NorthEast Community Bancorp, Inc./MD/ 10-Q

Item 1. Financial Statements NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands, except share ​ ​ and per share amounts) ASSETS ​ ​ ​ ​ ​ ​ Cash and amounts due from depository institutions ​ $ 13,996 ​ $ 10,456 Interest-bearing deposits ​ 62,215 ​ 70,719 Total cash and cash equivalents ​ 76,211 ​ 81,175 Certificates of deposit ​ 100 ​ 100 Equity securities ​ 27,449 ​ 26,570 Securities held-to-maturity (net of allowance for credit losses of $ 126 and $ 126 , respectively) ​ 18,165 ​ 18,315 Loans receivable ​ 1,828,208 ​ 1,860,066 Deferred loan costs, net ​ ​ 174 ​ ​ 268 Allowance for credit losses ​ ​ ( 4,592 ) ​ ​ ( 4,731 ) Net loans ​ ​ 1,823,790 ​ 1,855,603 Premises and equipment, net ​ 25,178 ​ 25,377 Investments in restricted stock, at cost ​ 410 ​ 410 Bank owned life insurance ​ 26,613 ​ 26,433 Accrued interest receivable ​ 12,076 ​ 12,228 Property held for investment ​ 1,324 ​ 1,334 Right of Use Assets – Operating ​ 4,477 ​ 4,656 Right of Use Assets – Financing ​ 342 ​ 343 Other assets ​ 8,992 ​ 10,964 Total assets ​ $ 2,025,127 ​ $ 2,063,508 LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Deposits: ​ ​ ​ ​ Non-interest bearing ​ $ 296,923 ​ $ 271,924 Interest bearing ​ 1,329,354 ​ 1,344,977 Total deposits ​ 1,626,277 ​ 1,616,901 Advance payments by borrowers for taxes and insurance ​ 2,924 ​ 2,352 Borrowings ​ 20,000 ​ 70,000 Lease Liability – Operating ​ 4,633 ​ 4,796 Lease Liability – Financing ​ 444 ​ 434 Accounts payable and accrued expenses ​ 14,564 ​ 17,325 Total liabilities ​ 1,668,842 ​ 1,711,808 ​ See notes to interim unaudited consolidated financial statements. ​ 3 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (continued) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands, except share ​ ​ and per share amounts) Stockholders’ equity: ​ ​ ​ ​ Preferred stock, $ 0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ — $ — Common stock, $ 0.01 par value; 75,000,000 shares authorized; 13,815,407 shares and 13,963,432 shares outstanding, respectively ​ ​ 138 ​ ​ 140 Additional paid-in capital ​ 108,730 ​ ​ 111,575 Unearned Employee Stock Ownership Plan (“ESOP”) shares ​ ( 5,088 ) ​ ​ ( 5,218 ) Retained earnings ​ 252,264 ​ ​ 244,970 Accumulated other comprehensive income ​ 241 ​ ​ 233 Total stockholders’ equity ​ 356,285 ​ 351,700 Total liabilities and stockholders’ equity ​ $ 2,025,127 ​ $ 2,063,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to interim unaudited consolidated financial statements. ​ 4 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In thousands, except ​ ​ per share amounts) ​ INTEREST INCOME: ​ ​ ​ ​ ​ ​ Loans ​ $ 35,042 ​ $ 36,882 ​ Interest-earning deposits ​ 602 ​ ​ 1,081 ​ Securities ​ 325 ​ ​ 244 ​ Total Interest Income ​ 35,969 ​ 38,207 ​ INTEREST EXPENSE: ​ ​ ​ ​ ​ Deposits ​ 11,402 ​ ​ 13,933 ​ Borrowings ​ 423 ​ ​ - ​ Financing lease ​ 10 ​ ​ 10 ​ Total Interest Expense ​ 11,835 ​ 13,943 ​ Net Interest Income ​ 24,134 ​ 24,264 ​ Provision for credit loss ​ ​ — ​ ​ 237 ​ Net Interest Income after Provision for Credit Loss ​ 24,134 ​ 24,027 ​ NON-INTEREST INCOME: ​ ​ ​ ​ ​ Other loan fees and service charges ​ 669 ​ ​ 740 ​ Earnings on bank owned life insurance ​ 179 ​ ​ 167 ​ Unrealized (loss) gain on equity securities ​ ( 121 ) ​ ​ 300 ​ Other ​ 69 ​ ​ 28 ​ Total Non-Interest Income ​ 796 ​ 1,235 ​ NON-INTEREST EXPENSES: ​ ​ ​ ​ ​ Salaries and employee benefits ​ 6,172 ​ ​ 5,933 ​ Occupancy expense ​ 874 ​ ​ 747 ​ Equipment ​ 223 ​ ​ 217 ​ Outside data processing ​ 796 ​ ​ 735 ​ Advertising ​ 43 ​ ​ 102 ​ Real estate owned expense ​ - ​ ​ 30 ​ Other ​ 2,771 ​ ​ 2,855 ​ Total Non-Interest Expenses ​ 10,879 ​ 10,619 ​ INCOME BEFORE PROVISION FOR INCOME TAXES ​ 14,051 ​ 14,643 ​ PROVISION FOR INCOME TAXES ​ 4,099 ​ ​ 4,076 ​ NET INCOME ​ $ 9,952 ​ $ 10,567 ​ ​ ​ ​ ​ ​ ​ ​ ​ EARNINGS PER COMMON SHARE – BASIC ​ $ 0.76 ​ $ 0.80 ​ EARNINGS PER COMMON SHARE – DILUTED ​ ​ 0.74 ​ ​ 0.78 ​ WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC ​ ​ 13,176 ​ ​ 13,192 ​ WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED ​ 13,528 ​ 13,560 ​ ​ See notes to interim unaudited consolidated financial statements. ​ 5 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In thousands) ​ Net Income ​ $ 9,952 ​ $ 10,567 ​ Other comprehensive income (loss): ​ ​ ​ ​ ​ Defined benefit pension: ​ ​ ​ ​ ​ Reclassification adjustments out of accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ Amortization of actuarial gain ​ ( 9 ) ​ ( 10 ) ​ Actuarial gain (loss) arising during period ​ 21 ​ ( 10 ) ​ Total ​ 12 ​ ( 20 ) ​ Income tax (effect) benefit¹ ​ ( 4 ) ​ 7 ​ Total other comprehensive income (loss) ​ 8 ​ ( 13 ) ​ Total Comprehensive Income ​ $ 9,960 ​ $ 10,554 ​ ¹ Amounts are included in provision for income taxes in the consolidated statements of income. ​ See notes to interim unaudited consolidated financial statements. ​ 6 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY Three Months Ended March 31, 2026 and 2025 (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Number of ​ Common ​ Paid- in ​ Unearned ​ Retained ​ Comprehensive ​ ​ ​ ​ ​ ​ ​ Shares, net ​ ​ ​ Stock ​ ​ ​ Capital ​ ​ ​ ESOP Shares ​ ​ ​ Earnings ​ ​ ​ Income ​ ​ ​ Total ​ ​ (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance – December 31, 2025 ​ ​ 13,963,432 ​ $ 140 ​ $ 111,575 ​ $ ( 5,218 ) ​ $ 244,970 ​ $ 233 ​ $ 351,700 Net income ​ — ​ — ​ — ​ — ​ 9,952 ​ — ​ 9,952 Other comprehensive income ​ — ​ — ​ — ​ — ​ — ​ 8 ​ 8 Cash dividend declared ($ 0.20 per share) ​ — ​ — ​ — ​ — ​ ( 2,658 ) ​ — ​ ( 2,658 ) Stock repurchases ​ ​ ( 163,265 ) ​ ​ ( 2 ) ​ ​ ( 3,607 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 3,609 ) Compensation expense related to restricted stock awards ​ ​ — ​ ​ — ​ ​ 308 ​ ​ — ​ ​ — ​ ​ — ​ ​ 308 Compensation expense related to stock options ​ ​ — ​ ​ — ​ ​ 239 ​ ​ — ​ ​ — ​ ​ — ​ ​ 239 Stock option exercise ​ ​ 15,240 ​ ​ — ​ ​ 37 ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ESOP shares earned ​ — ​ — ​ 178 ​ 130 ​ — ​ — ​ 308 Balance – March 31, 2026 ​ ​ 13,815,407 ​ $ 138 ​ $ 108,730 ​ $ ( 5,088 ) ​ $ 252,264 ​ $ 241 ​ $ 356,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Number of ​ Common ​ Paid- in ​ Unearned ​ Retained ​ Comprehensive ​ ​ ​ ​ ​ ​ ​ Shares, net ​ ​ ​ Stock ​ ​ ​ Capital ​ ​ ​ ESOP Shares ​ ​ ​ Earnings ​ ​ ​ Income ​ ​ ​ Total ​ ​ (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance – December 31, 2024 ​ ​ 14,016,254 ​ $ 140 ​ $ 110,091 ​ $ ( 6,088 ) ​ $ 213,974 ​ $ 224 ​ $ 318,341 Net income ​ — ​ — ​ — ​ — ​ 10,567 ​ — ​ 10,567 Other comprehensive