What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 179 added, 96 removed, 612 unchanged (31% of the section changed)

11 unchanged sentences

Loans receivable

Deferred loan costs, net

Deferred loan (fees) costs, net

Allowance for credit losses

36 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except

per share amounts)

INTEREST INCOME:

27 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

Other comprehensive income (loss):

2 unchanged sentences

Amortization of actuarial gain

Actuarial gain (loss) arising during period

Actuarial gain arising during period

Income tax (effect) benefit¹

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2026 and 2025

Three and Six Months Ended June 30, 2026 and 2025

Comprehensive

9 unchanged sentences

Balance - March 31, 2026

Other comprehensive income

Cash dividend declared ($ 0.25 per share)

Stock repurchases

Compensation expense related to restricted stock awards

Compensation expense related to stock options

ESOP shares earned

Balance – June 30, 2026

Comprehensive

3 unchanged sentences

Cash dividend declared ($ 0.20 per share)

Stock repurchases

Compensation expense related to restricted stock awards

3 unchanged sentences

Balance - March 31, 2025

Other comprehensive income

Cash dividend declared ($ 0.20 per share)

Compensation expense related to restricted stock awards

Compensation expense related to stock options

ESOP shares earned

Balance - June 30, 2025

See notes to interim unaudited consolidated financial statements .

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands)

1 unchanged sentence

Adjustments to reconcile net income to net cash provided by operating activities:

Net (accretion) amortization of securities premiums and discounts, net

Net (accretion) amortization of securities premiums and discounts

Provision for credit losses

8 unchanged sentences

Decrease in other assets

Increase in accounts payable - loan closing

Decrease in accounts payable and accrued expenses

Increase in accounts payable and accrued expenses

Net Cash Provided by Operating Activities

Cash Flows from Investing Activities:

Net decrease in loans

Proceeds from sale of loans

Net (increase) decrease in loans

Net proceeds from loan participation

Principal repayments on securities held-to-maturity

Purchase of equity securities

Purchase of securities held-to-maturity

Purchase of marketable equity securities

Purchase of restricted stock

Purchases of premises and equipment

Net Cash Provided by Investing Activities

Net Cash (Used in) Provided by Investing Activities

Cash Flows from Financing Activities:

Net increase (decrease) in deposits

Net repayment from borrowings

Net decrease in deposits

Net proceeds from borrowings

Stock repurchases

2 unchanged sentences

Cash dividends paid

Net Cash Used in Financing Activities

Net (Decrease) Increase in Cash and Cash Equivalents

Net Cash Provided by (Used in) Financing Activities

Net Decrease in Cash and Cash Equivalents

Cash and Cash Equivalents – Beginning

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands)

5 unchanged sentences

Supplementary Disclosure of Non-Cash Investing and Financing Activities:

Recognition of right of use asset – operating

Recognition of lease liability – operating

Sale of real estate owned

Dividends declared and not paid

47 unchanged sentences

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.

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.

As of June 30, 2026 and December 31, 2025, the Company had lending exposures of $ 1.1 billion and $ 827.8 million in the Bronx, $ 552.3 million and $ 533.3 million in Orange County, $ 376.8 million and $ 364.2 million in Rockland County, and $ 129.7 million and $ 150.3 million in Sullivan County, respectively.

The increase in total lending exposure reflects continued growth in construction lending activity.

Compared to December 31, 2025, the Company’s lending exposure as of June 30, 2026 increased by $ 244.3 million or 29.5 % in the Bronx, by $ 18.9 million or 3.5 % in Orange County, and by $ 12.6 million or 3.5 % in Rockland County.

At June 30, 2026, the Company had a total of $ 96.6 million, or 6.9 %, 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

3 unchanged sentences

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 Bank met all capital adequacy requirements to which it was subject as of June 30, 2026 and December 31, 2025.

The following table presents information about the Bank’s capital levels at the dates presented:

4 unchanged sentences

(Dollars in Thousands)

As of March 31, 2026:

As of June 30, 2026:

Total capital (to risk-weighted assets)

16 unchanged sentences

The following table sets forth the computations of basic and diluted earnings per share:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In Thousands, except per share data)

Net income (basic and diluted)

9 unchanged sentences

Note 4 — Equity Securities

The following table is the schedule of equity securities at March 31, 2026 and December 31, 2025.

