# EDGAR Filing Document

**Accession Number:** 0001914605
**File Stem:** 0001437749-26-013178
**Filing Date:** 2026-4
**Character Count:** 28572
**Document Hash:** d1966051954b8a73327adb268e950b55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-013178.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001437749-26-013178

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260423

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECB Bancorp, Inc. /MD/
- **CENTRAL INDEX KEY:** 0001914605
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41456
- **FILM NUMBER:** 26888663

**BUSINESS ADDRESS:**
- **STREET 1:** 419 BROADWAY
- **CITY:** EVERETT
- **STATE:** MA
- **ZIP:** 02149
- **BUSINESS PHONE:** (617) 387-1110

**MAIL ADDRESS:**
- **STREET 1:** 419 BROADWAY
- **CITY:** EVERETT
- **STATE:** MA
- **ZIP:** 02149

?xml version='1.0' encoding='ASCII'? ecbk20260115_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): April 23, 2026

**ECB BANCORP, INC.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-41456** | **88-1502079** |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation or Organization) | File Number) | Identification No.) |

---

**419 Broadway, Everett, Massachusetts 02149**

(Address of principal executive offices) (Zip Code)

**(617) 387-1110**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share<br> ECBK | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition** 

On April 23, 2026, ECB Bancorp, Inc., the holding company for Everett Co-operative Bank, issued a press release announcing its financial results at and for the three months ended March 31, 2026.

A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| 99.1 | [Press release dated April 23, 2026](ex_908182.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**ECB BANCORP, INC.** |
| Date: April 23, 2026 | By: <u>/s/Brandon N. Lavertu</u> |
|  | &nbsp;&nbsp;&nbsp;Brandon N. Lavertu |
|  | &nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**For Immediate Release**

**Date: April 23, 2026**

---

| | |
|:---|:---|
| **Contact:**  | **Richard J. O**'**Neil, Jr.**  |
|  | **President and Chief Executive Officer** |
| **Phone:** | **617-387-1110** |
| **Email:** | <u>**rjoneil@everettbank.com**</u> |

---

**ECB Bancorp, Inc. Reports First Quarter Results**

EVERETT, MA, April 23, 2026 - ECB Bancorp, Inc. (NASDAQ: ECBK) (the "Company"), the holding company for Everett Co-operative Bank (the "Bank"), a state-chartered co-operative bank headquartered in Everett, Massachusetts, today reported net income of $3.1 million, or $0.38 per diluted share for the quarter ended March 31, 2026, as compared to $2.6 million, or $0.31 per diluted share for the prior quarter.

**FINANCIAL HIGHLIGHTS**

---

| | | | |
|:---|:---|:---|:---|
| **(dollars in thousands, except share data)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Net interest and dividend income | $9834 | $9152 | $6648 |
| Net income | $3122 | $2597 | $1297 |
| Diluted earnings per share | $0.38 | $0.31 | $0.16 |
| Return on average assets | 0.79% | 0.66% | 0.37% |
| Return on average equity | 7.25% | 6.01% | 3.11% |
| Net interest margin | 2.49% | 2.32% | 1.89% |
| Efficiency ratio <sup>(1)</sup> | 56.54% | 60.80% | 75.27% |
| Book value per common share | $20.05 | $19.55 | $18.63 |
| Total non-performing assets to total assets | 0.07% | 0.07% | 0.09% |
| Total assets | $1650295 | $1605653 | $1452191 |
| Total loans | $1391489 | $1371819 | $1177543 |
| Total deposits | $1199395 | $1132344 | $1036620 |

---

(1) Noninterest expense divided by net interest and dividend income + noninterest income (non-GAAP).

**CEO COMMENTARY**

Richard J. O'Neil, Jr., President and Chief Executive Officer, said, "Building on the positive momentum of 2025, our first quarter 2026 results reinforce our belief that a focus on core banking fundamentals—disciplined loan growth, strong deposit relationships, and prudent expense management—drives sustained success. We look forward to expanding our presence in neighboring communities as we advance the buildout of our newest branch in Medford, Massachusetts. We remain confident that thoughtful expansion of our branch network, combined with a commitment to innovative banking products and exceptional, personalized service, will support long-term growth and enhance shareholder value."