loss ​ — ​ — ​ — ​ — ​ — ​ ( 13 ) ​ ( 13 ) Cash dividend declared ($ 0.10 per share) ​ — ​ — ​ — ​ — ​ ( 2,683 ) ​ — ​ ( 2,683 ) Compensation expense related to restricted stock awards ​ ​ — ​ ​ — ​ ​ 293 ​ ​ — ​ ​ — ​ ​ — ​ ​ 293 Compensation expense related to stock options ​ ​ — ​ ​ — ​ ​ 185 ​ ​ — ​ ​ — ​ ​ — ​ ​ 185 Stock option exercise ​ ​ 7,122 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ESOP shares earned ​ — ​ — ​ 302 ​ 218 ​ — ​ — ​ 520 Balance - March 31, 2025 ​ ​ 14,023,376 ​ $ 140 ​ $ 110,871 ​ $ ( 5,870 ) ​ $ 221,858 ​ $ 211 ​ $ 327,210 See notes to interim unaudited consolidated financial statements . ​ 7 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In thousands) ​ Cash Flows from Operating Activities: ​ ​ ​ ​ ​ Net income ​ $ 9,952 ​ $ 10,567 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ Net (accretion) amortization of securities premiums and discounts, net ​ ( 5 ) ​ ​ 1 ​ Provision for credit losses ​ - ​ ​ 237 ​ Depreciation ​ 297 ​ ​ 298 ​ Net accretion of deferred loan fees and costs ​ ( 32 ) ​ ​ ( 60 ) ​ Deferred income tax benefit ​ ( 114 ) ​ ​ ( 136 ) ​ Unrealized loss (gain) recognized on equity securities ​ 121 ​ ​ ( 300 ) ​ Earnings on bank owned life insurance ​ ( 179 ) ​ ​ ( 167 ) ​ ESOP compensation expense ​ 308 ​ ​ 520 ​ Compensation expense related to stock options ​ ​ 239 ​ ​ 185 ​ Compensation expense related to restricted stock ​ ​ 308 ​ ​ 293 ​ Decrease in accrued interest receivable ​ 152 ​ ​ 1,049 ​ Decrease in other assets ​ 2,276 ​ ​ 619 ​ Increase in accounts payable - loan closing ​ ​ 170 ​ ​ 42 ​ Decrease in accounts payable and accrued expenses ​ ( 3,055 ) ​ ​ ( 2,205 ) ​ Net Cash Provided by Operating Activities ​ 10,438 ​ 10,943 ​ Cash Flows from Investing Activities: ​ ​ ​ ​ ​ Net decrease in loans ​ 31,689 ​ 86,912 ​ Proceeds from sale of loans ​ 268 ​ 380 ​ Principal repayments on securities held-to-maturity ​ 155 ​ 128 ​ Purchase of equity securities ​ ( 1,000 ) ​ ( 1,000 ) ​ Purchases of premises and equipment ​ ( 98 ) ​ ( 382 ) ​ Net Cash Provided by Investing Activities ​ 31,014 ​ 86,038 ​ Cash Flows from Financing Activities: ​ ​ ​ ​ ​ Net increase (decrease) in deposits ​ 9,376 ​ ( 84,360 ) ​ Net repayment from borrowings ​ ​ ( 50,000 ) ​ ​ — ​ Stock repurchases ​ ​ ( 3,609 ) ​ ​ — ​ Stock option exercised ​ ​ 37 ​ ​ — ​ Increase in advance payments by borrowers for taxes and insurance ​ 573 ​ 680 ​ Cash dividends paid ​ ( 2,793 ) ​ ( 2,102 ) ​ Net Cash Used in Financing Activities ​ ( 46,416 ) ​ ( 85,782 ) ​ Net (Decrease) Increase in Cash and Cash Equivalents ​ ( 4,964 ) ​ 11,199 ​ Cash and Cash Equivalents – Beginning ​ 81,175 ​ 78,259 ​ Cash and Cash Equivalents – Ending ​ $ 76,211 ​ $ 89,458 ​ See notes to interim unaudited consolidated financial statements. ​ 8 Table of Contents NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In thousands) ​ Supplementary Cash Flows Information: ​ ​ ​ ​ ​ Income taxes paid: ​ ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ State and local¹ ​ ​ 2,231 ​ ​ 2,417 ​ Total income taxes paid ​ $ 2,231 ​ $ 2,417 ​ Interest paid ​ $ 12,111 ​ $ 13,789 ​ Supplementary Disclosure of Non-Cash Investing and Financing Activities: ​ ​ ​ ​ ​ Dividends declared and not paid ​ $ 2,763 ​ $ 2,805 ​ ​ (1) For the years presented New York State, New York City, and Massachusetts make up 100% of the tax effect in this category . ​ See notes to interim unaudited consolidated financial statements. ​ ​ 9 Table of Contents ​ NORTHEAST COMMUNITY BANCORP, INC. Notes to Condensed Consolidated Financial Statements (Dollars in thousands, unless otherwise stated) (Unaudited) NORTHEAST COMMUNITY BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 — Summary of Significant Accounting Policies The following is a description of the Company’s business and significant accounting and reporting policies: Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of NorthEast Community Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. ​ The Bank is a New York State-chartered savings bank and the Company’s primary activity is the ownership and operation of the Bank. ​ The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in the Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York, and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings, brokered deposits, military deposits, and listing deposit services as sources of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees and service charges. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently does no t own any property. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in New York State. This subsidiary is currently inactive. 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 10 Table of Contents 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Bloomingburg, New York. NECB Real Estate LLC (“NECB Real Estate”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2024 to facilitate the purchase or lease of real property by the Bank. NECB Real Estate owned one foreclosed property located in the Bronx, New York prior to the property’s disposition in June 2025. Principal of Consolidations: The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, 3 Winterton Realty LLC, and NECB Real Estate (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated interim financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year or any other period. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses. Loan Concentration Risk: The Company’s lending activity is concentrated in construction loans secured primarily by affordable housing apartment buildings located throughout all five submarkets in the Bronx, and by construction loans secured by condominium buildings and single-family developments in Rockland, Orange, and Sullivan Counties in high demand, high absorption areas. ​ The Company’s lending exposures include outstanding loan balances, loans-in-process, and unfunded commitments. As of March 31, 2026 and December 31, 2025, the Company had lending exposures of $ 885.3 million and $ 827.8 million in the Bronx, $ 514.5 million and $ 533.3 million in Orange County, $ 392.5 million and $ 364.2 million in Rockland County, and $ 157.0 million and $ 150.3 million in Sullivan County, respectively. The increase in lending exposure reflects continued growth in construction lending activity within these markets. Compared to March 31, 2025, the Company’s lending exposure as of March 31, 2026 increased by $ 111.6 million or 14.4 % in the Bronx, by $ 72.6 million or 16.4 % in Orange County, by $ 8.0 million or 2.1 % in Rockland County, and by $ 14.0 million or 9.8 % in Sullivan County. 