| - | Net income of $10.8 million compared to $10.8 million, a decrease of 0.55% |
| - | Earnings per share of $1.12 compared to $1.13, a decrease of 0.88% |
| - | Total assets of $2.0 billion compared to $1.9 billion, an increase of 3.82% |
| - | Total loans of $1.6 billion compared to $1.5 billion, an increase of 4.71% |
| - | Pre-provision pre-tax earnings of $14.2 million compared to $14.9 million, a decrease of 4.95% |
| - | Total interest income of $32.8 million compared to $33.7 million, a decrease of 2.67% |
| - | Net income of $43.1 million compared to $45.7 million, a decrease of 5.75% |
| - | Earnings per share of $4.50 compared to $4.84, a decrease of 7.02% |
| - | Total assets of $2.0 billion compared to $1.7 billion, an increase of 12.87% |
| - | Total loans of $1.6 billion compared to $1.4 billion, an increase of 14.96% |
| - | Pre-provision pre-tax earnings of $57.5 million compared to $60.4 million, a decrease of 4.78% |
| - | Total interest income of $128.8 million compared to $131.5 million, a decrease of 2.11% |
| | For the Three Months Ended | For the Year Ended | ||||||||||||||
| | December 31, | September 30, | December 31, | |||||||||||||
| | 2025 | 2025 | 2025 | 2024 | ||||||||||||
| Calculation of Pre-Provision Pre-Tax Earnings | (Dollars in thousands) | |||||||||||||||
| Net Income | $ | 10,784 | $ | 10,844 | $ | 43,069 | $ | 45,698 | ||||||||
| Income Tax Expense | 3,375 | 3,342 | 13,696 | 14,656 | ||||||||||||
| Pre-tax net income | 14,159 | 14,186 | 56,765 | 60,354 | ||||||||||||
| Add back: Provision for credit losses | - | 700 | 700 | - | ||||||||||||
| Add back: (Gain)Loss on sales/calls of AFS debt securities | - | 10 | 10 | 6 | ||||||||||||
| Pre-provision pre-tax earnings | $ | 14,159 | $ | 14,896 | 57,475 | 60,360 | ||||||||||
| Assets | December 31, 2025 (unaudited) | December 31, 2024 | ||||||
| | (Dollars in thousands) | |||||||
| Cash and due from banks | $ | 244,635 | $ | 234,196 | ||||
| Interest-bearing time deposits in other banks | 10,457 | 6,719 | ||||||
| Available-for-sale debt securities (amortized cost of $57,316 and $66,445 at December 31, 2025 and December 31, 2024, respectively) | 54,019 | 59,941 | ||||||
| Loans, net of allowance for credit losses of $19,407 and $17,918 at December 31, 2025 and December 31, 2024, respectively | 1,587,024 | 1,379,465 | ||||||
| Loans held for sale | 2,078 | - | ||||||
| Premises and equipment, net | 21,884 | 18,137 | ||||||
| Nonmarketable equity securities | 1,165 | 1,283 | ||||||
| Core deposit intangibles | 752 | 878 | ||||||
| Goodwill | 11,208 | 8,458 | ||||||
| Interest receivable and other assets | 30,418 | 30,731 | ||||||
| | ||||||||
| Total assets | $ | 1,963,640 | $ | 1,739,808 | ||||
| | ||||||||
| Liabilities and Shareholders’ Equity | ||||||||
| | ||||||||
| Deposits | ||||||||
| Noninterest-bearing | $ | 341,416 | $ | 313,258 | ||||
| Interest-bearing | 1,359,417 | 1,202,213 | ||||||
| | ||||||||
| Total deposits | 1,700,833 | 1,515,471 | ||||||
| | ||||||||
| Income taxes payable | 594 | 77 | ||||||
| Interest payable and other liabilities | 11,218 | 11,047 | ||||||