**BALANCE SHEET**

Total assets were $1.65 billion at March 31, 2026, as compared to $1.61 billion at December 31, 2025, or an increase of $44.6 million, or 2.8%.

Cash and cash equivalents were $111.3 million at March 31, 2026, as compared to $86.9 million at December 31, 2025, or an increase of $24.4 million, or 28.0%. The increase in cash and cash equivalents was driven by strong deposit growth that outpaced our loan growth for the quarter.

Interest bearing time deposits were $11.5 million at March 31, 2026, as compared to $8.0 million at December 31, 2025, or an increase of $3.5 million, or 43.7%. This increase was due to purchases of new short term interest bearing time deposits.

Investments in securities available for sale were $37.1 million at March 31, 2026, as compared to $34.3 million at December 31, 2025, or an increase of $2.7 million, or 8.0%. This increase was due to purchases of new securities.

Investments in securities held to maturity were $51.6 million at March 31, 2026, as compared to $55.8 million at December 31, 2025, or a decrease of $4.1 million, or 7.4%. This decrease was due to maturities and principal paydowns of securities.

------

Total gross loans were $1.40 billion at March 31, 2026, as compared to $1.38 billion at December 31, 2025, or an increase of $19.8 million, or 1.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One to four family residential real estate loans increased $18.1 million, or 3.8%, to $491.5 million at March 31, 2026 , from $473.4 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction loans increased $5.6 million, or 6.3%, to $94.5 million at March 31, 2026 from $89.0 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home equity lines of credit increased $2.3 million, or 4.6%, to $52.2 million at March 31, 2026 , from $49.9 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial loans decreased $77,000, or 1.0%, to $7.86 million at March 31, 2026 from $7.94 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer loans decreased $704,000, or 81.0%, to $165,000 at March 31, 2026 , from $869,000 at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial real estate loans decreased $1.0 million, or 0.3%, to $335.4 million at March 31, 2026 from $336.4 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-family real estate loans decreased $4.3 million, or 1.0%, to $421.1 million at March 31, 2026 from $425.4 million at December 31, 2025.

Total deposits were $1.20 billion at March 31, 2026, as compared to $1.13 billion at December 31, 2025, or an increase of $67.1 million, or 5.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificates of deposit increased $67.3 million, or 9.2%, to $795.6 million at March 31, 2026 from $728.3 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest bearing checking accounts increased $6.4 million, or 32.8%, to $25.7 million at March 31, 2026 from $19.4 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market deposit accounts increased $1.8 million, or 0.8%, to $213.5 million at March 31, 2026 from $211.8 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demand deposit accounts decreased $1.3 million, or 1.6%, to $80.2 million at March 31, 2026 from $81.5 million at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Savings accounts decreased $7.1 million, or 7.8%, to $84.3 million at March 31, 2026 from $91.4 million at December 31, 2025.

FHLB advances were $260.8 million at March 31, 2026, as compared to $284.8 million at December 31, 2025, or a decrease of $24.0 million, or $8.4%.

Total shareholders' equity was $175.9 million as of March 31, 2026, as compared to $171.9 million as of December 31, 2025, or an increase of $4.0 million, or 2.3%. This increase is primarily the result of earnings of $3.1 million and a decrease in accumulated other comprehensive loss ("AOCL") of $752,000. The decrease in AOCL was driven by an increase in the fair value of cash flow hedges. Our book value per share increased by $0.50 to $20.05 at March 31, 2026 from $19.55 at December 31, 2025.

