Seneca Bancorp, Inc. 10-Q

Item 1. Financial Statements SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per share data) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, ​ At December 31, ​ 2025 2024 ​ ​ ​ ​ ​ ASSETS ​ ​ Cash and cash equivalents ​ $ 14,294 ​ $ 6,788 Securities, available-for-sale, net of allowance for credit losses of $ 498 and $ 498 ​ 57,034 ​ 46,484 Loans, net of allowance for credit losses of $ 1,794 and $ 1,804 ​ 214,809 ​ 202,429 Federal Home Loan Bank of New York stock, at cost ​ 3,529 ​ 3,361 Premises and equipment, net ​ 11,162 ​ 8,797 Bank owned life insurance ​ 3,860 ​ 2,688 Pension assets ​ 7,245 ​ 7,245 Accrued interest receivable ​ 1,569 ​ 1,247 Intangible assets ​ 467 ​ 584 Goodwill ​ 412 ​ 412 Other assets ​ 2,077 ​ 904 Total assets ​ $ 316,458 ​ $ 280,939 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ LIABILITIES ​ ​ Deposits: ​ ​ Noninterest bearing ​ $ 36,668 ​ $ 30,639 Interest-bearing ​ 201,460 ​ 179,932 Total deposits ​ 238,128 ​ 210,571 Federal Home Loan Bank advances ​ 40,567 ​ 41,253 Advances from borrowers for taxes and insurance ​ 1,200 ​ 2,349 Other liabilities ​ 12,149 ​ 2,908 Total liabilities ​ 292,044 ​ 257,081 STOCKHOLDERS’ EQUITY ​ ​ Preferred stock, $ 0.01 par value, 1,000,000 shares authorized and unissued ​ ​ Common stock, $ 0.01 par value, 19,000,000 shares authorized, 2,002,923 shares issued and 1,838,278 shares outstanding at September 30, 2025 and December 31, 2024 ​ 9 ​ 9 Additional paid-in capital ​ 8,164 ​ 8,118 Treasury stock, at cost ( 164,645 shares at September 30, 2025 and December 31, 2024) ​ ( 1,557 ) ​ ( 1,557 ) Retained earnings ​ 22,514 ​ 22,377 Unearned ESOP shares, at cost ​ ( 591 ) ​ ( 605 ) Accumulated other comprehensive loss ​ ( 4,125 ) ​ ( 4,484 ) Total stockholders’ equity ​ 24,414 ​ 23,858 Total liabilities and stockholders’ equity ​ $ 316,458 ​ $ 280,939 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 4 Table of Contents SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except for share data) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2025 2024 2025 2024 ​ ​ ​ ​ ​ INTEREST INCOME ​ ​ ​ ​ Loans, including fees ​ $ 3,129 ​ $ 2,991 ​ $ 9,157 ​ $ 8,632 Securities ​ 549 ​ 351 ​ 1,466 ​ 1,062 Other ​ 101 ​ 72 ​ 188 ​ 195 Total interest income ​ 3,779 ​ 3,414 ​ 10,811 ​ 9,889 INTEREST EXPENSE ​ ​ ​ ​ Deposits ​ 1,197 ​ 958 ​ 3,119 ​ 2,909 Advances and borrowings ​ 356 ​ 367 ​ 1,107 ​ 1,026 Total interest expense ​ 1,553 ​ 1,325 ​ 4,226 ​ 3,935 Net interest income ​ 2,226 ​ 2,089 ​ 6,585 ​ 5,954 Provision for credit losses loans receivable ​ 80 ​ — ​ 701 ​ 15 Net interest income after provision for credit losses ​ 2,146 ​ 2,089 ​ 5,884 ​ 5,939 NONINTEREST INCOME ​ ​ ​ ​ Service fees ​ 33 ​ 30 ​ 98 ​ 91 Income from financial services ​ 245 ​ 244 ​ 709 ​ 667 Fee income ​ 228 ​ 202 ​ 599 ​ 543 Gain on sale of fixed assets ​ — ​ — ​ — ​ 6 Earnings on bank-owned life insurance ​ 26 ​ 4 ​ 78 ​ 26 Net gains on sale of residential mortgage loans ​ 63 ​ 51 ​ 128 ​ 73 Total noninterest income ​ 595 ​ 531 ​ 1,612 ​ 1,406 NONINTEREST EXPENSE ​ ​ ​ ​ Compensation and employee benefits ​ 1,365 ​ 1,227 ​ 4,038 ​ 3,622 Core processing ​ 435 ​ 390 ​ 1,146 ​ 1,120 Premises and equipment ​ 217 ​ 187 ​ 662 ​ 568 Professional fees ​ 102 ​ 56 ​ 265 ​ 187 Postage & office supplies ​ 23 ​ 31 ​ 81 ​ 87 FDIC premiums ​ 38 ​ 30 ​ 105 ​ 90 Advertising ​ 74 ​ 87 ​ 257 ​ 267 Director fees ​ 38 ​ 36 ​ 123 ​ 124 Other ​ 225 ​ 204 ​ 649 ​ 576 Total noninterest expense ​ 2,517 ​ 2,248 ​ 7,326 ​ 6,641 Income before provision for income taxes ​ 224 ​ 372 ​ 170 ​ 704 PROVISION FOR INCOME TAXES ​ 39 ​ 44 ​ 33 ​ 94 Net income ​ $ 185 ​ $ 328 ​ $ 137 ​ $ 610 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common shares - basic ​ $ 0.10 ​ $ 0.19 ​ $ 0.08 ​ $ 0.35 Net income per common shares - diluted ​ $ 0.10 ​ $ 0.19 ​ $ 0.08 ​ $ 0.35 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 5 Table of Contents SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2025 2024 2025 2024 ​ ​ ​ ​ ​ ​ NET INCOME ​ $ 185 ​ $ 328 ​ $ 137 ​ $ 610 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME, BEFORE TAX ​ ​ ​ ​ ​ Available-for-sale securities: ​ ​ ​ ​ ​ Unrealized holding gains arising during period ​ 577 ​ 887 ​ 455 ​ 715 ​ Less reclassification adjustment for net losses included in net income ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on available-for-sale securities ​ 577 ​ 887 ​ 455 ​ 715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME, BEFORE TAX ​ 577 ​ 887 ​ 455 ​ 715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax effect ​ ( 122 ) ​ ( 186 ) ​ ( 96 ) ​ ( 149 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME, NET OF TAX ​ 455 ​ 701 ​ 359 ​ 566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL COMPREHENSIVE INCOME ​ $ 640 ​ $ 1,029 ​ $ 496 ​ $ 1,176 ​ ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 6 Table of Contents SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Dollars in thousands) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2025 ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Unearned ​ Other ​ ​ ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Retained ​ ESOP ​ Comprehensive ​ Total ​ ​ Stock ​ Capital ​ Stock ​ Earnings ​ Shares ​ Loss ​ Equity BALANCE, July 1, 2025 ​ $ 9 ​ $ 8,150 ​ $ ( 1,557 ) ​ $ 22,329 ​ $ ( 596 ) ​ $ ( 4,580 ) ​ $ 23,755 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 185 ​ ​ — ​ ​ — ​ ​ 185 Other comprehensive income ​ — ​ — ​ — ​ — ​ — ​ 455 ​ 455 ESOP shares committed to be released ( 646 shares) ​ — ​ — ​ — ​ — ​ 5 ​ — ​ 5 Stock-based compensation ​ — ​ 14 ​ — ​ — ​ — ​ — ​ 14 BALANCE, September 30, 2025 ​ $ 9 ​ $ 8,164 ​ $ ( 1,557 ) ​ $ 22,514 ​ $ ( 591 ) ​ $ ( 4,125 ) ​ $ 24,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Unearned ​ Other ​ ​ ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Retained ​ ESOP ​ Comprehensive ​ Total ​ ​ Stock ​ Capital ​ Stock ​ Earnings ​ Shares ​ Loss ​ Equity BALANCE, July 1, 2024 ​ $ 9 ​ $ 8,087 ​ $ ( 1,557 ) ​ $ 21,947 ​ $ ( 617 ) ​ $ ( 5,089 ) ​ $ 22,780 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 328 ​ ​ — ​ ​ — ​ ​ 328 Other comprehensive income ​ — ​ — ​ — ​ — ​ — ​ 701 ​ 701 ESOP shares committed to be released ( 646 shares) ​ — ​ — ​ — ​ — ​ 6 ​ — ​ 6 Stock-based compensation ​ — ​ 21 ​ — ​ — ​ — ​ — ​ 21 BALANCE, September 30, 2024 ​ $ 9 ​ $ 8,108 ​ $ ( 1,557 ) ​ $ 22,275 ​ $ ( 611 ) ​ $ ( 4,388 ) ​ $ 23,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2025 ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Unearned ​ Other ​ ​ ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Retained ​ ESOP ​ Comprehensive ​ Total ​ ​ Stock ​ Capital ​ Stock ​ Earnings ​ Shares ​ Loss ​ Equity BALANCE, January 1, 2025 ​ $ 9 ​ $ 8,118 ​ $ ( 1,557 ) ​ $ 22,377 ​ $ ( 605 ) ​ $ ( 4,484 ) ​ $ 23,858 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 137 ​ ​ — ​ ​ — ​ ​ 137 Other comprehensive income ​ — ​ — ​ — ​ — ​ — ​ 359 ​ 359 ESOP shares committed to be released ( 646 shares) ​ — ​ — ​ — ​ — ​ 14 ​ — ​ 14 Stock-based compensation ​ — ​ 46 ​ — ​ — ​ — ​ — ​ 46 BALANCE, September 30, 2025 ​ $ 9 ​ $ 8,164 ​ $ ( 1,557 ) ​ $ 22,514 ​ $ ( 591 ) ​ $ ( 4,125 ) ​ $ 24,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Nine Months Ended September 30, 2024 ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Unearned ​ Other ​ ​ ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Retained ​ ESOP ​ Comprehensive ​ Total ​ ​ Stock ​ Capital ​ Stock ​ Earnings ​ Shares ​ Loss ​ Equity BALANCE, January 1, 2024 ​ $ 9 ​ $ 8,045 ​ $ ( 1,487 ) ​ $ 21,665 ​ $ ( 629 ) ​ $ ( 4,954 ) ​ $ 22,649 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ 610 ​ ​ — ​ ​ — ​ ​ 610 Other comprehensive income ​ — ​ — ​ — ​ — ​ — ​ 566 ​ 566 ESOP shares committed to be released ( 646 shares) ​ — ​ — ​ — ​ — ​ 18 ​ — ​ 18 Purchase treasury stock ​ ​ — ​ ​ — ​ ​ ( 70 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 70 ) Stock-based compensation ​ — ​ 63 ​ — ​ — ​ — ​ — ​ 63 BALANCE, September 30, 2024 ​ $ 9 ​ $ 8,108 ​ $ ( 1,557 ) ​ $ 22,275 ​ $ ( 611 ) ​ $ ( 4,388 ) ​ $ 23,836 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 7 Table of Contents SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2025 2024 ​ ​ ​ ​ CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ Net income ​ $ 137 ​ $ 610 ​ Adjustments to reconcile net income (loss) to net cash flow from operating activities: ​ ​ ​ Depreciation and amortization ​ 400 ​ 391 ​ Provision for credit losses ​ 701 ​ 15 ​ Net amortization of premiums and discounts on securities ​ ( 103 ) ​ 93 ​ Gain on sale of residential mortgage loans ​ ( 128 ) ​ ( 73 ) ​ Proceeds from sale of residential mortgage loans ​ 7,936 ​ 4,224 ​ Loans originated and sold ​ ( 7,808 ) ​ ( 4,152 ) ​ Deferred income tax benefit ​ ( 79 ) ​ — ​ Loss (gain) on sale of fixed assets ​ — ​ ( 6 ) ​ Amortization of deferred loan fees ​ 156 ​ 52 ​ ESOP compensation expense ​ 13 ​ 18 ​ Stock based compensation expense ​ 46 ​ 63 ​ Earnings on investment in bank owned life insurance ​ ( 78 ) ​ ( 26 ) ​ Increase in accrued interest receivable ​ ( 322 ) ​ ( 125 ) ​ Increase in other assets ​ ( 1,172 ) ​ ( 323 ) ​ Purchase of annuity contract ​ ​ ( 1,094 ) ​ ​ — ​ Increase in other liabilities ​ 9,397 ​ 179 ​ Net cash flow provided by operating activities ​ 8,002 ​ 940 ​ CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ Activity in securities available-for-sale: ​ ​ ​ Proceeds from calls and maturities ​ 14,245 ​ 50 ​ Principal repayments ​ 468 ​ 655 ​ Purchases ​ ( 24,705 ) ​ — ​ Purchase of Federal Home Loan Bank of