The following table is the schedule of equity securities at June 30, 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.

7 unchanged sentences

Equity Securities, at Fair Value

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,

The following is a summary of unrealized gain or loss recognized in net income on equity securities during the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

(In Thousands)

Net unrealized (loss) gain recognized on equity securities during the period

2 unchanged sentences

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

The following table summarizes the Company’s portfolio of securities held-to-maturity at June 30, 2026 and December 31, 2025.

June 30, 2026

(In Thousands)

15 unchanged sentences

Municipal Bonds

Contractual final maturities of mortgage-backed securities and municipal bonds were as follows at March 31, 2026:

March 31, 2026

Contractual final maturities of mortgage-backed securities and municipal bonds were as follows at June 30, 2026:

June 30, 2026

(In Thousands)

5 unchanged sentences

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.

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:

The activity in the allowance for credit losses for debt securities held-to-maturity for the three and six months ended June 30, 2026 and 2025 was as follows:

Municipal Bonds

Balance – December 31, 2025

Provision for (reversal of) credit loss

Provision for credit loss

Balance – March 31, 2026

Provision for credit loss

Balance – June 30, 2026

Municipal Bonds

Balance – December 31, 2024

Provision for (reversal of) credit loss

Provision for credit loss

Balance – March 31, 2025

At March 31, 2026, eight mortgage-backed securities had unrealized losses due to interest rate volatility.

Provision for credit loss

Balance – June 30, 2025

At June 30, 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.

7 unchanged sentences

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 nine municipal bonds in the portfolio carry no lower than A ratings from the rating agencies at June 30, 2026 and have no realized losses since they were issued.

At December 31, 2025, the ten municipal bonds in the portfolio carry no lower than A ratings from the rating agencies 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:

The composition of loans was as follows at June 30, 2026 and December 31, 2025:

(In Thousands)

4 unchanged sentences

Commercial and industrial

Deferred loan costs, net

Deferred loan (fees) costs, net

Allowance for credit losses

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.

Loans serviced for the benefit of others, which are not included in the amounts shown above, totaled approximately $ 21.2 million and $ 53.3 million at June 30, 2026 and December 31, 2025, respectively.

The value of mortgage servicing rights was not material at June 30, 2026 and December 31, 2025.

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.

6 unchanged sentences

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:

The activity in the allowance for credit loss by loan segment for the three and six months ended June 30, 2026 and 2025 was as follows:

(In Thousands)

Allowance for credit losses:

Balance - December 31, 2025

Balance -March 31, 2026

Provision (reversal of)

Balance -June 30, 2026

(In Thousands)

Allowance for credit losses:

Balance -March 31, 2025

Provision (reversal of)

Balance -June 30, 2025

(In Thousands)

2 unchanged sentences

Provision (reversal of)

Balance - March 31, 2025

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.

Balance -June 30, 2026

(In Thousands)

Allowance for credit losses:

Balance - December 31, 2024

Provision (reversal of)

Balance - June 30, 2025

During the three months ended June 30, 2026, the provision expense recorded for residential real estate and construction loans was primarily attributed to increased loan balances.

The reversal of the provision recorded for non-residential real estate loans was primarily attributed to increased loan balances.

The provision expense recorded for commercial and industrial loans was primarily attributed to a $ 500,000 loan charge off.

The provision expense recorded for consumer loans was primarily attributed to a net charge off $ 20,000 in checking account overdrafts during the three months ended June 30, 2026.

During the three months ended June 30, 2025, the reversal of the provision recorded for residential real estate loans and non-residential real estate loans was primarily attributed to improving economic and housing conditions in the Bank’s lending submarkets.

The provision expense recorded for commercial and industrial loans was attributed to slightly increased credit risk.

The provision expense recorded for construction loans was primarily attributed to increased loan balances, offset by improving economic and housing conditions in the Bank’s lending submarkets.

The provision expense recorded for consumer loans was primarily attributed to a net charge off $ 403,000 in checking account overdrafts during the three months ended June 30, 2025.

