# EDGAR Filing Document

**Accession Number:** 0001228454
**File Stem:** 0001228454-26-000006
**Filing Date:** 2026-5
**Character Count:** 166899
**Document Hash:** bda9cbe802b958ce2982179c2418611f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001228454-26-000006.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001228454-26-000006

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BCB BANCORP INC
- **CENTRAL INDEX KEY:** 0001228454
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260065262
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50275
- **FILM NUMBER:** 26930328

**BUSINESS ADDRESS:**
- **STREET 1:** 104-110 AVENUE C
- **CITY:** BAYONNE
- **STATE:** NJ
- **ZIP:** 07002
- **BUSINESS PHONE:** (201) 823-0700

**MAIL ADDRESS:**
- **STREET 1:** 104-110 AVENUE C
- **CITY:** BAYONNE
- **STATE:** NJ
- **ZIP:** 07002

?xml version='1.0' encoding='ASCII'? bcbp-20260331x10q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

***Washington, D.C. 20549***

**FORM 10-Q** 

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2026**

**Or**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from <u>___________</u> to <u>___________</u>**

**Commission File Number: 0-50275**

**BCB Bancorp, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **New Jersey** | **26-0065262** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer**<br>**I.D. No.)** |
| **104-110 Avenue C Bayonne, New Jersey** | **07002** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(201) 823-0700**

**(Registrant's telephone number, including area code)**

**Not Applicable**

 **(Former name, former address and former fiscal year if changed since last report)**

Securities registered pursuant to section 12(b) of the Securities and Exchange Act of 1934:

      <br> <u><u>Title of each class</u></u> <u><u>Trading Symbol(s)</u></u> <u><u>Name of each exchange on which registered</u></u> <br> <u>Common Stock, no par value</u> <u>BCBP</u> <u>The Nasdaq Stock Market, LLC</u>

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;□ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;⌧ Yes&nbsp;&nbsp;&nbsp;&nbsp;□ No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | □ | Accelerated Filer | ⌧ |
| Non-Accelerated Filer | □ | Smaller Reporting Company | ⌧  |
|  |  | 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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;□ Yes&nbsp;&nbsp;&nbsp;&nbsp;☒ No

**APPLICABLE ONLY TO CORPORATE ISSUERS:**

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 1, 2026, BCB Bancorp, Inc. had 17,363,157 shares of common stock, no par value, outstanding.

‎

------

**<u>BCB BANCORP INC. AND SUBSIDIARIES</u>**

**<u>INDEX</u>**

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| [**<u>PART I. CONSOLIDATED FINANCIAL INFORMATION</u>**](#Balance_Sheet) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1. Consolidated Financial Statements</u>](#Balance_Sheet) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and December 31, 2025 (unaudited)</u>](#Balance_Sheet) | <u>1</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended March 31, 2026, 2025 and 2024 (unaudited)</u>](#Income_Statement) | <u>2</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026, 2025 and 2024 (unaudited)</u>](#Comprehensive_Income) | <u>3</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2026, 2025 and 2024 (unaudited)</u>](#Equity) | <u>4</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026, 2025 and 2024 (unaudited)</u>](#Cash_Flow) | <u>5</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Unaudited Consolidated Financial Statements</u>](#Notes) | <u>6</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#Item_2) | <u>27</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3. Quantitative and Qualitative Disclosures about Market Risk</u>](#Item_3) | <u>33</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4. Controls and Procedures</u>](#Item_4) | <u>33</u> |
| [<u>PART II. OTHER INFORMATION</u>](#Part_II) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1. Legal Proceedings</u>](#Part_II_Item_1) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1A. Risk Factors</u>](#Part_II_Item_1A) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>](#Part_II_Item_2) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3. Defaults Upon Senior Securities</u>](#Part_II_Item_3) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4. Mine Safety Disclosures</u>](#Part_II_Item_4) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 5. Other Information</u>](#Part_II_Item_5) | <u>34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 6. Exhibits</u>](#Part_II_Item_6) | <u>35</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Signatures</u>](#signature) | <u>36</u> |

---

------

**PART I. CONSOLIDATED FINANCIAL INFORMATION**

**ITEM I. CONSOLIDATED FINANCIAL STATEMENTS**

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In thousands, Except Share and Per Share Data, Unaudited)