**NET INTEREST AND DIVIDEND INCOME**

Net interest and dividend income before provision for credit losses was $9.8 million for the quarter ended March 31, 2026, as compared to $9.2 million for the prior quarter, representing an increase of $682,000, or 7.5%. The increase was primarily driven by higher average loan balances and yields, increased loan prepayment fee income, and a decline in the average cost of interest-bearing liabilities. The resulting net interest margin expanded 17 basis points to 2.49% for the quarter ended March 31, 2026 as compared to 2.32% for the prior quarter. The provision for credit losses was $153,000 for the quarter ended March 31, 2026, as compared to $241,000 for the prior quarter. The decrease in the provision for credit losses was driven by greater loan growth in the prior quarter than in the quarter ended March 31, 2026. The combination of these items resulted in net interest and dividend income after provision for credit losses of $9.7 million for the quarter ended March 31, 2026, as compared to $8.9 million for the prior quarter, or an increase of $770,000, or 8.6%.

**NONINTEREST INCOME**

Noninterest income was $327,000 for the quarter ended March 31, 2026, as compared to $360,000 for the prior quarter, or a decrease of $33,000, or 9.2%.

**NONINTEREST EXPENSE**

Noninterest expense was $5.7 million for the quarter ended March 31, 2026, as compared to $5.8 million for the prior quarter, or a decrease of $38,000, or 0.7%.

**INCOME TAXES**

We recorded a provision for income tax expense of $1.1 million for the quarter ended March 31, 2026, as compared to a provision for income tax expense of $891,000 for the prior quarter, reflecting effective tax rates of 26.8% and 25.5%, respectively.

**ASSET QUALITY**

Asset quality remains strong. The allowance for credit losses in total and as a percentage of total loans as of March 31, 2026 was $10.4 million and 0.74%, respectively, as compared to $10.3 million and 0.74%, respectively, as of December 31, 2025. For the quarter ended March 31, 2026, the Company recorded $0 in net charge offs, as compared to $2,000 for the prior quarter. Total non-performing assets were $1.2 million, or 0.07%, of total assets as of March 31, 2026, as compared to $1.1 million, or 0.07%, of total assets as of December 31, 2025.

------

**Company Profile**

ECB Bancorp, Inc. is headquartered in Everett, Massachusetts and is the holding company for Everett Co-operative Bank. The Bank provides financial services to individuals, families, municipalities and businesses through its three full-service branch offices located in Everett, Lynnfield, and Woburn, Massachusetts. The Company's common stock is traded on the NASDAQ Capital Market under the symbol "ECBK." For more information, visit the Company's website at www.everettbank.com.

**Forward-looking statements**

Certain statements herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and expectations of management, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. As a result, actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, the Company's ability to continue to increase loans and deposit growth, legislative and regulatory changes that adversely affect the businesses in which the Company is engaged and changes in the securities market. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise, except as may be required by law.

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**ECB Bancorp, Inc. and Subsidiary**