11 Table of Contents At March 31, 2026, the Company had a total of $ 120.8 million, or 9.1 %, of construction loans located in Rockland, Orange, and Sullivan Counties related to office space or other commercial-use properties within these high demand, high absorption areas. ​ ​ Note 2 — Regulatory Capital The Company and the Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated bank holding company, and the FDIC has similar requirements for the Company’s subsidiary bank. However, the Federal Reserve has provided a “small bank holding company” exception to its consolidated capital requirements for holding companies, and legislation and the related issuance of regulations by the Federal Reserve Board have established the current threshold for the exception at $3.0 billion in total consolidated assets. As a result, the Company will not be subject to the consolidated holding company capital requirement until such time as its consolidated assets exceed $3.0 billion. The Bank met all capital adequacy requirements to which it was subject as of March 31, 2026 and December 31, 2025. The following table presents information about the Bank’s capital levels at the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Regulatory Capital Requirements ​ ​ ​ ​ ​ ​ ​ Minimum Capital ​ For Classification as ​ ​ Actual ​ Adequacy(1) ​ Well-Capitalized ​ ​ ​ ​ Amount ​ ​ ​ Ratio ​ ​ ​ Amount ​ ​ ​ Ratio ​ ​ ​ Amount ​ ​ ​ Ratio ​ ​ (Dollars in Thousands) As of March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 342,784 ​ 15.73 % $ ≥ 174,342 ≥ 8.00 % $ ≥ 217,928 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) ​ 337,104 ​ 15.47 ​ ≥ 130,757 ≥ 6.00 ​ ≥ 174,342 ≥ 8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 337,104 ​ 15.47 ​ ≥ 98,067 ≥ 4.50 ​ ≥ 141,653 ≥ 6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 337,104 ​ 16.76 ​ ≥ 80,434 ≥ 4.00 ​ ≥ 100,543 ≥ 5.00 ​ As of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 339,973 ​ 15.62 % $ ≥ 174,106 ≥ 8.00 % $ ≥ 217,632 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) ​ 334,266 ​ 15.36 ​ ≥ 130,579 ≥ 6.00 ​ ≥ 174,106 ≥ 8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 334,266 ​ 15.36 ​ ≥ 97,934 ≥ 4.50 ​ ≥ 141,461 ≥ 6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 334,266 ​ 16.39 ​ ≥ 81,556 ≥ 4.00 ​ ≥ 101,945 ≥ 5.00 ​ (1) Ratios do not include the capital conservation buffer. Based on the most recent notification by the FDIC, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events that have occurred since notification that management believes have changed the Bank’s category. ​ ​ Note 3 — Earnings Per Share Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period less any unvested restricted shares. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income per common share until they are committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. 12 Table of Contents The following table sets forth the computations of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In Thousands, except per share data) Net income (basic and diluted) ​ $ 9,952 $ 10,567 ​ ​ ​ ​ ​ ​ ​ Weighted average shares issued ​ ​ 13,853 ​ ​ 14,021 Less: Weighted average unearned ESOP shares ​ ​ ( 513 ) ​ ​ ( 594 ) Less: Weighted average unvested restricted shares ​ ( 164 ) ​ ( 235 ) Basic weighted average shares outstanding ​ 13,176 ​ 13,192 Add: Dilutive effect of restricted stock ​ 74 ​ 102 Add: Dilutive effect of stock options ​ 278 ​ 266 Diluted weighted average shares outstanding ​ ​ 13,528 ​ ​ 13,560 Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents ​ ​ 9,918 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 0.76 ​ $ 0.80 Diluted ​ $ 0.74 ​ $ 0.78 ​ ​ Note 4 — Equity Securities The following table is the schedule of equity securities at March 31, 2026 and December 31, 2025. Our equity securities portfolio consists of our investment in a market-rate bond mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund focuses exclusively on providing affordable housing for low- and moderate-income borrowers and renters within our delineated lending areas, including those in majority minority census tracts. The high-quality fixed income bonds consist of 90 % agency mortgage-backed securities and 10 % state and municipal bonds. All agency mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In Thousands) ​ Equity Securities, at Fair Value ​ $ 27,449 ​ $ 26,570 ​ ​ The following is a summary of unrealized gain or loss recognized in net income on equity securities during the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized (loss) gain recognized on equity securities during the period ​ $ ( 121 ) ​ $ 300 ​ Less: Net losses realized on the sale of equity securities during the period ​ ​ — ​ ​ — ​ Unrealized net (loss) gain recognized on equity securities held at the reporting date ​ $ ( 121 ) ​ $ 300 ​ ​ ​ ​ ​ ​ ​ 13 Table of Contents Note 5 — Securities Held-to-Maturity The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2026 and December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Allowance ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ for ​ ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ Value ​ Credit Loss ​ ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government National Mortgage Association ​ $ 317 ​ $ 3 ​ $ — ​ $ 320 ​ $ — Federal Home Loan Mortgage Corporation ​ 663 ​ — ​ 67 ​ ​ 596 ​ — Federal National Mortgage Association ​ 1,322 ​ — ​ 102 ​ ​ 1,220 ​ — Collateralized mortgage obligations – GSE ​ 2,627 ​ — ​ 560 ​ ​ 2,067 ​ — Total mortgage-backed securities ​ ​ 4,929 ​ ​ 3 ​ ​ 729 ​ ​ 4,203 ​ ​ — Municipal Bonds ​ ​ 13,362 ​ ​ — ​ ​ 2,200 ​ ​ 11,162 ​ ​ 126 ​ ​ $ 18,291 ​ $ 3 ​ $ 2,929 ​ $ 15,365 ​ $ 126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Allowance ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ for ​ ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ ​ ​ Value ​ Credit Loss ​ ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government National Mortgage Association ​ $ 327 ​ $ 4 ​ $ — ​ $ 331 ​ $ — Federal Home Loan Mortgage Corporation ​ 684 ​ — ​ 65 ​ 619 ​ — Federal National Mortgage Association ​ 1,390 ​ — ​ 100 ​ 1,290 ​ — Collateralized mortgage obligations – GSE ​ 2,673 ​ — ​ 551 ​ 2,122 ​ — Total mortgage-backed securities ​ ​ 5,074 ​ ​ 4 ​ ​ 716 ​ ​ 4,362 ​ ​ — Municipal Bonds ​ ​ 13,367 ​ ​ — ​ ​ 2,202 ​ ​ 11,165 ​ ​ 126 ​ ​ $ 18,441 ​ $ 4 ​ $ 2,918 ​ $ 15,527 ​ $ 126 ​ Contractual final maturities of mortgage-backed securities and municipal bonds were as follows at March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ Amortized ​ Fair ​ ​ ​ ​ Cost ​ ​ ​ Value ​ (In Thousands) Due within one year ​ $ 1,459 ​ $ 1,371 Due after one but within five years ​ 3,546 ​ 3,162 Due after five but within ten years ​ 4,200 ​ 3,662 Due after ten years ​ 9,086 ​ 7,170 ​ ​ $ 18,291 ​ $ 15,365 ​ The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. ​ 14 Table of Contents The activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2026 and 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Municipal Bonds Balance – December 31, 2025 ​ $ 126 Provision for (reversal of) credit loss ​ ​ - Balance – March 31, 2026 ​ $ 126 ​ ​ ​ ​ ​ ​ ​ Municipal Bonds Balance – December 31, 2024 ​ $ 126 Provision for (reversal of) credit loss ​ ​ - Balance – March 31, 2025 ​ $ 126 ​ At March 31, 2026, eight mortgage-backed securities had unrealized losses due to interest rate volatility. Management concluded that the unrealized losses reflected above were temporary in nature since the unrealized losses were related primarily to market interest rate volatility, and were not related to the underlying credit quality of the issuers of the securities. Additionally, the Company has the ability and intent to hold the securities for the time necessary to recover the amortized cost. At December 31, 2025, there were eleven mortgage-backed securities that had unrealized losses due to interest rate volatility. Credit Quality Indicators ​ The held to maturity securities portfolio consists of agency mortgage-backed securities and municipal bonds. All agency mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The ten municipal bonds in the portfolio carry no lower than A ratings from the rating agencies at March 31, 2026 and have no realized losses since they were issued. The Company regularly monitors the municipal bonds sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. ​ Note 6 — Loans Receivable and the Allowance for Credit Losses The composition of loans was as follows at March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In Thousands) ​ Residential real estate: ​ ​ ​ ​ ​ One-to-four family ​ $ 3,080 ​ $ 3,114 ​ Multi-family ​ 292,160 ​ 306,508 ​ Mixed-use ​ 24,703 ​ 25,197 ​ Total residential real estate ​ 319,943 ​ 334,819 ​ Non-residential real estate ​ 38,205 ​ 38,463 ​ Construction ​ 1,320,236 ​ 1,336,329 ​ Commercial and industrial ​ 149,787 ​ 150,397 ​ Consumer ​ 37 ​ 58 ​ Total Loans ​ 1,828,208 ​ 1,860,066 ​ Deferred loan costs, net ​ 174 ​ 268 ​ Allowance for credit losses ​ ( 4,592 ) ​ ( 4,731 ) ​ ​ ​ $ 1,823,790 ​ $ 1,855,603 ​ ​ Loans serviced for the benefit of others, which are not included in the amounts shown above, totaled approximately $ 45.6 million and $ 53.3 million at March 31, 2026 and December 31, 2025, respectively. The value of mortgage servicing rights was not material at March 31, 2026 and December 31, 2025. 15 Table of Contents The allowance for credit losses on loans represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for credit losses is increased by the provision for credit losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for credit losses on loans is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The activity in the allowance for credit loss by loan segment for the three months ended March 31, 2026 and 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ ​ ​ Real Estate ​ ​ ​ Construction ​ ​ ​ Industrial ​ ​ ​ Consumer ​ ​ ​ Total ​ ​ (In Thousands) Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2025 ​ $ 1,646 ​ $ 249 ​ $ 2,035 ​ $ 743 ​ $ 58 ​ $ 4,731 Charge-offs ​ — ​ — ​ — ​ — ​ ( 27 ) ​ ( 27 ) Recoveries ​ — ​ — ​ — ​ — ​ — ​ — Provision (reversal of) ​ ( 126 ) ​ 15 ​ ( 20 ) ​ 13 ​ 6 ​ ( 112 ) Balance -March 31, 2026 ​ $ 1,520 ​ $ 264 ​ $ 2,015 ​ $ 756 ​ $ 37 ​ $ 4,592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Real Estate ​ Construction ​ Industrial ​ Consumer ​ Total ​ ​ (In Thousands) Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2024 ​ $ 1,900 ​ $ 308 ​ $ 1,937 ​ $ 520 ​ $ 165 ​ $ 4,830 Charge-offs ​ — ​ — ​ — ​ — ​ ( 117 ) ​ ( 117 ) Recoveries ​ — ​ 350 ​ — ​ — ​ 2 ​ 352 Provision (reversal of) ​ 324 ​ ( 387 ) ​ ( 221 ) ​ 86 ​ 260 ​ 62 Balance - March 31, 2025 ​ $ 2,224 ​ $ 271 ​ $ 1,716 ​ $ 606 ​ $ 310 ​ $ 5,127 ​ During the three months ended March 31, 2026, the reversal of provision recorded for residential real estate and construction loans was primarily attributed to decreased loan balances. The provision expense recorded for non-residential real estate loans and commercial and industrial loans was primarily attributed to slightly increased credit risk within the loan portfolios. During the three months ended March 31, 2025, the provision expense recorded for residential real estate loans was primarily attributed to increased loan balances. The provision expense recorded for commercial and industrial loans was attributed to increased loan balances and increased credit risk. The reversal of provision recorded for non-residential real estate loans was primarily attributed to a $ 350,000 recovery from a loan charged off in 2021, and slightly decreased loan balance. The reversal of provision recorded for constructions loans was primarily attributed to decreased loan balances. The provision expense recorded for consumer loans was primarily attributed to the increased balance on deposit account overdrafts. ​ The Company had no individually evaluated loan and no non-accrual loans at March 31, 2026 and December 31, 2025, respectively. ​ 16 Table of Contents The following tables provide information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment > ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ 90 Days and ​ ​ ​ ​ Past Due ​ ​ ​ Past Due ​ ​ ​ 90 Days ​ ​ ​ Due ​ ​ ​ Current ​ ​ ​ Receivable ​ ​ ​ Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 3,080 ​ $ 3,080 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 292,160 ​ 292,160 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 24,703 ​ 24,703 ​ — Non-residential real estate ​ — ​ — ​ — ​ — ​ 38,205 ​ 38,205 ​ — Construction loans ​ 2,490 ​ — ​ — ​ 2,490 ​ 1,317,746 ​ 1,320,236 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 149,787 ​ 149,787 ​ — Consumer ​ — ​ — ​ — ​ — ​ 37 ​ 37 ​ — ​ ​ $ 2,490 ​ $ — ​ $ — ​ $ 2,490 ​ $ 1,825,718 ​ $ 1,828,208 ​ $ — ​ Age Analysis of Past Due Loans as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ > 90 Days and ​ ​ ​ ​ Past Due ​ ​ ​ Past Due ​ ​ ​ 90 Days ​ ​ ​ Due ​ ​ ​ Current ​ ​ ​ Receivable ​ ​ ​ Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 3,114 ​ $ 3,114 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 306,508 ​ 306,508 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 