---

| | | |
|:---|:---|:---|
|  | **March 31,** | December 31, |
|  | **2026** | 2025 |
| **ASSETS** |  |  |
| Cash and amounts due from depository institutions  | $**12619** | $13794  |
| Interest-earning deposits  | **281118** | 262790  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents  | **293737** | 276584  |
| Interest-earning time deposits | **735** | 735  |
| Debt securities available for sale, at fair value | **134013** | 126395  |
| Equity investments, at fair value | **9079** | 9172  |
| Loans receivable, net of allowance for credit losses  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of $32,578 and $33,691, respectively  | **2655981** | 2691091  |
| Federal Home Loan Bank of New York stock, at cost | **13757** | 14176  |
| Premises and equipment, net | **11915** | 12056  |
| Accrued interest receivable | **15259** | 13834  |
| Other real estate owned | **5000** | 5000  |
| Deferred income taxes, net | **23047** | 22209  |
| Goodwill and other intangibles | **5253** | 5253  |
| Operating lease right-of-use assets | **10889** | 10660  |
| Bank-owned life insurance ("BOLI") | **80312** | 79366  |
| Other assets  | **10120** | 12935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**3269097** | $3279466  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **LIABILITIES** |  |  |
| Non-interest-bearing deposits | $**521316** | $531140  |
| Interest-bearing deposits | **2151113** | 2142433  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **2672429** | 2673573  |
| FHLB advances  | **225000** | 235000  |
| Subordinated debentures | **43272** | 43210  |
| Operating lease liability | **11365** | 11140  |
| Other liabilities | **9651** | 12259  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities**  | **2961717** | 2975182  |
| **STOCKHOLDERS' EQUITY** |  |  |
| Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,548 shares Series J 8.0% and Series K 6.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at March 31, 2026 and December 31, 2025 | **-** | - |
| Additional paid-in capital preferred stock | **25243** | 25243  |
| Common stock: no par value; 40,000,000 shares authorized; issued 20,592,902 and 20,508,183 at March 31, 2026 and December 31, 2025, respectively, outstanding 17,358,931 and 17,274,212, at March 31, 2026 and December 31, 2025, respectively | **-** | - |
| Additional paid-in capital common stock | **203876** | 203429  |
| Retained earnings  | **119412** | 116415  |
| Accumulated other comprehensive loss | **(2804)** | (2456) |
| Treasury stock, at cost, 3,233,971 shares at March 31, 2026 and December 31, 2025 | **(38347)** | (38347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | **307380** | 304284  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $**3269097** | $3279466  |

---

See accompanying notes to unaudited consolidated financial statements.

 

‎

------

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, Except for Per Share Amounts, Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | 2025 | 2024 |
| **Interest and dividend income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $**35878** | $38927  | $43722  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities  | **839** | 561  | 305  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment securities | **990** | 968  | 975  |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB stock and other interest-earning assets | **2695** | 3736  | 4283  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest and dividend income** | **40402** | 44192  | 49285  |
| **Interest expense:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand | **5170** | 5418  | 5257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and club  | **136** | 151  | 166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | **8592** | 10762  | 14983  |
|  | **13898** | 16331  | 20406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | **3667** | 5856  | 5736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **17565** | 22187  | 26142  |
| **Net interest income** | **22837** | 22005  | 23143  |
| Provision for credit losses on loans | **2788** | 20845  | 2088  |
| **Net interest income after provision for credit losses on loans** | **20049** | 1160  | 21055  |
| **Non-interest income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and service charges | **1191** | 1173  | 1215  |
| &nbsp;&nbsp;&nbsp;&nbsp;BOLI income | **946** | 608  | 675  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of loans | **7** | - | 45  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed asset | **-** | - | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains (losses) on equity investments | **(93)** | (115) | 130  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **50** | 125  | 40  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-interest income** | **2101** | 1791  | 2109  |
| **Non-interest expense:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | **8327** | 7403  | 6981  |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | **2724** | 2723  | 2644  |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing and communications | **2023** | 1844  | 1853  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | **627** | 692  | 595  |
| &nbsp;&nbsp;&nbsp;&nbsp;Director fees | **246** | 418  | 277  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assessments | **765** | 709  | 1142  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotional | **200** | 179  | 216  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned, net | **150** | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **489** | 692  | 1130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-interest expense** | **15551** | 14660  | 14838  |
| **Income (Loss) before income tax provision** | **6599** | (11709) | 8326  |
| Income tax provision (benefit) | **1695** | (3385) | 2460  |
| **Net Income (Loss)** | $**4904** | $(8324) | $5866  |
| Preferred stock dividends | **482** | 482  | 434  |
| **Net Income (Loss) available to common stockholders** | $**4422** | $(8806) | $5432  |
| **Net Income (Loss) per common share-basic and diluted** |  |  |  |
| &nbsp;&nbsp;Basic | $**0.26** | $(0.51) | $0.32  |
| &nbsp;&nbsp;Diluted | $**0.26** | $(0.51) | $0.32  |
| **Weighted average number of common shares outstanding** |  |  |  |
| &nbsp;&nbsp;Basic | **17314** | 17113  | 16930  |
| &nbsp;&nbsp;Diluted | **17314** | 17113  | 16939  |

---

See accompanying notes to unaudited consolidated financial statements.

------

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(In thousands, Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | 2025 | 2024 |
| Net Income (Loss) | $**4904** | $(8324) | $5866  |
| Other comprehensive (loss) income, net of tax: |  |  |  |
| &nbsp;&nbsp;Available-for-sale debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding (losses) gains arising during the period | **(461)** | 1287  | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | **113** | (317) | 44  |
| Other comprehensive (loss) income | **(348)** | 970  | (133) |
| Comprehensive income (loss)  | $**4556** | $(7354) | $5733  |

---

See accompanying notes to unaudited consolidated financial statements.

