Unity Bancorp, Inc
(NASDAQ:UNTY)

Unity Bancorp, Inc. operates as the holding company for Unity Bank that provides commercial and retail banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money marke...

Website: http://www.unitybank.com

Founded: 1991

Full Time Employees: 196

CEO: James A Hughes

Sector: Financial Services

Industry: Banks-Regional

Regional Bank

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At a glance:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2006-09-30	2006-06-30	2003-03-31	2002-09-30	2002-06-30	2002-03-31	2001-09-30

interest income
interest-bearing deposits	673,000	472,000	487,000	332,000	484,000	695,000	435,000	420,000	483,000	441,000	333,000	319,000	168,000	152,000	96,000	48,000
fhlb stock	132,000	121,000	130,000	182,000	165,000	164,000	180,000	280,000	364,000	343,000	331,000	220,000	93,000	50,000	33,000	41,000	53,000	63,000	79,000	79,000
securities:
taxable	1,561,000	1,735,000	1,735,000	1,786,000	1,809,000	1,904,000	1,749,000	1,849,000	1,848,000	1,798,000	1,739,000	1,590,000	1,397,000	1,115,000	652,000	292,000	253,000	292,000	383,000	437,000
tax-exempt	18,000	18,000	17,000	18,000	17,000	17,000	17,000	18,000	17,000	19,000	19,000	19,000	18,000	10,000	6,000	8,000	9,000	10,000	11,000	17,000
total securities	1,579,000	1,753,000	1,752,000	1,804,000	1,826,000	1,921,000	1,766,000	1,867,000	1,865,000	1,817,000	1,758,000	1,609,000	1,415,000	1,125,000	658,000	300,000	262,000	302,000	394,000	454,000	1,288,000	1,330,000	1,312,000	1,406,000	1,394,000	1,176,000	852,000	926,000	1,117,000	1,124,000	1,245,000
loans:
sba loans	1,037,000	964,000	856,000	929,000	1,095,000	1,153,000	1,276,000	1,333,000	1,379,000	1,403,000	1,404,000	1,370,000	1,083,000	926,000	923,000	864,000	776,000	783,000	631,000	709,000	2,043,000	2,028,000	2,328,000	2,190,000	2,175,000	2,179,000	1,042,000	922,000	885,000	899,000	880,000
commercial loans	17,952,000	27,197,000	25,736,000	24,260,000	23,500,000	22,283,000	21,160,000	20,830,000	20,299,000	18,621,000	17,401,000	15,892,000	14,017,000	12,414,000	11,497,000	11,280,000	10,734,000	10,474,000	10,099,000	9,815,000	6,877,000	6,667,000	6,735,000	6,600,000	5,779,000	5,368,000	3,019,000	2,862,000	2,636,000	2,263,000	2,008,000
residential mortgage loans	10,839,000	10,749,000	10,390,000	9,947,000	9,578,000	9,657,000	9,316,000	9,219,000	8,462,000	8,532,000	8,109,000	7,111,000	5,912,000	4,982,000	4,390,000	4,606,000	4,906,000	5,128,000	5,490,000	5,554,000	1,720,000	1,209,000	1,079,000	1,047,000	810,000	788,000	877,000	1,054,000	1,069,000	1,043,000	1,229,000
consumer loans	1,524,000	1,469,000	1,491,000	1,346,000	1,379,000	1,436,000	1,390,000	1,402,000	1,525,000	1,471,000	1,354,000	1,218,000	1,075,000	919,000	921,000	736,000	682,000	857,000	2,011,000	1,921,000	866,000	846,000	901,000	933,000	830,000	779,000	384,000	394,000	389,000	389,000	469,000
residential construction loans	1,791,000	1,636,000	1,758,000	1,996,000	2,232,000	2,235,000	2,453,000	2,578,000	2,588,000	2,737,000	2,586,000	2,537,000	2,184,000	2,011,000	1,824,000	1,628,000	1,486,000
total loans	43,483,000	42,015,000	40,231,000	38,483,000	37,789,000	36,770,000	35,606,000	35,370,000	34,278,000	32,791,000	30,931,000	28,178,000	24,548,000	21,744,000	20,332,000	20,865,000	20,332,000	20,187,000	19,267,000	18,722,000
total interest income	45,867,000	44,361,000	42,600,000	40,801,000	40,264,000	39,550,000	37,987,000	37,937,000	36,990,000	35,392,000	33,353,000	30,326,000	26,224,000	23,071,000	21,119,000	21,254,000	20,680,000	20,576,000	19,764,000	19,278,000				12,566,000	11,258,000	10,644,000	6,190,000	6,227,000	6,127,000	5,748,000	5,963,000
interest expense
interest-bearing demand deposits	2,010,000	1,998,000	1,898,000	1,622,000	1,653,000	1,802,000	2,010,000	1,710,000	1,429,000	1,349,000	982,000	702,000	320,000	198,000	164,000	247,000	307,000	309,000	347,000	364,000	404,000	350,000	366,000	451,000
savings deposits	3,164,000	3,177,000	2,718,000	2,593,000	2,909,000	3,605,000	3,349,000	3,144,000	3,178,000	2,501,000	1,953,000	1,475,000	878,000	412,000	345,000	390,000	419,000	431,000	473,000	512,000	774,000	918,000	1,349,000	1,995,000	1,971,000	1,704,000	106,000	199,000	188,000	167,000	194,000
brokered deposits	2,033,000	2,003,000	1,786,000	1,787,000	1,896,000	2,039,000	2,181,000	2,295,000
time deposits	6,349,000	6,247,000	6,560,000	6,415,000	6,200,000	6,186,000	5,832,000	4,699,000	5,033,000	3,895,000	2,709,000	1,258,000	600,000	419,000	480,000	659,000	1,171,000	1,463,000	2,157,000	2,454,000	3,553,000	3,006,000	3,220,000	2,994,000	1,968,000	1,671,000	744,000	986,000	1,125,000	1,182,000	1,652,000
borrowed funds and subordinated debentures	942,000	1,080,000	1,081,000	1,133,000	1,116,000	1,062,000	1,191,000	2,248,000	3,817,000	4,125,000	3,799,000	2,181,000	688,000	285,000	226,000	235,000	334,000	355,000	460,000	423,000	1,152,000	1,155,000	1,065,000	1,153,000	738,000	583,000
total interest expense	14,498,000	14,505,000	14,043,000	13,550,000	13,774,000	14,694,000	14,563,000	14,096,000	13,457,000	11,870,000	9,443,000	5,616,000	2,486,000	1,314,000	1,215,000	1,531,000	2,231,000	2,558,000	3,437,000	3,753,000	5,883,000	5,429,000	6,000,000	6,593,000	5,314,000	4,611,000	1,939,000	2,145,000	2,184,000	2,118,000	2,791,000
net interest income	31,369,000	29,856,000	28,557,000	27,251,000	26,490,000	24,856,000	23,424,000	23,841,000	23,533,000	23,522,000	23,910,000	24,710,000	23,738,000	21,757,000	19,904,000	19,723,000	18,449,000	18,018,000	16,327,000	15,525,000	7,082,000	6,838,000	6,635,000	5,973,000	5,944,000	6,033,000	4,251,000	4,082,000	3,943,000	3,630,000	3,172,000
provision for credit losses, loans	2,208,000	1,409,000	1,725,000	1,358,000	470,000	1,029,000	266,000	641,000
(release) provision for credit losses, off-balance sheet	4,000	-80,000		-41,000
(release) provision for credit losses, securities		-787,000	-2,036,000
net interest income after provision for credit losses	29,111,000	29,314,000	28,732,000	25,934,000	25,190,000	23,776,000	22,499,000	23,198,000	22,999,000	22,745,000
noninterest income
branch fee income	474,000	450,000	465,000	447,000	462,000	420,000	266,000	243,000	278,000	228,000	235,000	225,000	336,000	281,000	275,000	294,000	269,000	295,000	237,000	207,000
service and loan fee income	705,000	607,000	536,000	864,000	488,000	753,000	467,000	457,000	385,000	491,000	503,000	618,000	543,000	688,000	584,000	804,000	509,000	625,000	419,000	390,000	334,000	302,000	300,000	428,000	491,000	406,000
gain on sale of sba loans held for sale	165,000	238,000	163,000	139,000	47,000	70,000	305,000	238,000		586,000	309,000	102,000			852,000		496,000	245,000	534,000	92,000
gain on sale of mortgage loans	342,000	582,000	435,000	168,000	354,000	549,000	266,000	320,000	488,000	463,000	244,000	168,000	280,000	431,000	521,000	968,000	1,066,000	1,750,000	1,713,000	1,553,000
boli income	228,000	211,000	183,000	151,000	155,000	135,000	189,000	65,000	679,000	84,000	80,000	142,000	170,000	161,000	163,000	138,000	133,000	129,000	147,000	154,000
net security gains	1,006,500	475,000	3,600,000	-49,000	143,250	499,000	20,000	54,000				-407,750	-576,000	-498,000	-557,000	202,000	23,000	310,000	-96,000	79,000	-512,000	-206,000	70,000	22,000	69,000		83,000		228,000		34,000
other income	412,000	404,000	433,000	381,000	397,000	377,000	520,000	341,000	336,000	427,000	368,000	373,000	357,000	1,686,000	401,000	403,000	399,000	372,000	382,000	336,000	131,000	121,000	138,000	270,000	204,000	117,000	214,000	123,000	300,000	412,000	206,000
total noninterest income	3,896,000	2,967,000	5,815,000	2,101,000	1,916,000	2,803,000	2,033,000	1,718,000	2,043,000	2,115,000	1,417,000	1,946,000	1,110,000	2,749,000	2,239,000	2,809,000	2,895,000	3,726,000	3,336,000	2,811,000	-344,000	1,028,000	1,455,000
noninterest expense
compensation and benefits	7,694,000	8,430,000	8,160,000	7,902,000	7,998,000	7,274,000	7,121,000	7,357,000	7,440,000	7,271,000	7,090,000	7,159,000	6,471,000	6,811,000	6,508,000	5,720,000	6,333,000	6,063,000	5,761,000	5,553,000	2,948,000	2,980,000	3,220,000	2,816,000	2,809,000	2,664,000	1,910,000	1,867,000	1,930,000	1,808,000	1,760,000
processing and communications	1,077,000	1,150,000	980,000	986,000	858,000	868,000	840,000	906,000	705,000	663,000	804,000	682,000	708,000	706,000	752,000	747,000	750,000	807,000	722,000	769,000	554,000	544,000	570,000	645,000	555,000	553,000	574,000	564,000	561,000	511,000	545,000
occupancy	880,000	838,000	809,000	880,000	790,000	781,000	815,000	798,000	763,000	779,000	770,000	758,000	702,000	727,000	775,000	654,000	631,000	706,000	639,000	630,000	688,000	713,000	701,000	699,000	631,000	646,000	478,000	422,000	398,000	408,000	405,000
furniture and equipment	854,000	838,000	787,000	746,000	834,000	803,000	819,000	684,000	645,000	690,000	689,000	682,000	617,000	618,000	576,000	627,000	659,000	649,000	637,000	641,000	423,000	413,000	388,000	419,000	372,000	381,000	241,000	271,000	264,000	285,000	283,000
professional services	640,000	405,000	350,000	364,000	516,000	326,000	405,000	436,000	348,000	296,000	427,000	341,000	221,000	392,000	447,000	315,000	339,000	380,000	274,000	261,000	285,000	143,000	198,000	116,000	222,000	151,000
advertising	380,000	456,000	456,000	391,000	348,000	465,000	397,000	400,000	405,000	443,000	260,000	339,000	307,000	340,000	225,000	261,000	403,000	268,000	191,000	207,000	158,000	79,000	62,000	113,000	101,000	148,000
loan related expenses	426,000	151,000	265,000	46,000	179,000	223,000	351,000	384,000