25,197 ​ 25,197 ​ — Non-residential real estate ​ — ​ — ​ — ​ — ​ 38,463 ​ 38,463 ​ — Construction loans ​ — ​ — ​ — ​ — ​ 1,336,329 ​ 1,336,329 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 150,397 ​ 150,397 ​ — Consumer ​ — ​ — ​ — ​ — ​ 58 ​ 58 ​ — ​ ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,860,066 ​ $ 1,860,066 ​ $ — ​ ​ 17 Table of Contents Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in loans classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. ​ 18 Table of Contents The following table presents the risk category of loans at March 31, 2026 by loan segment and vintage year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ Revolving ​ ​ ​ ​ Term Loans Amortized Costs Basis by Origination Year ​ Loans ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Converted ​ ​ March 31, 2026 ​ ​ 2026 ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ Prior ​ Cost Basis ​ to Term ​ Total Residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ - $ 119,677 $ 11,968 $ 67,765 $ 64,260 $ 56,273 $ - $ - $ 319,943 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ - $ 119,677 $ 11,968 $ 67,765 $ 64,260 $ 56,273 $ - $ - $ 319,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ - $ 10,967 $ 13,567 $ 1,521 $ 233 $ 11,917 $ - $ - $ 38,205 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ - $ 10,967 $ 13,567 $ 1,521 $ 233 $ 11,917 $ - $ - $ 38,205 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 110,210 $ 493,842 $ 295,163 $ 207,740 $ 116,038 $ 97,243 $ - $ - $ 1,320,236 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 110,210 $ 493,842 $ 295,163 $ 207,740 $ 116,038 $ 97,243 $ - $ - $ 1,320,236 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 37 $ 6,596 $ 5,500 $ 3,429 $ 4,566 $ 1,441 $ 125,105 $ 2,892 $ 149,566 Special Mention ​ ​ - ​ - ​ 221 ​ - ​ - ​ - ​ - ​ - ​ 221 Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 37 $ 6,596 $ 5,721 $ 3,429 $ 4,566 $ 1,441 $ 125,105 $ 2,892 $ 149,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 37 $ - $ - $ - $ - $ - $ - $ - $ 37 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 37 $ - $ - $ - $ - $ - $ - $ - $ 37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ 27 $ - $ - $ - $ - $ - $ - $ - $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 110,284 $ 631,082 $ 326,198 $ 280,455 $ 185,097 $ 166,874 $ 125,105 $ 2,892 $ 1,827,987 Special Mention ​ ​ - ​ - ​ 221 ​ - ​ - ​ - ​ - ​ - ​ 221 Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 110,284 $ 631,082 $ 326,419 $ 280,455 $ 185,097 $ 166,874 $ 125,105 $ 2,892 $ 1,828,208 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ 27 $ - $ - $ - $ - $ - $ - $ - $ 27 ​ ​ 19 Table of Contents The following table presents the risk category of loans at December 31, 2025 by loan segment and vintage year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ Revolving ​ ​ ​ ​ Term Loans Amortized Costs Basis by Origination Year ​ Loans ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Converted ​ ​ December 31, 2025 ​ ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ Prior ​ Cost Basis ​ to Term ​ Total Residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 120,070 $ 11,768 $ 75,364 $ 64,588 $ 21,735 $ 41,068 $ - $ - $ 334,593 Special Mention ​ ​ - ​ 226 ​ - ​ - ​ - ​ - ​ - ​ - ​ 226 Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 120,070 $ 11,994 $ 75,364 $ 64,588 $ 21,735 $ 41,068 $ - $ - $ 334,819 Residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 11,013 $ 13,632 $ 1,531 $ 235 $ 1,606 $ 10,446 $ - $ - $ 38,463 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 11,013 $ 13,632 $ 1,531 $ 235 $ 1,606 $ 10,446 $ - $ - $ 38,463 Non-residential real estate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 445,820 $ 380,754 $ 233,309 $ 158,283 $ 75,970 $ 42,193 $ - $ - $ 1,336,329 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 445,820 $ 380,754 $ 233,309 $ 158,283 $ 75,970 $ 42,193 $ - $ - $ 1,336,329 Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 6,431 $ 5,959 $ 3,590 $ 4,843 $ 18 $ 1,501 $ 127,705 $ 350 $ 150,397 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 6,431 $ 5,959 $ 3,590 $ 4,843 $ 18 $ 1,501 $ 127,705 $ 350 $ 150,397 Commercial and industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ - $ - $ - $ - $ - $ - $ - $ - $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 58 $ - $ - $ - $ - $ ​ $ - $ - $ 58 Special Mention ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 58 $ - $ - $ - $ - $ - $ - $ - $ 58 Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ 702 $ - $ - $ - $ - $ - $ - $ - $ 702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 583,392 $ 412,113 $ 313,794 $ 227,949 $ 99,329 $ 95,208 $ 127,705 $ 350 $ 1,859,840 Special Mention ​ ​ - ​ 226 ​ - ​ - ​ - ​ - ​ - ​ - ​ 226 Substandard ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Doubtful ​ ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Total ​ $ 583,392 $ 412,339 $ 313,794 $ 227,949 $ 99,329 $ 95,208 $ 127,705 $ 350 $ 1,860,066 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period gross charge-offs ​ $ 702 $ - $ - $ - $ - $ - $ - $ - $ 702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20 Table of Contents Modifications to Borrowers Experiencing Financial Difficulty: Occasionally, the Company modifies loans to borrowers in financial distress by providing a term extension; an other-than-insignificant payment delay; or an interest rate reduction. In some cases, the Company provides multiple types of concessions on a loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as an interest rate reduction, may be granted. There were no loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2026 or the year ended December 31, 2025. Allowance for Credit Losses on Off-Balance Sheet Commitments: The following table presents the activity in the allowance for credit losses related to off-balance sheet commitments, that is included in accounts payable and accrued expenses on the consolidated statement of financial condition, for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Loss Balance – December 31, 2025 ​ $ 879 Provision for credit loss ​ ​ 112 Balance – March 31, 2026 ​ $ 991 ​ ​ ​ ​ ​ ​ Allowance for Credit Loss Balance – December 31, 2024 ​ $ 704 Provision for credit loss ​ ​ 175 Balance – March 31, 2025 ​ $ 879 ​ ​ ​ ​ ​ ​ Note 7 — Borrowings Our borrowings are primarily from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”). On August 30, 2023, the FRBNY approved the Company’s eligibility to pledge loans under the Borrower-in-Custody program of the FRBNY thereby allowing the Company to borrow from the Discount