------

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders' Equity

(In thousands, Except Share and Per Share Data, Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Preferred<br>‎Stock | Common<br>‎Stock | Additional<br>‎Paid-In<br>‎Capital | Retained<br>‎Earnings | Treasury<br>‎Stock | Accumulated<br>Other<br>Comprehensive<br>Loss | Total |
| **Balance at January 1, 2026** | $**-** | $**-** | $**228672**  | $**116415**  | $**(38347)** | $**(2456)** | $**304284**  |
| Net income | **-** | **-** | **-** | **4904**  | **-** | **-** | **4904**  |
| Other comprehensive loss | **-** | **-** | **-** | **-** | **-** | **(348)** | **(348)** |
| Stock-based compensation expense | **-** | **-** | **148**  | **-** | **-** | **-** | **148**  |
| Dividends payable on Series J 8.0% and Series K 6.0% noncumulative perpetual preferred stock | **-** | **-** | **-** | **(482)** | **-** | **-** | **(482)** |
| Cash dividends on common stock ($0.08 per share declared) | **-** | **-** | **-** | **(1376)** | **-** | **-** | **(1376)** |
| Dividend reinvestment plan | **-** | **-** | **49**  | **(49)** | **-** | **-** | **-** |
| Stock Purchase Plan | **-** | **-** | **250**  | **-** | **-** | **-** | **250**  |
| **Balance at March 31, 2026** | $**-** | $**-** | $**229119**  | $**119412**  | $**(38347)** | $**(2804)** | $**307380**  |
|  | Preferred<br>‎Stock | Common<br>‎Stock | Additional<br>‎Paid-In<br>‎Capital | Retained<br>‎Earnings | Treasury<br>‎Stock | Accumulated<br>Other<br>Comprehensive Loss | Total |
| **Balance at January 1, 2025** | $- | $- | $225658  | $141853  | $(38347) | $(5239) | $323925  |
| Net loss | - | - | - | (8324) | - | - | (8324) |
| Other comprehensive income | - | - | - | - | - | 970  | 970  |
| Issuance of Series J Preferred Stock | - | - | 520  | - | - | - | 520  |
| Stock-based compensation expense | - | - | 321  | - | - | - | 321  |
| Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock | - | - | - | (482) | - | - | (482) |
| Cash dividends on common stock ($0.16 per share declared) | - | - | - | (2679) | - | - | (2679) |
| Dividend reinvestment plan | - | - | 77  | (77) | - | - | - |
| Stock Purchase Plan | - | - | 471  | - | - | - | 471  |
| **Balance at March 31, 2025** | $- | $- | $227047  | $130291  | $(38347) | $(4269) | $314722  |
|  | Preferred<br>‎Stock | Common<br>‎Stock | Additional<br>‎Paid-In<br>‎Capital | Retained<br>‎Earnings | Treasury<br>‎Stock | Accumulated<br>‎Other<br>‎Comprehensive<br>‎Loss | Total |
| **Balance at January 1, 2024** | $- | $- | $223966  | $135927  | $(38347) | $(7491) | $314055  |
| Net income | - | - | - | 5866  | - | - | 5866  |
| Other comprehensive loss | - | - | - | - | - | (133) | (133) |
| Issuance of Series J Preferred Stock | - | - | 2690  | - | - | - | 2690  |
| Stock-based compensation expense | - | - | 195  | - | - | - | 195  |
| Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock | - | - | - | (434) | - | - | (434) |
| Cash dividends on common stock ($0.16 per share declared) | - | - | - | (2608) | - | - | (2608) |
| Dividend reinvestment plan | - | - | 108  | (108) | - | - | - |
| Stock Purchase Plan | - | - | 500  | - | - | - | 500  |
| **Balance at March 31, 2024** | $- | $- | $227459  | $138643  | $(38347) | $(7624) | $320131  |

---

‎

------

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands, Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | 2025 | 2024 |
| **Cash Flows from Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income (Loss) | $**4904**  | $(8324) | $5866  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of premises and equipment | **407**  | 386  | 457  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion, net | **(279)** | (180) | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **2788**  | 20845  | 2088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | **(725)** | (5950) | 702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans originated for sale | **(330)** | (360) | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of loans  | **337**  | - | 2596  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of loans  | **(7)** | - | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed asset | **-** | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized loss (gain) on equity investments | **93**  | 115  | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **148**  | 321  | 195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender value of BOLI | **(946)** | (608) | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in accrued interest receivable | **(1425)** | (1178) | (1370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in other assets  | **2815** | 1833  | 1661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in accrued interest payable | **(876)** | (1224) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in other liabilities | **(1732)** | (668) | (1132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by Operating Activities** | **5172**  | 5008  | 8288  |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayments, calls, and maturities on securities  | **7541**  | 1362  | 624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities  | **(15610)** | (14854) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of fixed asset | **-** | - | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in loans receivable  | **32649**  | 58557  | 51426  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to premises and equipment | **(266)** | (291) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Federal Home Loan Bank of New York stock | **419**  | 2206  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by Investing Activities** | **24733**  | 46980  | 51910  |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in deposits  | **(1144)** | (64350) | 12579  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment from Federal Home Loan Bank of New York Long Term Advances | **(10000)** | (50000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid on common stock | **(1376)** | (2679) | (2608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid on preferred stock | **(482)** | (482) | (434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | **250**  | 471  | 500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of preferred stock | **-** | 520  | 2690  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by (Used in) Financing Activities**  | **(12752)** | (116520) | 12727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Cash and Cash Equivalents** | **17153**  | (64532) | 72925  |
| **Cash and Cash Equivalents-Beginning** | **276584**  | 317282  | 279523  |
| **Cash and Cash Equivalents-Ending**  | $**293737**  | $252750  | $352448  |
| **Supplementary Cash Flow Information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes  | $**665**  | $391  | $979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest  | **18441** | 23411  | 26268  |

---

See accompanying notes to unaudited consolidated financial statements.