New York stock ​ ( 978 ) ​ ( 1,068 ) ​ Redemption of Federal Home Loan Bank of New York stock ​ 811 ​ 825 ​ Loan originations and principal collections, net ​ ( 13,246 ) ​ ( 6,153 ) ​ Purchases of premises and equipment ​ ( 2,657 ) ​ ( 2,460 ) ​ Net cash flow used in investing activities ​ ( 26,062 ) ​ ( 8,151 ) ​ CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ Increase in deposits ​ 27,557 ​ 8,986 ​ Increase in advances from borrowers for taxes and insurance ​ ( 1,149 ) ​ ( 1,038 ) ​ Purchase of treasury stock ​ — ​ ( 70 ) ​ Payments on acquisition contingent consideration ​ ( 156 ) ​ ( 135 ) ​ Repayment of long-term FHLB advances ​ ( 14,500 ) ​ ( 5,000 ) ​ Proceeds from long-term FHLB advances ​ 13,814 ​ 9,695 ​ Decrease in short-term FHLB advances ​ — ​ ( 2,000 ) ​ Net cash flow provided by financing activities ​ 25,566 ​ 10,438 ​ Net change in cash and cash equivalents ​ 7,506 ​ 3,227 ​ CASH AND CASH EQUIVALENTS - beginning of the period ​ 6,788 ​ 3,920 ​ CASH AND CASH EQUIVALENTS - end of the period ​ $ 14,294 ​ $ 7,147 ​ ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 8 Table of Contents SENECA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (cont.) (Dollars in thousands) Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2025 2024 ​ ​ ​ ​ SUPPLEMENTAL CASH FLOW INFORMATION ​ ​ Cash paid for: ​ ​ Interest on deposits and borrowed funds ​ $ 4,268 ​ $ 3,937 ​ Income taxes ​ $ 7 ​ $ 101 ​ ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 9 Table of Contents SENECA FINANCIAL CORP. Notes to the Consolidated Financial Statements Unaudited 1. BASIS OF PRESENTATION Seneca Financial Corp. (the “Company”) was a federally chartered mid-tier stock holding company and was formed in connection with the conversion of Seneca Federal Savings and Loan Association (the “Bank”) into the mutual holding company form of organization in October 2017, as a subsidiary of Seneca Financial MHC (the “Mutual Holding Company”), a federally chartered mutual holding company. The Mutual Holding Company activity is not included in the accompanying consolidated financial statements. The Bank was a wholly owned subsidiary of the Company. The same directors and officers who manage the Bank, also manage the Company and the Mutual Holding Company. On May 8, 2025, the Board of Directors adopted a Plan of Conversion and Reorganization, pursuant to which the Mutual Holding Company converted from the mutual holding company structure to the stock holding company structure (the “Conversion”). The Conversion was completed on October 15, 2025. In connection with the Conversion, the Bank converted its charter from that of a federal savings association to a national bank and changed its name from “Seneca Savings” to “Seneca Savings Bank, National Association.” Upon completion of the Conversion, the Mutual Holding Company and the Company ceased to exist and Seneca Bancorp, Inc., a Maryland corporation, became the successor holding company to the Company and the stock holding company of the Bank. The Conversion was accomplished by the merger of the Mutual Holding Company with and into the Company, followed by the merger of the Company with and into Seneca Bancorp, Inc. References to the Company and the Bank refer to Seneca Bancorp, Inc. and Seneca Savings Bank, National Association, respectively, on and after October 15, 2025. Upon completion of the Conversion, the outstanding shares of the Company common stock owned by stockholders of the Company other than the Mutual Holding Company were converted into shares of Seneca Bancorp, Inc. common stock based on an exchange ratio of 0.9684 of a share of Seneca Bancorp, Inc. common stock for each share of Company common stock, so that the Company’s existing public stockholders owned approximately the same percentage of Seneca Bancorp, Inc.’s common stock upon completion of the Conversion as they owned of the Company’s common stock immediately prior to the Conversion. Cash was paid in lieu of fractional shares of Seneca Bancorp, Inc. common stock at a rate of $ 10.00 per share. In connection with the Conversion, Seneca Bancorp, Inc. also sold a total of 1,044,858 shares of its common stock at a price of $ 10.00 per share, for total gross proceeds of approximately $ 10.4 million. Seneca Bancorp, Inc. provided a term loan to the ESOP’s purchase of an additional 83,588 shares and refinance its existing outstanding ESOP loan resulting in a single term loan to the ESOP of $ 1.5 million which is being repaid in annual installments over 25 years at an annual rate of 7.25 %. Upon the completion of the Conversion and stock offering, approximately 1,790,203 shares of Seneca Bancorp, Inc. common stock were outstanding. The Bank maintains its executive offices and main branch in Baldwinsville, New York, with branches in Liverpool, North Syracuse, Manlius and Bridgeport, New York. The Bank is a community-oriented savings and loan institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in residential mortgage and commercial loans. ​ The financial information included herein as of September 30, 2025 and for the three and nine month periods ended September 30, 2025 and 2024 is unaudited. However, in management’s opinion, the information reflects all normal, recurring adjustments that are necessary for a fair presentation. The results shown for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be obtained for the year ending December 31, 2025 or for any other period. ​ ​ ​ ​ 10 Table of Contents 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Adoption of New Accounting Standards In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold, and greater disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU does not change how a public entity identifies its operating segments or determines its reportable segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Impact of Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures, to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure, in the notes to the consolidated financial statements, of specified information about certain costs and expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact this will have on the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiary, Seneca Savings Insurance Agency, Inc. dba Financial Quest (“Quest”). Quest offers financial planning and investment advisory services and sells various insurance and investment products through broker networks. All significant intercompany transactions and balances have been eliminated in consolidation. The Company, as used in the consolidated financial statements, refers to the consolidated group. Use of Estimates The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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 consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates, and such differences may be significant. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses, deferred tax assets, the assumptions used in the actuarial valuation and the estimation of fair values for accounting and disclosure purposes. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required 11 Table of Contents loss allowances, and operating restrictions resulting from the regulators’ judgements based on information available to them at the time of their examinations. Reclassifications Certain amounts in the 2024 consolidated financial statements have been reclassified to conform with the 2025 presentation format. These classifications are immaterial and had no effect on net income or stockholders’ equity for the periods presented herein. ​ 12 Table of Contents 3. Securities The amortized cost and fair values of securities, with gross unrealized gains and losses are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Allowance for ​ Fair ​ Cost Gains Losses Credit Losses Value ​ ​ (In thousands) Available-for-sale securities: ​ ​ ​ ​ ​ September 30, 2025 (Unaudited): ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 23,845 ​ $ 34 ​ $ ( 43 ) ​ $ — ​ $ 23,836 U.S. Government Agency securities ​ 1,000 ​ — ​ ( 109 ) ​ — ​ 891 Municipal securities ​ 17,053 ​ — ​ ( 2,501 ) ​ ( 498 ) ​ 14,054 Mortgage-backed securities and collateralized mortgage obligations ​ 9,365 ​ — ​ ( 892 ) ​ — ​ 8,473 Corporate securities ​ 9,920 ​ 12 ​ ( 152 ) ​ — ​ 9,780 ​ ​ $ 61,183 ​ $ 46 ​ $ ( 3,697 ) ​ $ ( 498 ) ​ $ 57,034 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024: ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 15,923 ​ $ 4 ​ $ ( 116 ) ​ $ — ​ $ 15,811 U.S. Government Agency securities ​ 1,000 ​ — ​ ( 162 ) ​ — ​ 838 Municipal securities ​ 17,151 ​ — ​ ( 2,372 ) ​ ( 498 ) ​ 14,281 Mortgage-backed securities and collateralized mortgage obligations ​ 6,862 ​ — ​ ( 1,107 ) ​ — ​ 5,755 Corporate securities ​ 10,152 ​ 8 ​ ( 361 ) ​ — ​ 9,799 ​ ​ $ 51,088 ​ $ 12 ​ $ ( 4,118 ) ​ $ ( 498 ) ​ $ 46,484 ​ Government agency and U.S. Treasury securities include notes and bonds with fixed rates. Mortgage-backed securities and collateralized mortgage obligations consist of securities that are issued by Fannie Mae (“FNMA”), Freddie Mac (“FHLMC”), Ginnie Mae (“GNMA”), and Small Business Administration (“SBIC”) and are collateralized by residential mortgages. Municipal securities consist of government obligation and revenue bonds. Corporate securities consist of fixed and variable rate bonds with large financial institutions. Investment securities with carrying amounts of $ 34.4 million and $ 22.2 million were pledged to secure deposits and for other purposes required or permitted by law at September 30, 2025 and December 31, 2024, respectively. The amortized cost and fair value of debt securities based on the contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ ​ Cost Value Cost Value ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ 21,421 ​ $ 20,880 ​ $ 14,225 ​ $ 13,723 ​ Due after one year through five years ​ 17,889 ​ 17,135 ​ 15,878 ​ 15,107 ​ Due after five years through ten years ​ 9,073 ​ 7,946 ​ 9,840 ​ 8,566 ​ Due after ten years ​ 3,435 ​ 2,600 ​ 4,283 ​ 3,333 ​ Mortgage-backed securities and collateralized mortgage obligations ​ 9,365 ​ 8,473 ​ 6,862 ​ 5,755 ​ ​ ​ $ 61,183 ​ $ 57,034 ​ $ 51,088 ​ $ 46,484 ​ ​ The Company did not sell available-for-sale securities during the three or nine months ended September 30, 2025 and September 30, 2024. 