| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
NOTE 16 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following is condensed financial information for Ballston Spa Bancorp, Inc. on a parent company only basis listed accordingly as of and for the years ended December 31 (in thousands): CONDENSED BALANCE SHEET | | | | | | | | | 2025 | | 2024 | ASSETS | | | | | | | Cash and cash equivalents | | $ | 734 | | $ | 2,190 | Investment in banking subsidiaries | | | 78,400 | | | 72,036 | Other assets | | | — | | | — | Total assets | | | 79,134 | | | 74,226 | | | | | | | | LIABILITIES AND EQUITY | | | | | | | Debt | | | 7,750 | | | 7,750 | Accrued expenses and other liabilities | | | 245 | | | 245 | Total shareholders’ equity | | | 71,139 | | | 66,231 | Total liabilities and shareholders’ equity | | $ | 79,134 | | $ | 74,226 |
CONDENSED INCOME STATEMENT | | | | | | | | | 2025 | | 2024 | INCOME | | | | | | | Dividends from Subsidiaries and equity in undistributed earnings | | $ | 5,014 | | $ | 5,633 | Other income | | | — | | | — | TOTAL INCOME | | | 5,014 | | | 5,633 | | | | | | | | Interest expense | | | 446 | | | 446 | Other expenses | | | 29 | | | 62 | TOTAL EXPENSES | | | 475 | | | 508 | | | | | | | | Income before income taxes | | | 4,539 | | | 5,125 | Tax benefit | | | — | | | (5) | NET INCOME | | $ | 4,539 | | $ | 5,130 |
CONDENSED STATEMENT OF CASH FLOWS | | | | | | | | | 2025 | | 2024 | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | Net income | | $ | 4,539 | | $ | 5,130 | Adjustments to reconcile net income to net cash | | | | | | | provided by operating activities: | | | | | | | Equity in undistributed earnings of subsidiaries | | | (5,015) | | | (2,783) | Change in other assets | | | — | | | 483 | Change in other liabilities | | | — | | | — | Net cash (used in) provided by operating activities | | | (476) | | | 2,830 | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | Repayment of borrowings | | | — | | | — | Dividends paid | | | (980) | | | (980) | Net cash used in financing activities | | | (980) | | | (980) | | | | | | | | NET CHANGE IN CASH AND CASH EQUIVALENTS | | | (1,456) | | | 1,850 | | | | | | | | Cash and cash equivalents at beginning of year | | | 2,190 | | | 340 | | | | | | | | CASH AND CASH EQUIVALENTS AT END OF YEAR | | $ | 734 | | $ | 2,190 |
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