‎

------

**BCB** **Bancorp Inc. and Subsidiaries**

**Notes to Unaudited Consolidated Financial Statements**

**Note 1 – Basis of Presentation**

BCB Bancorp, Inc. (the "Company") is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the NASDAQ Global Market and trades under the symbol "BCBP".

The Company's primary business is the ownership and operation of BCB Community Bank (the "Bank"). The Bank is a New Jersey based commercial bank which, as of March 31, 2026, operated at 27 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, business and consumer loans. BCB Holding Company Investment Corp. (the "New Jersey Investment Company") was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. As a part of the merger with IA Bancorp, Inc., the Company acquired Special Asset REO 1, LLC and Special Asset REO 2, LLC. The Bank changed the name of Special Asset REO 1, LLC to BCB Capital Finance Group, LLC in November 2023. Special Asset REO 2, LLC had one foreclosed property at March 31, 2026, totaling $5.0 million.

The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company operates as a single reportable segment under ASC 280, as the Chief Operating Decision Maker (CODM) reviews financial performance and allocates resources based on the consolidated results of the Company as a whole. The Company, through its bank subsidiary, provides banking services to individuals and companies primarily in New Jersey and New York. These services include commercial lending, residential lending, and consumer lending, checking, savings and time deposits, and cash management. The CODM primarily evaluates performance using net interest income and net income as reported in the consolidated statements of operations. The Company's primary measure of profitability is net interest income, which represents interest earned on loans and investment securities, net of interest expense on deposits and borrowings. In addition, the CODM considers net income as a key measure of overall financial performance. The Company's CODM is the President & Chief Executive Officer.

Other performance indicators regularly reviewed by management include:

Net Interest Margin (NIM) – Measures the profitability of interest-earning assets.

Return on Assets (ROA) and Return on Equity (ROE) – Evaluates efficiency and shareholder returns.

Efficiency Ratio – Assesses cost management by comparing non-interest expense to total revenue.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, or any other future period. The preparation of the consolidated financial statements in conformity 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 as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and related notes for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the "SEC"). In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2025 and the date these consolidated financial statements were issued.

*Risks and Uncertainties -* The occurrence of events which adversely affect the global, national and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us. A strong and stable economy at each of the local, federal and global levels is often a critical component of consumer confidence and typically correlates positively with our customers' ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, New York, United States and/or global economy may therefore negatively impact our business and financial condition.

**Note 2 - Recent Accounting Pronouncements**

In November 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-08, *Financial Instruments- Credit Losses (Topic 326): Purchased Loans*. The amendment expands the gross-up approach to certain acquired loans defined as "purchased seasoned loans" (PSLs). For PSLs the allowance for credit losses is recognized at acquisition as an adjustment to amortized cost, eliminating Day-1 provision expense. The amendments are expected to enhance comparability and simplify application for institutions acquiring loan portfolios. The update is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company does not anticipate adoption having an impact on the consolidated financial statements.

 **‎** 

------

**Note 2 - Recent Accounting Pronouncements (continued)**

**Allowance for Credit Losses**

The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of a receivable is confirmed or when either of the criteria regarding intent or requirement to sell is met.

*Allowance for Credit Losses on Loans Receivable*

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Starting with the first quarter of 2025, the Company has decided to include cannabis related loans as a separate segment given its unique characteristics. Previously these loans were included in Commercial and multi-family, Construction, and commercial business segments. The cannabis loan portfolio at March 31, 2026 and December 31, 2025 was $68.9 million and $69.3 million, respectively. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 7 – Loans Receivable and Allowance for Credit Losses.

*Individually Evaluated Loans*

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

*Allowance for Credit Losses on Off-Balance Sheet Commitments*

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statements of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations.

*Allowance for Credit Losses on Available-for-Sale Securities*

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses.

*Accrued Interest Receivable*

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statements of financial condition.

**Note 3 – Reclassification** 

Certain amounts have been reclassified to conform to the current period's presentation. These changes had no effect on the Company's results of operations or financial position.

------

**Note 4 – Equity Incentive Plans**

**Equity Incentive Plans**

The Company, under the plan approved by its shareholders on April 27, 2023 ("2023 Equity Incentive Plan"), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock awards, restricted stock units, and performance awards. Employees and Directors of the Company and the Bank are eligible to participate in the 2023 Equity Incentive Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 26, 2018 ("2018 Equity Incentive Plan"), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and Directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 28, 2011 ("2011 Stock Plan"), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and Directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. No options were permitted to be granted under the 2011 Stock Plan after April 28, 2021.

On February 10, 2026, awards of 47,616 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the Company, which vest over a 3-year period, commencing on the anniversary of the award date. Also, on April 22, 2026, an award of 4,226 shares of restricted stock was declared for a new member of the Board of Directors of the Bank and the Company, which vests over a 3-year period, commencing on the anniversary of the award date.

On February 24, 2025, grants of 63,763 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 3-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 24, 2025.

On February 3, 2025, awards of 43,773 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the company, which vest over a 1-year period, commencing on the anniversary of the award date.

On April 25, 2024, awards of 30,000 and 20,000 shares of restricted stock were declared for an executive officer of the Bank and the Company, which vest over a 2 and 3-year period, respectively, commencing on the anniversary date of the awards.

