| Parent Company Only Financial Statements |
Parent Company Only Financial Statements Balance Sheets
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| (Dollars in thousands) |
December 31, 2025 |
|
December 31, 2024 |
| Assets |
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| Cash on deposit with Peoples Bank |
$ |
524 |
|
|
$ |
3,904 |
|
| Investment in Peoples Bank |
173,490 |
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|
150,543 |
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| Other assets |
649 |
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|
215 |
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| Total assets |
$ |
174,663 |
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|
$ |
154,662 |
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| Liabilities and stockholders' equity |
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| Dividends payable |
$ |
- |
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|
$ |
518 |
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| Other liabilities |
- |
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|
2,730 |
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| Total liabilities |
- |
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|
3,248 |
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| Additional paid in capital |
70,331 |
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|
70,034 |
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| Accumulated other comprehensive income (loss) |
(41,662) |
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|
(58,084) |
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| Retained earnings |
145,994 |
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|
139,464 |
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| Total stockholders' equity |
174,663 |
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|
151,414 |
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| Total liabilities and stockholders' equity |
$ |
174,663 |
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|
$ |
154,662 |
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Statements of Income
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Year Ended December 31, |
| (Dollars in thousands) |
2025 |
|
2024 |
| Dividends from Peoples Bank |
$ |
1,038 |
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|
$ |
- |
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| Non-interest income |
4 |
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|
- |
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| Operating expenses |
(67) |
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|
(65) |
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| Income before income taxes and equity in undistributed income of Peoples Bank |
975 |
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|
(65) |
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| Income tax expense (benefit) |
(22) |
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|
(12) |
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| Income before equity in undistributed income of Peoples Bank |
997 |
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|
(53) |
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| Equity in undistributed income of Peoples Bank |
7,090 |
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|
12,183 |
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| Net income |
$ |
8,087 |
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|
$ |
12,130 |
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Statements of Cash Flows
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Year Ended December 31, |
| (Dollars in thousands) |
2025 |
|
2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
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| Net income |
$ |
8,087 |
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|
$ |
12,130 |
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Adjustments to reconcile net income to net cash provided by operating
activities:
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Distributions in excess of income (equity in undistributed income): |
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Peoples Bank |
(7,090) |
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|
(12,183) |
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Change in intercompany payable |
(2,176) |
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|
2,176 |
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Change in other assets |
(434) |
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|
303 |
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Change in other liabilities |
(60) |
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|
(213) |
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Total adjustments |
(9,760) |
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|
(9,917) |
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| Net cash provided by (used in) operating activities |
(1,673) |
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|
2,213 |
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| CASH FLOWS FROM INVESTING ACTIVITIES: |
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| Net cash provided by (used in) investing activities |
- |
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|
- |
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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Dividends paid |
(1,557) |
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|
(2,069) |
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Net surrender value of restricted stock awards |
(150) |
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|
(86) |
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| Net cash provided by (used in) financing activities |
(1,707) |
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|
(2,155) |
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| Net change in cash on deposit with Peoples Bank |
(3,380) |
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|
58 |
|
| Cash on deposit at Peoples Bank at beginning of period |
3,904 |
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|
3,846 |
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| Cash on deposit at Peoples Bank at end of period |
$ |
524 |
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$ |
3,904 |
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| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
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Cash paid during the period for: |
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Income taxes |
$ |
150 |
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|
$ |
415 |
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Dividends declared not paid |
- |
|
|
518 |
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