deposit insurance	300,000	320,000	313,000	241,000	195,000	245,000	321,000	339,000	397,000	617,000	348,000	270,000	233,000	250,000	269,000	198,000	225,000	214,000	197,000	159,000	117,000	111,000		16,000	17,000	16,000	16,000	42,000	39,000	38,000	39,000
director fees	271,000	263,000	265,000	495,000	247,000	232,000	231,000	247,000	209,000	203,000	217,000	218,000	240,000	225,000	233,000	189,000	204,000	208,000	191,000	181,000
other expenses	796,000	564,000	634,000	560,000	652,000	795,000	680,000	581,000	868,000	659,000					432,000				550,000					493,000	434,000	387,000	464,000	356,000	415,000	382,000	268,000
total noninterest expense	13,318,000	13,415,000	13,019,000	12,611,000	12,617,000	12,012,000	11,980,000	12,132,000	11,995,000	11,751,000	11,428,000	11,388,000	10,064,000	10,710,000	10,410,000	9,860,000	10,460,000	9,802,000	10,037,000	9,177,000	5,779,000	5,617,000	5,770,000
income before provision for income taxes	19,689,000	18,866,000	21,528,000	15,424,000	14,489,000	14,567,000	12,552,000	12,784,000	13,047,000	13,109,000					11,911,000				7,626,000
provision for income taxes	4,222,000	4,476,000	5,037,000	3,826,000	2,984,000	3,662,000	3,098,000	3,198,000	3,097,000	3,409,000					2,803,000				1,866,000					430,000	844,000	792,000	701,000	537,000	514,000	447,000	3,000
net income	15,467,000	14,390,000	16,491,000	11,598,000	11,505,000	10,905,000	9,454,000	9,586,000	9,950,000	9,700,000	10,287,000	9,956,000	9,942,000	9,451,000	9,108,000	9,459,000	8,418,000	8,496,000	5,760,000	5,171,000	-1,002,000	1,104,000	1,244,000	1,052,000	1,627,000	1,637,000	1,152,000	962,000	916,000	822,000	726,000
yoy	34.44%	31.96%	74.43%	20.99%	15.63%	12.42%	-8.10%	-3.72%	0.08%	2.63%	12.94%	5.25%	18.10%	11.24%	58.13%	82.92%	-940.12%	669.57%	363.02%	391.54%	-161.59%	-32.56%	7.99%	9.36%	77.62%	99.15%	58.68%
qoq	7.48%	-12.74%	42.19%	0.81%	5.50%	15.35%	-1.38%	-3.66%	2.58%	-5.71%	3.32%	0.14%	5.20%	3.77%	-3.71%	12.37%	-0.92%	47.50%	11.39%	-616.07%	-190.76%	-11.25%	18.25%	-35.34%	-0.61%	42.10%	19.75%	5.02%	11.44%	13.22%
net income per common share – basic	1,057.5	1,430	1,640	1,150	745	1,090	940	950	980	960	980	680	940	900
net income per common share – diluted	1,037.5	1,410	1,610	1,130	735	1,070	930	930	970	950	960	667.5	930	880
weighted-average common shares outstanding – basic	10,033,000	10,036,000	10,033,000	10,054,000	10,031,000	9,978,000	10,016,000	10,127,000	10,128,000	10,103,000	10,538,000	10,508,000	10,522,000	10,504,000	10,446,000	10,372,000	10,427,000	10,437,000	10,630,000	10,792,000
weighted-average common shares outstanding – diluted	10,223,000	10,233,000	10,212,000	10,247,000	10,202,000	10,148,000	10,149,000	10,276,000	10,258,000	10,203,000	10,686,000	10,705,000	10,714,000	10,706,000	10,664,000	10,507,000	10,569,000	10,565,000	10,706,000	10,888,000
provision for credit losses, off-balance sheet			136,000				13,000	2,000
sba ppp loans				5,000	5,000	6,000	11,000	8,000	25,000	27,000	77,000	50,000	277,000	492,000	777,000	1,751,000	1,748,000	1,730,000	1,036,000	723,000
provision for credit losses, afs debt securities					161,500		646,000
provision for (release of) credit losses, off-balance sheet					16,500	51,000
provision for credit losses									534,000	777,000
net security losses									-123,000	-164,000	-322,000
other loan expenses									125,000	45,000	128,000	2,000	109,000		135,000	452,000	165,000	143,000	216,000	168,000
loan collection expenses									90,000	85,000	47,000	140,000	45,000	36,000	58,000
benefit for credit losses											108,000
net interest income after benefit for credit losses											23,802,000
other incomes											648,000	363,500	411,000	610,000		421,000	415,000	245,000		119,000	400,000	496,000	529,000
income before benefit from income taxes											13,791,000	9,446,500	13,267,000	12,608,000		12,672,000	10,884,000	11,442,000		6,659,000
benefit from income taxes											3,504,000	2,321,250	3,325,000	3,157,000		3,213,000	2,466,000	2,946,000		1,488,000	-139,000	495,000	626,000
benefit from loan losses												631,500	1,517,000	1,188,000				500,000		2,500,000	2,100,000	650,000	450,000
net interest income after benefit from loan losses												15,718,000	22,221,000	20,569,000		19,723,000	18,449,000	17,518,000		13,025,000	4,982,000	6,188,000	6,185,000
other loan incomes														-5,000
(credit) provision for loan losses															-178,000
net interest income after provision for loan losses															20,082,000				14,327,000					5,523,000	5,544,000	5,783,000	3,801,000	3,707,000	2,968,000	3,030,000	2,897,000
net income per common share - basic															870	910	810	810	540	480	-140	160	180	150	250	250	210		170	160
net income per common share - diluted															850	900	800	800	540	470	-140	150	170	150	230	240	200		160	150
bsa expenses																214,000	282,000	168,000	626,000	488,000
loan collection & oreo expenses																62,000
federal funds sold and interest-bearing deposits																	33,000	24,000	24,000	23,000
loan collection and oreo expenses																	54,000		33,000	1,000
consumer construction loans																		1,215,000
loan collection and oreo (recoveries) expenses																		-49,000
provision for loan losses																			2,000,000					450,000	400,000	250,000	450,000	375,000	975,000	600,000	275,000
gain on sale of premises and equipment
interest and dividend income:
fed funds sold and interest on deposits																					113,000	111,000	180,000	390,000	270,000	354,000	16,000	69,000	31,000	30,000	132,000
bankers bank stock																					58,000	76,000	100,000
available for sale																					907,000	932,000	875,000	954,000	846,000	709,000	545,000	564,000	729,000	791,000	877,000
held to maturity																					381,000	398,000	437,000	452,000	548,000	467,000	307,000	362,000	388,000	333,000	368,000
total loan interest income																					11,506,000	10,750,000	11,043,000	10,770,000	9,594,000	9,114,000	5,322,000	5,232,000	4,979,000	4,594,000	4,586,000
total interest and dividend income																					12,965,000	12,267,000	12,635,000
interest expense:
noninterest income:
service charges on deposit accounts																					381,000	341,000	320,000	338,000	386,000	409,000
gain on sales of sba loans																					215,000	417,000	576,000	316,000	927,000	558,000
other-than-temporary impairment charges on afs securities																					-946,000
bank-owned life insurance																					53,000	53,000	51,000	53,000
noninterest expense:
loan servicing costs																					206,000	138,000	102,000	184,000	175,000	55,000	120,000	104,000	135,000	67,000	50,000
net income before benefit from income taxes																					-1,141,000	1,599,000	1,870,000
weighted-average shares outstanding – basic																					7,107,000	7,092,000	7,076,000	6,871,000	6,591,000	6,574,000	5,393,000		5,216,000		4,683,000
weighted-average shares outstanding – diluted																					7,259,000	7,275,000	7,271,000	7,107,000			5,671,000		5,556,000
interest income:
non-interest income:
gain on sales of mortgage loans																								33,000	119,000	110,000
gain on sales of other loans
total non-interest income																								1,460,000	2,243,000	1,647,000	2,107,000	1,622,000	2,362,000	1,891,000	1,333,000
non-interest expense:
total non-interest expense																								5,501,000	5,316,000	5,001,000	4,055,000	3,830,000	3,900,000	3,652,000	3,501,000
net income before provision for income taxes																								1,482,000	2,471,000	2,429,000	1,853,000	1,499,000	1,430,000	1,269,000	729,000
interest bearing demand deposits																									637,000	653,000	788,000
bank owned life insurance																									47,000	47,000
weighted average shares outstanding – diluted																									6,925,000	6,905,000
other debt and trust preferred securities																											301,000
deposit service charges																											570,000	407,000	366,000	343,000	286,000
loan and servicing fees																											421,000	363,000	367,000	352,000	322,000
net gains on sba loan sales																											819,000
professional fees																											252,000	204,000	158,000	153,000	151,000
preferred stock dividends																												8,000	7,000	8,000
net income to common shareholders																											1,152,000	954,000	909,000	814,000
interest bearing checking																												760,000	675,000	572,000	749,000
total deposit interest expense																												1,945,000	1,988,000	1,921,000	2,595,000
borrowings																												200,000	196,000	197,000	196,000
net gains on loan sales																												729,000	1,101,000	784,000	485,000
net income per common share — basic																												180
net income per common share — diluted																												170
weighted-average shares outstanding — basic																												5,383,000
weighted-average shares outstanding — diluted																												5,663,000
average common shares outstanding - basic																														5,132,000
average common shares outstanding - diluted																														5,547,000
preferred stock dividends – paid and unpaid																															1,795,000
net loss to common shareholders																															-1,069,000
net loss per common share - basic																															-230