The following table presents a summary of the status of the Company's restricted shares as of March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | Number of Shares Awarded | Weighted Average Grant Date Fair Value |
| Non-vested at January 1, 2026 | **79353** | $**11.36** |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | **47616** | **7.49** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | **(46520)** | **11.89** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | **-** | **-** |
| Non-vested at March 31, 2026 | **80449** | $**8.77** |

---

---

| | | |
|:---|:---|:---|
|  | Number of Shares Awarded | Weighted Average Grant Date Fair Value |
| Non-vested at January 1, 2025 | 84800 | $12.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 43773 | 10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (21300) | 16.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | - | - |
| Non-vested at March 31, 2025 | 107273 | $10.93 |

---

Restricted stock expense for the three months ended March 31, 2

026, March 31, 2025 and March 31, 2024 was $126,000, $257,000 and $156,000, respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of March 31, 2026 was approximately $463,000 over a weighted average period of 2.27 years.

The following table presents a summary of the status of the Company's outstanding stock option awards as of March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Option Shares** | **Range of Exercise Prices**  | **Weighted Average Exercise Price** |
| **Outstanding at January 1, 2026** | **875738** | $**9.91-13.68** | $**11.72** |
| **Options granted**  | **-** | **-** | **-** |
| **Options exercised** | **-** | **-** | **-** |
| **Options forfeited** | **-** | **-** | **-** |
| **Options expired** | **-** | **-** | **-** |
| **Outstanding at March 31, 2026** | **875738** | $**9.91-13.68** | $**11.72** |

---

As of March 31, 2026, stock options which were granted and were exercisable totaled 802,170. It is the Company's policy to issue new shares upon a stock option exercise.

------

Compensation expense for the three months ended March 31, 2026, March 31, 2025, and March 31, 2024 was $21,000, $64,000 and $39,000, respectively. Expected future compensation expense relating to the 73,568 shares of unvested options outstanding as of March 31, 2026 was $113,000 over a weighted average period of 1.70 years.

**Note 5 – Net Income (Loss) per Common Share** 

Basic net income (loss) per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended March 31, 2026, 2025 and 2024, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. There were 876,000, 950,000 and 508,000 outstanding options considered to be anti-dilutive for the three months ended March 31, 2026, 2025 and 2024, respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | **Income**  | **Shares** | **Per Share** | **Income**  | **Shares** | **Per Share** | **Income** | **Shares** | **Per Share** |
|  | **(Numerator)** | **(Denominator)** | **Amount** | **(Numerator)** | **(Denominator)** | **Amount** | **(Numerator)** | **(Denominator)** | **Amount** |
|  | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) | (In Thousands, except per share data) |
| Net income (loss) available to common stockholders | $**4422** |  |  | $(8806) |  |  | $5432  |  |  |
| Basic earnings per share: |  |  |  |  |  |  |  |  |  |
| Income (loss) available to common stockholders | $**4422** | **17314** | $**0.26** | $(8806) | 17113  | $(0.51) | $5432  | 16930  | $0.32  |
| Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |
| Stock options | **-** | **-** |  | - | - |  | **-** | 9  |  |
| Diluted earnings per share: |  |  |  |  |  |  |  |  |  |
| Income (loss) available to common stockholders | $**4422** | **17314** | $**0.26** | $(8806) | 17113  | $(0.51) | $5432  | 16939  | $0.32  |

---

**Note 6 - Securities** 

**Equity Securities**

Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices.

The following is a summary of unrealized and realized gains and losses recognized in net income (loss) on equity securities during the three months ended March 31, 2026, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, | For the three months ended March 31, |
| *(In Thousands)* | 2026 | 2025 | 2024 |
| Net gains (losses) recognized during the period on equity securities held at the reporting period | $**(93)** | $(115) | $130  |
| Net gains (losses) recognized during the period on equity securities sold during the period | **-** | - | - |
| Realized and unrealized gains (losses) on equity investments during the reporting period | $**(93)** | $(115) | $130  |

---

 **‎** 

------

**Note 6 - Securities (continued)**

**Debt Securities Available for Sale**

The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **Gross** | **Gross** |  |
|  | **Amortized** | **Unrealized** | **Unrealized** |  |
|  | **Cost** | **Gains** | **Losses** | **Fair Value** |
|  | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** |
| Residential Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than one to five years | $**684**  | $**-** | $**23**  | $**661**  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than five to ten years | **1643**  | **-** | **67**  | **1576**  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than ten years | **77582**  | **382**  | **2787**  | **75177**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total: | **79909**  | **382**  | **2877**  | **77414**  |
| Corporate Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due within one year | **500**  | **-** | **-** | **500**  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than one to five years | **14291**  | **41**  | **207**  | **14125**  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than five to ten years | **43023**  | **304**  | **1353**  | **41974**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total: | **57814**  | **345**  | **1560**  | **56599**  |
| Total securities | $**137723**  | $**727**  | $**4437**  | $**134013**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  | Gross | Gross |  |
|  | Amortized | Unrealized | Unrealized |  |
|  | Cost | Gains | Losses | Fair Value |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| Residential Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than one to five years | $754  | $- | $23  | $731  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than five to ten years | 1787  | - | 64  | 1723  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than ten years | 74040  | 591  | 2599  | 72032  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total: | 76581  | 591  | 2686  | 74486  |
| Corporate Debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than one to five years | 15791  | 99  | 194  | 15696  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than five to ten years | 32274  | 135  | 1209  | 31200  |
| &nbsp;&nbsp;&nbsp;&nbsp;More than ten years | 5000  | 13  | - | 5013  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total: | 53065  | 247  | 1403  | 51909  |
| Total securities | $129646  | $838  | $4089  | $126395  |