13 Table of Contents Management has reviewed its loan, mortgage-backed securities and collateralized mortgage obligations portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans. Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than Twelve Months Twelve Months and Greater ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Losses Value Losses Value ​ ​ (In thousands) September 30, 2025 (Unaudited): ​ ​ ​ ​ U.S. Treasury securities ​ $ ( 3 ) ​ $ 6,059 ​ $ ( 40 ) ​ ​ 891 U.S. Government Agency securities ​ — ​ — ​ ( 109 ) ​ 2,956 Municipal securities ​ — ​ — ​ ( 2,501 ) ​ 11,181 Mortgage-backed securities and collateralized mortgage obligations ​ — ​ — ​ ( 892 ) ​ 5,492 Corporate securities ​ — ​ — ​ ( 152 ) ​ 7,876 ​ ​ $ ( 3 ) ​ $ 6,059 ​ $ ( 3,694 ) ​ $ 28,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024: ​ ​ ​ ​ U.S. Treasury securities ​ $ — ​ $ — ​ $ ( 116 ) ​ $ 2,874 U.S. Government Agency securities ​ — ​ — ​ ( 162 ) ​ 839 Municipal securities ​ ( 24 ) ​ 1,114 ​ ( 2,348 ) ​ 11,769 Mortgage-backed securities and collateralized mortgage obligations ​ — ​ — ​ ( 1,107 ) ​ 5,755 Corporate securities ​ ( 4 ) ​ 896 ​ ( 357 ) ​ 8,402 ​ ​ $ ( 28 ) ​ $ 2,010 ​ $ ( 4,090 ) ​ $ 29,639 ​ Unrealized losses on U.S. treasury securities, government agency securities, mortgage-backed securities, collateral mortgage obligations, corporate securities, and municipal securities, have not been recognized into income because these losses are attributable to changes in interest rates, not credit quality, and because management does not intend to sell and will not be required to sell these securities prior to recovery or maturity. At September 30, 2025, one U.S. Treasury was at a loss position for less than one year. At September 30, 2025, one government agency, one U.S. Treasury, thirty-one municipal, four mortgage-backed, ten collateralized mortgage obligation securities and eleven corporate securities were in a continuous loss position for more than twelve months. At December 31, 2024, one corporate security and three municipal securities were at a loss position for less than one year. At December 31, 2024, one government agency, one U.S. Treasury, thirty-two municipal securities, four mortgage-backed, ten collateralized mortgage obligation securities and twelve corporate securities were in a continuous loss position for more than twelve months. 14 Table of Contents Allowance for Credit Losses for Debt Securities: The following table presents the allowance for credit losses on available-for-sale debt securities: ​ ​ ​ ​ ​ ​ Municipal Securities ​ ​ (In thousands) September 30, 2025 (Unaudited): ​ Balance, beginning of period ​ $ 498 Provision for credit losses, not previously recorded ​ — Balance, end of period ​ $ 498 ​ ​ ​ ​ September 30, 2024: ​ Balance, beginning of period ​ $ 90 Provision for credit losses, not previously recorded ​ — Balance, end of period ​ $ 90 ​ At September 30, 2025 and December 31, 2024, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $ 451,000 . The allowance relates to Madison County Capital Resource Corp. (Cazenovia College) bond that was in default at September 30, 2025 and December 31, 2024. The bond is collateralized with all the assets and real estate of the issuer which will be monetized to satisfy bond holders. The fair value was determined using a discounted cash flow analysis resulting in Level 3 classification (see Note 10. Fair Value Measurement and Fair Value of Financial Instruments). ​ 4. LOANS Net loans at September 30, 2025 and December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 ​ ​ (In thousands) ​ ​ Unaudited ​ ​ ​ Mortgage loans on real estate: ​ ​ One-to four-family first lien residential ​ $ 93,492 ​ $ 101,236 Residential construction ​ 1,985 ​ 1,288 Home equity loans and lines of credit ​ 15,184 ​ 11,916 Commercial ​ 73,390 ​ 59,505 Total mortgage loans on real estate ​ 184,051 ​ 173,945 Commercial and industrial ​ 26,386 ​ 23,411 Consumer loans ​ 4,784 ​ 5,339 Total loans ​ 215,221 ​ 202,695 Allowance for credit losses ​ ( 1,794 ) ​ ( 1,804 ) Net deferred loan origination (fees) and costs ​ 1,382 ​ 1,538 Net loans ​ $ 214,809 ​ $ 202,429 ​ Residential real estate loans serviced for others, by the Company, not included in net loans totaled $ 34.6 million and $ 29.4 million at September 30, 2025 and December 31, 2024 respectively. Loan Origination/Risk Management The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. 15 Table of Contents Risk Characteristics of Portfolio Segments The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, manufactured housing, commercial and home equity loans, comprised approximately 85.5 % and 85.8 % of the portfolio at September 30, 2025 and December 31, 2024, respectively. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators Real estate, commercial and consumer loans are assigned a “Pass” rating unless the loan has demonstrated signs of weakness as indicated by the ratings below: · Special Mention: The relationship is protected but are potentially weak. These assets may constitute an undue and unwarranted credit risk but not to the point of justifying a substandard rating. All loans 60 days past-due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months. · Substandard: The relationship is inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledge, if any. Assets so classified have a well-defined weakness or a weakness that jeopardized the liquidation of the debt. All loans 90 days past-due are classified Substandard. A loan is not upgraded until it has been current for six consecutive months. · Doubtful/Loss: Loans are considered uncollectible and of such little value that continuance as bankable assets are not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future. The risk ratings are evaluated at least annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, real estate or consumer loans. ​ 16 Table of Contents The following tables present loans as of September 30, 2025, based on year of origination within each credit quality indicator: At September 30, 2025 Unaudited (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Converted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ to Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Amortized ​ ​ ​ ​ 2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ One-to-four-family first lien residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 612 ​ $ 2,728 ​ $ 10,818 ​ $ 17,025 ​ $ 10,543 ​ $ 51,766 ​ $ — ​ $ — ​ $ 93,492 Total ​ 612 ​ 2,728 ​ 10,818 ​ 17,025 ​ 10,543 ​ 51,766 ​ — ​ — ​ 93,492 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential construction: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 968 ​ 754 ​ — ​ 115 ​ — ​ 148 ​ — ​ — ​ 1,985 Total ​ 968 ​ 754 ​ — ​ 115 ​ — ​ 148 ​ — ​ — ​ 1,985 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity loans and lines of credit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 222 ​ 642 ​ — ​ — ​ — ​ 59 ​ 14,071 ​ 190 ​ 15,184 Total ​ 222 ​ 642 ​ — ​ — ​ — ​ 59 ​ 14,071 ​ 190 ​ 15,184 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 17,858 ​ 9,221 ​ 11,449 ​ 7,456 ​ 6,673 ​ 17,297 ​ — ​ — ​ 69,954 Special Mention ​ — ​ 580 ​ — ​ — ​ — ​ — ​ — ​ — ​ 580 Substandard ​ — ​ 493 ​ 735 ​ — ​ — ​ 1,628 ​ — ​ — ​ 2,856 Total ​ 17,858 ​ 10,294 ​ 12,184 ​ 7,456 ​ 6,673 ​ 18,925 ​ — ​ — ​ 73,390 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 10,633 ​ 4,756 ​ 4,232 ​ 1,769 ​ 2,076 ​ 2,370 ​ — ​ — ​ 25,836 Special Mention ​ 32 ​ 306 ​ 102 ​ 110 ​ — ​ — ​ — ​ — ​ 550 Total ​ 10,665 ​ 5,062 ​ 4,334 ​ 1,879 ​ 2,076 ​ 2,370 ​ — ​ — ​ 26,386 Current period gross write-offs ​ — ​ — ​ 652 ​ 7 ​ 4 ​ 14 ​ — ​ — ​ 677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 627 ​ 1,878 ​ 797 ​ ​ 990 ​ 246 ​ 168 ​ 77 ​ 1 ​ 4,784 Total ​ 627 ​ 1,878 ​ 797 ​ 990 ​ 246 ​ 168 ​ 77 ​ 1 ​ 4,784 Current period gross write-offs ​ $ — ​ $ 28 ​ $ 5 ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ — ​ $ 34 ​ ​ 17 Table of Contents The following table presents loans as of December 31, 2024, based on year of origination within each credit quality indicator: At December 31, 2024 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Converted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ to Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Amortized ​ ​ ​ ​ 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ One-to-four-family first lien residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 5,633 ​ $ 12,938 ​ $ 18,451 ​ $ 11,101 ​ $ 7,929 ​ $ 45,184 ​ $ — ​ $ — ​ $ 101,236 Total ​ 5,633 ​ 12,938 ​ 18,451 ​ 11,101 ​ 7,929 ​ 45,184 ​ — ​ — ​ 101,236 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential construction: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 1,006 ​ — ​ 120 ​ — ​ 101 ​ 61 ​ — ​ — ​ 1,288 Total ​ 1,006 ​ — ​ 120 ​ — ​ 101 ​ 61 ​ — ​ — ​ 1,288 