For the three months ended December 31, 2025 compared to the three months ended September 30, 2025:
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%
For the year ended December 31, 2025 compared to the year ended December 31, 2024:
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%
Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as "well-capitalized" for regulatory purposes. On December 31, 2025, the Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.82%, 14.09%, and 15.25%, respectively. On December 31, 2025, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.82%, 14.09%, and 15.24%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.
Non-GAAP Financial Measures:This earnings release contains the non-GAAP financial measure pre-provision pre-tax earnings. The Company's management uses this non-GAAP measure in their analysis of the Company's performance. This measure adjusts GAAP performance to exclude from net income, income tax expense, provision for credit losses, and loss on sales and calls of available-for-sale debt securities.
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
Unaudited Condensed Consolidated Balance Sheets(Dollar amounts in thousands, except par value)
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
Unaudited Condensed Consolidated Statements of Comprehensive Income(Dollar amounts in thousands, except per share data)
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