---

‎

------

**Note 6 - Securities (continued)**

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12 Months or Less** | **12 Months or Less** | **More than 12 Months** | **More than 12 Months** | **Total** | **Total** |
|  | **Fair** | **Unrealized** | **Fair** | **Unrealized** | **Fair** | **Unrealized** |
|  | **Value** | **Losses** | **Value** | **Losses** | **Value** | **Losses** |
|  | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** |
| **March 31, 2026** |  |  |  |  |  |  |
| **Residential mortgage-backed securities** | $**20648** | $**201** | $**26240** | $**2676** | $**46888** | $**2877** |
| **Corporate Debt securities** | **3982** | **18** | **29720** | **1542** | **33702** | **1560** |
|  | $**24630** | $**219** | $**55960** | $**4218** | $**80590** | $**4437** |
| December 31, 2025 |  |  |  |  |  |  |
| Residential mortgage-backed securities | $10908 | $37 | $27036 | $2649 | $37944 | $2686 |
| Corporate Debt Securities | - | - | 30859 | 1403 | 30859 | 1403 |
|  | $10908 | $37 | $57895 | $4052 | $68803 | $4089 |

---

**Note 7 - Loans Receivable and Allowance for Credit Losses** 

The following tables present the recorded investment in loans receivable as of March 31, 2026 and December 31, 2025 by segment and class:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | December 31, 2025 |
|  | **(In Thousands)** | **(In Thousands)** |
| &nbsp;&nbsp;Residential one-to-four family | $**223708** | $226708  |
| &nbsp;&nbsp;Commercial and multi-family <sup>(1)</sup> | **2021827** | 2040768  |
| &nbsp;&nbsp;Cannabis related <sup>(2)</sup> | **68876** | 69293  |
| &nbsp;&nbsp;Construction <sup>(1)</sup> | **68362** | 68521  |
| &nbsp;&nbsp;Commercial business <sup>(1) (3)</sup> | **160088** | 168459  |
| &nbsp;&nbsp;Business express | **71215** | 74862  |
| &nbsp;&nbsp;Home equity <sup>(4)</sup>  | **72716** | 74332  |
| &nbsp;&nbsp;Consumer | **3584** | 3580  |
|  | **2690376** | 2726523  |
| Less: |  |  |
| &nbsp;&nbsp;Deferred loan fees, net | **(1817)** | (1741) |
| &nbsp;&nbsp;Allowance for credit losses | **(32578)** | (33691) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Loans, net** | $**2655981** | $2691091  |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

 **‎** 

------

**Note 7 – Loans Receivable and Allowance for Credit Losses (Continued)**

**Allowance for Credit Losses**

The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses ("ACL"). The ACL calculation methodology relies on regression-based discounted cash flow ("DCF") models that correlate relationships between certain financial metrics and external market and macroeconomic variables. Following are some of the key factors and assumptions that are used in the Company's CECL calculations:

methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios;

a reasonable and supportable forecast period determined based on management's current review of macroeconomic environment;

a reversion period after the reasonable and supportable forecast period;

estimated prepayment rates based on the Company's historical experience and future macroeconomic environment;

estimated credit utilization rates based on the Company's historical experience and future macroeconomic environment; and

incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition.

Allowance for credit losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type.

Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions.

Cannabis related loans include commercial and multi-family, construction, and commercial business loans to borrowers involved in the cannabis industry, and have the risks inherent in such loan types discussed herein. In addition, while medical use cannabis and recreational use businesses are legal in numerous states, including our primary markets of New Jersey and New York, such businesses are not legal at the federal level and marijuana remains a Schedule I drug under the Controlled Substances Act of 1970. Federal prosecutors have significant discretion and there can be no assurance that the federal prosecutors will not choose to strictly enforce the federal laws governing cannabis. Any change in the federal government's enforcement position could potentially subject our borrowers to criminal prosecution and other sanctions, which would have a material adverse effect on their businesses.