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity loans and lines of credit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 768 ​ — ​ — ​ — ​ — ​ 65 ​ 10,895 ​ 188 ​ 11,916 Total ​ 768 ​ — ​ — ​ — ​ — ​ 65 ​ 10,895 ​ 188 ​ 11,916 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 9,609 ​ 12,513 ​ 8,375 ​ 6,939 ​ 4,434 ​ 15,124 ​ — ​ — ​ 56,994 Substandard ​ 500 ​ — ​ — ​ — ​ 97 ​ 1,914 ​ — ​ — ​ 2,511 Total ​ 10,109 ​ 12,513 ​ 8,375 ​ 6,939 ​ 4,531 ​ 17,038 ​ — ​ — ​ 59,505 Current period gross write-offs ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and Industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 6,145 ​ 5,802 ​ 5,975 ​ 1,656 ​ 1,502 ​ 1,593 ​ — ​ — ​ 22,673 Substandard ​ 738 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 738 Total ​ 6,883 ​ 5,802 ​ 5,975 ​ 1,656 ​ 1,502 ​ 1,593 ​ — ​ — ​ 23,411 Current period gross write-offs ​ — ​ 31 ​ — ​ 25 ​ — ​ 22 ​ — ​ — ​ 78 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ 2,536 ​ 1,038 ​ 1,406 ​ 271 ​ 47 ​ 41 ​ — ​ — ​ 5,339 Total ​ 2,536 ​ 1,038 ​ 1,406 ​ 271 ​ 47 ​ 41 ​ — ​ — ​ 5,339 Current period gross write-offs ​ $ 4 ​ $ 10 ​ $ 4 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 18 ​ At September 30, 2025, a loan relationship consisting of one commercial real estate loan totaling $ 735 thousand was downgraded to substandard, offset by four substandard loans that were paid off during the third quarter of 2025, resulting in a decrease of substandard loans by $ 393 thousand compared to December 31, 2024. 18 Table of Contents Loans are considered past-due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past-due loans, segregated by class of loans, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 ​ ​ (Unaudited) ​ ​ (In thousands) ​ ​ 30-59 Days ​ 60-89 Days ​ 90 Days ​ Total Past- ​ ​ ​ ​ Total Loans ​ Past-Due Past-Due Past-Due Due Current Receivable Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ One-to four-family first lien residential ​ $ 2,230 ​ $ 561 ​ $ 602 ​ $ 3,393 ​ $ 90,099 ​ $ 93,492 Residential construction ​ — ​ — ​ — ​ — ​ 1,985 ​ 1,985 Home equity loans and lines of credit ​ — ​ 60 ​ 32 ​ 92 ​ 15,092 ​ 15,184 Commercial ​ 1,160 ​ — ​ — ​ 1,160 ​ 72,230 ​ 73,390 Total mortgage loans on real estate ​ 3,390 ​ 621 ​ 634 ​ 4,645 ​ 179,406 ​ 184,051 Commercial and industrial ​ — ​ — ​ 97 ​ 97 ​ 26,289 ​ 26,386 Consumer loans ​ — ​ 28 ​ 2 ​ 30 ​ 4,754 ​ 4,784 Total loans ​ $ 3,390 ​ $ 649 ​ $ 733 ​ $ 4,772 ​ $ 210,449 ​ $ 215,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ (In thousands) ​ ​ 30-59 Days ​ 60-89 Days ​ 90 Days ​ Total Past- ​ ​ ​ ​ Total Loans ​ Past-Due Past-Due Past-Due Due Current Receivable Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ One-to four-family first lien residential ​ $ 1,089 ​ $ 230 ​ $ 369 ​ $ 1,688 ​ $ 99,548 ​ $ 101,236 Residential construction ​ — ​ — ​ — ​ — ​ 1,288 ​ 1,288 Home equity loans and lines of credit ​ 1 ​ — ​ 32 ​ 33 ​ 11,883 ​ 11,916 Commercial ​ 371 ​ — ​ — ​ 371 ​ 59,134 ​ 59,505 Total mortgage loans on real estate ​ 1,461 ​ 230 ​ 401 ​ 2,092 ​ 171,853 ​ 173,945 Commercial and industrial ​ 513 ​ — ​ — ​ 513 ​ 22,898 ​ 23,411 Consumer loans ​ 5 ​ 9 ​ — ​ 14 ​ 5,325 ​ 5,339 Total loans ​ $ 1,979 ​ $ 239 ​ $ 401 ​ $ 2,619 ​ $ 200,076 ​ $ 202,695 ​ At September 30, 2025, we had approximately $ 32,000 of home equity loans and lines of credit past-due 90 days and still accruing. Nonaccrual loans, segregated by class of loan as of September 30, 2025 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 Unaudited (In thousands) ​ ​ ​ ​ ​ Nonaccrual ​ ​ ​ ​ ​ ​ ​ ​ loans ​ ​ ​ ​ ​ ​ ​ ​ without ​ ​ ​ ​ ​ ​ ​ ​ related ​ ​ ​ ​ ​ ​ ​ ​ allowance ​ ​ ​ ​ ​ ​ ​ ​ for ​ Recognized ​ ​ Nonaccrual ​ credit ​ interest ​ loans losses income Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ One-to four-family first lien $ 540 $ 540 ​ $ — Residential construction ​ — ​ — ​ — Home equity loans and lines of credit ​ — ​ — ​ — Commercial ​ 42 ​ 42 ​ — Consumer loans ​ — ​ — ​ — Total nonaccrual loans $ 582 $ 582 ​ $ — ​ 19 Table of Contents At December 31, 2024, we had approximately $ 32,000 of home equity loans and lines of credit past-due 90 days and still accruing. Nonaccrual loans, segregated by class of loan as of December 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 (In thousands) ​ ​ ​ ​ ​ Nonaccrual ​ ​ ​ ​ ​ ​ ​ ​ loans ​ ​ ​ ​ ​ ​ ​ ​ without ​ ​ ​ ​ ​ ​ ​ ​ related ​ ​ ​ ​ ​ ​ ​ ​ allowance ​ ​ ​ ​ ​ ​ ​ ​ for ​ Recognized ​ ​ Nonaccrual ​ credit ​ interest ​ loans losses income Mortgage loans on real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ One-to four-family first lien $ 369 $ 369 ​ $ — Residential construction ​ — ​ — ​ — Home equity loans and lines of credit ​ — ​ — ​ — Commercial ​ 46 ​ — ​ — Consumer loans ​ — ​ — ​ — Total nonaccrual loans $ 415 $ 369 ​ $ — ​ Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Loans considered collateral-dependent were as follows: ​ ​ ​ ​ ​ ​ ​ September 30, 2025 (Unaudited) (In thousands) ​ Amortized cost Collateral type Real estate: ​ ​ ​ ​ ​ Residential one-to four-family ​ $ 540 Residential real estate property Home equity line of credit ​ 32 Residential real estate property Commercial real estate ​ 13 Commercial real estate property Total real estate ​ $ 585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial loans ​ $ 47 Commercial business assets Total commercial and industrial ​ $ 47 ​ ​ ​ ​ ​ ​ ​ December 31, 2024 (In thousands) ​ Amortized cost Collateral type Real estate: ​ Residential one-to four-family ​ $ 620 Residential real estate property Home equity line of credit ​ 32 Residential real estate property Total real estate ​ $ 652 ​ There were no loans modified to borrowers experiencing financial difficulty during the three or nine months ended September 30, 2025. During the year ended December 31, 2024, two commercial loans to one borrower were combined into one loan to extend the terms of the loans and increase the collateral coverage of the portfolio relationship. 20 Table of Contents The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted (numbers in thousands): Term Extension ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost ​ ​ ​ Basis ​ % of Total Class ​ ​ at September 30, 2025 ​ of Financing ​ ​ (Unaudited) ​ Receivable Mortgage loans on real estate: ​ ​ Commercial ​ $ 493 0.67 % Total ​ $ 493 ​ ​ The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2024: Term Extension ​ Mortgage loans on real estate: Financial Effect ​ ​ ​ Commercial ​ Added a weighted-average 20 years to the life of loans, which reduced monthly payment amounts for the borrower. ​ Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Loans modified to borrowers experiencing financial difficulty did not have payment default during the nine months ended September 30, 2025 or the year ended December 31, 2024. 21 Table of Contents Changes in the allowance for credit losses for the nine months ended September 30, 2025 and 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 ​ ​ Unaudited ​ ​ (In thousands) ​ ​ Mortgage ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on Real ​ Industrial ​ Consumer ​ ​ ​ ​ ​ ​ ​ Estate Loans Loans Unallocated Total Allowance for credit losses: ​ ​ ​ ​ ​ Beginning balance ​ $ 1,071 ​ $ 372 ​ $ 144 ​ $ 217 ​ $ 1,804 Charge-offs ​ — ​ ( 679 ) ​ ( 39 ) ​ — ​ ( 718 ) Recoveries ​ — ​ 2 ​ 5 ​ — ​ 7 Provision ​ 193 ​ 712 ​ ( 4 ) ​ ( 200 ) ​ 701 Ending balance ​ $ 1,264 ​ $ 407 ​ $ 106 ​ $ 17 ​ $ 1,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ ​ Unaudited ​ ​ (In thousands) ​ ​ Mortgage ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on Real ​ Industrial ​ Consumer ​ ​ ​ ​ ​ ​ ​ Estate Loans Loans Unallocated Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 1,218 $ 325 $ 93 $ 409 $ 2,045 Charge-offs ​ ​ — ​ ​ ( 78 ) ​ ​ ( 12 ) ​ ​ — ​ ​ ( 90 ) Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Provision ​ ​ ( 127 ) ​ ​ 135 ​ ​ 96 ​ ​ ( 89 ) ​ ​ 15 Ending balance $ 1,091 $ 382 $ 177 $ 320 $ 1,970 ​ Changes in the allowance for credit losses for the three months ended September 30, 2025 and 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 ​ ​ (In thousands) ​ ​ Mortgage ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on Real ​ Industrial ​ Consumer ​ ​ ​ ​ ​ ​ ​ Estate Loans Loans Unallocated Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,213 ​ $ 435 ​ $ 120 ​ $ ( 17 ) ​ $ 1,751 Charge-offs ​ ​ — ​ ​ ( 24 ) ​ ​ ( 15 ) ​ ​ — ​ ​ ( 39 ) Recoveries ​ — ​ — 2 ​ — ​ 2 Provision ​ 51 ​ ​ ( 4 ) ​ ​ ( 1 ) ​ 34 ​ 80 Ending balance ​ $ 1,264 ​ $ 407 ​ 106 ​ $ 17 ​ $ 1,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ ​ (In thousands) ​ ​ Mortgage ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ on Real ​ Industrial ​ Consumer ​ ​ ​ ​ ​ ​ ​ Estate Loans Loans Unallocated Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,107 $ 467 $ 144 $ 334 $ 2,052 Charge-offs ​ ​ — ​ ​ ( 78 ) ​ ​ ( 4 ) ​ ​ — ​ ​ ( 82 ) Recoveries ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Provision ​ ( 16 ) ​ ​ ( 7 ) ​ ​ 37 ​ ​ ( 14 ) ​ ​ — Ending balance ​ $ 1,091 ​ $ 382 ​ 177 ​ $ 320 ​ $ 1,970 ​ 22 Table of Contents In the ordinary course of business, the Company makes loans to its directors and officers, including their families and companies in which certain directors are principal owners. All such loans were made on substantially the same terms including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated persons. Loans to directors and officers are listed below and are included in loans on the statement of financial condition. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2025 ​ 2024 ​ ​ Unaudited ​ ​ Balance, beginning of period ​ $ 780 ​ $ 924 ​ Proceeds ​ 297 ​ — ​ Payments ​ ( 165 ) ​ ( 144 ) ​ Balance, end of period ​ $ 912 ​ $ 780 ​ ​ ​ 5. PREMISES AND EQUIPMENT Premises and equipment at September 30, 2025 and December 31, 2024 are summarized as follows: Construction in progress is composed of ongoing improvements to existing branches, construction of a new branch and purchase of land for a branch. Depreciation expense for the three months ended September 30, 2025 and 2024 was $ 96 thousand and $ 89 thousand, respectively. Depreciation expense for the nine months ended September 30, 2025, and 2024 was $ 284 thousand and $ 275 thousand, respectively. Construction commitments at September 30, 2025 and December 31, 2024, were $ 324 thousand and $ 1.4 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2025 ​ 2024 ​ (Unaudited) ​ ​ Building and building improvements ​ $ 7,144 ​ $ 7,125 Construction in progress ​ 5,862 ​ 3,346 Furniture, fixtures and equipment ​ 2,657 ​ 2,760 ​ ​ 15,663 ​ 13,231 Accumulated depreciation ​ ( 4,501 ) ​ ( 4,434 ) Total ​ $ 11,162 ​ $ 8,797 ​ ​ 6. DEPOSITS The components of deposits at September 30, 2025 and December 31, 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2025 ​ 2024 ​ (Unaudited) ​ ​ Demand deposits ​ $ 36,668 ​ $ 30,639 NOW accounts ​ 26,788 ​ 27,058 Regular savings and demand clubs ​ 25,268 ​ 22,752 Money markets ​ 87,113 ​ 62,767 Certificates of deposit and retirement accounts ​ 62,291 ​ 67,355 ​ ​ $ 238,128 ​ $ 210,571 ​ 23 Table of Contents At September 30, 2025, certificates of deposit and retirement accounts had scheduled maturities as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2025 ​ ​ Unaudited ​ ​ 2025 ​ $ 15,085 2026 ​ 32,763 2027 ​ 8,819 2028 ​ 3,967 2029 ​ 1,465 Thereafter ​ 192 ​ ​ $ 62,291 ​ The aggregate amount of time deposits in denominations of $250,000 or more were $ 38.0 million and $ 38.3 million including brokered deposits of $ 16.7 million and $ 16.9 million at September 30, 2025 and December 31, 2024, respectively. The FDIC generally provides federal deposit insurance per account owner of $250,000. Interest expense on deposits for the three months ended September 30, 2025 and 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2025 2024 ​ ​ Unaudited ​ ​ (Dollars in Thousands) NOW accounts ​ $ 7 ​ $ 5 Regular savings and demand clubs ​ 34 ​ 4 Money markets ​ 644 ​ 343 Certificates of deposit and retirement accounts ​ 512 ​ 606 ​ ​ $ 1,197 ​ $ 958 ​ Interest expense on deposits for the nine months ended September 30, 2025 and 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2025 2024 ​ ​ (Dollars in Thousands) NOW accounts ​ $ 19 ​ $ 17 Regular savings and demand clubs ​ 85 ​ 11 Money markets ​ 1,483 ​ 1,045 Certificates of deposit and retirement accounts ​ 1,532 ​ 1,836 ​ ​ $ 3,119 ​ $ 2,909 ​ Related party deposits for the nine months ended September 30, 2025 were $ 1.8 million. Related party deposits for the year ended December 31, 2024 were $ 1.1 million. 24 Table of Contents 7. BORROWINGS Advances from the Federal Home Loan Bank of New York (“FHLBNY”) reflect advances borrowed from the FHLBNY. The FHLBNY charges a substantial prepayment penalty for early payoff of an advance. The unamortized balances on advances at September 30, 2025 and December 31, 2024 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2025 2024 ​ ​ Unaudited ​ ​ ​ ​ Term Advances: ​ ​ ​ ​ ​ Advanced February 25, 2020 - Due February 25, 2025 - bearing interest at 1.52 % fixed rate ​ — ​ 1,000 ​ Advanced March 5, 2020 - Due March 5, 2025 - bearing interest at 1.12 % fixed rate ​ — ​ 3,500 ​ Advanced March 12, 2020 - Due March 12, 2025 - bearing interest at 1.42 % fixed rate ​ — ​ 1,000 ​ Advanced November 30, 2022 - Due November 30, 2027 - bearing interest at 4.24 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced December 30, 2022 - Due December 30, 2025 - bearing interest at 4.54 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced December 30, 2022 - Due December 30, 2026 - bearing interest at 4.42 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced January 12, 2023 - Due January 12, 2028 - bearing interest at 3.85 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced March 10, 2023 - Due March 10, 2028 - bearing interest at 4.38 % fixed rate ​ 6,000 ​ 6,000 ​ Advanced July 19, 2023 - Due July 19, 2027 - bearing interest at 4.49 % fixed rate ​ 1,000 ​ 1,000 ​ Advanced September 11, 2023 - Due September 11, 2028 - bearing interest at 4.72 % fixed rate ​ 3,000 ​ 3,000 ​ Advanced September 13, 2023 - Due September 14, 2026 - bearing interest at 4.61 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced September 26, 2023 - Due September 28, 2026 - bearing interest at 5.18 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced May 8, 2024 - Due May 10, 2027 - Zero Development Advance at 0 % fixed rate ​ 1,695 ​ 1,695 ​ Advanced May 21, 2024 - Due November 23, 2026 - bearing interest at 4.80 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced May 21, 2024 - Due August 21, 2028 - bearing interest at 4.65 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced May 21, 2024 - Due August 23, 2027 - bearing interest at 4.72 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced May 21, 2024 - Due August 29, 2029- bearing interest at 4.61 % fixed rate ​ 2,000 ​ 2,000 ​ Advanced October 4, 2024 - Due October 4, 2027 - Zero Development Advance at 0 % fixed rate ​ 2,058 ​ 2,058 ​ Advanced February 25, 2025 - Due February 25, 2030 - bearing interest at 4.33 % fixed rate ​ 1,000 ​ — ​ Advanced June 12, 2025 - Due June 12, 2026 - Zero Development Advance at 0 % fixed rate ​ ​ 5,814 ​ ​ — ​ Total Term Advances ​ 40,567 ​ 39,253 ​ Repurchase Advances: ​ ​ ​ Advanced December 27, 2024 - Due January 3, 2025 - bearing interest at 4.63 % fixed rate ​ — ​ 2,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Advances ​ $ 40,567 ​ $ 41,253 ​ ​ The contractual maturities and weighted average rates of advances from FHLBNY at September 30, 2025 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ 2025 $ 2,000 4.54 % 2026 ​ 13,814 2.75 % 2027 ​ 8,753 3.51 % 2028 ​ 13,000 4.42 % 2029 ​ 2,000 4.61 % 2030 ​ 1,000 4.33 % ​ ​ $ 40,567 3.67 % ​ The Company has access to FHLBNY advances, under which it can borrow at various terms and interest rates. Residential and commercial mortgage loans of $ 60.5 million and $ 68.9 million at September 30, 2025 and December 31, 2024 and investment securities of $ 20.0 million and $ 12.5 million at September 30, 2025 and December 31, 2024, respectively, were pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings. The total outstanding indebtedness under borrowing facilities with the FHLBNY cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company had a municipal letter of credit (MULOC) with the FHLBNY collateralizing a $ 10.0 million certificate of deposit with the State of New York Banking Development District at September 30, 2025 and December 31, 2024. The New York State certificate was deposited after the Company opened its fourth location in Bridgeport, New York. The Company also pledged securities with a book value of $ 8.4 million and market value of $ 7.8 million at September 30, 2025, and a book value of $ 5.8 million and a market value of $ 5.0 million at December 31, 2024, to local municipalities collateralizing their deposits. The Company had pledged New York municipal bonds with a book value of $ 1.4 million and a market value of $ 1.2 million at September 30, 2025, and a book value of $ 337,000 and a market value of $ 282,000 at December 31, 2024, to the New York State Linked Deposit Program. The Company also had an $ 8.0 million dollar line of credit with two correspondent banks that is available on an unsecured basis and had no draws at September 30, 2025 or December 31, 2024. ​ 25 Table of Contents 8. COMPREHENSIVE LOSS The balances and changes in the components of accumulated other comprehensive loss, net of tax, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2025 ​ ​ Unrealized ​ Net ​ ​ ​ ​ Losses on ​ Loss ​ Accumulated ​ ​ Available- ​ on ​ Other ​ ​ for-Sale ​ Pension ​ Comprehensive ​ Securities Plan Loss ​ ​ Unaudited ​ ​ (In thousands) Beginning balance ​ $ ( 3,339 ) ​ $ ( 1,241 ) ​ $ ( 4,580 ) Other comprehensive income ​ 455 ​ ​ — ​ ​ 455 Ending balance ​ $ ( 2,884 ) ​ $ ( 1,241 ) ​ $ ( 4,125 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, 2024 ​ ​ Unrealized ​ Net ​ ​ ​ ​ Losses on ​ Loss ​ Accumulated ​ ​ Available- ​ on ​ Other ​ ​ for-Sale ​ Pension ​ Comprehensive ​ ​ Securities Plan Loss ​ ​ Unaudited ​ ​ (In thousands) Beginning balance ​ $ ( 3,451 ) ​ $ ( 1,638 ) ​ $ ( 5,089 ) Other comprehensive income ​ ​ 701 ​ ​ — ​ ​ 701 Ending balance ​ $ ( 2,750 ) ​ $ ( 1,638 ) ​ $ ( 4,388 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2025 ​ ​ Unrealized ​ Net ​ ​ ​ Losses on ​ Loss ​ Accumulated ​ ​ Available- ​ on ​ Other ​ for-Sale Pension Comprehensive ​ Securities Plan Loss ​ ​ Unaudited ​ (In thousands) Beginning balance $ ( 3,243 ) $ ( 1,241 ) $ ( 4,484 ) Other comprehensive income ​ ​ 359 ​ ​ — ​ ​ 359 Ending balance ​ $ ( 2,884 ) $ ( 1,241 ) $ ( 4,125 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2024 ​ ​ Unrealized ​ Net ​ ​ ​ Losses on ​ Loss ​ Accumulated ​ ​ Available- ​ on ​ Other ​ ​ for-Sale Pension Comprehensive ​ ​ Securities Plan Loss ​ ​ Unaudited ​ ​ (In thousands) Beginning balance ​ $ ( 3,316 ) $ ( 1,638 ) $ ( 4,954 ) Other comprehensive income ​ ​ 566 ​ ​ — ​ ​ 566 Ending balance $ ( 2,750 ) $ ( 1,638 ) $ ( 4,388 ) ​ ​ 9. EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (SERP) Beginning in 2016, the Company instituted a SERP for its executive officers. All benefits provided under the SERP are unfunded and, as the executive officers retire, the Company will make a payment to the participant. At September 30, 2025 and December 31, 2024, the Company recorded $ 213,000 and $ 194,000 , respectively, for the SERP in other liabilities on the consolidated 26 Table of Contents statements of financial condition. Expenses for the SERP are included in compensation and employee benefits on the consolidated statements of income and were approximately $ 6,299 and $ 5,823 , respectively, for the three months ended September 30, 2025 and 2024 and $ 18,896 and $ 17,468 , respectively, for the nine months ended September 30, 2025 and 2024. During the three months ended September 30, 2025, the Company purchased an annuity contract in the amount of $ 1.1 million to informally fund benefits under the SERP. The Company is the sole owner of the annuity contract and shall have the right to exercise all incidents of ownership, shall be the beneficiary of any death proceeds and shall at all times be entitled to the annuity contract’s cash surrender value. The annuity is included in bank owned life insurance on the consolidated statements of financial condition. Defined Benefit Plan The Company provides pension benefits for eligible employees through a noncontributory defined benefit pension plan (the “Pension Plan”). Substantially all employees participate in the retirement plan on a noncontributing basis and are fully vested after five years of service. On October 13, 2017, the Compensation Committee elected to soft-freeze the defined benefit pension plan effective January 1, 2018. All employees hired after that date will not be eligible to participate in the defined benefit pension plan; they will, however, be able to participate in a 401(k) plan that the Company will match up to 50 % of the employee elected contribution amount capped at 5 % of the employee’s earnings. Expense for the 401(k) is included in the compensation and employee benefits on the consolidated statement of income and was $ 18,903 and $ 13,292 , respectively, for the three months ended September 30, 2025 and 2024 and $ 59,945 and $ 35,880 , respectively, for the nine months ended September 30, 2025 and 2024. EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) Effective upon the completion of the Company’s initial public stock offering in October 2017, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees. The ESOP used $ 775,740 in proceeds from a term loan obtained from the Company to purchase 77,574 shares of common stock on the open market at an average price of  $ 10.00 per share. The ESOP loan will be repaid principally from the Bank’s contribution to the ESOP in annual payments through 2047 at a fixed interest rate of 4.25 %. Shares are released to participants on a straight-line basis over the loan term and allocated based on participant compensation. The Bank recognizes compensation benefit expense as shares are committed for release at their current market price. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated shares are recorded as a reduction of retained earnings and dividends on unallocated shares are recorded as a reduction of debt. The Company recognized approximately $ 4,467 and $ 6,038 of compensation expense related to this plan for the three months ended September 30, 2025 and 2024 and $ 13,401 and $ 18,113 of compensation expense related to this plan for the nine months ended September 30, 2025 and September 30, 2024 respectively. At September 30, 2025, there were 59,193 shares not yet released having an aggregate market value of approximately $ 681,311 . Participant vesting provisions for the ESOP are 20 % per year and will be fully vested upon completion of six years of credited service. Eligible employees who were employed with the Bank shall receive credit for vesting purposes for each year of continuous employment prior to adoption of the ESOP. Subsequent to September 30, 2025, in connection with the completion of the Conversion on October 15, 2025, Seneca Bancorp, Inc. provided the ESOP with $ 1.5 million loan from the proceeds of the stock offering (i) to fund the ESOP’s purchase of 8 % of the shares of common stock sold in the stock offering, or 83,588 shares of Seneca Bancorp, Inc. common stock, and (ii) to refinance the existing loan obligation of the ESOP so that there is only one ESOP loan following the Conversion and stock offering. The new ESOP loan is being repaid in substantially equal payments of principal and interest over 25 years at a fixed interest rate of 7.25 %. 27 Table of Contents STOCK BASED COMPENSATION A summary of the Company’s stock option activity and related information for its equity incentive plan for the three months ended September 30, 2025 and 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ ​ 2025 ​ 2024 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ Exercise ​ ​ ​ ​ Price Per ​ ​ ​ Price Per ​ ​ Options ​ Share ​ Options ​ Share ​ ​ Unaudited Outstanding at the beginning of the period 60,960 ​ $ 9.27 60,960 ​ $ 9.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grants: — ​ — — ​ — Exercised — ​ — — ​ — Forfeitures — ​ — — ​ — Outstanding at period end 60,960 ​ $ 9.27 60,960 ​ $ 9.27 Vested at end of period 55,820 ​ $ 9.27 50,640 ​ $ 9.27 Exercisable 55,820 ​ $ 9.27 50,640 ​ $ 9.27 ​ A summary of the Company’s stock option activity and related information for its equity incentive plan for the nine months ended September 30, 2025 and 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, ​ ​ 2025 ​ 2024 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ ​ ​ Price Per ​ ​ ​ Price Per ​ ​ Options ​ Share ​ Options ​ Share Outstanding at the beginning of the period 60,960 ​ $ 9.27 62,980 ​ $ 9.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grants: — ​ — — ​ — Exercised — ​ — — ​ — Forfeitures — ​ $ — ( 2,020 ) ​ ( 9.18 ) Outstanding at period end 60,960 ​ $ 9.27 60,960 ​ $ 9.27 Vested at end of year 55,820 ​ $ 9.27 50,640 ​ $ 9.27 Exercisable 55,820 ​ $ 9.27 50,640 ​ $ 9.27 ​ The intrinsic value of options outstanding at September 30, 2025 and December 31, 2024 was $ 92,972 and $ 2,960 respectively. The grants to senior management and directors vest over a five-year period in equal installments, with the first installment vesting on the anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2028. The compensation expense of the awards is based on the fair value of the instruments on the date of the grant and no options are available to be exercised at each year end. The Company recorded compensation expense in the amount of $ 3,139 and $ 9,755 for the three months ended September 30, 2025 and 2024 respectively and $ 11,687 and $ 29,265 for the nine months ended September 30, 2025 and 2024 respectively. The Company had $ 15,878 of compensation expense remaining to be recognized at September 30, 2025. ​ 28 Table of Contents Compensation costs related to share-based payments transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the employee stock ownership plan are dependent upon the average stock price and the shares committed to be released to the plan participants through the period in which income is reported. In May 2023 and 2022 the Company awarded 12,000 shares of restricted stock awards to senior management, respectively. The restricted stock vests 20 % per year on the specified vesting date, until 100 % vested on the specified vesting date of the fifth year after the restricted stock was granted. The Company recorded compensation expense in the amount of $ 11,488 and $ 11,488 for the three months ended September 30, 2025 and 2024, respectively, and $ 34,344 and $ 34,344 for the nine months ended September 30, 2025 and 2024, respectively. The Company has $ 101,512 of compensation expenses remaining to be recognized at September 30, 2025. The Company did not have any awards granted or forfeited during the three or nine months ended September 30, 2025 and 2024. 10. FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS Management uses its best judgment in estimating the fair value of the Company’s assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all assets and liabilities, 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 year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of assets and liabilities subsequent to the respective reporting dates may be different than the amounts reported at each year-end. Accounting guidance establishes 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: Quoted prices in markets that are not active, or inputs that are observable 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). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: 29 Table of Contents There were no securities transferred out of Level 2 securities available-for-sale during the nine months ended September 30, 2025 or during the twelve months ended December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) Available-for-sale Securities: ​ ​ ​ ​ September 30, 2025 (unaudited): ​ ​ ​ ​ U.S. Treasury securities ​ $ 23,836 ​ $ — ​ $ 23,836 ​ $ — U.S. Government Agency securities ​ 891 ​ — ​ 891 ​ — Municipal securities ​ 14,054 ​ — ​ 13,603 ​ 451 Mortgage-backed securities and collateralized mortgage obligations ​ 8,473 ​ — ​ 8,473 ​ — Corporate securities ​ 9,780 ​ — ​ 9,780 ​ — ​ ​ $ 57,034 ​ $ — ​ $ 56,583 ​ $ 451 December 31, 2024: ​ ​ ​ ​ U.S. Treasury securities ​ $ 15,811 ​ $ — ​ $ 15,811 ​ $ — U.S. Government Agency securities ​ 838 ​ — ​ 838 ​ — Municipal securities ​ 14,281 ​ — ​ 14,281 ​ — Mortgage-backed securities and collateralized mortgage obligations ​ 5,755 ​ — ​ 5,755 ​ — Corporate securities ​ 9,799 ​ — ​ 9,799 ​ — ​ ​ $ 46,484 ​ $ — ​ $ 46,484 ​ $ — ​ Required disclosures include fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate, and estimates of future cash flows. In that regard, the fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. 