1,567 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by investing activities | ​ |  | 1,856 | ​ |  | ​ | ​ |  | ​ | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement of common stock | ​ |  | ​ | ​ | ​ | (5,886) | ​ | ​ | (1,253) | ​
Cash dividends paid | ​ |  | (18,093) | ​ |  | (11,659) | ​ |  | (11,325) | ​
Net cash used in financing activities | ​ |  | (18,093) | ​ |  | (17,545) | ​ |  | (12,578) | ​
Increase (decrease) in cash and cash equivalents | ​ |  | 963 | ​ |  | (171) | ​ |  | (3,685) | ​
Cash and cash equivalents at beginning of year | ​ |  | 188 | ​ |  | 359 | ​ |  | 4,044 | ​
Cash and cash equivalents at end of year | ​ | $ | 1,151 | ​ | $ | 188 | ​ | $ | 359 | ​
​

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