Window at the FRBNY. At March 31, 2026, borrowings from the FRBNY totaled $ 20.0 million, bearing an interest rate of 3.75 % and maturing in May 2026. At December 31, 2025, borrowings from the FRBNY totaled $ 70.0 million, bearing an interest rate of 3.75 %. At March 31, 2026, the Company had the ability to borrow $ 866.7 million from the FRBNY, and $ 8.0 million from Atlantic Community Bankers Bank (“ACBB”). Note 8 — Benefits Plans ​ Outside Director Retirement Plan (“DRP”) The DRP is an unfunded non-contributory defined benefit pension plan covering all non-employee directors meeting eligibility requirements as specified in the plan document. The following table sets forth information regarding the components of net pension periodic expense measured for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (Dollars In Thousands) Net periodic pension expense: ​ ​ ​ ​ ​ Service cost ​ $ 28 ​ $ 21 Interest cost ​ 23 ​ 19 Actuarial gain recognized ​ ( 9 ) ​ ( 10 ) Total net periodic pension expense included in other non-interest expenses ​ $ 42 ​ $ 30 21 Table of Contents ​ Unrecognized net gain of $ 21,000 for the three months ended March 31, 2026 and unrecognized net loss of $ 10,000 for the three months ended March 31, 2025 were included in accumulated other comprehensive income. Supplemental Executive Retirement Plan (“SERP”) The SERP is a non-contributory defined benefit plan that covers certain officers of the Company. Under the SERP, each of these individuals will be entitled to receive upon retirement an annual benefit paid in monthly installments equal to 50 % of his average base salary in the three-year period preceding retirement. Each individual may also retire early and receive a reduced benefit upon the attainment of certain age and years of service combination. Additional terms related to death while employed, death after retirement, disability before retirement and termination of employment are fully described within the plan document. The benefit payment term is the greater of 15 years or the executive’s remaining life. Expenses of $ 153,000 and $ 139,000 for the three months ended March 31, 2026 and 2025, respectively, were recorded for this plan and are reflected in the Consolidated Statements of Income under Salaries and Employee Benefits. Stock-Based Deferral Plan In June 2021, the Company established a stock-based deferral plan for eligible key executives and members of the Board of Directors of the Company to elect to defer compensation received from the Company for their services and make deemed investments of that deferred compensation in shares of the Company’s common stock. At March 31, 2026, the Company did not have any obligations under the plan. 401(k) Plan The Company maintains a 401(k) plan for all eligible employees. Participants are permitted to contribute from 1 % to 15 % or 60 % of their annual compensation up to the maximum permitted under the Internal Revenue Code. The Company provided no matching contributions during the three months ended March 31, 2026 and 2025. Employee Stock Ownership Plan (“ESOP”) In conjunction with the Mid-Tier Holding Company’s public stock offering in 2006, the Bank established an ESOP for all eligible employees (substantially all full-time employees). The ESOP borrowed $ 5,184,200 from the Mid-Tier Holding Company and used those funds to acquire 518,420 shares of Mid-Tier Holding Company common stock at $ 10.00 per share. The loan from the Mid-Tier Holding Company, which has been assumed by the Company, carries an interest rate of 8.25 % and is repayable in twenty annual installments. This loan was paid off in full at December 31, 2025. In conjunction with the Company’s second-step conversion offering, on July 12, 2021, the ESOP borrowed $ 7,827,260 from the Company and used those funds to acquire 782,726 shares of Company common stock at $ 10.00 per share. The loan from the Company carries an interest rate equal to 3.25 % and is repayable in fifteen annual installments through 2035. Each year, the Bank makes discretionary contributions to the ESOP equal to the principal and interest payment required on the loans from the Company. The ESOP may further pay down the principal balance of the loans by using dividends paid, if any, on the shares of Company common stock it owns. The first ESOP loan was paid off in full at December 31, 2025. The balance remaining on the second ESOP loan was $ 5,529,000 and $ 5,529,000 at March 31, 2026 and December 31, 2025, respectively. Shares purchased for the ESOP with the loan proceeds serve as collateral for the loan and are held in a suspense account for future allocation among ESOP participants. As the loan principal is repaid, shares will be released from the suspense account and become eligible for allocation, subject to the allocation provisions included in the ESOP governing document. 22 Table of Contents ESOP shares initially pledged as collateral were recorded as unearned ESOP shares in the stockholders’ equity section of the Consolidated Statement of Financial Condition. Thereafter, on a monthly basis over the terms of the ESOP loans, approximately 2,894 shares for the ESOP loan made in 2006 and approximately 4,348 shares for the ESOP loan made in 2021 are committed to be released, respectively. Compensation expense is recorded in an amount equal to the shares committed to be released multiplied by the average closing price of the Company’s stock during that month. ESOP expense totaled approximately $ 308,000 and $ 520,000 for the three months ended March 31, 2026 and 2025, respectively. Dividends on unallocated shares, which totaled approximately $ 104,000 and $ 122,000 for the three months ended March 31, 2026 and 2025, respectively, are recorded as a reduction of the ESOP loan. Dividends on allocated shares, which totaled approximately $ 191,000 and $ 174,000 for the three months ended March 31, 2026 and 2025, respectively, are charged to retained earnings. ESOP shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Allocated shares ​ ​ 955,590 ​ 868,678 ​ Shares committed to be released ​ ​ 13,047 ​ 86,912 ​ Unearned shares ​ ​ 508,772 ​ 521,819 ​ Total ESOP Shares ​ ​ 1,477,409 ​ 1,477,409 ​ Less allocated shares distributed to former or retired employees ​ ​ ( 218,352 ) ​ ( 188,412 ) ​ Total ESOP Shares Held by Trustee ​ ​ 1,259,057 ​ 1,288,997 ​ Fair value of unearned shares ​ $ 12,108,774 ​ $ 11,798,328 ​ ​ ​ ​ ​ ​ Note 9 — Fair Value Disclosures The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s marketable equity securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company has to record