| | ||||||||
| Total liabilities | 1,712,645 | 1,526,595 | ||||||
| | ||||||||
| Shareholders’ equity | ||||||||
| Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,462,656 and 9,390,211 at December 31, 2025 and December 31, 2024, respectively | 95 | 94 | ||||||
| Additional paid-in capital | 103,739 | 101,809 | ||||||
| Retained earnings | 149,707 | 116,281 | ||||||
| Accumulated other comprehensive loss | (2,546 | ) | (4,971 | ) | ||||
| | ||||||||
| Total shareholders’ equity | 250,995 | 213,213 | ||||||
| | ||||||||
| Total liabilities and shareholders’ equity | $ | 1,963,640 | $ | 1,739,808 | ||||
| | Three Months Ended | For the Year Ended | ||||||||||||||
| | December 31, | December 31, | ||||||||||||||
| | 2025 (unaudited) | 2024 (unaudited) | 2025 (unaudited) | 2024 (unaudited) | ||||||||||||
| Interest Income | (Dollars in thousands) | |||||||||||||||
| Loans, including fees | $ | 30,306 | $ | 29,582 | $ | 117,513 | $ | 119,416 | ||||||||
| Interest-bearing time deposits in other banks | 158 | 110 | 564 | 785 | ||||||||||||
| Debt securities, taxable | 258 | 265 | 1,085 | 2,531 | ||||||||||||
| Debt securities, tax-exempt | 59 | 60 | 246 | 273 | ||||||||||||
| Other interest and dividend income | 2,035 | 2,313 | 9,350 | 8,535 | ||||||||||||
| | ||||||||||||||||
| Total interest income | 32,816 | 32,330 | 128,758 | 131,540 | ||||||||||||
| | ||||||||||||||||
| Interest Expense | ||||||||||||||||
| Deposits | 10,551 | 10,593 | 40,885 | 45,345 | ||||||||||||
| | ||||||||||||||||
| Total interest expense | 10,551 | 10,593 | 40,885 | 45,345 | ||||||||||||
| | ||||||||||||||||
| Net Interest Income | 22,265 | 21,737 | 87,873 | 86,195 | ||||||||||||
| | ||||||||||||||||
| Provision for Credit Losses | - | - | 700 | - | ||||||||||||
| | ||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 22,265 | 21,737 | 87,173 | 86,195 | ||||||||||||
| | ||||||||||||||||
| Noninterest Income | ||||||||||||||||
| Mortgage lending income | 326 | 137 | 1,326 | 370 | ||||||||||||
| Loss on sales, prepayments, and calls of available-for-sale debt securities | - | (3 | ) | (10 | ) | (6 | ) | |||||||||
| Service charges on deposit accounts | 244 | 233 | 941 | 975 | ||||||||||||
| Other | 1,269 | 2,034 | 6,246 | 9,915 | ||||||||||||
| | ||||||||||||||||
| Total noninterest income | 1,839 | 2,401 | 8,503 | 11,254 | ||||||||||||
| | ||||||||||||||||
| Noninterest Expense | ||||||||||||||||
| Salaries and employee benefits | 5,805 | 5,043 | 22,634 | 20,783 | ||||||||||||
| Furniture and equipment | 325 | 257 | 1,278 | 1,070 | ||||||||||||
| Occupancy | 690 | 655 | 2,580 | 2,640 | ||||||||||||
| Data and item processing | 513 | 459 | 2,128 | 1,897 | ||||||||||||
| Accounting, marketing and legal fees | 273 | 255 | 757 | 836 | ||||||||||||
| Regulatory assessments | 268 | 211 | 814 | 1,196 | ||||||||||||
| Advertising and public relations | 289 | 192 | 917 | 549 | ||||||||||||
| Travel, lodging and entertainment | 150 | 161 | 439 | 431 | ||||||||||||
| Other | 1,632 | 2,185 | 7,364 | 7,693 | ||||||||||||
| | ||||||||||||||||
