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Parent Only Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Parent Only Condensed Financial Statements | PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS December 31, 2024 and 2023
(In thousands) |  | 2024 |  | 2023
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 303 |  |  | $ | 776 |
Investment in Bank subsidiary |  | 428,907 |  |  | 274,596 |
Other assets |  | 3,564 |  |  | 1,704 |
Total assets |  | $ | 432,774 |  |  | $ | 277,076 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Liabilities: |  |  |  |
Senior debt and subordinated debentures |  | $ | 69,889 |  |  | $ | 69,744 |
Other liabilities |  | 200 |  |  | 268 |
Total liabilities |  | 70,089 |  |  | 70,012 |
Shareholders’ equity: |  |  |  |
Common stock |  | 207,816 |  |  | 62,550 |
Retained earnings |  | 209,984 |  |  | 210,548 |
Accumulated other comprehensive loss, net of tax |  | (55,115) |  |  | (66,034) |
Total shareholders’ equity |  | 362,685 |  |  | 207,064 |
Total liabilities and shareholders’ equity |  | $ | 432,774 |  |  | $ | 277,076 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2024, 2023, and 2022
(In thousands) |  | 2024 |  | 2023 |  | 2022
Income: |  |  |  |  |  |
Dividends declared by Subsidiary (Company) - eliminated in consolidation |  | $ | 14,000 |  |  | $ | 6,963 |  |  | $ | (38,000) |
Other income |  | 30 |  |  | 11 |  |  | 6 |
Total income |  | 14,030 |  |  | 6,974 |  |  | (37,994) |
Expenses: |  |  |  |  |  |
Interest on subordinated debentures and borrowings |  | 3,298 |  |  | 3,652 |  |  | 1,971 |
Professional fees |  | 514 |  |  | 1,305 |  |  | 239 |
Other expenses |  | 3,825 |  |  | 283 |  |  | 601 |
Total expenses |  | 7,637 |  |  | 5,240 |  |  | 2,811 |
Income (loss) before equity in undistributed net income of Subsidiary |  | 6,393 |  |  | 1,734 |  |  | (40,805) |
Equity in undistributed (deficit in distributed) net income of Subsidiary, net of distributions |  | (477) |  |  | 22,256 |  |  | 66,583 |
Income before income tax benefit |  | 5,916 |  |  | 23,990 |  |  | 25,778 |
Benefit from income taxes |  | 1,750 |  |  | 1,546 |  |  | 867 |
Net income |  | $ | 7,666 |  |  | $ | 25,536 |  |  | $ | 26,645 |
Total other comprehensive income (loss) |  | 10,919 |  |  | 15,193 |  |  | (88,859) |
Comprehensive income (loss) |  | $ | 18,585 |  |  | $ | 40,729 |  |  | $ | (62,214) |
CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024, 2023, and 2022
(In thousands) |  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 7,666 |  |  | $ | 25,536 |  |  | $ | 26,645 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | 477 |  |  | (22,256) |  |  | (66,583) |
Equity-based compensation |  | 879 |  |  | 858 |  |  | 776 |
Amortization of unamortized issuance cost |  | 143 |  |  | 145 |  |  | 145 |
Net (increase) decrease in other assets |  | (2,015) |  |  | (715) |  |  | (499) |
Net increase (decrease) in other liabilities |  | (68) |  |  | (542) |  |  | 390 |
Benefit for deferred income taxes |  | — |  |  | — |  |  | 15 |
Net cash provided by (used in) operating activities |  | 7,082 |  |  | 3,026 |  |  | (39,111) |
Cash flows used in investing activities: |  |  |  |  |  |
Investment in subsidiary |  | — |  |  | — |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from issuance of subordinated and senior debt |  | — |  |  | — |  |  | 30,000 |
Cash dividend payments on common stock |  | (8,230) |  |  | (5,657) |  |  | (5,638) |
Purchase and retirement of common stock |  | (38) |  |  | (1) |  |  | (6,814) |
Proceeds from exercise of stock options |  | 465 |  |  | — |  |  | 489 |
Proceeds from stock issued under employee stock purchase plan |  | 248 |  |  | 206 |  |  | 216 |
Net cash (used in) provided by financing activities |  | (7,555) |  |  | (5,452) |  |  | 18,253 |
(Decrease) increase in cash and cash equivalents |  | (473) |  |  | (2,426) |  |  | (20,858) |
Cash and cash equivalents at beginning of year |  | 776 |  |  | 3,202 |  |  | 24,060 |
Cash and cash equivalents at end of year |  | $ | 303 |  |  | $ | 776 |  |  | $ | 3,202 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 2,756 |  |  | $ | 4,180 |  |  | $ | 1,431 |

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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 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 2: 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 + Details
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