at fair value other assets and liabilities on a non-recurring basis, such as securities held to maturity, individually evaluated loans and other real estate owned. U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). The level of the asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s assets that are carried at fair 23 Table of Contents value on a recurring basis and the level that was used to determine their fair value at March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ Total Carried ​ ​ Active Markets for ​ Observable ​ Unobservable ​ at Fair ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Value on a ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Recurring Basis ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ March 31, ​ December 31, Description ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ $ 27,449 ​ $ 26,570 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 27,449 ​ $ 26,570 Total assets ​ $ 27,449 ​ $ 26,570 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 27,449 ​ $ 26,570 ​ There were no transfers between Level 1 and 2 during the three months ended March 31, 2026 or the year ended December 31, 2025. The Company did no t have any liabilities that were carried at fair value on a recurring basis at March 31, 2026 and December 31, 2025. The Company did no t have any assets and liabilities that were carried at fair value on a non-recurring basis at March 31, 2026 and December 31, 2025. The methods and assumptions used to estimate fair value at March 31, 2026 and December 31, 2025 are as follows: Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period end-dates and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. Fair values for marketable equity securities are determined by quoted market prices on nationally recognized and foreign securities exchanges (Level 1). Fair values for equity securities and securities held to maturity are determined utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range 24 Table of Contents of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The carrying amounts and estimated fair value of our financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) ​ ​ ​ Amount ​ ​ ​ Fair Value ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 76,211 ​ $ 76,211 ​ $ 76,211 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 27,449 ​ ​ 27,449 ​ ​ 27,449 ​ ​ — ​ ​ — Securities held to maturity ​ ​ 18,165 ​ ​ 15,365 ​ ​ — ​ ​ 15,365 ​ ​ — Loans receivable, net ​ ​ 1,823,790 ​ ​ 1,811,236 ​ ​ — ​ ​ — ​ ​ 1,811,236 Investments in restricted stock ​ ​ 410 ​ ​ 410 ​ ​ — ​ ​ 410 ​ ​ — Accrued interest receivable ​ ​ 12,076 ​ ​ 12,076 ​ ​ — ​ ​ 12,076 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 1,626,277 ​ ​ 1,627,421 ​ ​ — ​ ​ 1,627,421 ​ ​ — Accrued interest payable ​ ​ 73 ​ ​ 73 ​ ​ — ​ ​ 73 ​ ​ — Borrowings ​ ​ 20,000 ​ ​ 20,000 ​ ​ 20,000 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) ​ ​ ​ Amount ​ ​ ​ Fair Value ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 81,175 ​ $ 81,175 ​ $ 81,175 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 26,570 ​ ​ 26,570 ​ ​ 26,570 ​ ​ — ​ ​ — Securities held to maturity ​ ​ 18,315 ​ ​ 15,527 ​ ​ — ​ ​ 15,527 ​ ​ — Loans receivable ​ ​ 1,855,603 ​ ​ 1,853,900 ​ ​ — ​ ​ — ​ ​ 1,853,900 Investments in restricted stock ​ ​ 410 ​ ​ 410 ​ ​ — ​ ​ 410 ​ ​ — Accrued interest receivable ​ ​ 12,228 ​ ​ 12,228 ​ ​ — ​ ​ 12,228 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 1,616,901 ​ ​ 1,619,565 ​ ​ — ​ ​ 1,619,565 ​ ​ — Accrued interest payable ​ ​ 513 ​ ​ 513 ​ ​ — ​ ​ 513 ​ ​ — Borrowings ​ ​ 70,000 ​ ​ 70,000 ​ ​ 70,000 ​ ​ — ​ ​ — ​ ​ Note 10 — Revenue Recognition The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of ASC 606, Revenue from Contracts with Customers. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include service charges on deposits, electronic banking fees and charges income, and investment advisory fees. 25 Table of Contents A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as referral fees based on month end reports. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2026 and December 31, 2025, the Company did not have any significant contract balances. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2026 and 2025. Sources of revenue outside the scope of ASC 606 are noted as such: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In Thousands) ​ Non-interest income: ​ ​ ​ ​ ​ ​ Deposit-related fees and charges ​ $ 17 ​ $ 17 ​ Loan-related fees and charges (1) ​ 313 ​ 456 ​ Electronic banking fees and charges ​ 339 ​ 267 ​ Income from bank owned life insurance (1) ​ 179 ​ 167 ​ Unrealized (loss) gain on equity securities (1) ​ ( 121 ) ​ 300 ​ Miscellaneous (1) ​ 69 ​ 28 ​ Total non-interest income ​ $ 796 ​ $ 1,235 ​ ​ (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are generally earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Service charges on deposits are withdrawn from the customer’s account balance. Electronic Banking Fee Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. ​ 26 Table of Contents Note 11 — Other Non-Interest Expenses The following is an analysis of other non-interest expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (In Thousands) ​ Other ​ $ 1,262 ​ $ 1,367 ​ Service contracts ​ 454 ​ 423 ​ Consulting expense ​ 179 ​ 191 ​ Telephone ​ 127 ​ 143 ​ Directors' compensation ​ 255 ​ 237 ​ Audit and accounting ​ 135 ​ 143 ​ Insurance ​ 111 ​ 106 ​ Director, officer, and employee expense ​ 79 ​ 59 ​ Legal fees ​ 126 ​ 98 ​ Office supplies and stationary ​ 35 ​ 56 ​ Recruiting expense ​ 8 ​ 32 ​ ​ ​ $ 2,771 ​ $ 2,855 ​ ​ ​ Note 12 — Stock Compensation Plans At a special shareholders meeting held on September 29, 2022, the Company’s shareholders approved the Company’s 2022 Equity Incentive Plan whereby 1,369,771 shares of the Company’s common stock were reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of March 31, 2026 and December 31, 2025, there were 19,335 stock option shares available for future awards under this plan. A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2026 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Shares ​ ​ ​ Market Price Outstanding at December 31, 2025 ​ ​ 163,514 $ 14.92 Granted ​ ​ — ​ — Forfeited ​ ​ — ​ — Vested ​ ​ — ​ — Outstanding at March 31, 2026 ​ ​ 163,514 ​ $ 14.92 ​ Compensation expense related to restricted stock was $ 308,000 and $ 293,000 for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, the total compensation cost related to non-vested restricted stock awards that has not yet been recognized was $ 2.0 million which cost is