| Total noninterest expense | 9,945 | 9,418 | 38,911 | 37,095 | ||||||||||||
| | ||||||||||||||||
| Income Before Taxes | 14,159 | 14,720 | 56,765 | 60,354 | ||||||||||||
| Income tax expense | 3,375 | 3,611 | 13,696 | 14,656 | ||||||||||||
| Net Income | $ | 10,784 | $ | 11,109 | $ | 43,069 | $ | 45,698 | ||||||||
| | ||||||||||||||||
| Earnings per common share - basic | $ | 1.14 | $ | 1.19 | $ | 4.56 | $ | 4.92 | ||||||||
| Earnings per common share - diluted | 1.12 | 1.16 | 4.50 | 4.84 | ||||||||||||
| Weighted average common shares outstanding - basic | 9,454,366 | 9,366,074 | 9,444,105 | 9,290,051 | ||||||||||||
| Weighted average common shares outstanding - diluted | 9,599,897 | 9,556,388 | 9,574,190 | 9,447,751 | ||||||||||||
| | ||||||||||||||||
| Other Comprehensive Income | ||||||||||||||||
| | ||||||||||||||||
| Unrealized gains on securities, net of tax expense(benefit) of $141 and ($304) for the three months ended December 31 2025 and 2024, respectively; net of tax expense of $784 and $335 for the years ended December 31, 2025 and 2024, respectively | $ | 475 | $ | (856 | ) | $ | 2,417 | $ | 1,169 | |||||||
| Reclassification adjustment for realized losses included in net income net of tax of $0 and $1 for the three months ended December 31, 2025 and 2024, respectively; $2 and $1 for the years ended December 31, 2025 and 2024, respectively | - | 2 | 8 | 5 | ||||||||||||
| Other comprehensive income | $ | 475 | $ | (854 | ) | $ | 2,425 | $ | 1,174 | |||||||
| Comprehensive Income | $ | 11,259 | $ | 10,255 | $ | 45,494 | $ | 46,872 | ||||||||
| | Net Interest Margin | ||||||||||||||||||||
| | For the Three Months Ended December 31, | ||||||||||||||||||||
| | 2025 (unaudited) | 2024 (unaudited) | |||||||||||||||||||
| | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | |||||||||||||||
| | (Dollars in thousands) | ||||||||||||||||||||
| Interest-Earning Assets: | |||||||||||||||||||||
| Short-term investments | $ | 226,584 | $ | 2,193 | 3.84 | % | $ | 195,948 | $ | 2,423 | 4.91 | % | |||||||||
| Debt securities, taxable-equivalent | 44,673 | 258 | 2.29 | 50,504 | 265 | 2.08 | |||||||||||||||
| Debt securities, tax exempt | 11,196 | 59 | 2.09 | 14,216 | 60 | 1.67 | |||||||||||||||
| Loans held for sale | 1,431 | - | - | 526 | - | - | |||||||||||||||
| Total loans(1) | 1,570,814 | 30,306 | 7.65 | 1,422,382 | 29,582 | 8.25 | |||||||||||||||
| Total interest-earning assets | 1,854,698 | 32,816 | 7.02 | 1,683,576 | 32,330 | 7.62 | |||||||||||||||
| Noninterest-earning assets | 41,518 | 39,721 | |||||||||||||||||||
| Total assets | $ | 1,896,216 | $ | 1,723,297 | |||||||||||||||||
| | |||||||||||||||||||||
| Funding sources: | |||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||
| Deposits: | |||||||||||||||||||||
| Transaction accounts | $ | 1,078,895 | $ | 8,214 | 3.02 | % | $ | 911,978 | $ | 7,683 | 3.34 | % | |||||||||
| Time deposits | 244,282 | 2,337 | 3.80 | 250,209 | 2,910 | 4.61 | |||||||||||||||
| Total interest-bearing deposits | 1,323,177 | 10,551 | 3.16 | 1,162,187 | 10,593 | 3.62 | |||||||||||||||