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 following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at September 30, 2025 and December 31, 2024. Cash and cash equivalents The carrying amounts of these assets approximate their fair values. Securities Available-For-Sale The fair value of securities available-for-sale (carried at fair value) are determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices and is a Level 2 measurement. Investment in FHLBNY Stock The carrying value of FHLBNY stock approximates its fair value based on the redemption provisions of the FHLBNY stock, resulting in a Level 2 classification. Loans, Net The fair values of loans held in portfolio are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate risk inherent in the loans, resulting in a Level 3 classification. Projected future cash 30 Table of Contents flows are calculated based upon contractual maturity or call dates, projected repayments, and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Accrued Interest Receivable and Payable and Advances from Borrowers for Taxes and Insurance The carrying amount approximates fair value. Deposits The fair values disclosed for demand deposits (e.g., NOW accounts, non-interest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), resulting in a Level 1 classification. The carrying amounts for variable-rate certificates of deposit approximate their fair values at the reporting date, resulting in a Level 1 classification. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Advances and Borrowings from FHLB The fair values of FHLB long-term borrowings are estimated using discounted cash flow analyses, based on the quoted rates for new FHLB advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. The carrying amounts and estimated fair values of the Company’s financial instruments at September 30, 2025 and December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ Carrying ​ Fair ​ Hierarchy Amount Value ​ ​ (In thousands) September 30, 2025 (Unaudited): ​ ​ Financial assets: ​ ​ Cash and cash equivalents Level 1 ​ $ 14,294 ​ $ 14,294 Securities available-for-sale, net of allowance for credit losses of $ 498 Level 2/3 ​ 57,034 ​ 57,034 Federal Home Loan Bank of New York stock, at cost Level 2 ​ 3,529 ​ 3,529 Loans, net of allowance for credit losses of $ 1,794 Level 3 ​ 214,809 ​ 214,790 Accrued interest receivable Level 1 ​ 1,569 ​ 1,569 Financial liabilities: ​ ​ ​ Deposits Level 1/2 ​ 238,128 ​ 237,818 Federal Home Loan Bank advances Level 2 ​ 40,567 ​ 40,567 Accrued interest payable Level 1 ​ 153 ​ 153 Advances from borrowers for taxes and insurance Level 1 ​ 1,200 ​ 1,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024: ​ ​ Financial assets: ​ ​ Cash and cash equivalents Level 1 ​ $ 6,788 ​ $ 6,788 Securities available-for-sale, net of allowance for credit losses of $ 498 Level 2/3 ​ 46,484 ​ 46,484 Federal Home Loan Bank of New York stock, at cost Level 2 ​ 3,361 ​ 3,361 Loans, net of allowance for credit losses of $ 1,804 Level 3 ​ 202,429 ​ 189,034 Accrued interest receivable Level 1 ​ 1,247 ​ 1,247 Financial liabilities: ​ ​ Deposits Level 1/2 ​ 210,571 ​ 187,395 Federal Home Loan Bank advances Level 2 ​ 41,253 ​ 41,253 Accrued interest payable Level 1 ​ 146 ​ 146 Advances from borrowers for taxes and insurance Level 1 ​ 2,349 ​ 2,349 ​ 31 Table of Contents Assets Measured at Fair Value on a Nonrecurring Basis In addition to disclosure of the fair value of assets on a recurring basis, ASC Topic 820 requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets and foreclosed real estate. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by ASC Topic 310, “Receivables — Loan Impairment ” when establishing the allowance for credit losses. Impaired loans are those in which the Company has measured impairment generally based on the fair value of the loan’s collateral less estimated selling costs. Fair value of real estate collateral is generally determined based upon independent third-party appraisals of the properties, which consider sales prices of similar properties in the proximate vicinity or by discounting expected cash flows from the properties by an appropriate risk adjusted discount rate. Management may adjust the appraised values as deemed appropriate. Fair values of collateral other than real estate is based on an estimate of the liquidation proceeds. Impaired loans and foreclosed real estate are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of the asset balances net of a valuation allowance. Assets taken in foreclosure of defaulted loans generally measured at the lower cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2025 and December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Level 1 Level 2 Level 3 ​ (In thousands) September 30, 2025 (Unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans ​ $ 632 ​ $ — ​ $ — ​ $ 632 ​ ​ $ 632 ​ $ — ​ $ — ​ $ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans ​ $ 652 ​ $ — ​ $ — ​ $ 652 ​ ​ $ 652 ​ $ — ​ $ — ​ $ 652 ​ The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information about Level 3 Fair Value Measurements ​ ​ ​ ​ ​ ​ Adjustment ​ Valuation Unobservable ​ (Weighted- ​ ​ Techniques ​ Input ​ Range ​ average) Collateral-dependent loans Lower of appraisal Appraisal 10 %- 55 % ​ ( 26 %) 2025 ​ of collateral or adjustments ​ 10 % ( 10 %) 2024 ​ asking priceless ​ ​ ​ ​ ​ ​ selling costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling costs 7 %- 14 % ​ ( 10 %) 2025 ​ ​ ​ ​ ​ 8 %- 13 % ​ ( 10 %) 2024 ​ At September 30, 2025 and December 31, 2024, the fair value of collateral-dependent loans consisted of loan balances of $ 632,000 and $ 652,000 , net of a valuation allowance of  $ 0 and $ 0 . 32 Table of Contents 11. COMMITMENTS AND CONTINGENCIES The Company is at times, and in the ordinary course of business, subject to legal actions. Management believes that losses, if any, resulting from current legal actions will not have a material adverse effect on the Company’s consolidated financial condition or results of operations. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit, market, and interest rate risk more than the amounts recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. As of the dates indicated, the following financial instruments were outstanding whose contract amounts represent credit risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, ​ ​ ​ 2025 ​ 2024 ​ ​ Unaudited ​ ​ Commitments to Grant Loans ​ $ 883 ​ $ 787 ​ Performance Standby Letters of Credit ​ $ 96 ​ $ 127 ​ Unfunded Commitments Under Lines of Credit ​ $ 28,446 ​ $ 27,066 ​ ​ Commitments to extend credit are agreements to lend to a customer if there is no violation of any conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Allowance for credit losses on unfunded loan commitments was immaterial at September 30, 2025 and December 31, 2024. 12. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators, which if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a Bank’s Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. A financial institution can elect to be subject to this new definition. The federal banking agencies set the minimum capital for the Community Bank Leverage Ratio at 9.00%. The Bank elected to adopt the Community Bank Leverage Ratio as of June 30, 2020. The final rule allows for a two-quarter grace period to improve a ratio that falls below the required level, provided that the bank maintains a leverage ratio of 8.00%. The Bank has a two quarter grace period (until the quarter ending March 31, 2026) to increase its Community Bank Leverage Ratio to 9.00%. The Bank expects its Community Bank Leverage Ratio to exceed 9.00% for the quarter ending December 31, 2025 as a result of the completion of the Conversion and stock offering on October 15, 2025. 33 Table of Contents As of September 30, 2025, the most recent notification from the Office of the Comptroller of the Currency categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain a minimum Tier 1 leverage ratios (Community Bank Leverage Ratio) as set forth in the table below, including applicable grace periods. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios as of September 30, 2025 and December 31, 2024, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt and ​ Minimum Capital ​ ​ ​ ​ ​ ​ ​ Capital Adequacy ​ Corrective Action ​ Adequacy with ​ ​ Actual ​ Purposes ​ Provisions ​ Buffer ​ Amount Ratio Amount Ratio Amount Ratio Amount Ratio ​ ​ (In thousands) As of September 30, 2025 (Unaudited): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital to assets ​ $ 27,017 8.77 % $ 24,636 8.00 % $ 27,716 9.00 % N/A N/A As of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital to assets ​ $ 26,556 9.73 % $ 21,823 8.00 % $ 24,551 9.00 % N/A N/A ​ ​ 13. EARNINGS PER SHARE COMMON Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Net income available to common stockholders is net income to the Company. During the three months ended September 30, 2025 and 2024, the Company had 28,621 and 441 potentially dilutive common stock equivalents. During the nine months ended September 30, 2025 and 2024, the Company had 21,398 and 855 potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. Antidilutive share are not include in the weighted-average number of common share outstanding for purposes of calculating earnings per common shares until they become dilutive. The following table sets forth the calculation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ September 30, (Dollars in Thousands Except per Share Data) 2025 2024 ​ ​ Unaudited Basic earnings per common share: ​ ​ Net income available to common stockholders ​ $ 185 ​ $ 328 Weighted average common shares outstanding basic ​ 1,766,671 ​ 1,754,087 Weighted average common shares outstanding dilutive ​ 1,794,651 ​ 1,760,517 Earnings per share basic ​ $ 0.10 ​ $ 0.19 Earnings per share dilutive ​ $ 0.10 ​ $ 0.19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, (Dollars in Thousands Except per Share Data) 2025 2024 Basic earnings per common share: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 137 ​ $ 610 Weighted average common shares outstanding basic ​ 1,766,030 ​ 1,760,076 Weighted average common shares outstanding dilutive ​ 1,787,428 ​ 1,760,931 Earnings per share basic ​ $ 0.08 ​ $ 0.35 Earnings per share dilutive ​ $ 0.08 ​ $ 0.35 ​ ​ 34 Table of Contents 14. NON-INTEREST INCOME The Company has included the following tables regarding the Company’s non-interest income for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ 2025 2024 ​ (In thousands) Service fees ​ ​ ​ ​ ​ ​ Deposit related fees ​ $ 10 ​ $ 10 Loan servicing income ​ 23 ​ 20 Total service fees ​ 33 ​ 30 Income from financial services ​ ​ Securities commission income ​ 243 ​ 241 Insurance commission income ​ 2 ​ 3 Total insurance and securities commission income ​ 245 ​ 244 Card income ​ ​ Debit card interchange fee income ​ 88 ​ 83 ATM fees ​ 9 ​ 9 Insufficient fund fees ​ 85 ​ 82 Total card and insufficient funds income ​ 182 ​ 174 Realized gain on sale of residential mortgage loans and available-for-sale securities ​ ​ Realized gain on sales of residential mortgage loans ​ 62 ​ 51 Bank owned life insurance ​ 26 ​ 4 Other miscellaneous income ​ 47 ​ 28 Total non-interest income ​ $ 595 ​ $ 531 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, ​ 2025 2024 ​ (In thousands) Service fees ​ ​ ​ ​ ​ ​ Deposit related fees ​ $ 29 ​ $ 29 Loan servicing income ​ 69 ​ 62 Total service fees ​ 98 ​ 91 Income from financial services ​ ​ Securities commission income ​ 702 ​ 659 Insurance commission income ​ 7 ​ 8 Total insurance and securities commission income ​ 709 ​ 667 Card income ​ ​ Debit card interchange fee income ​ 238 ​ 230 ATM fees ​ 24 ​ 24 Insufficient fund fees ​ 220 ​ 212 Total card and insufficient funds income ​ 482 ​ 466 Realized gain (loss) on sale of residential mortgage loans, and available-for-sale securities ​ ​ Realized gain on sales of residential mortgage loans ​ 128 ​ 73 Bank owned life insurance ​ 78 ​ 26 Other miscellaneous income ​ 117 ​ 83 Total non-interest income ​ $ 1,612 ​ $ 1,406 ​ The following is a discussion of key revenues within the scope of the new revenue guidance: · Service fees — Revenue from fees on deposit accounts is earned at the time that the charge is assessed to the customer’s account. Fee waivers are discretionary and usually reversed within the same reporting period as assessed. 35 Table of Contents · Fee income — Fee income is earned through commissions and is satisfied over the time which the fee has been assessed. · Card income and insufficient funds fees — Card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. Insufficient funds fees are satisfied at the time the charge is assessed to the customer’s account. 15. SEGMENT INFORMATION The Company has two primary business segments, its community banking franchise, and its wealth management agency. The community banking segment provides financial services to consumers and businesses principally in the Greater Syracuse Area and Onondaga County of New York State. These services include providing various types of loans to customers, accepting deposits, mortgage banking, and other traditional banking services. Parent company income is included in the community-banking segment, as the majority of effort for these functions is related to this segment. Major revenue sources include net interest income and service fees on deposit accounts. Expenses include personnel and branch-network support charges. The wealth management agency segment offers individual investment management for individuals in the Greater Syracuse Area. The primary revenue source is commissions from 401(k) management and brokered accounts. The Company’s Chief Financial Officer is the chief operating decision maker (“CODM”). The CODM evaluates the financial performance of the Company’s components such as evaluating revenue streams, significant expenses, and budget to actual results in assessing the performance of the Company’s segments in the determination of allocating resources. Financial information regarding each significant segment expense outlined below is regularly provided (at least monthly) to the CODM. For the community banking segment, interest expense is a significant segment expense. Additionally, for each of the two reportable segments, compensation and employee benefits are significant segment expenses. Information about the segments is presented in the following table as of and for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of Assets September 30, 2025 December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Total assets for Seneca Savings ​ $ 315,698 ​ $ 280,030 ​ Total assets for Financial Quest ​ 1,178 ​ 1,183 Elimination of intercompany receivables ​ ( 418 ) ​ ( 274 ) Total consolidated assets ​ $ 316,458 ​ $ 280,939 ​ ​ ​ 36 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2025 ​ 2024 ​ Seneca Savings Financial Quest Total Seneca Savings Financial Quest Total ​ ​ Unaudited INTEREST INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest income ​ $ 3,779 ​ $ — ​ $ 3,779 ​ $ 3,414 ​ $ — ​ $ 3,414 INTEREST EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ​ 1,553 ​ — ​ 1,553 ​ 1,325 ​ — ​ 1,325 Net Interest Income ​ 2,226 ​ ​ — ​ 2,226 ​ 2,089 ​ — ​ 2,089 Provision for credit losses available-for-sale securities ​ — ​ — ​ — ​ — ​ — ​ — Provision for credit losses loans receivable ​ 80 ​ — ​ 80 ​ — ​ — ​ — Net interest income after provision for credit losses ​ 2,146 ​ — ​ 2,146 ​ 2,089 ​ — ​ 2,089 NONINTEREST INCOME ​ ​ ​ ​ ​ ​ ​ ​ Service fees ​ 33 ​ — ​ 33 ​ 30 ​ — ​ 30 Income from financial services ​ — ​ 245 ​ 245 ​ — ​ 244 ​ 244 Fee income ​ 246 ​ 8 ​ 254 ​ 198 ​ 8 ​ 206 Net gains on sale of residential mortgage loans ​ 63 ​ — ​ 63 ​ 51 ​ — ​ 51 Total noninterest income ​ 342 ​ 253 ​ 595 ​ 279 ​ 252 ​ 531 NONINTEREST EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ Compensation and employee benefits ​ 1,248 ​ 117 ​ 1,365 ​ 1,116 ​ 111 ​ 1,227 Core processing ​ 435 ​ — ​ 435 ​ 390 ​ — ​ 390 Premises and equipment ​ 211 ​ 6 ​ 217 ​ 181 ​ 6 ​ 187 Professional fees ​ 77 ​ 25 ​ 102 ​ 56 ​ — ​ 56 Postage & office supplies ​ 23 ​ — ​ 23 ​ 30 ​ 1 ​ 31 FDIC premiums ​ 38 ​ — ​ 38 ​ 30 ​ — ​ 30 Advertising ​ 72 ​ 2 ​ 74 ​ 86 ​ 1 ​ 87 Director fees ​ 38 ​ — ​ 38 ​ 36 ​ — ​ 36 Other ​ 173 ​ 52 ​ 225 ​ 151 ​ 53 ​ 204 Total noninterest expense ​ 2,315 ​ 202 ​ 2,517 ​ 2,076 ​ 172 ​ 2,248 Income before provision for income taxes ​ 173 ​ 51 ​ 224 ​ 292 ​ ​ 80 ​ ​ 372 PROVISION FOR INCOME TAXES ​ 39 ​ — ​ 39 ​ 44 ​ — ​ 44 Net income ​ $ 134 ​ $ 51 ​ $ 185 ​ $ 248 ​ $ 80 ​ $ 328 ​ ​ 37 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2025 ​ 2024 ​ Seneca Savings Financial Quest Total Seneca Savings Financial Quest Total INTEREST INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest income ​ $ 10,811 ​ $ — ​ $ 10,811 ​ $ 9,889 ​ $ — ​ $ 9,889 INTEREST EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ​ 4,226 ​ — ​ 4,226 ​ 3,935 ​ — ​ 3,935 Net interest income ​ 6,585 ​ — ​ 6,585 ​ 5,954 ​ — ​ 5,954 Provision for credit losses available-for-sale securities ​ — ​ — ​ — ​ — ​ — ​ — Provision for credit losses loans receivable ​ 701 ​ — ​ 701 ​ 15 ​ — ​ 15 Net interest income after provision for credit losses ​ 5,884 ​ — ​ 5,884 ​ 5,939 ​ — ​ 5,939 NONINTEREST INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service fees ​ 98 ​ — ​ 98 ​ 91 ​ — ​ 91 Income from financial services ​ — ​ 709 ​ 709 ​ — ​ 667 ​ 667 Fee income ​ 575 ​ 24 ​ 599 ​ 519 ​ 24 ​ 543 Gain on sale of fixed assets ​ — ​ — ​ — ​ 6 ​ — ​ 6 Earnings on bank-owned life insurance ​ 78 ​ — ​ 78 ​ 26 ​ ​ ​ 26 Net gains on sale of residential mortgage loans ​ 128 ​ — ​ 128 ​ 73 ​ — ​ 73 Total noninterest income ​ 879 ​ 733 ​ 1,612 ​ 715 ​ 691 ​ 1,406 NONINTEREST EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation and employee benefits ​ 3,686 ​ 352 ​ 4,038 ​ 3,304 ​ 318 ​ 3,622 Core processing ​ 1,146 ​ — ​ 1,146 ​ 1,120 ​ — ​ 1,120 Premises and equipment ​ 644 ​ 18 ​ 662 ​ 550 ​ 18 ​ 568 Professional fees ​ 240 ​ 25 ​ 265 ​ 187 ​ — ​ 187 Postage & office supplies ​ 80 ​ 1 ​ 81 ​ 86 ​ 1 ​ 87 FDIC premiums ​ 105 ​ — ​ 105 ​ 90 ​ — ​ 90 Advertising ​ 251 ​ 6 ​ 257 ​ 261 ​ 6 ​ 267 Director fees ​ 122 ​ 1 ​ 123 ​ 121 ​ 3 ​ 124 Other ​ ​ 496 ​ ​ 153 ​ ​ 649 ​ ​ 425 ​ ​ 151 ​ ​ 576 Total noninterest expense ​ ​ 6,770 ​ ​ 556 ​ ​ 7,326 ​ ​ 6,144 ​ ​ 497 ​ ​ 6,641 Income before provision for income taxes ​ ​ ( 7 ) ​ ​ 177 ​ ​ 170 ​ ​ 510 ​ ​ 194 ​ ​ 704 PROVISION FOR INCOME TAXES ​ 33 ​ — ​ 33 ​ 94 ​ — ​ 94 Net income ​ $ ( 40 ) ​ $ 177 ​ $ 137 ​ $ 416 ​ $ 194 ​ $ 610 ​ ​ ​ ​ ​ 38 Table of Contents