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2011-09-30	2011-06-30	2011-03-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-09-30

assets
cash and due from banks	19,841,000	20,860,000	26,045,000	26,378,000	20,206,000	28,892,000	31,180,000	20,619,000	20,668,000	26,224,000	22,552,000	23,893,000	19,699,000	24,959,000	23,997,000	26,728,000	26,053,000	21,823,000	24,527,000	25,911,000	22,750,000	21,601,000	24,066,000	20,377,000	21,106,000	29,426,000	21,606,000	20,737,000	20,028,000	23,217,000	26,784,000	17,044,000	23,321,000	20,318,000	21,745,000	18,345,000	24,409,000	23,811,000	20,169,000	26,919,000	21,863,000	28,240,000	25,282,000	29,384,000	35,197,000	30,025,000	27,602,000	21,860,000	18,392,000	17,027,000	18,600,000	15,965,000	12,915,000	15,478,000	13,467,000	14,727,000	11,945,000	13,304,000	15,026,000	13,879,000	12,408,000	12,154,000	14,616	9,302,000
interest-bearing deposits	196,678,000	182,626,000	267,688,000	185,215,000	160,232,000	165,609,000	166,238,000	162,367,000	174,108,000	135,223,000	128,682,000	103,194,000	95,094,000	138,421,000	85,046,000	160,998,000	218,765,000	194,549,000
cash and cash equivalents	216,519,000	203,486,000	293,733,000	211,593,000	180,438,000	194,501,000	197,418,000	182,986,000	194,776,000	161,447,000	151,234,000	127,087,000	114,793,000	163,380,000	109,043,000	187,726,000	244,818,000	216,372,000	221,852,000	239,577,000	219,311,000	201,395,000	186,683,000	178,995,000	158,016,000	166,760,000	154,840,000	149,137,000	145,515,000	144,556,000	139,275,000	116,287,000		104,830,000	104,815,000	103,204,000		84,670,000	96,077,000	126,473,000	88,857,000	90,442,000	133,845,000	101,589,000	95,338,000	128,213,000	74,726,000	56,310,000	79,976,000	72,563,000	37,835,000	90,090,000	46,282,000	55,358,000
securities:
debt securities available for sale	70,870,000				93,884,000				91,765,000		92,966,000	94,113,000	95,393,000	92,500,000	93,972,000	77,878,000	56,480,000	39,763,000	32,810,000	32,330,000	45,617,000	48,713,000	53,102,000	56,290,000	64,275,000	47,295,000	45,326,000	45,934,000
debt securities held to maturity	36,576,000				41,294,000				36,122,000		35,890,000	35,824,000	35,760,000	35,897,000
equity securities with readily determinable fair values	16,569,000				9,850,000				7,802,000		8,205,000	8,327,000	9,793,000	8,474,000	9,050,000	8,009,000	8,566,000	4,893,000	2,244,000	2,221,000	1,954,000	1,674,000	1,786,000	1,712,000	2,289,000	2,364,000	2,346,000	2,248,000
total securities	124,015,000	131,252,000	139,348,000	142,092,000	145,028,000	143,712,000	145,187,000	138,702,000	135,689,000	136,091,000	137,061,000	138,264,000	140,946,000	136,871,000	139,835,000	116,254,000	79,322,000	49,807,000	37,054,000	34,551,000	47,571,000	50,387,000	54,888,000	58,002,000	66,564,000	63,991,000	62,122,000	62,962,000	63,732,000	63,399,000	65,682,000	67,521,000	72,332,000	72,105,000	75,066,000	73,022,000	68,702,000	72,360,000	73,994,000	66,729,000	71,492,000	74,375,000	77,308,000	86,879,000	90,470,000	109,459,000	106,906,000	111,269,000	119,334,000	106,437,000	114,846,000	100,752,000	115,188,000	120,815,000	106,913,000	108,410,000	106,331,000	100,686,000	79,522,000	77,376,000	73,701,000	76,705,000	78,256	81,863,000
loans:
loans held for sale	9,490,000	15,421,000	13,352,000	14,000,000
sba loans held for investment	34,259,000	37,537,000	38,059,000	36,686,000	36,859,000	37,904,000	38,017,000	39,009,000	38,584,000	40,873,000	39,878,000	39,370,000	38,468,000	30,747,000	33,089,000	33,048,000	36,075,000	37,986,000	38,114,000	38,296,000	39,587,000	47,125,000	36,966,000	37,074,000	35,767,000	36,380,000	37,608,000	38,815,000	39,333,000	41,051,000	41,351,000	42,734,000		44,001,000	43,329,000	42,403,000		41,795,000	40,006,000	38,863,000	39,728,000	39,663,000	39,155,000	44,502,000	46,890,000	47,737,000
commercial loans	1,518,032,000	1,582,608,000	1,511,129,000	1,486,854,000	1,411,629,000	1,368,763,000	1,318,208,000	1,291,319,000	1,277,460,000	1,276,156,000	1,256,032,000	1,205,642,000	1,187,543,000	1,106,059,000	1,026,313,000	979,911,000	931,726,000	924,037,000	885,566,000	853,078,000	839,788,000	799,573,000	792,752,000	786,078,000	765,032,000	723,249,000	713,878,000	702,235,000	694,102,000	697,075,000	673,480,000	615,119,000	547,347,000	568,766,000	545,308,000	519,338,000	483,479,000	496,008,000	481,713,000	467,266,000	442,970,000	428,371,000	410,742,000	391,338,000	375,976,000	368,909,000	348,625,000	323,476,000	310,649,000	306,569,000	310,331,000	284,046,000	287,785,000	283,135,000
commercial construction loans	147,215,000
residential mortgage loans	677,221,000	676,862,000	666,560,000	654,250,000	630,927,000	623,529,000	624,949,000	627,464,000	631,506,000	628,628,000	633,414,000	619,140,000	605,091,000	533,737,000	481,687,000	427,165,000	409,355,000	420,835,000	422,188,000	448,149,000	467,586,000	473,420,000	469,987,000	456,072,000	467,706,000	456,963,000	449,604,000	438,431,000	436,056,000	413,652,000	398,383,000	380,857,000	319,074,000	330,787,000	315,396,000	305,578,000	273,612,000	282,317,000	268,774,000	260,957,000	255,447,000	243,259,000	235,371,000	211,450,000	196,184,000	180,129,000	173,129,000	154,716,000	136,345,000	137,192,000	136,514,000	136,942,000	134,782,000	132,512,000
consumer loans	85,219,000	82,857,000	82,564,000	78,620,000	76,711,000	72,291,000	69,280,000	72,275,000	72,676,000	72,189,000	75,990,000	76,784,000	78,164,000	79,662,000	79,645,000	77,702,000	77,944,000	71,071,000	64,557,000	60,502,000	153,264,000	148,086,000	146,161,000	149,695,000	143,524,000	138,829,000	134,549,000	125,503,000	123,904,000	118,497,000	118,408,000	113,256,000	102,898,000	109,356,000	105,668,000	96,084,000	84,222,000	88,034,000	84,267,000	79,198,000	74,257,000	69,910,000	62,552,000	55,089,000	48,943,000	47,109,000	45,484,000	45,003,000	46,369,000	44,371,000	46,340,000	51,478,000	51,546,000	54,193,000
residential construction loans	73,277,000	73,242,000	70,930,000	73,413,000	90,918,000	98,692,000	103,188,000	123,783,000	131,277,000	133,450,000	139,424,000	164,124,000	163,457,000	149,165,000	134,460,000	129,658,000	120,525,000	108,925,000	99,874,000
total loans	2,544,713,000	2,468,527,000	2,382,594,000	2,345,130,000	2,260,657,000	2,217,393,000	2,170,535,000	2,174,457,000	2,172,063,000	2,173,190,000	2,167,367,000	2,130,919,000	2,106,559,000	1,942,414,000	1,801,593,000	1,701,384,000	1,649,448,000	1,664,891,000	1,653,988,000	1,668,448,000	1,627,817,000	1,613,291,000	1,592,507,000	1,439,645,000	1,425,558,000	1,368,474,000	1,344,757,000	1,312,994,000	1,304,566,000	1,283,304,000	1,246,511,000	1,195,110,000	1,052,266,000	1,092,873,000	1,046,804,000	1,000,677,000	925,282,000	949,832,000	915,043,000	886,990,000	855,560,000	821,696,000	784,642,000	744,366,000	708,889,000	683,951,000	660,617,000	622,316,000	596,571,000	596,910,000	604,901,000	603,633,000	615,105,000	614,522,000	549,258,000	507,690,000	448,567,000	344,509,000	320,236,000	297,182,000	303,213,000	296,666,000	275,226	244,973,000
allowance for credit losses	-32,342,000	-30,245,000	-29,012,000	-27,651,000	-26,788,000	-27,002,000	-26,107,000	-26,080,000	-25,854,000	-25,918,000	-25,988,000	-26,201,000
net loans	2,512,371,000	2,438,282,000	2,353,582,000	2,317,479,000	2,233,869,000	2,190,391,000	2,144,428,000	2,148,377,000	2,146,209,000	2,147,272,000	2,141,379,000	2,104,718,000	2,081,363,000	1,918,553,000	1,778,735,000	1,679,216,000	1,627,146,000	1,642,354,000	1,631,187,000	1,645,483,000	1,604,712,000	1,591,054,000	1,572,273,000	1,422,269,000	1,409,163,000	1,352,472,000	1,328,792,000	1,297,310,000	1,289,078,000	1,268,316,000	1,231,877,000	1,180,914,000		1,079,760,000	1,034,004,000	987,996,000		937,147,000	902,285,000	874,356,000	843,139,000	809,292,000	772,461,000	731,448,000	696,031,000	671,144,000	647,067,000	608,007,000	582,226,000	581,616,000	588,617,000	587,186,000	599,087,000	599,247,000		500,066,000	441,675,000
premises and equipment	18,022,000	18,439,000	18,561,000	18,715,000	18,778,000	18,857,000	19,073,000	19,281,000	19,567,000	19,783,000	19,923,000	19,868,000	20,002,000	19,094,000	19,288,000	19,593,000	19,914,000	20,106,000	19,799,000	20,043,000	20,226,000	20,507,000	20,751,000	21,046,000	21,315,000	21,700,000	22,813,000	23,059,000	23,371,000	23,416,000	23,493,000	23,405,000		23,080,000	23,134,000	23,261,000		22,302,000	20,397,000	19,211,000	15,297,000	15,385,000	15,465,000	15,420,000	15,469,000	15,474,000	15,671,000	15,823,000	15,747,000	12,016,000	12,146,000	10,648,000	10,650,000	10,782,000		11,610,000	10,593,000
bank owned life insurance	26,547,000	26,319,000	26,108,000	25,925,000	25,773,000	25,619,000	25,483,000	25,295,000	25,230,000	25,223,000	26,940,000	26,856,000	26,776,000	26,634,000	26,464,000	26,652,000	26,608,000	26,587,000	26,560,000	26,535,000	26,514,000	26,482,000	26,435,000	26,379,000	26,323,000	25,302,000	25,008,000	24,861,000	24,710,000	24,544,000	24,573,000	24,398,000		24,047,000	13,936,000	13,847,000		13,664,000	13,568,000	13,475,000	13,285,000	13,190,000	13,095,000	12,907,000	12,941,000	12,845,000	12,648,000	12,548,000	9,472,000	9,327,000	9,253,000	9,033,000	8,959,000	8,885,000		5,372,000	5,185,000
deferred tax assets	14,640,000	15,022,000	14,784,000	14,627,000	14,106,000	14,517,000	13,294,000	12,681,000	12,552,000	13,249,000	12,891,000	12,360,000	12,345,000	12,910,000	11,933,000	9,928,000	10,040,000	10,987,000	9,377,000	9,116,000	9,183,000	8,433,000	7,274,000	6,305,000	5,559,000	5,768,000	5,605,000	5,320,000	5,350,000	5,310,000	4,438,000	4,059,000		5,842,000	5,617,000	5,552,000		6,008,000	6,223,000	6,029,000	6,107,000	5,928,000	5,743,000	6,066,000	6,149,000	6,308,000	6,880,000	6,658,000	6,241,000	6,221,000	6,977,000	6,889,000	6,756,000	7,833,000
federal home loan bank ("fhlb") stock	14,314,000	13,218,000	19,730,000	13,583,000	12,507,000	14,584,000	14,957,000	15,896,000	18,435,000															9,054,000	14,184,000	10,899,000	9,999,000	10,120,000	10,795,000	9,445,000	11,245,000	9,308,000	6,230,000	7,328,000	7,101,000	5,992,000	5,241,000	5,767,000	5,092,000	4,735,000	4,510,000	5,635,000	7,382,000
accrued interest receivable	12,896,000	13,288,000	12,411,000	12,998,000	12,691,000	12,913,000	13,257,000	13,165,000	13,582,000	16,101,000	14,858,000	14,314,000	13,403,000	11,385,000	9,961,000	9,568,000	9,586,000	9,684,000	9,486,000	9,831,000	10,429,000	10,169,000	11,039,000	7,396,000	6,984,000	6,858,000	7,109,000	6,926,000	6,399,000	6,412,000	6,027,000	5,898,000		5,222,000	4,669,000	4,483,000		4,165,000	3,953,000	3,839,000	3,704,000	3,690,000	3,637,000	3,422,000	3,283,000	3,212,000	3,131,000	3,353,000	3,362,000	3,478,000	3,415,000	3,519,000	3,692,000	3,725,000		3,926,000	3,167,000
goodwill	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000		1,516,000