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance. The Bank has further segregated its commercial business portfolio into commercial business express loans that carry higher risk relative to other commercial business loans. The Bank had originated commercial business express loans to support small business owners coming out of the COVID crisis. The portfolio consists of a large number of loans with majority of the loans carrying a balance of $250,000 or lower.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower's home. In many cases, the Bank's position in these loans is as a junior lien holder to another institution's superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower's continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following tables set forth the activity in the Company's allowance for credit losses on loans for the three months ended March 31, 2026, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2026 (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential** | **Commercial & Multi-family <sup>(1)</sup>** | **Cannabis** <br>**Related <sup>(2)</sup>** | **Construction <sup>(1)</sup>** | **Commercial** <br>**Business <sup>(1) (3)</sup>** | **Business Express** | **Home** <br>**Equity <sup>(4)</sup>** | **Consumer** | **Total** |
| **Allowance for credit losses:** |  |  |  |  |  |  |  |  |  |
| **Beginning Balance, January 1, 2026** | $**1776**  | $**12057**  | $**1477**  | $**668**  | $**6676**  | $**10390**  | $**632**  | $**15**  | $**33691**  |
| Charge-offs: | **(2)** | **(2605)** | **-** | **-** | **(974)** | **(534)** | **-** | **-** | **(4115)** |
| Recoveries: | **-** | **-** | **-** | **-** | **150** | **64** | **-** | **-** | **214** |
| Provision (benefit): | **2** | **3181** | **(10)** | **27** | **(604)** | **190** | **2** | **-** | **2788** |
| **Ending Balance, March 31, 2026** | $**1776**  | $**12633** | $**1467** | $**695** | $**5248** | $**10110** | $**634** | $**15**  | $**32578** |
| **Ending Balance attributable to loans:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**-** | $**3209** | $**-** | $**-** | $**1693** | $**226** | $**-** | $**-** | $**5128** |
| Collectively evaluated  | **1776** | **9424** | **1467** | **695** | **3555** | **9884** | **634** | **15** | **27450** |
| **Ending Balance, March 31, 2026** | $**1776** | $**12633** | $**1467** | $**695** | $**5248** | $**10110** | $**634** | $**15** | $**32578** |
| **Loans Receivables:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**1136** | $**131862** | $**-** | $**17165** | $**9870** | $**226** | $**341** | $**-** | $**160600** |
| Collectively evaluated | **222572** | **1889965** | **68876** | **51197** | **150218** | **70989** | **72375** | **3584** | **2529776** |
| **Total Gross Loans:** | $**223708** | $**2021827** | $**68876** | $**68362** | $**160088** | $**71215** | $**72716** | $**3584** | $**2690376** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following tables set forth the activity in the Company's allowance for credit losses on loans for the three months ended March 31, 2025, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2025 (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential** | **Commercial & Multi-family <sup>(1)</sup>** | **Cannabis <br>‎ Related <sup>(2)</sup>** | **Construction <sup>(1)</sup>** | **Commercial <br>‎ Business <sup>(1) (3)</sup>** | **Business Express** | **Home <br>‎ Equity <sup>(4)</sup>** | **Consumer** | **Total** |
| **Allowance for credit losses:** |  |  |  |  |  |  |  |  |  |
| **Beginning Balance, January 1, 2025** | $**1947**  | $**10451**  | $**1613**  | $**1902**  | $**10497**  | $**7769**  | $**594**  | $**16**  | $**34789**  |
| Charge-offs: | **-** | **(255)** | **-** | **-** | **(18)** | **(3925)** | **-** | **-** | **(4198)** |
| Recoveries: | **25**  | **-** | **-** | **-** | **2**  | **21**  | **-** | **-** | **48**  |
| Provision (benefit): | **(182)** | **(120)** | **13223**  | **(358)** | **1282**  | **7017**  | **(15)** | **(2)** | **20845**  |
| **Ending Balance, March 31, 2025** | $**1790**  | $**10076**  | $**14836**  | $**1544**  | $**11763**  | $**10882**  | $**579**  | $**14**  | $**51484**  |
| **Ending Balance attributable to loans:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**-** | $**1161**  | $**13714**  | $**-** | $**6758**  | $**5718**  | $**-** | $**-** | $**27351**  |
| Collectively evaluated  | **1790**  | **8915**  | **1122**  | **1544**  | **5005**  | **5164**  | **579**  | **14**  | **24133**  |
| **Ending Balance, March 31, 2025** | $**1790**  | $**10076**  | $**14836**  | $**1544**  | $**11763**  | $**10882**  | $**579**  | $**14**  | $**51484**  |
| **Loans Receivables:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**472**  | $**69107**  | $**34194**  | $**586**  | $**11789**  | $**5718**  | $**651**  | $**-** | $**122517**  |
| Collectively evaluated | **231984**  | **2061940**  | **69385**  | **113348**  | **222259**  | **82029**  | **65828**  | **2271**  | **2849044**  |
| **Total Gross Loans:** | $**232456**  | $**2131047**  | $**103579**  | $**113934**  | $**234048**  | $**87747**  | $**66479**  | $**2271**  | $**2971561**  |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following tables set forth the activity in the Company's allowance for credit losses on loans for the three months ended March 31, 2024, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2024 (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential** | **Commercial & Multi-family <sup>(1)</sup>** | **Cannabis <br>‎ Related <sup>(2)</sup>** | **Construction <sup>(1)</sup>** | **Commercial <br>‎ Business <sup>(1) (3)</sup>** | **Business Express** | **Home <br>‎ Equity <sup>(4)</sup>** | **Consumer** | **Total** |
| **Allowance for credit losses:** |  |  |  |  |  |  |  |  |  |
| **Beginning Balance, January 1, 2024** | $**2344**  | $**15343**  | $**2344**  | $**3758**  | $**4508**  | $**4542**  | $**691**  | $**78**  | $**33608**  |
| Charge-offs: | **-** | **-** | **-** | **-** | **(29)** | **(1122)** | **-** | **-** | **(1151)** |
| Recoveries: | **11**  | **-** | **-** | **-** | **3**  | **4**  | **-** | **-** | **18**  |
| Provision (benefit): | **(192)** | **(1331)** | **(439)** | **(616)** | **2699**  | **1606**  | **(41)** | **402**  | **2088**  |
| **Ending Balance, March 31, 2024** | $**2163**  | $**14012**  | $**1905**  | $**3142**  | $**7181**  | $**5030**  | $**650**  | $**480**  | $**34563**  |
| **Ending Balance attributable to loans:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**-** | $**956**  | $**250**  | $**203**  | $**3041**  | $**657**  | $**-** | $**409**  | $**5516**  |
| Collectively evaluated  | **2163**  | **13056**  | **1655**  | **2939**  | **4140**  | **4373**  | **650**  | **71**  | **29047**  |
| **Ending Balance, March 31, 2024** | $**2163**  | $**14012**  | $**1905**  | $**3142**  | $**7181**  | $**5030**  | $**650**  | $**480**  | $**34563**  |
| **Loans Receivables:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**173**  | $**50752**  | $**4111**  | $**3802**  | $**6024**  | $**657**  | $**212**  | $**-** | $**65731**  |
| Collectively evaluated | **244589**  | **2248090**  | **103645**  | **173596**  | **260789**  | **100552**  | **65306**  | **2847**  | **3199414**  |
| **Total Gross Loans:** | $**244762**  | $**2298842**  | $**107756**  | $**177398**  | $**266813**  | $**101209**  | $**65518**  | $**2847**  | $**3265145**  |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