**Consolidated Balance Sheets**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

**(dollars in thousands except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **March 31, 2026 Change From** | **March 31, 2026 Change From** | **March 31, 2026 Change From** | **March 31, 2026 Change From** |
|  | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** | **December 31, 2025** | **December 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| <u>ASSETS</u> |  |  |  |  |  |  |  |
| Cash and due from banks | $3043 | $4121 | $4431 | $(1078) | -26.2% | $(1388) | -31.3% |
| Short-term investments | 108248 | 82801 | 143677 | 25447 | 30.7% | (35429) | -24.7% |
| Total cash and cash equivalents | 111291 | 86922 | 148108 | 24369 | 28.0% | (36817) | -24.9% |
| Interest-bearing time deposits | 11497 | 7998 | 100 | 3499 | 43.7% | 11397 | 11397.0% |
| Investments in available-for-sale securities (at fair value) | 37066 | 34317 | 13950 | 2749 | 8.0% | 23116 | 165.7% |
| Investments in held-to-maturity securities, at cost (fair values of $48,044 as of March 31, 2026, $52,326 at December 31, 2025 and $63,355 at March 31, 2025) | 51624 | 55764 | 68081 | (4140) | -7.4% | (16457) | -24.2% |
| Loans held-for-sale |  | 357 | 83 | (357) | -100.0% | (83) | -100.0% |
| Loans, net of allowance for credit losses of $10,412 at March 31, 2026, $10,255 at December 31, 2025 and $8,808 at March 31, 2025 | 1391489 | 1371819 | 1177543 | 19670 | 1.4% | 213946 | 18.2% |
| Federal Home Loan Bank stock, at cost | 11142 | 11852 | 10000 | (710) | -6.0% | 1142 | 11.4% |
| Premises and equipment, net | 3358 | 3429 | 3455 | (71) | -2.1% | (97) | -2.8% |
| Accrued interest receivable | 5329 | 5214 | 4343 | 115 | 2.2% | 986 | 22.7% |
| Deferred tax asset, net | 5048 | 5667 | 4920 | (619) | -10.9% | 128 | 2.6% |
| Bank-owned life insurance | 15537 | 15420 | 15061 | 117 | 0.8% | 476 | 3.2% |
| Other assets | 6914 | 6894 | 6547 | 20 | 0.3% | 367 | 5.6% |
| Total assets | $1650295 | $1605653 | $1452191 | $44642 | 2.8% | $198104 | 13.6% |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |  |  |  |  |  |  |
| Deposits: |  |  |  |  |  |  |  |
| Noninterest-bearing | $80233 | $81497 | $79853 | $(1264) | -1.6% | $380 | 0.5% |
| Interest-bearing | 1119162 | 1050847 | 956767 | 68315 | 6.5% | 162395 | 17.0% |
| Total deposits | 1199395 | 1132344 | 1036620 | 67051 | 5.9% | 162775 | 15.7% |
| Federal Home Loan Bank advances | 260815 | 284815 | 234000 | (24000) | -8.4% | 26815 | 11.5% |
| Other liabilities | 14158 | 16560 | 12993 | (2402) | -14.5% | 1165 | 9.0% |
| Total liabilities | 1474368 | 1433719 | 1283613 | 40649 | 2.8% | 190755 | 14.9% |
| Shareholders' Equity: |  |  |  |  |  |  |  |
| Preferred Stock, par value $0.01; Authorized: 1,000,000 shares; No shares issued |  |  |  |  | 0.0% |  | 0.0% |
| Common Stock, par value $0.01; Authorized: 30,000,000 shares; Issued and outstanding: 8,773,025 shares, 8,792,719 shares and 9,049,790 at March 31, 2026, December 31, 2025 and March 31, 2025, respectively | 88 | 88 | 90 |  | 0.0% | (2) | -2.2% |
| Additional paid-in capital | 83026 | 82997 | 85879 | 29 | 0.0% | (2853) | -3.3% |
| Retained earnings | 98739 | 95617 | 89142 | 3122 | 3.3% | 9597 | 10.8% |
| Accumulated other comprehensive (loss) income | (144) | (896) | (385) | 752 | -83.9% | 241 | -62.6% |
| Unearned compensation - ESOP | (5782) | (5872) | (6148) | 90 | -1.5% | 366 | -6.0% |
| Total shareholders' equity | 175927 | 171934 | 168578 | 3993 | 2.3% | 7349 | 4.4% |
| Total liabilities and shareholders' equity | $1650295 | $1605653 | $1452191 | $44642 | 2.8% | $198104 | 13.6% |
| Book value per common share | $20.05 | $19.55 | $18.63 | $0.50 | 2.6% | $1.42 | 7.6% |
| **Regulatory Capital Ratios (Everett Co-operative Bank)** |  |  |  |  |  |  |  |
| Total capital to risk weighted assets | 14.55% | 14.29% | 16.23% | 0.26% |  | -1.68% |  |
| Tier 1 capital to risk weighted assets | 13.60% | 13.34% | 15.25% | 0.26% |  | -1.65% |  |
| Tier 1 capital to average assets | 9.83% | 9.86% | 10.31% | -0.03% |  | -0.48% |  |

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**ECB Bancorp, Inc. and Subsidiary**