expected to be recognized over the next two years . ​ 27 Table of Contents A summary of the Company’s stock option activity and related information for the three months ended March 31, 2026 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Options ​ ​ ​ Exercise Price Outstanding at December 31, 2025 ​ ​ 878,416 $ 14.42 Granted ​ ​ — ​ — Forfeited ​ ​ — ​ — Exercised ​ ​ 15,240 ​ 12.95 Outstanding at March 31, 2026 ​ ​ 863,176 ​ $ 14.44 Exercisable at March 31, 2026 ​ ​ 455,617 ​ ​ 13.77 ​ Compensation cost related to stock options is recognized based on the fair value of the stock options at the grant date on a straight-line basis over the vesting period. Compensation expense related to stock options was $ 239,000 and $ 185,000 for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, unrecognized compensation cost related to stock option awards was $ 1.5 million which is expected to be recognized over the next two years . Note 13 — Business Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Substantially most of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. The Company’s chief operating decision maker is the Executive Committee that includes the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer. The Executive Committee assesses performance of the Company on a consolidated basis and decides how to allocate resources based on net income that is also reported as net income on the Consolidated Statement of Income. The Executive Committee uses net income, which is the measure of segment profit and loss, to evaluate income generated from segment assets (return on assets) and other measures, such as net interest margin, return on average assets, and return on common equity, in deciding how to reinvest profits, such as originating loans, investing in investment securities, or repurchasing shares of the Company’s common stock. Net income is used to monitor budget versus actual results. The Executive Committee also uses net income and other measures in comparing the Company to its peer banks. The comparison of the Company’s net income and other measures to its peer banks, along with the comparison of budgeted versus actual results are used in assessing the Company’s performance and in establishing management compensation. Loans, investments, and deposits provide the revenues in the banking operations. Interest expense and payroll provide the significant expenses in the banking operations. All operations are domestic. ​ 28 Table of Contents The following table presents the Company’s reported segment revenues, profit or loss and significant segment expenses for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In Thousand) Total interest income ​ $ 35,969 ​ $ 38,207 Total interest expense ​ 11,835 ​ 13,943 Net interest income ​ 24,134 ​ 24,264 Provision for credit loss ​ ​ — ​ ​ 237 Net interest income after provision for credit losses ​ ​ 24,134 ​ ​ 24,027 Total non-interest income ​ ​ 796 ​ ​ 1,235 Non-interest expense: ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ ​ 6,172 ​ ​ 5,933 Occupancy expense ​ ​ 874 ​ ​ 747 Equipment ​ ​ 223 ​ ​ 217 Outside data processing ​ ​ 796 ​ ​ 735 Advertising ​ ​ 43 ​ ​ 102 Real estate owned expense ​ ​ — ​ ​ 30 Other ​ ​ 2,771 ​ ​ 2,855 Total Non-Interest Expenses ​ ​ 10,879 ​ ​ 10,619 Income before income tax expense ​ ​ 14,051 ​ ​ 14,643 Income tax expense ​ 4,099 ​ 4,076 Segment net income ​ $ 9,952 ​ $ 10,567 ​ ​ ​ ​ ​ ​ ​ Reconciliation of profit or loss ​ ​ ​ ​ ​ ​ Adjustments and reconciling items ​ — ​ — Consolidated net income ​ $ 9,952 ​ $ 10,567 ​ ​ ​ ​ ​ ​ ​ Earnings per common share - Basis ​ $ 0.76 ​ $ 0.80 Earnings per common share - Diluted ​ ​ 0.74 ​ ​ 0.78 ​ The measure of segment assets is reported as total assets on the Consolidated Statement of Condition. The following table presents the Company’s reported segment assets as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (In Thousand) Segment assets ​ ​ ​ ​ ​ Adjustments and reconciling items ​ $ — ​ $ — Consolidated total assets ​ 2,025,127 ​ 2,063,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 14 — Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvement: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative , which incorporates several SEC disclosure requirements into US GAAP and adds interim and annual disclosure requirements to a variety of topics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. For entities subject to the SEC disclosure requirements and those “required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer,” the US GAAP requirements will be effective when the removal of the related SEC rule is effective. Early adoption is not permitted for these entities. For all other entities, the effective date will be two years later, and early adoption is permitted. That is, financial statements issued after the effective date of each amendment are required to include on a prospective basis the related disclosure incorporated into US GAAP by this ASU. However, if the SEC does 29 Table of Contents not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Codification and will not be effective for any entities. ​ In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures . This ASU requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Specific disclosures are required for (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas producing activities. The amendments in this Update do not change or remove current expense disclosure requirements. However, the amendments affect where this information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. The amendments in ASU 2024-03 apply only to public business entities and are effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. This Update is not expected to have a significant impact on the Company’s financial statements. ​ In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU. This Update is not expected to have a significant impact on the Company’s financial statements. ​ In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which modernizes the accounting for internal-use software that is developed using an incremental and iterative method (e.g., agile method). The guidance removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The guidance specifies that the property, plant, and equipment disclosure requirements under ASC 360-10 apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. The guidance, which applies to all entities, is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective, or modified transition approach. Early adoption is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. ​