other real estate owned	1,472,000																					711,000	711,000	1,523,000	1,723,000	1,723,000	921,000	273,000	56,000	56,000	56,000	56,000		707,000	581,000	1,172,000		1,703,000	1,702,000	1,417,000	1,759,000	2,265,000	1,975,000	1,658,000	1,115,000	2,467,000	1,249,000	752,000	1,052,000	1,456,000	2,355,000	3,555,000	2,722,000	2,602,000
prepaid expenses and other assets	24,340,000	15,543,000	48,750,000	9,415,000	9,311,000	18,709,000	23,094,000	10,189,000	10,951,000	22,442,000	25,069,000	12,004,000	14,740,000	34,796,000	11,158,000	13,698,000	11,213,000	9,299,000	7,420,000	8,897,000	8,858,000	7,788,000	7,575,000	7,591,000	7,595,000	7,319,000	8,012,000	8,562,000	8,635,000	6,182,000	5,938,000	6,540,000
total assets	2,966,652,000	2,876,365,000	2,928,523,000	2,767,943,000	2,654,017,000	2,635,319,000	2,597,707,000	2,568,088,000	2,578,507,000	2,563,006,000	2,552,301,000	2,475,851,000	2,444,948,000	2,339,537,000	2,117,156,000	2,067,692,000	2,033,713,000	1,991,115,000	1,973,311,000	2,004,818,000	1,958,914,000	1,930,836,000	1,900,774,000	1,740,076,000	1,718,942,000	1,664,308,000	1,626,737,000	1,590,046,000	1,579,157,000	1,553,152,000	1,514,120,000	1,439,902,000	1,269,736,000	1,329,834,000	1,275,517,000	1,226,168,000	1,132,161,000	1,152,896,000	1,128,370,000	1,120,955,000	1,052,711,000	1,024,303,000	1,035,404,000	969,593,000	932,414,000	961,168,000	876,101,000	824,575,000	827,182,000	802,675,000	785,111,000	820,652,000	806,163,000	820,833,000	713,048,000	694,106,000	614,172,000	483,417,000	429,796,000	406,912,000	414,686,000	402,026,000	384,444	363,707,000
liabilities and shareholders’ equity
liabilities:
deposits:
noninterest-bearing demand	465,596,000	447,510,000	464,610,000	454,425,000	440,803,000	423,968,000	422,001,000	395,520,000	419,636,000	425,436,000	439,220,000	450,058,000	494,184,000	497,752,000	511,062,000	541,990,000	529,227,000	520,572,000	489,700,000	465,511,000	459,677,000	412,863,000	429,899,000	334,731,000	279,793,000	279,238,000	275,356,000	259,114,000	270,152,000	271,321,000	250,500,000	265,346,000		258,519,000	232,545,000	220,750,000		209,122,000	210,024,000	188,026,000	175,298,000	175,287,000
interest-bearing demand	369,131,000	362,449,000	321,863,000	351,485,000	321,780,000	325,264,000	301,480,000	325,174,000	313,352,000	297,705,000	300,710,000	289,451,000	276,218,000	267,558,000	249,997,000	240,757,000	244,073,000	244,015,000	208,802,000	217,714,000	204,236,000	205,475,000	172,950,000	166,990,000	176,335,000	179,661,000	157,850,000	166,409,000	185,792,000	180,189,000	160,327,000	162,848,000		166,529,000	149,703,000	146,091,000		127,845,000	117,189,000	128,774,000	123,984,000	117,988,000																188,840,000		151,115,000
savings	535,044,000	535,560,000	505,706,000	491,449,000	491,175,000	524,607,000	505,586,000	504,210,000	565,088,000	548,325,000	546,116,000	560,711,000	591,826,000	682,756,000	670,129,000	707,498,000	694,161,000	622,087,000	518,405,000	502,300,000	455,449,000	453,801,000	408,416,000	388,213,000	389,795,000	394,333,000	389,999,000	399,006,000	394,727,000	408,927,000	398,694,000	408,255,000		403,871,000	403,722,000	389,802,000		344,772,000	318,184,000	320,982,000	299,017,000	284,369,000
brokered deposits	274,203,000	235,122,000	237,978,000	202,323,000	217,931,000	214,679,000	221,990,000	235,755,000
time deposits	680,087,000	686,843,000	657,209,000	675,716,000	628,624,000	557,619,000	559,774,000	500,611,000	426,397,000	415,808,000	371,439,000	325,909,000																					219,847,000				261,225,000																		213,407,000			96,686,000	93,580,000	112,799,000	106,054,000	122,037,000	123,085	125,615,000
total deposits	2,324,061,000	2,267,484,000	2,187,366,000	2,175,398,000	2,100,313,000	2,046,137,000	2,010,831,000	1,961,270,000	1,924,140,000	1,884,910,000	1,849,528,000	1,823,921,000	1,787,528,000	1,796,597,000	1,697,967,000	1,771,168,000	1,758,881,000	1,706,185,000	1,594,316,000	1,628,393,000	1,557,959,000	1,493,440,000	1,483,457,000	1,378,618,000	1,250,114,000	1,273,362,000	1,264,353,000	1,226,586,000	1,207,687,000	1,219,473,000	1,146,399,000	1,117,514,000		1,043,632,000	1,003,967,000	980,703,000		933,320,000	912,198,000	926,819,000	866,247,000	815,427,000	789,441,000	781,920,000	728,083,000	767,624,000	727,112,000	628,369,000	652,117,000	633,126,000	616,443,000	654,171,000	641,167,000	656,776,000		566,465,000	521,860,000
borrowed funds	255,774,000	231,707,000	377,107,000	243,292,000	220,504,000	266,798,000	274,798,000	299,397,000	356,438,000	388,610,000	423,000,000	374,000,000	383,000,000	280,000,000	165,000,000	40,000,000	40,000,000	60,000,000	165,000,000	170,000,000	200,000,000	240,000,000	223,000,000	169,000,000	283,000,000	210,000,000	190,000,000	195,000,000	210,000,000	180,000,000	220,000,000	181,000,000		152,000,000	142,000,000	120,000,000		115,000,000	114,000,000	95,000,000	90,000,000	115,000,000	155,000,000	100,000,000	125,000,000	115,000,000	75,000,000	110,000,000	75,000,000	75,000,000	75,000,000	75,000,000	75,000,000	75,000,000		55,000,000	40,000,000
subordinated debentures	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000	10,310,000		10,310,000	10,310,000	10,310,000		10,310,000	10,310,000	10,310,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000	15,465,000		24,744,000	9,279,000
accrued interest payable	2,138,000	1,790,000	1,463,000	2,147,000	1,702,000	1,765,000	1,657,000	1,551,000	1,924,000	1,412,000	715,000	932,000	691,000	294,000	128,000	132,000	129,000	158,000	231,000	255,000	248,000	283,000	228,000	237,000	455,000	420,000	414,000	419,000	406,000	506,000	509,000	410,000		400,000	410,000	405,000		446,000	368,000	390,000	460,000	418,000	478,000	476,000	466,000	455,000	430,000	443,000	438,000	464,000	470,000	533,000	570,000	569,000		475,000	274,000
accrued expenses and other liabilities	28,738,000	31,051,000	32,437,000	30,654,000	25,605,000	26,052,000	26,716,000	28,799,000	24,265,000	25,380,000	24,675,000	26,229,000	24,192,000	22,102,000	22,962,000	31,154,000	18,664,000	18,195,000	14,698,000	14,674,000	16,486,000	17,569,000	17,172,000	17,606,000	14,354,000	15,332,000	12,277,000	14,014,000	12,266,000	9,796,000	8,761,000	7,564,000		7,678,000	6,383,000	5,445,000		5,668,000	6,527,000	6,160,000	4,474,000	4,303,000	3,033,000	3,348,000	2,923,000	3,814,000	2,155,000	2,011,000	6,005,000	2,233,000	2,832,000	2,347,000	1,754,000	2,642,000		1,194,000	1,830,000
total liabilities	2,621,021,000	2,542,342,000	2,608,683,000	2,461,801,000	2,358,434,000	2,351,062,000	2,324,312,000	2,301,327,000	2,317,077,000	2,310,622,000	2,308,228,000	2,235,392,000	2,205,721,000	2,109,303,000	1,896,367,000	1,852,764,000	1,827,984,000	1,794,848,000	1,784,555,000	1,823,632,000	1,785,003,000	1,761,602,000	1,734,167,000	1,575,771,000	1,558,233,000	1,509,424,000	1,477,354,000	1,446,329,000	1,440,669,000	1,420,085,000	1,385,979,000	1,316,798,000		1,214,020,000	1,163,070,000	1,116,863,000		1,064,744,000	1,043,403,000	1,038,679,000	976,646,000	950,613,000	963,417,000	901,209,000	871,937,000	902,358,000	820,162,000	756,288,000	749,025,000	726,288,000	710,210,000	747,516,000	733,956,000	750,452,000		647,878,000	573,243,000
shareholders’ equity:
preferred stock, no par value, 500 shares authorized, no shares issued and no shares outstanding as of december 31, 2025 and december 31, 2024
common stock	105,892,000	105,320,000	104,674,000	104,033,000	103,936,000	102,886,000	102,226,000	101,676,000	100,426,000	99,741,000	98,910,000	98,197,000	97,204,000	96,493,000	95,650,000	94,853,000	94,003,000	93,409,000	92,810,000	92,180,000	91,873,000	91,474,000	91,103,000	90,370,000	90,113,000	89,753,000	89,327,000	88,779,000	88,484,000	88,149,000	87,755,000	87,361,000		86,423,000	86,112,000	85,757,000		70,450,000	59,844,000	59,546,000	59,205,000	59,067,000	58,927,000	58,638,000	52,356,000	52,237,000	51,944,000	54,461,000	54,357,000	54,176,000	53,917,000	53,663,000	53,590,000	52,842,000		44,343,000	38,423,000
retained earnings	243,935,000	265,491,000	252,606,000	237,518,000	227,331,000	217,141,000	207,534,000	199,380,000	191,108,000	182,557,000	173,823,000	165,335,000	156,958,000	148,174,000	139,394,000	131,100,000	123,037,000	114,337,000	105,811,000	98,331,000	90,669,000	84,168,000	79,253,000	74,939,000	70,442,000	65,199,000	60,109,000	55,145,000	50,161,000	45,121,000	40,386,000	35,713,000		29,260,000	26,137,000	23,414,000		18,117,000	25,916,000	23,431,000	17,270,000	15,055,000	12,880,000	9,751,000	8,114,000	6,739,000	4,408,000	3,390,000	2,584,000	1,028,000	231,000					2,951,000	3,897,000
treasury stock	-3,101,000	-35,515,000	-35,515,000	-33,577,000	-33,577,000	-33,566,000	-33,285,000	-31,443,000	-27,367,000	-25,954,000	-25,037,000	-19,894,000	-11,675,000	-11,633,000	-11,633,000	-11,633,000	-11,633,000	-11,547,000	-9,668,000	-8,791,000	-7,442,000	-5,135,000	-2,991,000	-172,000
accumulated other comprehensive loss	-1,095,000	-1,273,000	-1,925,000	-1,832,000	-2,107,000	-2,204,000	-3,080,000	-2,852,000	-2,737,000	-3,960,000	-3,623,000	-3,179,000							-197,000	-534,000						-68,000	-53,000
total shareholders’ equity	345,631,000	334,023,000	319,840,000	306,142,000	295,583,000	284,257,000	273,395,000	266,761,000	261,430,000	252,384,000	244,073,000	240,459,000	239,227,000	230,234,000	220,789,000	214,928,000	205,729,000	196,267,000	188,756,000	181,186,000	173,911,000	169,234,000	166,607,000																																	46,228,000	40,929,000
total liabilities and shareholders’ equity	2,966,652,000	2,876,365,000	2,928,523,000	2,767,943,000	2,654,017,000	2,635,319,000	2,597,707,000	2,568,088,000	2,578,507,000	2,563,006,000	2,552,301,000	2,475,851,000	2,444,948,000	2,339,537,000	2,117,156,000	2,067,692,000	2,033,713,000	1,991,115,000	1,973,311,000	2,004,818,000	1,958,914,000	1,930,836,000	1,900,774,000																																713,048,000	694,106,000	614,172,000	483,417,000	429,796,000	406,912,000	414,686,000	402,026,000	384,444
debt securities available for sale ("afs"), at fair value, net of valuation allowance		82,063,000	92,491,000	90,438,000
debt securities held to maturity ("htm"), at amortized cost		36,505,000	36,434,000	40,947,000		36,225,000	36,157,000
equity securities, at market value		12,684,000	10,423,000					7,931,000		8,013,000
common shares at period end
shares issued		11,681,000	11,672,000	11,666,000		11,570,000	11,555,000	11,555,000		11,411,000	11,387,000	11,335,000		11,236,000	11,214,000	11,196,000		11,063,000	11,031,000	10,996,000		10,943,000	10,939,000	10,894,000
shares outstanding		10,041,000	10,032,000	10,076,000		9,980,000	9,975,000	10,044,000		10,115,000	10,119,000	10,292,000		10,533,000	10,511,000	10,493,000		10,363,000	10,416,000	10,422,000		10,570,000	10,728,000	10,883,000
treasury shares		1,640,000	1,640,000	1,590,000		1,590,000	1,580,000	1,511,000		1,296,000	1,268,000	1,043,000		703,000	703,000	703,000		700,000	615,000	574,000		373,000	211,000	11,000