During the six months ended June 30, 2026, the provision expense recorded for construction loans was primarily attributed to increased loan balances.

The reversal of the provision recorded for residential real estate loans and non-residential real estate loans was primarily attributed to slightly decreased loan balances.

The provision expense recorded for commercial and industrial loans was primarily attributed to a $ 500,000 loan charge off.

The provision expense recorded for consumer loans was primarily attributed to a net charge off $ 47,000 in checking account overdrafts during the six months ended June 30, 2026.

During the six months ended June 30, 2025, the provision expense recorded for residential real estate loans was primarily attributed to increased loan balances, offset by improving economic and housing conditions in the Bank’s local markets.

The provision expense recorded for commercial and industrial loans was attributed to increased loan balances and slightly increased credit risk.

The reversal of the 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 balances.

The reversal of the provision recorded for construction loans was primarily attributed to improving economic and housing conditions in the Bank’s local markets, offset by decreased loan balances.

The provision expense recorded for consumer loans was primarily attributed to a net charge off $ 518,000 in checking account overdrafts during the six months ended June 30, 2025.

The Company had no individually evaluated loan and no non-accrual loans at June 30, 2026 and December 31, 2025, respectively.

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:

Age Analysis of Past Due Loans as of June 30, 2026:

(In Thousands)

21 unchanged sentences

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.

The following table presents the risk category of loans at March 31, 2026 by loan segment and vintage year:

The following table presents the risk category of loans at June 30, 2026 by loan segment and vintage year:

Line of Credit

Term Loans Amortized Costs Basis by Origination Year

March 31, 2026

June 30, 2026

Residential real estate

17 unchanged sentences

The following table presents the risk category of loans at December 31, 2025 by loan segment and vintage year:

Line of Credit

Term Loans Amortized Costs Basis by Origination Year

25 unchanged sentences

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.

During the three and six months ended June 30, 2026, three loans totaling $ 17.4 million were modified to one borrower experiencing financial difficulty.

There were no loans modified to borrowers experiencing financial difficulty during the year ended December 31, 2025.

The following table describes the financial effect of the modification made to the borrower experiencing financial difficulty:

Interest Rate Reduction

Weighted-average contractual interest rate

Three Months Ended June 30, 2026

Commercial and industrial

Six Months Ended June 30, 2026

Commercial and industrial

The performance of the loans made to the borrower experiencing financial difficulty in which modifications were made is closely monitored to determine the effectiveness of modification efforts.

At June 30, 2026, the three loans were current.

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:

During the three months ended June 30, 2026, the provision expense recorded was primarily due to increased balances in unfunded loan commitments.

Allowance for Credit Loss

2 unchanged sentences

Balance – March 31, 2026

Provision for credit loss

Balance – June 30, 2026

Allowance for Credit Loss

2 unchanged sentences

Balance – March 31, 2025

Provision for credit loss

Balance – June 30, 2025

Note 7 — Borrowings

1 unchanged sentence

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 June 30, 2026, borrowings from the FRBNY totaled $ 190.0 million, bearing an interest rate of 3.75 % and maturing in the next three months.

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”).

At June 30, 2026, the Company had the ability to borrow $ 633.0 million from the FRBNY, and $ 8.0 million from Atlantic Community Bankers Bank (“ACBB”).

Note 8 — Benefits Plans

1 unchanged sentence

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,

The following table sets forth information regarding the components of net pension periodic expense measured for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars In Thousands)

Net periodic pension expense:

2 unchanged sentences

Total net periodic pension expense included in other non-interest expenses

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.

Unrecognized net gain of $ 29,000 and $ 19,000 for the three months, and $ 50,000 and $ 9,000 for the six months ended June 30, 2026 and 2025, respectively, were included in accumulated other comprehensive income.

Supplemental Executive Retirement Plan (“SERP”)

4 unchanged sentences

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.

At June 30, 2026 and December 31, 2025, the deferred compensation liability related to the SERP was $ 5.6 million and $ 5.3 million, respectively.

Expenses of $ 142,000 and $ 147,000 for the three months, and $ 295,000 and $ 286,000 for the six months ended June 30, 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.

At June 30, 2026, the Company did not have any obligations under the 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.