| Total interest-bearing liabilities | $ | 1,323,177 | 10,551 | 3.16 | $ | 1,162,187 | 10,593 | 3.62 | |||||||||||||
| | |||||||||||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||
| Noninterest-bearing deposits | $ | 312,943 | $ | 338,645 | |||||||||||||||||
| Other noninterest-bearing liabilities | 12,435 | 13,014 | |||||||||||||||||||
| Total noninterest-bearing liabilities | 325,378 | 351,659 | |||||||||||||||||||
| Shareholders’ equity | 247,661 | 209,451 | |||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,896,216 | $ | 1,723,297 | |||||||||||||||||
| | |||||||||||||||||||||
| Net interest income | $ | 22,265 | $ | 21,737 | |||||||||||||||||
| Net interest spread | 3.86 | % | 4.00 | % | |||||||||||||||||
| Net interest margin | 4.76 | % | 5.12 | % | |||||||||||||||||
| (1) | Nonaccrual loans are included in total loans |
| | Net Interest Margin | |||||||||||||||||||
| | For the Year Ended December 31, | |||||||||||||||||||
| | 2025 (unaudited) | 2024 (unaudited) | ||||||||||||||||||
| | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | ||||||||||||||
| | (Dollars in thousands) | |||||||||||||||||||
| Interest-Earning Assets: | ||||||||||||||||||||
| Short-term investments | $ | 235,211 | $ | 9,914 | 4.21 | % | $ | 184,328 | $ | 9,320 | 5.04 | % | ||||||||
| Debt securities, taxable-equivalent | 46,599 | 1,085 | 2.33 | 90,184 | 2,531 | 2.80 | ||||||||||||||
| Debt securities, tax exempt | 12,042 | 246 | 2.04 | 16,651 | 273 | 1.64 | ||||||||||||||
| Loans held for sale | 1,448 | - | - | 343 | - | - | ||||||||||||||
| Total loans(1) | 1,483,112 | 117,513 | 7.92 | 1,391,552 | 119,416 | 8.56 | ||||||||||||||
| Total interest-earning assets | 1,778,412 | 128,758 | 7.24 | 1,683,058 | 131,540 | 7.79 | ||||||||||||||
| Noninterest-earning assets | 41,782 | 39,555 | ||||||||||||||||||
| Total assets | $ | 1,820,194 | $ | 1,722,613 | ||||||||||||||||
| | ||||||||||||||||||||
| Funding sources: | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Transaction accounts | $ | 1,021,059 | $ | 31,396 | 3.07 | % | $ | 882,314 | $ | 33,408 | 3.78 | % | ||||||||
| Time deposits | 237,548 | 9,489 | 3.99 | 254,057 | 11,937 | 4.69 | ||||||||||||||
| Total interest-bearing deposits | 1,258,607 | 40,885 | 3.25 | 1,136,371 | 45,345 | 3.98 | ||||||||||||||
| Total interest-bearing liabilities | $ | 1,258,607 | $ | 40,885 | 3.25 | $ | 1,136,371 | $ | 45,345 | 3.98 | ||||||||||
| | ||||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||
| Noninterest-bearing deposits | $ | 317,743 | $ | 381,660 | ||||||||||||||||
| Other noninterest-bearing liabilities | 11,105 | 12,419 | ||||||||||||||||||
| Total noninterest-bearing liabilities | 328,848 | 394,079 | ||||||||||||||||||
| Shareholders’ equity | 232,739 | 192,163 | ||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,820,194 | $ | 1,722,613 | ||||||||||||||||
| | ||||||||||||||||||||
| Net interest income | $ | 87,873 | $ | 86,195 | ||||||||||||||||
| Net interest spread | 3.99 | % | 3.81 | % | ||||||||||||||||
| Net interest margin | 4.94 | % | 5.11 | % | ||||||||||||||||
| (1) | Nonaccrual loans are included in total loans |