**Consolidated Statements of Income**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

**(dollars in thousands except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **Three Months Ended March 31, 2026 Change From Three Months Ended** | **Three Months Ended March 31, 2026 Change From Three Months Ended** | **Three Months Ended March 31, 2026 Change From Three Months Ended** | **Three Months Ended March 31, 2026 Change From Three Months Ended** |
|  | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** | **December 31, 2025** | **December 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| Interest and dividend income: |  |  |  |  |  |  |  |
| Interest and fees on loans | $19577 | $18928 | $15142 | $649 | 3.4% | $4435 | 29.3% |
| Interest and dividends on securities | 1130 | 1129 | 853 | 1 | 0.1% | 277 | 32.5% |
| Interest on short term investments | 814 | 896 | 1625 | (82) | -9.2% | (811) | -49.9% |
| Interest on interest-bearing time deposits | 93 | 87 | 1 | 6 | 6.9% | 92 | 9200.0% |
| Total interest and dividend income | 21614 | 21040 | 17621 | 574 | 2.7% | 3993 | 22.7% |
| Interest expense: |  |  |  |  |  |  |  |
| Interest on deposits | 9198 | 9532 | 8859 | (334) | -3.5% | 339 | 3.8% |
| Interest on Federal Home Loan Bank advances | 2582 | 2356 | 2114 | 226 | 9.6% | 468 | 22.1% |
| Total interest expense | 11780 | 11888 | 10973 | (108) | -0.9% | 807 | 7.4% |
| Net interest and dividend income | 9834 | 9152 | 6648 | 682 | 7.5% | 3186 | 47.9% |
| Provision (benefit) for credit losses | 153 | 241 | (10) | (88) | -36.5% | 163 | -1630.0% |
| Net interest and dividend income after provision (benefit) for credit losses | 9681 | 8911 | 6658 | 770 | 8.6% | 3023 | 45.4% |
| Noninterest income: |  |  |  |  |  |  |  |
| Customer service fees | 155 | 157 | 140 | (2) | -1.3% | 15 | 10.7% |
| Income from bank-owned life insurance | 117 | 121 | 116 | (4) | -3.3% | 1 | 0.9% |
| Net gain on sales of loans | 36 | 34 |  | 2 | 5.9% | 36 | 100.0% |
| Other income | 19 | 48 | 15 | (29) | -60.4% | 4 | 26.7% |
| Total noninterest income | 327 | 360 | 271 | (33) | -9.2% | 56 | 20.7% |
| Noninterest expense: |  |  |  |  |  |  |  |
| Salaries and employee benefits | 3460 | 3543 | 3260 | (83) | -2.3% | 200 | 6.1% |
| Director compensation | 199 | 205 | 216 | (6) | -2.9% | (17) | -7.9% |
| Occupancy and equipment | 314 | 306 | 281 | 8 | 2.6% | 33 | 11.7% |
| Data processing | 335 | 341 | 311 | (6) | -1.8% | 24 | 7.7% |
| Computer software and licensing | 121 | 111 | 109 | 10 | 9.0% | 12 | 11.0% |
| Advertising and promotions | 198 | 146 | 132 | 52 | 35.6% | 66 | 50.0% |
| Professional fees | 447 | 496 | 310 | (49) | -9.9% | 137 | 44.2% |
| Federal Deposit Insurance Corporation deposit insurance | 251 | 245 | 185 | 6 | 2.4% | 66 | 35.7% |
| Other expense | 420 | 390 | 404 | 30 | 7.7% | 16 | 4.0% |
| Total noninterest expense | 5745 | 5783 | 5208 | (38) | -0.7% | 537 | 10.3% |
| Income before income tax expense | 4263 | 3488 | 1721 | 775 | 22.2% | 2542 | 147.7% |
| Income tax expense | 1141 | 891 | 424 | 250 | 28.1% | 717 | 169.1% |
| Net income | $3122 | $2597 | $1297 | 525 | 20.2% | 1825 | 140.7% |
| Share data: |  |  |  |  |  |  |  |
| Weighted average shares outstanding, basic | 8026026 | 8014187 | 8210782 | 11839 | 0.1% | (184756) | -2.3% |
| Weighted average shares outstanding, diluted | 8299710 | 8258297 | 8343771 | 41413 | 0.5% | (44061) | -0.5% |
| Earnings per share, basic | $0.39 | $0.32 | $0.16 | 0.07 | 21.9% | 0.23 | 143.8% |
| Earnings per share, diluted | $0.38 | $0.31 | $0.16 | 0.07 | 22.6% | 0.22 | 137.5% |