The Company provided no matching contributions during the three and six months ended June 30, 2026 and 2025.

Employee Stock Ownership Plan (“ESOP”)

8 unchanged sentences

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.

The balance remaining on the second ESOP loan was $ 5,529,000 at both June 30, 2026 and December 31, 2025.

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.

3 unchanged sentences

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 expense totaled approximately $ 324,000 and $ 491,000 for the three months, and $ 632,000 and $ 1,011,000 for the six months ended June 30, 2026 and 2025, respectively.

Dividends on unallocated shares, which totaled approximately $ 130,000 and $ 122,000 for the three months, and $ 234,000 and $ 243,000 for the six months ended June 30, 2026 and 2025, respectively, are recorded as a reduction of the ESOP loan.

Dividends on allocated shares, which totaled approximately $ 239,000 and $ 174,000 for the three months, and $ 430,000 and $ 347,000 for the six months ended June 30, 2026 and 2025, respectively, are charged to retained earnings.

ESOP shares are summarized as follows:

17 unchanged sentences

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

value on a recurring basis and the level that was used to determine their fair value at March 31, 2026 and December 31, 2025:

The following table sets forth the Company’s assets that are carried at fair value on a recurring basis and the level that was used to determine their fair value at June 30, 2026 and December 31, 2025:

Quoted Prices in

5 unchanged sentences

Marketable equity securities:

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:

There were no transfers between Level 1 and 2 during the three and six months ended June 30, 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 June 30, 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 June 30, 2026 and December 31, 2025.

The methods and assumptions used to estimate fair value at June 30, 2026 and December 31, 2025 are as follows:

Management uses its best judgment in estimating the fair value of the Company’s financial instruments;

9 unchanged sentences

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

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.

Due to a wide range 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

June 30, 2026

(In thousands)

31 unchanged sentences

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.

As of June 30, 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.

The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2026 and 2025.

Sources of revenue outside the scope of ASC 606 are noted as such:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In Thousands)

Non-interest income:

18 unchanged sentences

The following is an analysis of other non-interest expenses:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In Thousands)

Regulatory insurance premium and assessments

Dues and subscriptions

Service contracts

7 unchanged sentences

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.

On May 21, 2026, the shareholders of the Company approved the Company’s 2026 Equity Incentive Plan whereby 204,335 shares of the Company’s common stock were reserved and available for issuance under the Plan.

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 Equity Incentive Plans.

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:

As of June 30, 2026 and December 31, 2025, there were 204,335 and 19,335 aggregate shares available for future awards under the plans, respectively.

A summary of the Company’s restricted stock activity and related information for the three and six months ended June 30, 2026 follows:

Outstanding at December 31, 2025

Outstanding at March 31, 2026

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 .

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2026 follows:

Outstanding at June 30, 2026

Compensation expense related to restricted stock was $ 308,000 and $ 293,000 for the three months, and $ 616,000 and $ 586,000 for the six months ended June 30, 2026 and 2025, respectively.

At June 30, 2026, the total compensation cost related to non-vested restricted stock awards that has not yet been recognized was $ 1.6 million which cost is expected to be recognized over the next two years .

A summary of the Company’s stock option activity and related information for the three and six months ended June 30, 2026 follows:

Exercise Price

1 unchanged sentence

Outstanding at March 31, 2026

Exercisable at March 31, 2026

Outstanding at June 30, 2026

Exercisable at June 30, 2026

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 .

Compensation expense related to stock options was $ 213,000 and $ 186,000 for the three months, and $ 452,000 and $ 371,000 for the six months ended June 30, 2026 and 2025, respectively.

At June 30, 2026, unrecognized compensation cost related to stock option awards was $ 1.3 million which is expected to be recognized over the next two years .

Note 13 — Business Segments

12 unchanged sentences

All operations are domestic.

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,

The following table presents the Company’s reported segment revenues, profit or loss and significant segment expenses for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

(In Thousand)

Total interest income

19 unchanged sentences

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:

The following table presents the Company’s reported segment assets as of June 30, 2026 and December 31, 2025:

(In Thousand)

9 unchanged sentences

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

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.

However, if the SEC does 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.

This Update is not expected to have a significant impact on the Company’s financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures .

16 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements