What changed in this filing

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Item 1. Financial Statements

2025-05-13 compared with 2024-11-13 · 118 added, 305 removed, 668 unchanged (39% of the section changed)

4 unchanged sentences

(In thousands, except share and per share amounts)

September 30,

2025 December 31,

Cash and cash equivalents $ 131,494 $ 43,641

Available-for-sale (“AFS”) securities, at fair value (amortized cost of $ 9,200 and $ 9,539 as of September 30, 2024 and December 31, 2023, respectively)

Held-to-maturity (“HTM”) securities, at amortized cost (fair value of $ 1,779 and $ 1,787 at September 30, 2024 and December 31, 2023, respectively)

Available-for-sale (“AFS”) securities, at fair value (amortized cost of $ 9,032 and $ 9,112 as of March 31, 2025 and December 31, 2024, respectively)

Held-to-maturity (“HTM”) securities, at amortized cost (fair value of $ 1,711 and $ 1,712 at March 31, 2025 and December 31, 2024, respectively)

Loans held-for-sale 2,267 487

24 unchanged sentences

Preferred stock, $ 0.01 par value, 10,000,000 shares authorized, none issued or outstanding

Common stock, $ 0.01 par value, 40,000,000 shares authorized, 2,564,095 and 2,549,427 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

Common stock, $ 0.01 par value, 40,000,000 shares authorized, 2,566,069 and 2,564,907 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

Additional paid-in capital 28,515 28,413

8 unchanged sentences

(In thousands, except share and per share amounts)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

INTEREST INCOME

8 unchanged sentences

Net interest income 8,071 7,460

PROVISION FOR (RELEASE OF) CREDIT LOSSES 8 75 ( 134 ) ( 246 )

Net interest income after provision for (release of) credit losses 7,865 8,093 22,916 26,529

RELEASE OF CREDIT LOSSES ( 203 ) ( 33 )

Net interest income after release of credit losses 8,274 7,493

NONINTEREST INCOME

4 unchanged sentences

Net gain on sale of loans 49 90

Other income — — 30 —

Total noninterest income 1,098 1,096

5 unchanged sentences

Data processing 1,293 1,017

Net (gain) loss on OREO and repossessed assets — — ( 10 ) 13

Net loss on OREO and repossessed assets 3 6

Total noninterest expense 7,914 7,656

13 unchanged sentences

(In thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Net income $ 1,167 $ 770

Available for sale securities:

Unrealized gains (losses) arising during the period 161 ( 307 ) 84 ( 278 )

Income tax (expense) benefit related to unrealized gains (losses) ( 34 ) 64 ( 18 ) 58

Other comprehensive income (loss), net of tax 127 ( 243 ) 66 ( 220 )

Unrealized losses arising during the period ( 21 ) ( 78 )

Income tax benefit related to unrealized losses 4 16

Other comprehensive loss, net of tax ( 17 ) ( 62 )

Comprehensive income $ 1,150 $ 708

3 unchanged sentences

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

For the Three Months Ended March 31, 2025 and 2024 (unaudited)

(In thousands, except share and per share amounts)

2 unchanged sentences

Earnings Accumulated Other

Comprehensive Income/(Loss), net of tax Total

Comprehensive Loss, net of tax Total

Stockholders’

Balance, at June 30, 2024

2,557,284 $ 25 $ 28,198 $ 74,173 $ ( 1,049 ) $ 101,347

Net income — — — 1,154 — 1,154

Other comprehensive income, net of tax — — — — 127 127

Share-based compensation — — 98 — — 98

Cash dividends paid on common stock ($ 0.19 per share)

— — — ( 487 ) — ( 487 )

Common stock surrendered ( 5,053 ) — — — — —

Common stock options exercised 11,864 — — — — —

Balance, at September 30, 2024

2,564,095 $ 25 $ 28,296 $ 74,840 $ ( 922 ) $ 102,239

Balance, at December 31, 2024

1 unchanged sentence

Net income — — — 1,167 — 1,167

Other comprehensive income, net of tax — — — — 66 66

Other comprehensive loss, net of tax — — — — ( 17 ) ( 17 )

Share-based compensation — — 81 — — 81

Restricted common stock awards issued 8,048 — — — — —

Cash dividends paid on common stock ($ 0.19 per share)

— — — ( 487 ) — ( 487 )

Common stock repurchased ( 1,626 ) — ( 18 ) ( 47 ) — ( 65 )

Common stock surrendered ( 5,053 ) — ( 218 ) — — ( 218 )

Common stock options exercised 1,162 — 21 — — 21

Balance, at September 30, 2024

Balance, at March 31, 2025

2,566,069 $ 25 $ 28,515 $ 76,952 $ ( 1,061 ) $ 104,431

2 unchanged sentences

Earnings Accumulated Other Comprehensive

Income/(Loss), net of tax Total

Loss, net of tax Total

Stockholders’

Balance, at June 30, 2023

2,573,223 $ 25 $ 28,070 $ 72,923 $ ( 1,094 ) $ 99,924

Net income — — — 1,169 — 1,169

Other comprehensive loss, net of tax — — — — ( 243 ) ( 243 )

Share-based compensation — — 88 — — 88

Cash dividends paid on common stock ($ 0.19 per share)

— — — ( 489 ) — ( 489 )

Common stock repurchased ( 6,169 ) — ( 63 ) ( 165 ) — ( 228 )

Common stock options exercised 1,000 — 17 — — 17

Balance, at September 30, 2023

2,568,054 $ 25 $ 28,112 $ 73,438 $ ( 1,337 ) $ 100,238

Balance, at December 31, 2023

2,549,427 $ 25 $ 27,990 $ 73,627 $ ( 988 ) $ 100,654

Impact of adoption of Accounting Standards Update (“ASU”) 2016-13 — — — ( 1,149 ) — ( 1,149 )

Net income — — — 770 — 770

5 unchanged sentences

Common stock repurchased ( 164 ) — ( 1 ) ( 4 ) — ( 5 )

Common stock surrendered ( 4,750 ) — ( 190 ) — — ( 190 )

Restricted common stock forfeited ( 425 ) — — — — —

Common stock options exercised 1,235 — 26 — — 26

Balance, at September 30, 2023

Balance, at March 31, 2024

2,558,546 $ 25 $ 28,110 $ 73,907 $ ( 1,050 ) $ 100,992

4 unchanged sentences

(In thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

Adjustments to reconcile net income to net cash from operating activities:

Amortization of net discounts on investments 64 60

Release of provision for credit losses ( 134 ) ( 246 )

Amortization of net premiums on investments 22 22

Release of credit losses ( 203 ) ( 33 )

Depreciation and amortization 144 178

4 unchanged sentences

Change in cash surrender value of BOLI ( 195 ) ( 177 )

Net gain on BOLI death benefit — ( 567 )

Net change in advances from borrowers for taxes and insurance 1,190 1,099

Net gain on disposal of premises and equipment, net ( 30 ) —

Deferred income tax ( 273 ) —

Net gain on sale of loans ( 49 ) ( 90 )

1 unchanged sentence

Originations of loans held-for-sale ( 3,772 ) ( 3,937 )

Net (gain) loss on OREO and repossessed assets ( 17 ) 13

Change in operating assets and liabilities:

7 unchanged sentences

Proceeds from principal payments of held-to-maturity securities 9 9

Net increase in loans ( 6,598 ) ( 9,601 )

(Purchase of) proceeds from BOLI ( 5 ) 633

Net decrease (increase) in loans 13,883 ( 3,570 )

Purchases of premises and equipment, net ( 38 ) ( 1,623 )

Proceeds from disposal of premises and equipment, net 30 —

Proceeds from sale of OREO and other repossessed assets 592 71

Net cash used in investing activities ( 5,697 ) ( 7,177 )

Net cash provided by (used in) investing activities 13,923 ( 5,101 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Net increase in deposits 72,548 90,344

Proceeds from borrowings — 40,000

Repayment of borrowings — ( 43,000 )

FHLB stock purchased ( 4 ) ( 10 )

Common stock repurchases — ( 5 )

Purchase of common stock surrendered to pay tax liability ( 218 ) ( 190 )

Dividends paid on common stock ( 487 ) ( 486 )

7 unchanged sentences

Interest paid on deposits and borrowings 5,814 6,398

Loans transferred from loans held-for-sale to loans held-for-portfolio 859 —

Loans transferred from loans held-for-portfolio to OREO and repossessed assets 41 115

ROU assets obtained in exchange for new operating lease liabilities 66 —

Impact of adoption of ASU 2016-13 on retained earnings — ( 1,149 )

See Notes to Condensed Consolidated Financial Statements

16 unchanged sentences

Note 2 – Accounting Pronouncements Recently Issued or Adopted

On March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

2020-04, " Reference Rate Reform" ("Topic 848").

This ASU provides optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The amendments in this update apply to modifications to eligible contracts (e.g., loans, debt securities, derivatives, borrowings) that replace a reference rate affected by reference rate reform (including rates referenced in fallback provisions) and contemporaneous modifications of other contract terms related to the replacement of the reference rate (including contract modifications to add or change fallback provisions).

The following optional expedients for applying the requirements of certain Topics or Industry Subtopics in the related Codification are permitted for contracts that are modified because of reference rate reform and that meet certain scope guidance:

1) Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate;

2) Modifications of contracts within the scope of Topics 840, Leases, and 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate (for example, the incremental borrowing rate) or remeasurements of lease payments that otherwise would be required under those Topics for modifications not accounted for as separate contracts;

and 3) Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives.

ASU 2020-04 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In January 2021, ASU 2021-01 updated amendments in the new ASU to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.

The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification.

The amendments in this ASU have differing effective dates, beginning with interim periods including and subsequent to March 12, 2020 through December 31, 2022.

Based upon amendments provided in ASU 2022-06 discussed below, provisions of ASU 2021-01 can now generally be applied through December 31, 2024.

ASU 2021-01 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848.

ASU 2022-06 extends the period of time entities can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above.

ASU 2022-06 was effective upon issuance and defers the sunset date of this prior guidance to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic

ASU 2022-06 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .” The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses.

The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures.

The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is evaluating the impact of the adoption of ASU 2023-07 on the footnotes to our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.” The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information.

This guidance requires disclosure of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold.

In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes.

It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received).

The amended guidance is effective for fiscal years beginning after December 15, 2024.

The guidance can be applied either prospectively or retrospectively.

We do not expect the adoption of ASU 2023-09 to have a material impact on the footnotes to our consolidated financial statements.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.

The Company adopted this ASU on January 1, 2024.

ASU 2023-07 did not have an impact on the Company's financial position or results of operation as it impacts disclosures only.

The adoption of this ASU did not have a material impact on the Company’s disclosures as the Company operates under one segment.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures .

This ASU requires public business entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.

This ASU was released in response to stakeholder feedback indicating that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

This ASU’s amendments are effective for public business entities for annual periods beginning after December 15, 2024, with early adoption permitted.

The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, financial position or cash flows.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which will change the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (for example, employee compensation, depreciation and amortization) in expense captions.

This ASU’s amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is currently evaluating the impact of this guidance.

Note 3 – Investments

At September 30, 2024, the Company did not own any debt securities classified as trading or any equity investment securities, except for the FHLB securities described in “Note 8 — Borrowings, FHLB Stock and Subordinated Notes.”

At March 31, 2025, the Company did not own any debt securities classified as trading or any equity investment securities, except for the FHLB securities described in “Note 8 — Borrowings, FHLB Stock and Subordinated Notes.”

The amortized cost and estimated fair value of our AFS securities and the corresponding amounts of gross unrealized gains and losses at the dates indicated were as follows (in thousands):

Losses Estimated

September 30, 2024

March 31, 2025

Municipal bonds $ 6,344 $ 10 $ ( 1,013 ) $ 5,341

7 unchanged sentences

Losses Estimated

September 30, 2024

March 31, 2025

Municipal bonds $ 703 $ — $ ( 174 ) $ 529

5 unchanged sentences

Total $ 2,130 $ — $ ( 418 ) $ 1,712

The amortized cost and estimated fair value of AFS and HTM securities at September 30, 2024, by contractual maturity, are shown below (in thousands).

The amortized cost and estimated fair value of AFS and HTM securities at March 31, 2025, by contractual maturity, are shown below (in thousands).

Expected maturities of AFS securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Investments not due at a single maturity date, consisting of agency mortgage-backed securities, are shown separately.

September 30, 2024

March 31, 2025

Available-for-sale Held-to-maturity

6 unchanged sentences

Total $ 9,032 $ 7,689 $ 2,121 $ 1,711

There were no pledged securities at September 30, 2024 or December 31, 2023.

There were no sales of AFS or HTM securities during the three and nine months ended September 30, 2024 and 2023.

Accrued interest receivable on securities totaled $ 77 thousand at September 30, 2024 and $ 49 thousand at December 31, 2023, in the accompanying Condensed Consolidated Balance Sheets.

There were no pledged securities at March 31, 2025 or December 31, 2024.

There were no sales of AFS or HTM securities during both the three months ended March 31, 2025 and 2024.

Accrued interest receivable on securities totaled $ 76 thousand at March 31, 2025 and $ 48 thousand at December 31, 2024, in the accompanying Condensed Consolidated Balance Sheets.

Accrued interest receivable is excluded from the allowance for credit losses.

The following table summarizes the aggregate fair value and gross unrealized loss by length of time of those investments for which an allowance for credit losses has not been recorded that have been in a continuous unrealized loss position at the dates indicated (in thousands):

September 30, 2024

March 31, 2025

Less Than 12 Months 12 Months or Longer Total

23 unchanged sentences

Total held-to-maturity securities $ — $ — $ 1,712 $ ( 418 ) $ 1,712 $ ( 418 )

There was no allowance for credit losses on securities at September 30, 2024 or December 31, 2023.

At both September 30, 2024 and December 31, 2023, the total securities portfolio consisted of 12 agency mortgage-backed securities and 11 municipal bonds, with a total portfolio fair value of $ 9.8 million and $ 10.1 million, respectively.

At both September 30, 2024 and December 31, 2023, there was one security in an unrealized loss position for less than 12 months and 16 securities in an unrealized loss position for more than 12 months.

There was no allowance for credit losses on securities at March 31, 2025 or December 31, 2024.

At both March 31, 2025 and December 31, 2024, the total securities portfolio consisted of 11 agency mortgage-backed securities and 11 municipal bonds, with a total portfolio fair value of $ 9.4 million and $ 9.5 million, respectively.

At both March 31, 2025 and December 31, 2024, there was one security in an unrealized loss position for less than 12 months and 15 securities in an unrealized loss position for more than 12 months.

The unrealized losses were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not related to the underlying credit of the issuers or the underlying collateral.

It is expected that these securities will not be settled at a price less than the amortized cost of each investment.

There was no provision for credit losses recognized for investment securities during the nine months ended September 30, 2024 and 2023, because the declines in fair value were not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis.

There was no provision for credit losses recognized for investment securities during the three months ended March 31, 2025 and 2024, because the declines in fair value were not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis.

Note 4 – Loans

Loans-held-for portfolio (which excludes loans held-for-sale) at the dates indicated were as follows (in thousands):

September 30,

2025 December 31,

17 unchanged sentences

Total loans held-for-portfolio, net $ 877,833 $ 891,672

(1) Includes premiums resulting from purchased loans of $ 410 thousand related to one-to-four family loans, $ 252 thousand related to commercial and multifamily loans, and $ 73 thousand related to commercial business loans as of September 30, 2024.

(1) Includes premiums resulting from purchased loans of $ 386 thousand related to one-to-four family loans, $ 236 thousand related to commercial and multifamily loans, and $ 66 thousand related to commercial business loans as of March 31, 2025.

Includes premiums resulting from purchased loans of $ 404 thousand related to one-to-four family loans, $ 244 thousand related to commercial and multifamily loans, and $ 70 thousand related to commercial business loans as of December 31, 2024.

As of September 30, 2024, there were three collateral dependent mortgage loans to consumers, totaling $ 355 thousand, that were in process of foreclosure.

These loans in process of foreclosure all relate to judicial foreclosures for deceased borrowers.

The following table presents a summary of activity in the ACL on loans and unfunded commitments for the periods indicated (in thousands):

Three Months Ended September 30,

ACL - Loans Reserve for Unfunded Loan Commitments ACL ACL - Loans Reserve for Unfunded Loan Commitments ACL

Balance at beginning of period $ 8,493 $ 245 $ 8,738 $ 8,217 $ 706 $ 8,923

Provision for (release of) credit losses during the period 106 ( 98 ) 8 224 ( 149 ) 75

Net charge-offs during the period ( 14 ) — ( 14 ) ( 3 ) — ( 3 )

Balance at end of period $ 8,585 $ 147 $ 8,732 $ 8,438 $ 557 $ 8,995

Nine months ended September 30, 2024

As of March 31, 2025, there was one collateral dependent consumer mortgage loan, totaling $ 260 thousand, that was in process of foreclosure .

The following table presents a summary of activity in the ACL on loans and the reserve for unfunded loan commitments for the periods indicated (in thousands):

Three Months Ended March 31,

ACL - Loans Reserve for Unfunded Loan Commitments ACL ACL - Loans Reserve for Unfunded Loan Commitments ACL

Balance at beginning of period $ 8,499 $ 234 $ 8,733 $ 8,760 $ 193 $ 8,953

Adoption of ASU 2016-13 (1)

— — — 760 695 1,455

(Release of) provision for credit losses during the period ( 85 ) ( 118 ) ( 203 ) ( 106 ) 73 ( 33 )

1 unchanged sentence

Balance at end of period $ 8,393 $ 116 $ 8,509 $ 8,598 $ 266 $ 8,864

(1) Represents the impact of adopting ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2023.

Since that date, as a result of adopting ASU 2016-13, our methodology to compute our ACL has been based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.

Accrued interest receivable on loans receivable totaled $ 3.4 million at both September 30, 2024 and December 31, 2023, in the accompanying Condensed Consolidated Balance Sheets.

Accrued interest receivable on loans receivable totaled $ 3.3 million at March 31, 2025 and $ 3.4 million at December 31, 2024, in the accompanying Condensed Consolidated Balance Sheets.

Accrued interest receivable is excluded from the ACL.

21 unchanged sentences

The following tables summarize the activity in the ACL - loans for the periods indicated (in thousands):

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Allowance Charge-offs Recoveries Provision for (Release of) Credit Losses Ending

4 unchanged sentences

Manufactured homes (1)

Floating homes 1,910 — — 150 2,060

Other consumer (1)

1,172 ( 19 ) — 150 1,303

Commercial business 98 — — ( 2 ) 96

Total $ 8,493 $ ( 20 ) $ 6 $ 106 $ 8,585

(1) During the three months ended September 30, 2024, the gross charge-offs related entirely to deposit overdrafts that were charged off.

Three Months Ended September 30, 2023

Allowance Charge-offs Recoveries Provision for (Release of) Credit Losses Ending

One-to-four family $ 1,997 $ — $ — $ 8 $ 2,005

Home equity 194 — — 12 206

Commercial and multifamily 2,268 — — 77 2,345

Construction and land 2,498 — — 123 2,621

Manufactured homes 309 — — 21 330

Floating homes 1,282 — — 127 1,409

3 unchanged sentences

Total $ 8,499 $ ( 27 ) $ 6 $ ( 85 ) $ 8,393

(1) During the three months ended September 30, 2023, the gross charge-offs related entirely to deposit overdrafts that were charged off.

Nine Months Ended September 30, 2024

(1) During the three months ended March 31, 2025, there was one manufactured home loan originated in 2022 that was charged off and then subsequently foreclosed upon.

(2) During the three months ended March 31, 2025, the gross charge-offs of other consumer loans related entirely to deposit overdrafts that were charged off.

Three Months Ended March 31, 2024

Allowance Charge-offs Recoveries Provision for (Release of) Credit Losses Ending

10 unchanged sentences

Total $ 8,760 $ ( 62 ) $ 6 $ ( 106 ) $ 8,598

(1) During the nine months ended September 30, 2024, there was one manufactured home loan that was charged off and then subsequently foreclosed upon.

(2) During the nine months ended September 30, 2024, the gross charge-offs related entirely to deposit overdrafts that were charged off.

Nine Months Ended September 30, 2023

Allowance Impact of Adoption of ASU 2016-13 Charge-offs Recoveries Provision for (Release of) Credit Losses Ending

One-to-four family $ 1,771 $ 355 $ — $ — $ ( 121 ) $ 2,005

Home equity (1)

132 69 ( 25 ) — 30 206

Commercial and multifamily 2,501 ( 320 ) — — 164 2,345

Construction and land 1,209 1,359 — — 53 2,621

Manufactured homes 462 ( 180 ) — — 48 330

Floating homes 456 166 — — ( 17 ) 605

Other consumer (2)

324 ( 163 ) ( 159 ) 36 109 147

Commercial business 256 ( 35 ) — — ( 42 ) 179

Unallocated 488 ( 491 ) — — 3 —

Total $ 7,599 $ 760 $ ( 184 ) $ 36 $ 227 $ 8,438

(1) During the nine months ended September 30, 2023, there was one revolving home equity loan that was charged off.

(2) During the nine months ended September 30, 2023, the gross charge-offs related entirely to deposit overdrafts that were charged off.

(1) During the three months ended March 31, 2024, there was one manufactured home loan originated in 2020 that was charged off and then subsequently foreclosed upon.

(2) During the three months ended March 31, 2024, the gross charge-offs of other consumer loans related entirely to deposit overdrafts that were charged off.

Credit Quality Indicators.

10 unchanged sentences

Assets which do not currently expose us to sufficient risk to warrant classification as substandard or doubtful but possess weaknesses are required to be designated as special mention.

There were no loans classified as doubtful or loss as of September 30, 2024 and December 31, 2023.

The following tables present the internally assigned grades as of September 30, 2024 and December 31, 2023, by type of loan and origination year (in thousands):

At September 30, 2024

There were no loans classified as doubtful or loss as of March 31, 2025 and December 31, 2024.

The following tables present the internally assigned grades as of March 31, 2025 and December 31, 2024, by type of loan and origination year (in thousands):

At March 31, 2025

Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Converted to Term

9 unchanged sentences

Pass $ 23,140 $ 34,755 $ 24,960 $ 88,745 $ 109,532 $ 84,509 $ — $ — $ 365,641

Special mention — — — — 1,299 1,379 — — 2,678

Substandard — — — — 6,453 19,443 — — 25,896

2 unchanged sentences

Pass $ 753 $ 17,844 $ 18,856 $ 2,143 $ 849 $ 1,742 $ — $ — $ 42,187

Special mention — — 16,554 — — — — — 16,554

Substandard — — — 69 — 23 — — 92

17 unchanged sentences

Pass $ 31,931 $ 110,738 $ 91,522 $ 191,801 $ 242,047 $ 165,025 $ 21,682 $ 967 $ 855,713

Special mention — — 16,554 — 1,299 1,379 — — 19,232

Substandard — 37 379 3,051 6,563 19,925 496 62 30,513

18 unchanged sentences

Pass $ 26,458 $ 22,846 $ 2,166 $ 968 $ 593 $ 2,338 $ — $ — $ 55,369

Special mention — — 17,349 — — — — — 17,349

Substandard — — 70 — — 24 — — 94

6 unchanged sentences

Pass $ 20,587 $ 6,395 $ 16,225 $ 23,902 $ 6,059 $ 10,472 $ — $ — $ 83,640

Substandard — — 2,350 — — — — — 2,350

Total floating homes $ 20,587 $ 6,395 $ 18,575 $ 23,902 $ 6,059 $ 10,472 $ — $ — $ 85,990

1 unchanged sentence

Pass $ 2,273 $ 3,297 $ 622 $ 3,615 $ 5,387 $ 1,925 $ 618 $ — $ 17,737

Substandard — — — 1 — — — — 1

Total other consumer $ 2,273 $ 3,297 $ 622 $ 3,616 $ 5,387 $ 1,925 $ 618 — $ 17,738

10 unchanged sentences

The following table presents the amortized cost of nonaccrual loans as of the dates indicated, by type of loan (in thousands):

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

with no ACL Total

9 unchanged sentences

The following tables present the aging of past due loans, based on amortized cost, as of the dates indicated, by type of loan (in thousands):

September 30, 2024

March 31, 2025

Past Due 60-89 Days

36 unchanged sentences

Any other type of modification, including the use of multiple categories above.

At September 30, 2024, the Company had no commitments to extend additional credit to borrowers owing loan receivables with modified terms.

There were no loans modified within the three and nine months ended September 30, 2024 and 2023.

We have no modified loan receivables that have subsequently defaulted at September 30, 2024 and December 31, 2023.

At March 31, 2025, the Company had no commitments to extend additional credit to borrowers owing loan receivables with modified terms.

There were no loans modified within the three months ended March 31, 2025 and 2024.

At March 31, 2025 and December 31, 2024, we had no loan receivables that defaulted subsequent to their modification.

Troubled debt restructurings (“TDRs”).

1 unchanged sentence

Troubled Debt Restructurings and Vintage Disclosures , the Company had granted a variety of concessions to borrowers in the form of loan modifications that were considered TDRs.

Loans classified as legacy TDRs totaled $ 1.5 million and $ 1.7 million at September 30, 2024 and December 31, 2023, respectively.

Loans classified as legacy TDRs totaled $ 1.3 million at both March 31, 2025 and December 31, 2024.

Collateral Dependent Loans .

4 unchanged sentences

The following tables summarize collateral dependent loans by collateral type as of the dates indicated (in thousands):

September 30, 2024

March 31, 2025

Commercial Real Estate Residential Real Estate Land Other Residential RVs/Automobiles Business Assets Total

17 unchanged sentences

Home equity — 298 — — — — 298

Commercial and multifamily 3,734 — — — — — 3,734

Construction and land — — 24 — — — 24

Total real estate loans 3,734 609 24 364 — — 4,731

1 unchanged sentence

Manufactured homes — — — 521 — — 521

Floating homes — — — 2,363 — — 2,363

Other consumer — — — — 1 — 1

Total consumer loans — — — 2,884 1 — 2,885

5 unchanged sentences

ASC 820 defines fair values for financial instruments as the exit price, the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions.

The Company’s fair values for financial instruments at September 30, 2024 and December 31, 2023 were determined based on these requirements.

The Company’s fair values for financial instruments at March 31, 2025 and December 31, 2024 were determined based on these requirements.

The following methods and assumptions were used to estimate the fair value of the Company’s financial instruments:

19 unchanged sentences

OREO and repossessed assets – The fair value of OREO and repossessed assets is based on the current appraised value of the collateral less estimated costs to sell.

Off-balance sheet financial instruments - The fair value of off-balance sheet financial instruments, which consisted entirely of loan commitments at September 30, 2024 and December 31, 2023, is estimated based on fees charged to others to enter into similar agreements, taking into account the remaining terms of the agreements and credit standing of the Company’s clients.

The estimated fair value of these commitments was not significant at September 30, 2024 and December 31, 2023.

Off-balance sheet financial instruments - The fair value of off-balance sheet financial instruments, which consisted entirely of loan commitments at March 31, 2025 and December 31, 2024, is estimated based on fees charged to others to enter into similar agreements, taking into account the remaining terms of the agreements and credit standing of the Company’s clients.

The estimated fair value of these commitments was not significant at March 31, 2025 and December 31, 2024.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

1 unchanged sentence

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s quarterly valuation process.

There were no transfers between levels during the three and nine months ended September 30, 2024 and 2023.

There were no transfers between levels during the three months ended March 31, 2025 and 2024.

The following tables present information about the level in the fair value hierarchy for the Company’s financial assets and liabilities, whether recognized or recorded at fair value or not as of the dates indicated (in thousands):

September 30, 2024 Fair Value Measurements Using:

March 31, 2025 Fair Value Measurements Using:

Value Estimated

26 unchanged sentences

The following tables present the balance of assets measured at fair value on a recurring basis as of the dates indicated (in thousands):

Fair Value at September 30, 2024

Fair Value at March 31, 2025

Description Total Level 1 Level 2 Level 3

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The following tables provide a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis as of the dates indicated:

September 30, 2024

March 31, 2025

Financial Instrument Valuation Technique Unobservable Input(s) Range

11 unchanged sentences

As a result of the difficulty in observing certain significant valuation inputs affecting our “Level 3” fair value assets, we are required to make judgments regarding these items’ fair values.

There were no assets or liabilities (excluding MSRs) measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2024 and 2023.

MSRs are measured at fair value using significant unobservable inputs (Level 3) on a recurring basis, and a reconciliation of this asset can be found in “Note 6—Mortgage Servicing Rights.

MSRs are measured at fair value using significant unobservable inputs (Level 3) on a recurring basis, and a reconciliation of these assets can be found in “Note 6—Mortgage Servicing Rights.

The following tables present the balance of assets measured at fair value on a nonrecurring basis at the dates indicated (in thousands):

Fair Value at September 30, 2024

Fair Value at March 31, 2025

Total Level 1 Level 2 Level 3

3 unchanged sentences

Total Level 1 Level 2 Level 3

OREO and repossessed assets $ 575 $ — $ — $ 575

Collateral dependent loans 7,627 — — 7,627

There were no liabilities carried at fair value, measured on a recurring or nonrecurring basis, at both September 30, 2024 and December 31, 2023.

There were no liabilities carried at fair value, measured on a recurring or nonrecurring basis, at both March 31, 2025 and December 31, 2024.

Note 6 – Mortgage Servicing Rights

The unpaid principal balance of the Company’s mortgage servicing rights portfolio totaled $ 432.0 million at September 30, 2024 compared to $ 448.9 million at December 31, 2023.

Of these total balances, the unpaid principal balance of loans serviced for Federal National Mortgage Association (“Fannie Mae”) at September 30, 2024 and December 31, 2023 were $ 429.9 million and $ 446.8 million, respectively.

The unpaid principal balance of loans serviced for other financial institutions totaled $ 2.1 million at September 30, 2024 and $ 2.2 million at December 31, 2023.

The unpaid principal balance of the Company’s mortgage servicing rights portfolio totaled $ 418.6 million at March 31, 2025 compared to $ 425.8 million at December 31, 2024.

Of these total balances, the unpaid principal balance of loans serviced for Federal National Mortgage Association (“Fannie Mae”) at March 31, 2025 and December 31, 2024 were $ 416.5 million and $ 423.7 million, respectively.

The unpaid principal balance of loans serviced for other financial institutions totaled $ 2.1 million at both March 31, 2025 and December 31, 2024.

Loans serviced for Fannie Mae and others are not included in the Company’s financial statements as they are not assets of the Company.

A summary of the change in the balance of mortgage servicing assets during the periods indicated were as follows (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Beginning balance, at fair value $ 4,769 $ 4,632

6 unchanged sentences

The key economic assumptions used in determining the fair value of mortgage servicing rights at the dates indicated are as follows:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Prepayment speed (Public Securities Association “PSA” model) 125 % 125 %

2 unchanged sentences

The amount of contractually specified servicing, late and ancillary fees earned on mortgage servicing rights are included in

mortgage servicing income on the Condensed Consolidated Statements of Income and totaled $ 280 thousand and $ 841 thousand for the three and nine months ended September 30, 2024, and $ 295 thousand and $ 891 thousand for the three and nine months ended September 30, 2023, respectively.

mortgage servicing income on the Condensed Consolidated Statements of Income and totaled $ 269 thousand and $ 282 thousand for the three months ended March 31, 2025 and 2024, respectively.

Note 7 – Commitments and Contingencies

5 unchanged sentences

The following tables present advances from the FHLB as of the dates indicated (dollars in thousands):

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

FHLB advances:

Short-term advances

$ 15,000 $ 15,000

Long-term advances

1 unchanged sentence

$ 25,000 $ 25,000

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Outstanding balance $ 25,000 $ 25,000

2 unchanged sentences

Weighted average interest rate 4.16 % 4.16 %

Variable rate:

Outstanding balance $ — $ —

Weighted average interest rate — % — %

The following table presents the maturity of our FHLB advances (dollars in thousands):

September 30,

Remainder of 2025 $ —

4 unchanged sentences

The following table presents the Company’s borrowing capacity from the FHLB as of the dates indicated:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Amount available to borrow under credit facility (1)

1 unchanged sentence

Advance equivalent of collateral:

One-to-four family mortgage loans 184,256 196,547

Commercial and multifamily mortgage loans 31,565 34,464

One-to-four family loans 176,342 175,907

Commercial and multifamily loans 28,951 29,180

Home equity loans 237 241

5 unchanged sentences

As a member of the FHLB, the Company is required to maintain a minimum level of investment in FHLB of Des Moines stock based on specific percentages of its outstanding FHLB advances.

At both September 30, 2024 and December 31, 2023, the Company had an investment of $ 2.4 million in FHLB of Des Moines stock.

At both March 31, 2025 and December 31, 2024, the Company had an investment of $ 1.7 million in FHLB of Des Moines stock.

Federal Reserve Bank of San Francisco (“FRB SF”) Borrowings

1 unchanged sentence

The terms of the agreement call for a blanket pledge of a portion of the Company’s consumer and commercial business loans based on the Company’s outstanding borrowing balance.

At September 30, 2024 and December 31, 2023, the amount available to borrow under this credit facility was $ 21.9 million and $ 18.3 million, respectively, subject to eligible pledged collateral.

The Company had no outstanding borrowings under this arrangement at September 30, 2024 and December 31, 2023.

At March 31, 2025 and December 31, 2024, the amount available to borrow under this credit facility was $ 20.3 million and $ 20.8 million, respectively, subject to eligible pledged collateral.

The Company had no outstanding borrowings under this arrangement at March 31, 2025 and December 31, 2024.

Other Borrowings

1 unchanged sentence

The line has a one year term maturing on June 30, 2025 and is renewable annually.

As of September 30, 2024, the amount available under this line of credit was $ 20.0 million.

There was no balance on this line of credit as of September 30, 2024 and December 31, 2023.

As of March 31, 2025, the amount available under this line of credit was $ 20.0 million.

There was no balance on this line of credit as of March 31, 2025 and December 31, 2024.

Subordinated Debt

4 unchanged sentences

Prior to October 1, 2025, the Company may redeem these notes, in whole but not in part, only under certain limited circumstances set forth in the terms of the subordinated notes.

The balance of the subordinated notes was $ 11.7 million as of both September 30, 2024 and December 31, 2023.

The balance of the subordinated notes was $ 11.8 million as of both March 31, 2025 and December 31, 2024.

Note 9 – Earnings Per Common Share

The following table summarizes the calculation of earnings per share for the periods indicated (in thousands, except per share data):

Three Months Ended Nine Months Ended

2024 2023 2024 2023

Three Months Ended

Net income $ 1,167 $ 770

10 unchanged sentences

Earnings per share, diluted $ 0.45 $ 0.30

There were no anti-dilutive securities at September 30, 2024 and 7,892 anti-dilutive securities at September 30, 2023.

Note 10 – Stock-based Compensation

Stock Options and Restricted Stock

The Company currently has one active stockholder-approved stock-based compensation plan, the Amended and Restated 2013 Equity Incentive Plan (the "2013 Plan").

The 2013 Plan permits the grant of restricted stock, restricted stock units, stock options, and stock appreciation rights.

The equity incentive plan approved by stockholders in 2008 (the"2008 Plan" and together with the 2013 plan, the "Plans") expired in November 2018 and no further awards may be made under the 2008 Plan;

provided, however, all awards outstanding under the 2008 Plan remain outstanding in accordance with their terms.

Under the 2013 Plan, 181,750 shares of common stock were approved for awards for stock options and stock appreciation rights and 116,700 shares of common stock were approved for awards for restricted stock and restricted stock units.

As of September 30, 2024, on an adjusted basis, awards for stock options totaling 301,453 shares and awards for restricted stock totaling 167,114 shares of Company common stock have been granted, net of any forfeitures, to participants in the 2013 Plan and the 2008 Plan.

Share-based compensation expense was $ 98 thousand and $ 291 thousand for the three and nine months ended September 30, 2024, and $ 88 thousand and $ 368 thousand for the three and nine months ended September 30, 2023, respectively.

Stock Option Awards

All stock option awards granted under the 2008 Plan vested in 20 percent annual increments commencing one year from the grant date in accordance with the requirements of the 2008 Plan.

The stock option awards granted to date under the 2013 Plan provide for immediate vesting of a portion of the award with the balance of the award vesting on the anniversary dates of the grant date in equal annual installments over a period of one -to- four years , subject to the continued service of the participant with the Company.

All of the options granted under the 2008 Plan and the 2013 Plan are generally exercisable for a period of 10 years from the date of grant, subject to vesting.

The following is a summary of the Company’s stock option award activity during the three months ended September 30, 2024 (dollars in thousands, except per share amounts):

Shares Weighted-

Exercise Price Weighted-Average

Remaining Contractual

Term in Years Aggregate

Outstanding at July 1, 2024 85,512 $ 33.00 5.29 $ 855

Exercised ( 11,864 ) 18.36

Outstanding at September 30, 2024 73,648 35.36 5.80 1,336

Exercisable 54,167 33.70 4.92 1,073

Expected to vest, assuming a 0 % forfeiture rate over the vesting term

73,648 $ 35.36 5.80 $ 1,336

The following is a summary of the Company’s stock option award activity during the nine months ended September 30, 2024 (dollars in thousands, except per share amounts):

Shares Weighted-

Exercise Price Weighted-Average

Remaining Contractual

Term in Years Aggregate

Outstanding at January 1, 2024 80,735 $ 32.28 5.36 $ 603

Granted 6,469 39.89

Exercised ( 13,299 ) 18.85

Expired ( 257 ) 36.57

Outstanding at September 30, 2024 73,648 35.36 5.80 1,336

Exercisable 54,167 33.70 4.92 1,073

Expected to vest, assuming a 0 % forfeiture rate over the vesting term

73,648 $ 35.36 5.80 $ 1,336

As of September 30, 2024, there was $ 144 thousand of total unrecognized compensation cost related to non-vested stock options granted under the Plans.

This cost is expected to be recognized over the remaining weighted-average vesting period of approximately 2.0 years.

The total intrinsic value of the shares exercised during the three and nine months ended September 30, 2024 was $ 294 thousand and $ 317 thousand, and for the three and nine months ended September 30, 2023 was $ 20 thousand and $ 408 thousand, respectively.

The fair value of each option is estimated as of the grant date using the Black-Scholes option-pricing model.

The fair values of options granted during the nine months ended September 30, 2024 and 2023 were determined using the following weighted-average assumptions as of the grant date.

Nine Months Ended September 30,

Annual dividend yield 1.69 % 1.69 %

Expected volatility 28.15 % 28.15 %

Risk-free interest rate 4.06 % 3.60 %

Expected term 6.00 years 6.00 years

Weighted-average grant date fair value per option granted $ 11.64 $ 11.33

There were no options granted during the three months ended September 30, 2024 and September 30, 2023, respectively .

Restricted Stock Awards

The fair value of the restricted stock awards is equal to the fair value of the Company's common stock at the date of grant.

Compensation expense is recognized over the vesting periods of the awards.

The restricted stock awards granted under the 2008 Plan vested in 20 % annual increments commencing one year from the grant date.

The restricted stock awards granted to date under the 2013 Plan provide for immediate vesting of a portion of the award with the balance of the award vesting on the anniversary dates of the grant date in equal annual installments over a period of one -to- four years , subject to the continued service of the participant with the Company.

The following is a summary of the Company’s non-vested restricted stock award activity during the three months ended September 30, 2024:

Shares Weighted-Average

Grant-Date Fair

Value Per Share Aggregate Intrinsic Value Per Share

Non-Vested at July 1, 2024 17,143 $ 39.93

Forfeited — —

Non-Vested at September 30, 2024 17,143 $ 39.93 $ 52.51

Expected to vest assuming a 0 % forfeiture rate over the vesting term

17,143 $ 39.93 $ 52.51

The following is a summary of the Company’s non-vested restricted stock award activity during the nine months ended September 30, 2024

Shares Weighted-Average

Grant-Date Fair

Value Per Share Aggregate Intrinsic Value Per Share

Non-Vested at January 1, 2024 15,967 $ 39.20

Granted 8,048 $ 39.89

Vested ( 6,872 ) $ 38.19

Non-Vested at September 30, 2024 17,143 $ 39.93 $ 52.51

Expected to vest assuming a 0 % forfeiture rate over the vesting term

17,143 $ 39.93 $ 52.51

As of September 30, 2024, there was $ 482 thousand of unrecognized compensation cost related to non-vested restricted stock granted under the Plans.

This cost is expected to be recognized over the remaining weighted-average vesting period of approximately 2.0 years.

The total fair value of shares that vested during the nine months ended September 30, 2024 and 2023 was $ 262 thousand and $ 370 thousand, respectively.

The weighted average grant date fair value per share for restricted stock awards granted during the nine months ended September 30, 2024 and 2023 was $ 39.89 and $ 40.13 , respectively.

Employee Stock Ownership Plan

The fair value of the 169,778 shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) trust was $ 9.1 million at September 30, 2024.

ESOP compensation expense included in salaries and benefits was $ 189 thousand and $ 567 thousand for the three and nine months ended September 30, 2024, and $ 204 thousand and $ 612 thousand for the three and nine months ended September 30, 2023.

There were no anti-dilutive securities during the three months ended March 31, 2025 and 7,596 anti-dilutive securities during the three months ended March 31, 2024.

Note 10 – Leases

We have operating leases for branch locations, a loan production office, our corporate office and in the past, for certain equipment.

The term for our leases begins on the date we become legally obligated for the rent payments or we take possession of the building premises, whichever is earlier.

Generally, our real estate leases have initial terms of three to ten years and

typically include one renewal option.

As of September 30, 2024, our leases had remaining terms ranging from five months to 4.8 years.

We currently have operating leases for branch locations, a loan production office and our corporate office and in the past, we also had operating leases for certain equipment.

The term for our leases begins on the date we become legally obligated for the

rent payments or we take possession of the building premises, whichever is earlier.

Our real estate leases have initial terms ranging from one to 10.5 years and typically include one renewal option.

As of March 31, 2025, our leases had remaining terms ranging from 11 months to 5.2 years.

The operating leases require us to pay property taxes and operating expenses for the properties.

The following table presents the lease right-of-use assets and lease liabilities recorded on the Condensed Consolidated Balance Sheets at the dates indicated (in thousands):

September 30,

2025 December 31,

2 unchanged sentences

The following table presents the components of lease expense for the periods indicated (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Operating lease expense

2 unchanged sentences

Net lease expense $ 273 $ 267

The following table presents the schedule of lease liabilities at the date indicated (in thousands):

September 30, 2024

The following table presents the schedule of lease liability payments at the date indicated (in thousands):

March 31, 2025

Remainder of 2025

3 unchanged sentences

Lease term and discount rate by lease type consisted of the following at the dates indicated:

September 30,

2025 December 31,

4 unchanged sentences

Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

Three Months Ended March 31,

Cash paid for amounts included in the measurement of lease liabilities for operating leases:

2 unchanged sentences

Note 11 – Subsequent Events

On October 30, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.19 per common share, payable on November 26, 2024 to stockholders of record at the close of business on November 12, 2024.

On April 29, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.19 per common share, payable on May 23, 2025 to stockholders of record at the close of business on May 9, 2025.

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