equity securities, at fair value, net of restricted shares' valuation allowance				10,707,000
sba ppp loans				1,307,000	1,450,000	1,593,000	1,734,000	2,168,000	2,318,000	2,507,000	2,555,000	2,545,000	5,908,000	6,706,000	14,216,000	28,618,000	46,450,000	81,907,000	132,375,000	169,117,000	118,257,000	138,895,000	136,039,000
sba loans held for sale					12,163,000	14,621,000	15,159,000	18,439,000	18,242,000	19,387,000	20,074,000	23,314,000	27,928,000	36,338,000	32,183,000	25,282,000	27,373,000	20,130,000	11,314,000	8,809,000	9,335,000	6,192,000	10,602,000	10,726,000	13,529,000	13,053,000	9,118,000	8,010,000	11,171,000	13,029,000	14,889,000	21,579,000		17,724,000	13,950,000	12,163,000		15,611,000	13,245,000	13,224,000	13,937,000	11,368,000	6,929,000	7,835,000	6,444,000	6,517,000	5,893,000	7,772,000	6,556,000	7,708,000	6,087,000	9,284,000	13,753,000	9,933,000
preferred stock, no par value, 500 shares authorized, no shares issued and no shares outstanding as of december 31, 2024 and december 31, 2023
debt securities available for sale ("afs"), at fair value						97,651,000	99,081,000
equity securities, at fair value						9,836,000	9,949,000
debt securities available for sale, at market value								94,682,000		92,122,000
debt securities held to maturity, at amortized cost								36,089,000		35,956,000
brokered time deposits									199,667,000	197,636,000	192,043,000	197,792,000
federal home loan bank (fhlb) stock										19,882,000	21,430,000	18,688,000	19,064,000	14,398,000	9,223,000	3,541,000	3,550,000	4,403,000	9,060,000	9,269,000	10,594,000	12,394,000	11,629,000
other real estate owned (oreo)												176,000
allowance for loan losses													-25,196,000	-23,861,000	-22,858,000	-22,168,000	-22,302,000	-22,537,000	-22,801,000	-22,965,000	-23,105,000	-22,237,000	-20,234,000	-17,376,000	-16,395,000	-16,002,000	-15,965,000	-15,684,000	-15,488,000	-14,988,000	-14,634,000	-14,196,000	-13,033,000	-13,113,000	-12,800,000	-12,681,000	-12,841,000	-12,685,000	-12,758,000	-12,634,000	-12,421,000	-12,404,000	-12,181,000	-12,918,000	-12,858,000	-12,807,000	-13,550,000	-14,309,000	-14,345,000	-15,294,000	-16,284,000	-16,447,000	-16,018,000	-15,275,000	-8,184,000			-5,724,000	-4,338,000	-3,680,000	-3,805,000	-3,514,000		-2,769,000
time, under 100,000													273,954,000	233,447,000	167,462,000	186,260,000	194,961,000	217,302,000	245,423,000	272,298,000	264,671,000	239,147,000	271,974,000	278,776,000	195,446,000	208,755,000	221,193,000	205,491,000	184,022,000	187,078,000	190,282,000	175,271,000		122,410,000	123,225,000	124,907,000		134,448,000	144,394,000	145,784,000	124,348,000	113,846,000
time, 100,000 to 250,000													84,002,000	70,649,000	63,105,000	60,569,000	62,668,000	65,570,000	74,282,000	94,933,000	95,595,000	99,765,000	113,237,000	121,656,000	126,192,000	133,401,000	128,260,000	117,355,000	116,147,000	112,916,000	108,854,000	83,358,000		71,155,000	72,926,000	76,835,000		86,366,000
time, 250,000 and over													67,344,000	44,435,000	36,212,000	34,094,000	33,791,000	36,639,000	57,704,000	75,637,000	78,331,000	82,389,000	86,981,000	88,252,000	82,553,000	77,974,000	91,695,000	79,211,000	56,847,000	59,042,000	37,742,000	22,436,000		21,148,000	21,846,000	22,318,000		30,767,000	30,637,000	36,834,000	27,688,000
accumulated other comprehensive income													-3,260,000	-2,800,000	-2,622,000	608,000	322,000	68,000			-1,189,000	-1,273,000	-758,000	-832,000	154,000			-207,000	-157,000	-203,000		30,000		131,000	198,000	134,000					-410,000	-432,000	180,000		7,000	-166,000	-413,000	227,000	953,000	1,215,000	929,000	1,120,000	1,096,000	399,000
securities held to maturity															36,813,000	30,367,000	14,276,000	5,151,000	2,000,000							14,332,000	14,450,000	14,780,000	14,875,000	15,325,000	15,777,000	16,168,000		19,355,000	20,241,000	20,776,000		28,174,000	28,728,000	18,163,000	18,022,000	18,609,000	19,433,000	20,825,000	21,736,000	23,305,000	25,980,000	27,057,000	28,267,000	15,585,000	16,881,000	12,669,000	13,316,000	17,577,000									20,773	23,607,000
federal funds sold and interest-bearing deposits																			197,325,000	213,666,000	196,561,000	179,794,000	162,617,000	158,618,000				128,400,000								84,859,000	71,265,000	60,859,000	75,908,000	99,554,000	66,994,000	62,202,000	108,563,000	72,205,000	60,141,000	98,188,000	47,124,000	34,450,000	61,584,000	55,536,000	19,235,000	74,125,000	33,367,000	39,880,000
consumer construction loans																				90,497,000
liabilities and shareholders' equity
shareholders' equity:
total shareholders' equity																								164,305,000	160,709,000	154,884,000	149,383,000	143,717,000	138,488,000	133,067,000	128,141,000	123,104,000	112,970,000	115,814,000	112,447,000	109,305,000	85,936,000	88,152,000	84,967,000	82,276,000	76,065,000	73,690,000	71,987,000	68,384,000	60,477,000	58,810,000	55,939,000	68,287,000	78,157,000	76,387,000	74,901,000	73,136,000	72,207,000	70,381,000
total liabilities and shareholders' equity																								1,740,076,000	1,718,942,000	1,664,308,000	1,626,737,000	1,590,046,000	1,579,157,000	1,553,152,000	1,514,120,000	1,439,902,000	1,269,736,000	1,329,834,000	1,275,517,000	1,226,168,000	1,132,161,000	1,152,896,000	1,128,370,000	1,120,955,000	1,052,711,000	1,024,303,000	1,035,404,000	969,593,000	932,414,000	961,168,000	876,101,000	824,575,000	827,182,000	802,675,000	785,111,000	820,652,000	806,163,000	820,833,000										363,707,000
federal funds sold, interest-bearing deposits and repos																									136,910,000	137,334,000	133,234,000		125,487,000	121,339,000	112,491,000	99,243,000	70,139,000	84,512,000	83,070,000
issued and outstanding common shares																										10,869,000	10,856,000	10,822,000		10,756,000	10,731,000	10,709,000		10,586,000	10,567,000	10,535,000		9,331,000	8,487,000	8,468,000	8,429,000	8,425,000	8,423,000	8,370,000	7,607,000	7,602,000	7,546,000	7,544,000	7,548,000	7,503,000
commitments and contingencies
securities available for sale																													46,713,000	46,874,000	48,707,000	50,162,000		52,750,000	54,825,000	52,246,000		44,186,000	45,266,000	48,566,000	53,470,000	55,766,000	57,875,000	66,054,000	68,734,000	86,154,000	80,926,000	84,212,000	91,067,000	90,852,000	97,965,000												57,483	58,256,000
equity securities																													2,144,000	1,200,000	1,198,000	1,191,000
sba 504 loans																																21,565,000	23,654,000	22,239,000	23,153,000	25,111,000	27,135,000	26,067,000	27,038,000	27,482,000	29,221,000	29,125,000	29,893,000	34,152,000	34,452,000	33,550,000	37,041,000	39,070,000	39,784,000	41,771,000	45,247,000	55,520,000	55,810,000	60,092,000
interest-earning assets:
taxable																																	66,107,000				61,053,000
tax-exempt																																	6,225,000				7,649,000
loans, net of unearned discount:
sba loans																																	59,293,000				56,834,000																					62,853,000	68,645,000	57,808,000	57,908,000	54,946,000	53,795	42,666,000
total interest-earning assets																																	1,200,967,000				1,070,490,000																		678,461,000			460,234,000	406,058,000	384,396,000	393,917,000	381,221,000	361,157	344,293,000
noninterest-earning assets:
other assets																																	58,481,000	5,397,000	5,078,000	6,123,000	50,103,000	3,594,000	3,563,000	3,175,000	3,045,000	2,585,000	2,977,000	3,781,000	3,724,000	4,778,000	2,355,000	2,812,000	2,479,000	1,975,000	1,926,000	706,000	4,482,000	2,845,000	29,304,000	5,389,000	4,406,000	15,603,000	13,050,000	12,317,000	12,166,000	12,165,000	12,018	12,881,000
total noninterest-earning assets																																	68,769,000				61,671,000																		34,587,000			23,183,000	23,738,000	22,516,000	20,769,000	20,805,000	23,287	19,414,000
interest-bearing liabilities:
interest-bearing demand deposits																																	159,642,000				133,212,000						124,110,000	117,260,000	110,590,000	134,321,000	119,579,000	108,176,000	115,374,000	104,469,000	101,420,000	100,807,000	93,730,000	101,878,000	85,750,000
savings deposits																																	397,250,000				328,486,000						290,843,000	292,108,000	256,991,000	253,109,000	280,892,000	266,168,000	295,335,000	295,567,000	273,395,000	296,571,000	285,651,000	293,750,000	204,214,000	205,919,000	141,935,000	49,330,000	34,726,000	34,000,000	35,894,000	32,488,000	32,058	31,729,000
total interest-bearing deposits																																	776,739,000				722,923,000																		503,371,000			334,856,000	306,955,000	297,914,000	305,013,000	295,569,000	283,129	267,999,000
borrowed funds and subordinated debentures																																	135,730,000				114,853,000																		84,962,000
total interest-bearing liabilities																																	912,469,000				837,776,000																		588,333,000			364,025,000	328,863,000	313,633,000	318,328,000	309,011,000	297,152	280,881,000
noninterest-bearing liabilities:
noninterest-bearing demand deposits																																	237,207,000				199,554,000						163,535,000	149,272,000	144,848,000	172,010,000	163,617,000	128,045,000	118,166,000	105,529,000	107,497,000	93,706,000	94,547,000	91,247,000
other liabilities																																	7,090,000				8,895,000																		2,416,000			1,445,000	925,000	1,714,000	2,233,000	1,940,000	1,516	1,834,000
total noninterest-bearing liabilities																																	244,297,000				208,449,000																		77,997,000			86,728,000	73,817,000	66,614,000	68,099,000	66,499,000	61,984	60,460,000
net interest spread																																	45,938,000				38,360,000																		24,585,000			19,228,000	4,251,000	15,723,000	4,082,000	3,943,000	3.52	3,172,000
tax-equivalent basis adjustment																																	-81,000				-103,000																		-159,000			-70,000
net interest income																																	45,857,000				38,257,000																		24,426,000			19,158,000	4,251,000	15,723,000	4,082,000	3,943,000	3,630	3,172,000
net interest margin																																	3,830				3,580																		3,620			4,180	4,190	4,090	4,150	4,140	4.02	3,690
goodwill and other intangibles																																			1,516,000	1,516,000		1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,516,000	1,518,000	1,522,000	1,533,000	1,537,000	1,541,000		1,603,000	1,618,000
accumulated other comprehensive																																						-415,000	-793,000	-701,000
time, 100,000 and over, under 250,000																																							91,770,000	106,419,000	115,912,000
time, 100,000 and over																																										123,937,000
the accompanying notes to the consolidated financial statements are an integral part of these statements.
time deposits, under 100,000																																											112,671,000	115,143,000	114,605,000	112,150,000	95,990,000	74,950,000	75,374,000	78,104,000	83,138,000	105,840,000	106,880,000	110,050,000		111,070,000	108,353,000
time deposits, 100,000 and over																																											98,282,000	108,137,000	101,049,000	96,034,000	67,034,000	51,030,000	47,868,000	49,457,000	50,993,000	57,247,000	60,359,000	59,851,000		64,322,000	52,949,000
federal home loan bank stock																																												4,907,000	6,378,000	5,752,000	3,952,000	5,527,000	3,989,000	3,989,000	3,989,000
sba loans held to maturity																																															50,445,000	52,279,000	56,868,000	59,299,000	60,382,000	66,363,000	71,429,000	74,657,000
prepaid fdic insurance																																																	1,788,000	2,079,000	2,230,000	2,653,000	2,720,000	2,994,000
cumulative perpetual preferred stock																																																10,209,000	20,263,000	19,968,000	19,824,000	19,409,000	19,278,000	19,146,000
preferred shares																																																10,000	21,000	21,000	21,000	21,000	21,000	21,000
issued common shares																																																			7,461,000	7,413,000	7,412,000	7,222,000
outstanding common shares																																																			7,461,000	7,413,000	7,412,000	7,222,000
securities available for sale, at fair value																																																				88,083,000	101,872,000	103,238,000
federal home loan bank stock, at cost																																																				4,088,000	4,088,000	4,206,000
accumulated deficit																																																				-1,056,000	-1,757,000
accumuluated deficit																																																						-2,006,000
years ended december 31,
federal funds sold and interest-bearing deposits with banks																																																							22,290,000				6,300,000		17,003,000	7,850,000	7,675	17,457,000
available for sale																																																							69,189,000	65,595,000	65,583,000	83,291,000	53,709,000	53,277,000	50,131,000	52,097,000
held to maturity																																																							37,724,000	42,815,000	40,748,000	17,395,000	25,813,000	24,099,000	23,570,000	24,608,000
sba																																																							84,185,000
commercial																																																							341,841,000	312,195,000	260,581,000	192,435,000	167,536,000	145,031,000	151,342,000	144,404,000	123,553	94,946,000
residential mortgage																																																							68,443,000	63,493,000	62,039,000	50,242,000		67,470,000			71,354	80,027,000
consumer																																																							54,789,000	52,927,000	47,286,000	38,979,000	28,533,000	26,873,000	26,644,000	26,250,000	26,524	27,334,000
demand deposits																																																							75,581,000			85,283,000	72,892,000	64,900,000	65,866,000	64,559,000	60,468	58,626,000
shareholders’ equity																																																							46,718,000			32,664,000	27,116,000	26,665,000	28,259,000	26,516,000	25,308
yields related to securities and loans exempt from federal and state income taxes are stated on a fully tax-equivalent basis. they are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 34 percent and applicable state tax rates.
the loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued.
federal funds sold and interest bearing deposits																																																								40,709,000	26,814,000
sba held for sale																																																								12,273,000	14,001,000
sba held to maturity																																																								66,802,000	64,660,000
less: allowance for loan losses																																																								7,624,000	6,892,000						3,347
loan servicing asset																																																								2,294,000	2,438,000
liabilities
non-interest bearing demand deposits																																																								79,772,000	79,547,000
interest bearing demand deposits																																																								105,382,000	139,076,000
year ended december 31,
assets:
federal funds sold and interest- bearing deposits with banks																																																										15,039,000
liabilities and shareholders’ equity:
other debt																																																										29,169,000		15,719,000
residential mortgages																																																											55,522,000		67,319,000	71,066,000
interest-bearing checking																																																											178,649,000		163,065,000	141,044,000	127,986	110,655,000
other borrowed funds																																																											21,908,000		13,315,000	13,442,000	14,023	12,882,000
interest-earning assets: federal funds sold and interest- bearing deposits with banks																																																												9,838,000
shareholders' equity																																																																22,366,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31

operating activities:
net income	15,467,000	14,395,000	16,491,000	11,598,000	11,505,000	10,905,000	9,454,000	9,586,000		9,950,000	9,700,000	10,287,000	9,956,000	9,942,000	9,451,000	9,108,000		9,459,000	8,418,000	8,496,000	5,760,000	5,171,000	5,368,000	5,959,000	5,834,000	5,740,000	5,490,000	5,398,000	5,229,000	3,757,000	3,444,000	3,192,000	3,020,000	2,824,000	4,205,000	2,551,000	2,428,000	1,939,000	1,886,000	1,528,000	1,293,000	1,302,000	1,346,000	1,200,000	1,196,000	1,087,000	643,000	220,000	726,000	681,000	748,000	-746,000	-1,200,000	731,000	-1,002,000	1,104,000	1,244,000	680,000	1,052,000	1,542,000	1,451,000	924,000	1,627,000	1,637,000	1,657,000	1,754,000	1,619,000	1,527,000	1,310,000	1,358,000	1,431,000	1,347,000	1,194,000	1,302,000	1,215,000	1,152,000	1,009,000	962,000	916,000	822,000
adjustments to reconcile net income to net cash from operating activities:
provision for credit losses, loans	2,208,000	1,408,000	1,725,000	1,358,000	470,000	1,030,000	266,000	641,000
(release) provision for credit losses, afs securities
net accretion of purchase premiums and discounts on securities	-25,000	-24,000	-20,000	-16,000	-67,000	-59,000
depreciation and amortization	1,101,000	727,000	295,000	684,000	848,000	968,000	210,000	554,000		1,419,000	1,397,000	-738,000	644,000	700,000	965,000	447,000		542,000	114,000	469,000	504,000	474,000	317,000	349,000	674,000	121,000	464,000	516,000	379,000	274,000	548,000	249,000	128,000	257,000	247,000	141,000	186,000	166,000	292,000	213,000	397,000	302,000	294,000	365,000	377,000	65,000	193,000	302,000	332,000	293,000	316,000	312,000	374,000	429,000	418,000	-59,000	267,000	369,000	320,000	181,000	206,000	-140,000	197,000	453,000	325,000	81,000	237,000	361,000	354,000	180,000	468,000	82,000	305,000	208,000	236,000	243,000		262,000	255,000	355,000
deferred income tax benefit	325,000	-446,000	-121,000	-598,000	369,000	-1,498,000				-221,000			859,000	-946,000	-1,055,000	-63,000		-1,715,000	-394,000	-191,000				-156,000			-794,000																	-32,000				-467,000	34,000	76,000	-740,000	-679,000	-1,193,000	-219,000
net securities gains
stock compensation expense	527,000	536,000	536,000	493,000	442,000	455,000	450,000	476,000		429,000	423,000	417,000	442,000	406,000	439,000	394,000		405,000	410,000	374,000	352,000	342,000	365,000	328,000	321,000	283,000	258,000	263,000	265,000	181,000	178,000	212,000	147,000	139,000	132,000	117,000	119,000	107,000	100,000	106,000	100,000	81,000	86,000	83,000	77,000	68,000	42,000	35,000	79,000	53,000	87,000	90,000	85,000	48,000	83,000
gain on sale of mortgage loans	-342,000	-582,000	-435,000	-168,000	-354,000	-548,000	-266,000	-320,000		-488,000	-463,000	-244,000	-168,000	-279,000	-431,000	-521,000		-1,486,000	-1,466,000	-2,001,000	-1,729,000																									-250,000	-87,000	-169,000	-246,000	-113,000	-145,000	-71,000	-49,000	-64,000	0	0	-21,000
gain on sale of sba loans held for sale	-165,000	-238,000	-163,000	-139,000	-47,000	-70,000	-305,000	-238,000		0	-587,000	-309,000	-102,000	0	0	-852,000		0	-496,000	-245,000	-534,000	-92,000	-473,000	0	-238,000	-316,000	-253,000	-583,000	-547,000	-385,000	-478,000	-485,000	-639,000	-637,000	-308,000	-308,000	0	-363,000	-296,000	-254,000	-83,000	-280,000	-86,000	-241,000	-46,000	-338,000	-399,000	-111,000	-269,000			0	0	-29,000	-215,000	-417,000	-576,000
boli income	-228,000	-212,000	-183,000	-151,000	-155,000	-135,000	-189,000	-65,000		-679,000	-84,000	-80,000	-142,000	-170,000	-161,000	-163,000		-138,000	-132,000	-129,000	-147,000	-154,000	-173,000	-138,000	-146,000	-151,000	-464,000	-175,000	-171,000	-111,000	-90,000	-88,000	-96,000	-93,000	-94,000	-95,000	-95,000	-94,000
net change in other assets and liabilities	-9,938,000	30,763,000	-37,899,000	4,782,000	9,150,000	6,605,000	-17,973,000	5,205,000		2,597,000	-15,668,000	4,359,000	20,040,000	-24,726,000	-6,218,000	12,114,000		1,231,000	2,131,000	-685,000	1,459,000	-4,460,000	1,714,000	5,014,000	-2,040,000	819,000	592,000	2,075,000	-952,000	456,000	1,509,000	-905,000	-528,000	-484,000	1,710,000	-373,000	867,000	-134,000	24,000	12,000	-661,000	779,000	1,346,000	-674,000	-342,000	5,016,000	-1,499,000	257,000	308,000	-133,000	1,724,000	-173,000	1,291,000	842,000	895,000	-3,540,000	3,923,000	1,119,000	-1,355,000	1,063,000	1,105,000						-106,000	-186,000	890,000				16,000						351,000	197,000
net cash from operating activities	6,832,000	45,540,000	-25,320,000	17,854,000	23,020,000	17,654,000	-8,449,000	15,762,000		13,337,000	-5,080,000	13,750,000	44,380,000	-13,551,000	4,207,000	7,633,000		459,000	8,066,000	11,649,000	13,384,000	7,945,000	11,484,000	9,308,000	4,506,000	11,214,000	7,486,000	13,784,000	7,607,000	2,013,000	3,909,000	6,806,000			3,905,000	-268,000	-654,000	561,000	1,587,000	1,480,000	2,130,000	5,391,000	2,298,000	2,025,000	1,338,000	12,050,000	-1,773,000	3,333,000	4,537,000	3,285,000	2,642,000	1,816,000	-2,606,000	7,111,000	3,261,000	-5,134,000	6,538,000			3,628,000	5,478,000	6,398,000	-1,737,000						2,203,000			107,000	8,089,000	3,478,000	2,007,000	1,351,000
capital expenditures	0	0	0	0	0	0	0	0		0	0	0	0	0	0	0		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0						0			0	0	0	0	0
free cash flows	6,832,000	45,540,000	-25,320,000	17,854,000	23,020,000	17,654,000	-8,449,000	15,762,000		13,337,000	-5,080,000	13,750,000	44,380,000	-13,551,000	4,207,000	7,633,000		459,000	8,066,000	11,649,000	13,384,000	7,945,000	11,484,000	9,308,000	4,506,000	11,214,000	7,486,000	13,784,000	7,607,000	2,013,000	3,909,000	6,806,000			3,905,000	-268,000	-654,000	561,000	1,587,000	1,480,000	2,130,000	5,391,000	2,298,000	2,025,000	1,338,000	12,050,000	-1,773,000	3,333,000	4,537,000	3,285,000	2,642,000	1,816,000	-2,606,000	7,111,000	3,261,000	-5,134,000	6,538,000			3,628,000	5,478,000	6,398,000	-1,737,000						2,203,000			107,000	8,089,000	3,478,000	2,007,000	1,351,000
investing activities:
purchases of securities held to maturity													0	0	-8,082,000	-18,666,000		-4,412,000															-213,000									-326,000	0	-8,252,000								0	0	-4,036,000	0	-2,000	-2,780,000
purchase of equity securities													-1,000,000	0
purchases of securities available for sale							-6,500,000	-4,000,000					-4,100,000	-345,000	-20,659,000	-24,245,000		-8,751,000			0									-162,000	-10,225,000	-15,495,000	-4,082,000	-2,107,000	-2,142,000	0			0	0	-9,947,000	-6,589,000	-6,188,000	-13,086,000	0	-7,579,000	-11,732,000	-10,953,000	-6,726,000			-24,158,000	-26,138,000	-37,412,000	0	-8,877,000	-21,460,000
(purchases) redemption from sale of fhlb stock, at cost
maturities and principal payments on debt securities held to maturity
maturities and principal payments on debt securities available for sale													613,000	1,149,000	996,000	1,756,000		2,028,000	3,101,000	6,305,000	2,768,000	6,273,000	2,198,000	1,352,000	1,347,000	959,000
proceeds from sales of securities available for sale																					606,000	0	6,029,000							0			3,219,000	4,030,000	2,564,000	0			0	15,024,000	2,895,000	2,673,000	4,179,000	5,303,000	0							2,932,000	3,307,000	19,809,000
proceeds from sales of equity securities	67,000	1,000			0	564,000	130,000	91,000		69,000	0	1,269,000									0	0	111,000
net increase in loans	-78,024,000			-85,144,000	-43,838,000			-2,705,000		-6,696,000	-36,707,000	-26,339,000	-176,545,000	-149,209,000				-53,899,000			-22,908,000	-17,074,000	-17,277,000	-22,705,000	-32,542,000	-12,541,000	-38,520,000	-57,346,000	-26,674,000	-43,628,000	-44,493,000	-31,283,000	-30,768,000			-31,109,000	-33,122,000	-22,831,000	-35,843,000	-25,051,000	-8,779,000	-42,355,000						-1,246,000							-43,266,000	-38,365,000	-14,435,000
purchases of premises and equipment	116,000	-214,000	-187,000	-279,000	-339,000	-139,000	-137,000	-78,000		-214,000	-385,000	-195,000		-143,000	-56,000	-41,000		-694,000	-187,000	-224,000	-157,000	-112,000	-166,000	-367,000	-178,000	-109,000	-361,000	-464,000	-309,000	-306,000	-241,000	-210,000	-2,189,000	-1,458,000	-4,543,000	-160,000	-184,000	-492,000	-209,000	-256,000	-61,000	-140,000	-4,251,000	-96,000	-155,000	-237,000	-376,000	-112,000	-76,000	-131,000	-76,000	-157,000	-62,000	-86,000	-415,000	-646,000	-265,000
net cash from investing activities	-69,874,000	-69,112,000	-35,084,000	-82,766,000	-44,246,000	-46,503,000	961,000	-3,025,000		-2,384,000	-39,316,000	-19,945,000	-185,954,000	-145,015,000	-133,890,000	-76,424,000		-10,189,000	14,880,000	-29,567,000	-22,685,000	-155,811,000	-3,858,000	-25,620,000	-30,928,000	-10,927,000	-34,660,000	-58,086,000	-21,598,000	-51,159,000	-47,018,000	-43,119,000	-31,882,000	-37,245,000	2,291,000	-26,823,000	-28,499,000	-21,399,000	-30,101,000	-4,670,000	-10,169,000	-37,559,000	-26,575,000	-19,340,000	16,824,000	19,009,000	8,123,000	6,367,000	12,143,000	6,528,000	32,214,000	904,000	870,000	582,000	-38,496,000																		6,317,000
financing activities:
net increase in deposits	56,577,000	80,118,000	11,968,000	75,085,000	54,176,000	35,306,000	49,561,000	37,130,000		35,382,000	25,607,000	36,393,000	-9,069,000	98,629,000	-73,201,000	12,288,000		111,869,000	-34,077,000	70,434,000	9,983,000	104,839,000	128,504,000	9,009,000	37,767,000	18,899,000	73,074,000	28,885,000	74,377,000	39,665,000	23,264,000	34,980,000	21,122,000	-14,621,000	32,326,000	50,820,000	25,986,000	-4,900,000			28,926,000			3,357,000				1,988,000	-23,074,000			18,902,000	28,497,000	-3,851,000	12,799,000	29,599,000	41,014,000	-10,947,000	16,122,000			9,014,000	-18,925,000	41,939,000	12,577,000	-17,879,000	41,422,000	29,484,000	13,892,000	10,133,000	-5,603,000
proceeds (repayments) of short-term borrowings
proceeds from long-term borrowings	-5,933,000	-10,000,000			-3,294,000	-10,000,000	10,001,000	4,359,000
proceeds from exercise of stock options, net of withheld taxes
cash dividends on common stock
purchase of treasury stock											-5,141,000	-8,219,000						-1,879,000	-877,000	-1,349,000	-2,144,000	-2,819,000	-172,000
net cash from financing activities	76,075,000	-66,675,000	142,544,000	96,067,000	7,163,000	25,932,000	21,920,000	-24,527,000		-740,000	68,543,000	18,489,000	92,987,000	212,903,000	51,000,000	11,699,000		4,250,000	-40,671,000	38,184,000	24,013,000	155,554,000	13,353,000	28,232,000	32,125,000	3,335,000	32,455,000	67,290,000	-19,976,000	49,161,000	44,720,000	33,622,000	51,459,000	-25,534,000	32,120,000	25,506,000	-14,250,000	24,862,000	34,765,000	-29,685,000	36,848,000	50,584,000	611,000	3,099,000	16,566,000	12,749,000	-15,426,000	1,732,000	-24,867,000	-20,707,000	-42,103,000	8,641,000	26,038,000	-11,899,000	32,533,000	29,328,000	50,762,000			48,901,000	-15,064,000	21,417,000	-1,578,000	41,765,000	12,491,000		31,205,000	49,303,000	8,737,000			19,894,000	4,435,000	1,173,000	3,045,000	11,417,000
increase in cash and cash equivalents	13,033,000	-90,247,000	82,140,000	31,155,000	-14,063,000	-2,917,000	14,432,000	-11,790,000		10,213,000	24,147,000	12,294,000			-78,683,000	-57,092,000		-5,480,000	-17,725,000	20,266,000	14,712,000	7,688,000	20,979,000			3,622,000					1,611,000	-2,691,000		-30,396,000	38,316,000			4,024,000			28,809,000				34,728,000	43,808,000	-9,076,000	11,432,000	-8,187,000			11,361,000	24,302,000	-4,206,000	-2,703,000	-9,694,000	27,428,000						-17,558,000				19,002,000	5,731,000	5,483,000			-12,440,000	18,841,000	2,043,000	-3,281,000	6,951,000				8,930,000
cash and cash equivalents, beginning of period													0	0	0	244,818,000		0	0	219,311,000	0	0	158,016,000	0	0	145,515,000	0	0	150,254,000	0	0	105,895,000	0			0	0	129,821,000	0	0	99,404,000	0	0	94,192,000	0	0	0	43,926,000	0	0	73,635,000
cash and cash equivalents, end of period	13,033,000	-90,247,000	82,140,000	211,593,000	-14,063,000	-2,917,000	14,432,000	182,986,000		10,213,000	24,147,000	127,087,000	-48,587,000	54,337,000	-78,683,000	187,726,000		-5,480,000	-17,725,000	239,577,000	14,712,000	7,688,000	178,995,000	11,920,000	5,703,000	149,137,000	5,281,000	22,988,000	116,287,000	15,000	1,611,000	103,204,000	-11,407,000			-1,585,000	-43,403,000	133,845,000	6,251,000	-32,875,000	128,213,000	18,416,000	-23,666,000	79,976,000	34,728,000	43,808,000	-9,076,000	55,358,000	-8,187,000	-10,894,000	66,388,000
supplemental disclosures
cash:
interest paid	14,150,000	14,179,000	14,726,000	13,104,000	13,837,000	14,586,000	14,457,000	14,469,000		12,760,000	12,087,000	9,202,000	5,218,000	2,320,000	1,318,000	1,213,000		1,603,000	2,256,000	2,550,000	3,381,000																		1,849,000	1,786,000	1,735,000	1,616,000	1,594,000	1,620,000	1,850,000	2,636,000	2,723,000	2,755,000	3,358,000	3,726,000	4,053,000	5,378,000	5,667,000	5,780,000	5,793,000	5,444,000	5,841,000	6,432,000	6,431,000	5,816,000	5,635,000	5,446,000	5,266,000	4,796,000	3,723,000	3,494,000	3,148,000	2,594,000	2,269,000	1,952,000	1,750,000	1,700,000	1,615,000	1,683,000	1,795,000	1,983,000	2,139,000	2,291,000	2,156,000	2,072,000
income taxes paid	665,000	5,297,000	7,975,000	96,000	3,587,000	3,870,000	6,367,000	250,000		6,544,000	0	3,557,000	4,572,000	4,670,000	2,542,000	2,145,000		3,510,000	3,460,000	3,320,000	3,130,000																		450,000	610,000	459,000	435,000	1,131,000	481,000	200,000	11,000	11,000	334,000	250,000	651,000	303,000	221,000	300,000	514,000	540,000	838,000	13,000	645,000	874,000	868,000	971,000	1,009,000	988,000	790,000	1,672,000	1,003,000	837,000			764,000	880,000	1,501,000	930,000	835,000	1,805,000	773,000	469,000	1,409,000
noncash investing activities:
establishment of lease liability and right-of-use asset, net of terminations
capitalization of servicing rights	44,000	78,000	65,000	41,000	11,000	23,000	76,000	76,000		1,000	270,000	159,000	21,000	0	0	131,000		0	106,000	19,000	-3,000
transfer of loans to oreo										0	-37,000	288,000																											1,385,000	512,000	2,420,000				745,000
(release) provision for credit losses, securities		-788,000
net realized security gains		-1,000				-33,000	-41,000	-21,000		-21,000	0	-222,000
investing activities
purchases of equity securities		1,000	-424,000	-77,000		0	-2,081,000	-166,000		42,000	-42,000	-126,000
purchases of afs securities		-950,000	-6,500,000	-4,000,000
(purchase) redemption of fhlb stock, at cost		6,512,000	-6,147,000	-1,076,000
maturities, calls, and principal payments on htm securities
maturities, calls, and principal payments on afs securities
proceeds from sales on afs securities		0
financing activities
repayments of short-term borrowings					-43,000,000			-61,400,000
(shares withheld for taxes), net of proceeds from stock option exercises		53,000
dividends on common stock		-1,446,000	-1,352,000	-1,355,000		-1,248,000	-1,248,000	-1,261,000		-1,168,000	-1,166,000	-1,215,000		-1,121,000	-1,114,000	-1,008,000		-899,000	-905,000	-804,000	-816,000	-828,000	-841,000	-838,000	-839,000	-730,000	-727,000	-697,000	-643,000	-593,000	-680,000	-493,000	-394,000	-316,000	-315,000	-314,000	-236,000	-238,000	-233,000	-144,000	-140,000	-58,000
purchase of treasury stock, including excise tax accrual		0				-281,000
cash and cash equivalents, beginning of year		0	0	180,438,000		0	0	194,776,000		0	0	114,793,000																							88,157,000
noncash activities:
establishment of lease liability and right-of-use asset														0	0	582,000
ppp deferred fees and costs			-1,000	-1,000		34,000	-6,000	-3,000		-17,000	-5,000	-68,000		-256,000	-434,000	-686,000		-1,339,000	-230,000	1,937,000	-531,000
maturities and principal payments on htm securities			4,529,000	364,000
maturities and principal payments on afs securities			4,339,000	6,304,000
net decrease in sba ppp loans			1,305,000	144,000	143,000	144,000	440,000	153,000		66,000	-6,000	3,431,000				18,521,000
net decrease in loans																-56,461,000																														3,548,000			1,727,000	11,240,000	2,235,000
proceeds from (repayments of) short-term borrowings			112,400,000	23,000,000
net realized security losses				12,000
proceeds from calls on afs securities				998,000
(repayments of) proceeds from long-term borrowings				-212,000
shares withheld for taxes, net of proceeds from stock option exercises				-451,000
provision for credit losses, afs securities
sba ppp deferred fees and costs
net securities realized gains
proceeds from sale of fhlb stock, at cost
proceeds from boli													0	0	349,000	119,000		111,000	108,000	107,000		98,000	117,000
provision for credit losses, afs debt securities						0
redemption (purchase) of fhlb stock, at cost
proceeds from exercise of stock options						155,000	48,000	721,000		395,000	245,000	754,000		441,000	315,000	639,000		177,000	188,000	80,000	0	362,000	34,000	61,000	197,000	166,000	108,000	102,000	290,000	89,000	136,000	135,000	29,000						0	0	62,000				140,000
proceeds from redemption of fhlb stock, at cost							939,000	2,539,000				376,000
maturities and principal payments on securities held to maturity							0	100,000						941,000	1,660,000	2,584,000		1,258,000						112,000	324,000	89,000	440,000	382,000	132,000	540,000	519,000	192,000	742,000	527,000	296,000	831,000	795,000	555,000	1,182,000	1,551,000	3,060,000	1,373,000	1,164,000	1,446,000	1,888,000	591,000	2,022,000	3,584,000	1,338,000	2,900,000	1,279,000	1,456,000	1,595,000	1,045,000	2,446,000	4,765,000	1,887,000	1,748,000	1,022,000	1,585,000	4,679,000	1,065,000	1,356,000	1,690,000	2,492,000	2,497,000	2,083,000	1,408,000	2,167,000	1,064,000	1,228,000	3,381,000	667,000	5,420,000	3,053,000	4,294,000	2,203,000	2,606,000	1,640,000	1,961,000
maturities and principal payments on securities available for sale							1,330,000	1,041,000																			1,488,000	1,266,000	1,272,000	2,010,000	5,229,000	3,611,000	1,978,000	1,598,000	3,949,000	2,200,000	2,273,000	2,141,000	2,549,000	2,824,000	2,536,000	6,050,000	7,628,000	5,692,000	7,449,000	8,617,000	8,946,000	9,922,000	14,434,000	13,221,000	18,820,000	15,132,000	13,271,000	11,262,000	3,147,000	6,753,000	5,857,000	3,282,000	2,797,000	2,446,000	2,507,000	5,312,000	5,074,000	2,268,000	2,041,000	3,144,000	5,085,000	3,158,000	2,627,000	8,098,000	3,855,000	6,765,000	5,618,000	12,492,000	12,187,000	11,014,000	15,004,000	10,006,000	5,221,000	9,407,000
(repayments of) proceeds from short-term borrowings
net amortization of purchase premiums and discounts on securities								34,000		-166,000	-65,000	36,000	-13,000	-18,000	33,000	11,000		57,000	61,000	62,000	68,000	56,000	59,000	45,000	44,000	37,000	62,000	55,000	53,000	79,000	64,000	73,000	99,000	80,000	92,000	130,000	139,000	140,000	150,000	140,000	130,000	151,000	191,000	208,000	180,000	113,000	119,000	146,000	130,000	295,000	219,000	137,000	136,000	54,000
deferred income tax expense								-87,000															-347,000			82,000			36,000				5,000	-132,000	142,000	-174,000	253,000	92,000	91,000	49,000	244,000	202,000			566,000
valuation writedowns on oreo												113,000									0	0	200,000							101,000												100,000	0	70,000
purchase of treasury stock, including exise tax accrual								-4,076,000
●
provision for credit losses
purchases of fhlb stock, at cost										1,547,000								-8,573,000	-13,291,000	-16,450,000	-19,350,000	-17,155,000	-22,275,000	-20,272,000	-22,694,000	-20,295,000	-19,642,000	-18,317,000	-13,838,000	-4,127,000	-1,784,000	-225,000	-900,000	-1,617,000	-1,395,000	-968,000	-5,970,000	-3,600,000
maturities, calls and principal payments on securities available for sale										1,156,000	464,000	1,639,000
net proceeds from borrowings
fair market value of shares withheld to cover employee tax liability										-40,000	-2,000	-224,000		-46,000	0	-220,000		-18,000	0	-177,000	-10,000	0	-172,000
benefit from credit losses
proceeds from redemption of fhlb stock															4,725,000	9,000		13,230,000	13,500,000	17,775,000	18,585,000	14,580,000	27,405,000	19,373,000	22,815,000	20,970,000	21,442,000	16,380,000	17,393,000	3,900,000	675,000	270,000	225,000	1,260,000	1,260,000	2,093,000	7,717,000	2,250,000
net changes from borrowings
proceeds from borrowings
benefit for credit losses												108,000
deferred income tax (benefit) expense												91,000																		-152,000	-77,000	-5,000
repayments of borrowings												-9,000,000						0	0	-160,000,000	0	-20,000,000	-223,000,000	0	-20,000,000	-190,000,000	-30,000,000	-30,000,000	-215,000,000	-10,000,000	-20,000,000	-36,000,000	-10,000,000	-20,000,000	-17,000,000	0	-10,000,000	-50,000,000	0	0	-32,000,000											-22,000,000	-10,000,000	-10,000,000	0	0	-5,000,000
benefit from loan losses													1,633,000	1,517,000				0	0	500,000				750,000	350,000	500,000	500,000	550,000	500,000	500,000	400,000	250,000	420,000	400,000	200,000	200,000	0	200,000	550,000	550,000	600,000	600,000	300,000	650,000	1,000,000	1,400,000	1,750,000	2,500,000	1,500,000	1,500,000	1,500,000	3,000,000	1,500,000	1,500,000	2,100,000	650,000	450,000			350,000	200,000				300,000		675,000	350,000	300,000			250,000	250,000	375,000
gain on sale of oreo																														0	0	253,000	-27,000	44,000	-88,000
(purchases of) proceeds from sale of fhlb stock, at cost
proceeds from sale of oreo																					0						0	13,000	426,000	248,000	525,000	21,000	106,000	294,000	1,224,000	554,000	466,000	578,000	623,000	1,864,000	487,000	179,000	263,000	704,000	1,479,000
net decrease (increase) in sba ppp loans
(purchases of) proceeds from sale of premises and equipment
proceeds from (repayments of) borrowings
origination of mortgage loans sold														-14,740,000	-22,350,000	-27,006,000		-62,090,000	-81,974,000	-101,869,000	-85,812,000
origination of sba loans held for sale														0	0	-20,108,000		-8,043,000	-5,866,000	-1,312,000	-1,004,000	-555,000	-2,595,000	-2,827,000	-3,067,000	-2,412,000	-3,294,000	-917,000	-3,507,000	-7,365,000	-7,416,000	-2,451,000	-12,196,000	-7,440,000	-3,734,000	-6,142,000	-4,545,000	-5,321,000	-4,749,000	-3,119,000	-890,000	-1,263,000	-2,149,000	-1,911,000	-2,063,000	-630,000	-8,746,000	-601,000	-578,000	-890,000	-1,211,000	33,000	-602,000	-1,341,000	-5,024,000	-10,323,000	-10,499,000
proceeds from sale of mortgage loans														15,019,000	22,781,000	27,527,000		63,576,000	83,440,000	103,870,000	87,541,000
proceeds from sale of sba loans held for sale														0	0	7,609,000		0	4,050,000	2,416,000	6,422,000	1,245,000	5,850,000	0	3,118,000	6,511,000	5,081,000	7,194,000	6,322,000	4,731,000	5,793,000	6,511,000	8,396,000	7,804,000	3,759,000	3,710,000	0	3,829,000	3,500,000	2,523,000	1,011,000	3,421,000	986,000	2,533,000	488,000	5,437,000
net changes in fhlb stock
proceeds from sales of debt securities available for sale																		0	0	7,048,000
proceeds from sale of premises and equipment																		0
decrease in cash and cash equivalents																								11,920,000			5,281,000	22,988,000	-33,967,000													18,416,000	-23,666,000	-14,216,000							-7,247,000
net security gains																		-4,000	0	-43,000	-16,000	-5,000	-301,000							-53,000			-11,000	-81,000	-94,000	0			0	-268,000	-110,000	-33,000	-108,000	-226,000	-7,000	-266,000	38,000	-125,000	-34,000	-4,000	-4,000		-2,000	-515,000
proceeds from new borrowings																		-105,000,000	-5,000,000	130,000,000	17,000,000	74,000,000	109,000,000	20,000,000	15,000,000	175,000,000	-10,000,000	69,000,000	121,000,000	20,000,000	42,000,000	35,000,000	11,000,000	39,000,000	20,000,000	-25,000,000	-30,000,000	80,000,000	-25,000,000	10,000,000	40,000,000								-1,628,000	1,118,000	1,554,000	12,000,000	8,000,000	2,000,000	20,000,000	0	15,000,000	15,000,000	10,000,000	0	15,000,000	17,500,000				-10,000,000	0
provision for loan losses																-178,000							1,500,000																																							600,000	400,000														400,000	375,000	975,000	600,000
transfer of sba loans held for sale to held to maturity																					-11,000																		0	-28,000	111,000	1,000
gain on sale of premises and equipment
net increase in sba ppp loans																			36,530,000	-52,492,000
net decrease (increase) in loans																				8,364,000															1,078,000									-11,051,000	6,786,000							4,898,000	8,324,000	10,023,000																			1,683,000
originations of sba ppp loans																					-2,329,000
boli death benefit income
proceeds from boli insurance claims
deferred income tax
gain on sale of mortgage loans held for sale																							-622,000	-718,000	-361,000	-258,000	-473,000	-326,000	-356,000	-539,000	-387,000	-454,000	-463,000	-489,000	-294,000	-533,000	-567,000	-344,000	-270,000	-186,000	-220,000	-314,000	-548,000	-477,000	-662,000
origination of mortgage loans held for sale																							-38,562,000	-35,187,000	-23,591,000	-19,431,000	-38,803,000	-6,369,000	-20,132,000	-23,836,000	-16,694,000	-25,654,000	-25,616,000	-26,037,000	-25,015,000	-35,727,000	-27,150,000	-15,034,000	-16,469,000	-11,149,000	-17,448,000	-14,064,000	-25,926,000	-22,599,000	-30,059,000	-13,337,000	-6,021,000	-9,671,000	-11,868,000	-6,477,000	-7,837,000	-6,982,000	-8,280,000	-438,000	0	-448,000	-1,291,000
proceeds from sale of mortgage loans held for sale																							39,184,000	35,905,000	23,952,000	19,689,000	39,276,000	6,695,000	20,488,000	24,375,000	17,081,000	26,108,000	26,079,000	26,526,000	25,309,000	36,260,000	27,717,000	15,378,000	16,739,000	11,335,000	17,668,000	14,378,000	26,474,000	23,076,000	30,721,000	13,587,000
purchases of debt securities available for sale
loss on sale of oreo																																							39,000	0	99,000	24,000
(gain) loss on sale of oreo																											-156,000
proceeds from sales of securities held to maturity
purchases of boli
gain on repurchase of subordinated debentures																																			-2,264,000
repurchase of subordinated debentures																																	0	0	-2,891,000
gain on sale of subordinated debt
cash and cash equivalents, end of year																																			126,473,000
adjustments to reconcile net income to net cash from (provided by) operating activities:
proceeds from rights offering
purchases of federal home loan bank stock, at cost																																							-1,867,000	-2,651,000	-1,800,000	-1,649,000										0	-3,735,000	-4,734,000
proceeds from redemption of federal home loan bank stock																																							3,338,000	2,025,000	1,440,000	3,224,000			0	-1,000			0
purchase of boli																																										0
redemption of perpetual preferred stock from u.s. treasury																																										-10,325,000
repurchase of warrant from u.s. treasury
dividends on preferred stock																																										-69,000	-258,000	-258,000	-258,000
the accompanying notes to the consolidated financial statements are an integral part of these statements
net decrease in deposits																																													16,684,000	13,004,000					-43,437,000
purchase of leased branch locations																																												3,893,000
loss on sale or disposal of premises and equipment																																													3,000
proceeds from sale or disposal of premises and equipment																																													1,000
operating activities
loss on sale of other real estate owned
proceeds from sale of securities held to maturity																																														0			0	0	1,893,000
proceeds from sale of securities available for sale																																														12,850,000	5,101,000	5,172,000	2,669,000	0	8,838,000											0				1,292,000	2,895,000	1,027,000	148,000	-3,000	-279,000	445,000	6,652,000	-45,000	9,073,000	7,035,000	0	0
proceeds from sale of other real estate owned																																														1,220,000
purchase of bank owned life insurance																																																	0	-1,000	-2,499,000
proceeds from the exercise of stock options																																														3,000	441,000	2,000
cash dividends paid on preferred stock																																														-258,000	-258,000	-258,000	-258,000	-258,000	-258,000	-258,000
supplemental disclosures:
transfer of loans to other real estate owned																																														2,662,000	780,000	605,000	2,757,000	666,000	3,486,000	2,665,000	456,000	121,000	95,000	0	470,000																	223,000
(gain) loss on sale of other real estate owned
loss on sale of premises and equipment
proceeds from the sale of mortgage loans held for sale																																																9,840,000	12,114,000	6,590,000	7,982,000	7,053,000	3,585,000	5,246,000	0	448,000	1,312,000	897,000	477,000	904,000	738,000
proceeds from the sale of sba loans held for sale																																																1,177,000	2,689,000			0	0	867,000
loss on the sale of premises and equipment																																																	-12,000	0	3,000
proceeds from the sale of other real estate owned																																																	1,080,000	256,000	1,698,000	351,000	753,000	67,000	44,000	0	309,000	62,000	316,000	83,000	184,000	130,000	0	176,000	63,000	0	0	0	345,000	1,000	70,000
proceeds from the sale of premises and equipment																																																	27,000	0	26,000				0
other-than-temporary impairment charges on securities																																																				0
proceeds from the exercise of stock options, including related tax benefits																																																	93,000	3,000	38,000
transfer of afs sba loans to htm sba loans
proceeds from issuance of common stock
net security (gains) losses
loss on disposal of fixed assets																																																							0
proceeds from the redemption of federal home loan bank stock																																																				450,000	3,555,000	4,644,000
proceeds from the issuance of common stock																																																				-3,000	0	-48,000	89,000	67,000	84,000	169,000	194,000	422,000	334,000	234,000	177,000	145,000	225,000	390,000	88,000	299,000	76,000	315,000	51,000	80,000	248,000					122,000	954,000	382,000
cash dividends paid on common stock
cash and cash equivalents at beginning of period																																																				0	0	34,431,000