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**AVERAGE BALANCE, RATE & YIELD ANALYSIS** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Average** |  |  | **Average** |  |  | **Average** |  |  |
|  | **Outstanding** |  | **Yield/** | **Outstanding** |  | **Yield/** | **Outstanding** |  | **Yield/** |
|  | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
| Total loans | $1382221 | $19577 | 5.74% | $1343347 | $18928 | 5.59% | $1157934 | $15142 | 5.30% |
| Securities (1) | 87438 | 944 | 4.38 | 89492 | 923 | 4.09 | 80925 | 672 | 3.37 |
| Short term investments | 89970 | 814 | 3.67 | 89807 | 896 | 3.96 | 148262 | 1625 | 4.45 |
| Interest-bearing time deposits | 8964 | 93 | 4.21 | 7998 | 87 | 4.32 | 100 | 1 | 4.06 |
| Total interest-earning assets | 1568593 | 21428 | 5.54% | 1530644 | 20834 | 5.40% | 1387221 | 17440 | 5.10% |
| Non-interest-earning assets | 40827 |  |  | 38069 |  |  | 38096 |  |  |
| Total assets | $1609420 |  |  | $1568713 |  |  | $1425317 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| Checking accounts | 18707 | 4 | 0.09% | 19991 | 5 | 0.10% | 17462 | 3 | 0.07% |
| Savings accounts | 86152 | 341 | 1.61 | 89271 | 414 | 1.84 | 98934 | 513 | 2.10 |
| Money market accounts | 212755 | 1508 | 2.87 | 218847 | 1719 | 3.12 | 189339 | 1564 | 3.35 |
| Certificates of deposit | 755407 | 7345 | 3.94 | 729799 | 7394 | 4.02 | 638676 | 6779 | 4.30 |
| Total interest-bearing deposits | 1073021 | 9198 | 3.48 | 1057908 | 9532 | 3.57 | 944411 | 8859 | 3.80 |
| Federal Home Loan Bank advances | 263592 | 2582 | 3.97 | 236988 | 2356 | 3.94 | 217111 | 2114 | 3.95 |
| Total interest-bearing liabilities | 1336613 | 11780 | 3.57% | 1294896 | 11888 | 3.64% | 1161522 | 10973 | 3.83% |
| Non-interest-bearing demand deposits | 82279 |  |  | 82271 |  |  | 79781 |  |  |
| Non-interest-bearing liabilities | 15777 |  |  | 15181 |  |  | 14741 |  |  |
| Total liabilities | 1434669 |  |  | 1392348 |  |  | 1256044 |  |  |
| Shareholders' Equity | 174751 |  |  | 171365 |  |  | 169273 |  |  |
| Total liabilities and shareholders' equity | $1609420 |  |  | $1563713 |  |  | $1425317 |  |  |
| Net interest income |  | $9648 |  |  | $8946 |  |  | $6467 |  |
| Net interest rate spread (2) |  |  | 1.97% |  |  | 1.76% |  |  | 1.27% |
| Net interest-earning assets (3) | $231980 |  |  | $235748 |  |  | $225699 |  |  |
| Net interest margin (4) |  |  | 2.49% |  |  | 2.32% |  |  | 1.89% |
| Average interest-earning assets to interest-bearing liabilities | 117.36% |  |  | 118.21% |  |  | 119.43% |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes interest and dividends on cost method investments of $186,000, $206,000 and $181,000 for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest margin represents net interest income divided by average total interest-earning assets.