cash and cash equivalents at end of period																																																				11,361,000	24,302,000	30,225,000	-2,703,000	-9,694,000	63,740,000		-20,438,000	26,645,000	39,114,000		-17,558,000	18,443,000	37,897,000		19,002,000	5,731,000	28,889,000		-12,143,000	-12,440,000	45,256,000	2,043,000	-3,281,000	37,188,000		-3,723,000	12,647,000	25,762,000
transfer of afs securities to htm securities
net amortization of purchase premium (discount) on securities																																																							25,000	24,000	6,000
increase in deferred income taxes																																																									-347,000
net gain on sale of securities																																																							290,000	206,000	-70,000
proceeds from the sale of sba loans																																																							5,191,000	8,767,000	12,083,000		6,391,000	15,484,000	11,272,000		13,705,000	8,169,000	10,286,000		11,828,000	10,073,000	5,966,000	10,672,000	12,039,000	8,056,000	8,371,000	10,401,000	8,244,000	10,132,000		6,322,000	18,586,000	11,099,000
purchases of banker’s bank stock																																																							-900,000	-237,000	-225,000
proceeds from the sale of securities available for sale																																																							448,000	2,458,000	790,000
proceeds from the redemption of banker’s bank stock																																																							0	0	450,000
redemption of subordinated debentures
purchase of common stock
dividends paid																																																							-354,000	-338,000	-336,000
cash and cash equivalents at beginning of year																																																							0	0	36,312,000	0	0	0	55,436,000	0	0	0	38,759,000	0	0	0	23,406,000	0	0	0	26,415,000	0	0	30,237,000	0	0	0	16,832,000
decrease in deferred income taxes
non-cash investing activities:
stock compensation expense net of tax benefits																																																									57,000
net cash from investing activities:																																																									-29,872,000
adjustments to reconcile net income to net cash from operating activities
gain on sale of other loans
purchases of loans
net cash received from branch acquisition
issuance of trust preferred securities																																																																													0
redemption of trust preferred securities
cash and cash equivalents at end-of-year
transfer of loans from held to maturity to available for sale
(decrease) increase in deferred income taxes
net cash provided by operating activities																																																																															5,965,000	5,414,000
purchase of loans
net cash provided by financing activities																																																																														13,327,000	14,460,000	14,175,000
transfer of loan to other real estate owned																																																											84,000	194,000	229,000		0	0	61,000				198,000		156,000	0	59,000			62,000
adjustments to reconcile net income to net cash provided by operating activities
deferred income taxes
issuance of subordinate debentures
increase (decrease) in cash and cash equivalents																																																																														-3,723,000
cash and cash equivalents at end of year
non-cash investing activities
gains on sale of mortgage loans
gains on sale of other loans
proceeds from the sale of commercial loans																																																																	4,978,000
write-down on afs security																																																																										0
maturities of borrowings
removal of capital leases
net increase in borrowings																																																																								0	10,000,000
selected results of operations
interest income
interest expense
net interest income
other income
other incomes
tax expense
per share data
net income per common share - basic
net income per common share - diluted
book value per common share
market value per common share
cash dividends declared on common shares
selected balance sheet data
total assets
loans
allowance for loan losses
investment securities
deposits
borrowings
shareholders’ equity
common shares outstanding
performance ratios
return on average assets
return on average common equity
efficiency ratio
net interest spread
net interest margin
asset quality ratios
allowance for loan losses to loans
allowance for loan losses to non-performing loans
non-performing loans to total loans
non-performing assets to total loans and oreo
net charge-offs to average loans
capital ratios – company
leverage ratio
tier 1 risk-based capital ratio
total risk-based capital ratio
capital ratios – bank
year ended december 31,
assets:
interest-earning assets:
federal funds sold and interest- bearing deposits with banks
securities:
available for sale
held to maturity
total securities
loans, net of unearned discount:
sba loans
commercial
residential mortgage
consumer
total loans
total interest-earning assets
noninterest-earning assets:
cash and due from banks
other assets
total noninterest-earning assets
liabilities and shareholders’ equity:
interest-bearing liabilities:
interest-bearing demand
savings deposits
time deposits
total interest-bearing deposits
other debt
total interest-bearing liabilities
noninterest-bearing liabilities:
demand deposits
other liabilities
total noninterest-bearing liabilities
total liabilities and shareholders’ equity
tax-equivalent basis adjustment
(dollar amounts in thousands
on a tax equivalent basis)
interest income:
federal funds sold and
interest-bearing deposits
net loans
total interest income
interest expense:
total deposits
total interest expense
net interest income-fte
increase in tax-equivalent adjustment
service charges on deposit accounts
service and loan fee income
gain on sba loan sales
total non-interest income
compensation and benefits
occupancy
processing & communications
furniture & equipment
professional services
loan servicing
advertising
deposit insurance
total non-interest expense
sba held for sale
sba held to maturity
sba
total
amount of loans based upon:
fixed interest rates
floating or adjustable interest rates
non-performing by category
residential real estate
total non-performing loans
oreo
total non-performing assets
past due 90 days or more and still accruing interest
allowance for loans losses as a percentage of non-performing loans
balance at beginning of year
charge-offs:
total charge-offs
recoveries:
total recoveries
total net charge-offs
provision charged to expense
balance at end of year
allowance to total loans
balance applicable to:
at december 31,
ending balance:
interest-bearing demand deposits
average balance:
assets
cash & due from banks
federal funds sold
liabilities and shareholders’ equity
non interest demand
savings and interest-bearing checking
other borrowings
gap
cumulative gap
cumulative gap to total assets
standby letters of credit
debt obligations
operating lease obligations
purchase obligations - fiserv
company
bank
/s/ kpmg llp
short hills , new jersey
february 18, 2005, except as to the second paragraph under litigation in note 9, which is as of march 28, 2005.
december 31,
federal funds sold and interest bearing deposits
loans:
less: allowance for loan losses
premises and equipment
accrued interest receivable
loan servicing asset
bank owned life insurance
liabilities
deposits:
non-interest bearing demand deposits
interest bearing demand deposits
time deposits, under 100,000
time deposits, 100,000 and over
borrowed funds
subordinated debentures
accrued interest payable
accrued expenses and other liabilities
total liabilities
commitments and contingencies
shareholders’ equity:
common stock, no par value, 12,500 shares authorized, 5,778 shares issued and outstanding in 2004; 5,686 shares issued and outstanding in 2003
retained earnings
accumulated other comprehensive loss
total shareholders’ equity
for the years ended december 31,
federal funds sold and interest on deposits
securities
commercial loans
residential mortgage loans
consumer loans
total loan interest income
borrowed funds and subordinated debentures
net interest income after benefit from loan losses
non-interest income
gain on sale of sba loans
non-interest expense
occupancy expense
processing and communications
furniture and equipment
income before benefit from income taxes
benefit from income taxes
preferred stock dividends
net income to common shareholders
net income per share
diluted
weighted-average common shares outstanding -
balance, december 31, 2001
comprehensive income:
unrealized holding gains on securities arising during the period, net of tax of 285
less: reclassification adjustment for gains included in net income, net of tax of 92
net unrealized holding gain on securities arising during the period, net of tax of 193
total comprehensive income
cash redemption of preferred stock
preferred stock dividends paid
repurchase and retirement of common stock
issuance of common stock:
warrants exercised
employee benefit plans
balance, december 31, 2002
unrealized holding losses on securities arising during the period, net of tax benefit of 398
less: reclassification adjustment for gains included in net income, net of tax of 74
net unrealized holding losses on securities arising during the period, net of tax benefit of 472
common stock dividends declared
balance, december 31, 2003
unrealized holding gains on securities arising during the period, net of tax of 28
less: reclassification adjustment for gains included in net income, net of tax benefit of 29
net unrealized holding loss on securities arising during the period, net of tax benefit of 1
5% stock dividend, including cash-in-lieu of fractional shares
balance, december 31, 2004
retirement of preferred stock
purchase and retirement of common stock
cash dividends on preferred stock
cash
as reported
proforma
income per share-
as reported:
basic
proforma:
securities available for sale
us government sponsored entities
state and political subdivisions
mortgage backed securities
corporate debt securities
fhlb stock and other equities
total securities available for sale
securities held to maturity
total securities held to maturity
available for sale at fair value:
corporate deby securities
held to maturity at cost:
2004
total temporarily impaired investments
2003
loans to officers, directors or their associates at december 31, 2003
new loans
repayments
loans to officers, directors or their associates at december 31, 2004
charge-offs
recoveries
net charge-offs
land and buildings
furniture, fixtures and equipment
leasehold improvements
gross premises and equipment
less: accumulated depreciation and amortization
net premises and equipment
deferred tax asset
prepaid expenses
other real estate owned
net receivable due from sba
other
total other assets
at december 31, 2004
100,000 or more
less than 100,000
at december 31, 2003
fhlb borrowings
year-to-date average
repurchase agreements
subordinate debentures
2005
2006
2007
2008
2009
atm/check card fees
gain on sale of residential mortgage loans
loan referral fees
title fees
total other income
travel, entertainment, training & recruiting
stationery & supplies
insurance
settlement of vanvolkenburgh litigation
total other operating expenses
income taxes
federal - current provision
federal - deferred provision
total federal provision
state - current provision
state - deferred benefit
total state provision
valuation allowance
total benefit from income taxes
federal income taxes at statutory rate
state income taxes, net of federal income tax effect
unrealized loss on securities available for sale
deferred loan costs
operating income carry-forward
net deferred tax asset
less: valuation allowance
less: preferred stock dividends
weighted-average common shares outstanding
plus: potential dilutive common stock
diluted average common shares outstanding
net income per common share -
as of december 31, 2004
tier i risk-based ratio
as of december 31, 2003
outstanding, december 31, 2001
options granted
options exercised
options expired
outstanding, december 31, 2002
outstanding, december 31, 2003
outstanding, december 31, 2004
exercise
price
< 5.00
5.01 - 7.00
7.01 - 11.99
6.32
financial assets-
cash and federal funds sold
loans, net of allowance for possible loan losses
financial liabilities -
capital note due from bank
investment in subsidiaries
gain on sale of available for sale securities
total income
income before income tax benefit and equity in undistributed income of subsidiary
income tax
income before equity in undistributed income of subsidiary
equity in undistributed net income of subsidiary
equity in undistributed earnings of subsidiary
gain on sale of securities available for sale
increase in other assets
increase in other liabilities
sales and maturities of securities available for sale
dividend from bank
advance of capital note to bank
additional equity investment in bank subsidiary
proceeds from issuance of subordinate debentures
payment to repurchase common stock
redemption of preferred stock
net increase in cash and cash equivalents
cash beginning of year
cash end of year
supplemental disclosures: interest paid
net income before tax
income tax provision
basic income per common share
diluted income per common share
adjustments to reconcile net income to net cash from operating activities provision for loan losses																																																																												450,000
net increase (decrease) in borrowings
(decrease) increase in cash and cash equivalents
net change in other assets and other liabilities
increase in deposits																																																																										2,353,000	3,073,000	11,440,000	8,491,000	6,782,000	13,535,000	13,823,000
decrease in borrowings
write-off of intangibles
depreciation, amortization and accretion
gain on sale of securities
loss on sale of other loans
gain on sale of deposits
proceeds of loans held for sale
net cash from (used in) operating activities
proceeds from sale of other loans
proceeds from the sale of fixed assets
proceeds from the sale of oreo property
redemption of bank owned life insurance
net cash (used in) provided by investing activities
sale of deposits
(retirement) proceeds from preferred stock offering
proceeds from issuance of private placement offering
net cash from (used in) financing activities
transfer to other real estate owned from loans, net of charge offs
purchases in premises and equipment
proceeds from of the sale of oreo
net cash used in investing activities
(decrease) increase in borrowings
origination of loans sba loans held for sale
proceeds from sale of loans held for sale
proceeds from sale of oreo property
proceeds from preferred stock offering

Unity Bancorp, Inc(NASDAQ:UNTY)

Unity Bancorp, Inc
(NASDAQ:UNTY)