 **‎** 

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following table sets forth the activity in the allowance for credit losses on loans and amount recorded in loans receivable at and for the year ended December 31, 2025. The table also details the amount of total loans receivable that are evaluated individually and collectively, and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential** | **Commercial & Multi-family <sup>(1)</sup>** | **Cannabis** <br>**Related <sup>(2)</sup>** | **Construction <sup>(1)</sup>** | **Commercial <br>‎Business <sup>(1) (3)</sup>** | **Business Express** | **Home** <br>**Equity <sup>(4)</sup>** | **Consumer** | **Total** |
| **Allowance for credit losses:** |  |  |  |  |  |  |  |  |  |
| **Beginning Balance, January 1, 2025** | $**1947** | $**10451** | $**1613** | $**1902** | $**10497** | $**7769** | $**594** | $**16** | $**34789** |
| Charge-offs: | **-** | **(419)** | **(13520)** | **-** | **(19457)** | **(11328)** | **-** | **-** | **(44724)** |
| Recoveries: | **75** | **-** | **-** | **-** | **7** | **1533** | **-** | **-** | **1615** |
| Provision (benefit): | **(246)** | **2025** | **13384** | **(1234)** | **15629** | **12416** | **38** | **(1)** | **42011** |
| **Ending Balance, December 31, 2025** | $**1776** | $**12057** | $**1477** | $**668** | $**6676** | $**10390** | $**632** | $**15** | $**33691** |
| **Ending Balance attributable to loans:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**-** | $**2657** | $**-** | $**-** | $**2938** | $**998** | $**-** | $**-** | $**6593** |
| Collectively evaluated  | **1776** | **9400** | **1477** | **668** | **3738** | **9392** | **632** | **15** | **27098** |
| **Ending Balance, December 31, 2025** | $**1776** | $**12057** | $**1477** | $**668** | $**6676** | $**10390** | $**632** | $**15** | $**33691** |
| **Loans Receivables:** |  |  |  |  |  |  |  |  |  |
| Individually evaluated  | $**1392** | $**130581** | $**-** | $**18888** | $**10073** | $**998** | $**294** | $**-** | $**162226** |
| Collectively evaluated | **225316** | **1910187** | **69293** | **49633** | **158386** | **73864** | **74038** | **3580** | **2564297** |
| **Total Gross Loans:** | $**226708** | $**2040768** | $**69293** | $**68521** | $**168459** | $**74862** | $**74332** | $**3580** | $**2726523** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following tables present the activity in the allowance for credit losses on off-balance sheet exposures for the three months ended March 31, 2026, 2025, and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended March 31,  | Three Months Ended March 31,  | Three Months Ended March 31,  |
|  | **2026** | 2025 | 2024 |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Allowance for Credit Losses: |  |  |  |
| &nbsp;&nbsp;Beginning balance at January 1 | $**830** | $813 | $694 |
| &nbsp;&nbsp;Provision (benefit) for credit losses | **(420)** | (110) | 65 |
| &nbsp;&nbsp;Ending balance at March 31 | $**410** | $703 | $759 |

---

The following table sets forth the delinquency status of total loans receivable as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Greater Than**  |  |  |  |
|  | **30-59 Days** | **60-90 Days**  | **90 Days** | **Total Past**  |  | **Total Loans** |
|  | **Past Due** | **Past Due** | **Past Due** | **Due** | **Current** | **Receivable** |
|  | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** |
| &nbsp;&nbsp;Residential one-to-four family | $**3354** | $**135** | $**868** | $**4357** | $**219351** | $**223708** |
| &nbsp;&nbsp;Commercial and multi-family <sup>(1)</sup> | **18191** | **-** | **49248** | **67439** | **1954388** | **2021827** |
| &nbsp;&nbsp;Cannabis related <sup>(2)</sup> | **-** | **-** | **-** | **-** | **68876** | **68876** |
| &nbsp;&nbsp;Construction <sup>(1)</sup> | **13992** | **-** | **3173** | **17165** | **51197** | **68362** |
| &nbsp;&nbsp;Commercial business <sup>(1) (3)</sup> | **11533** | **1943** | **2418** | **15894** | **144194** | **160088** |
| &nbsp;&nbsp;Business express | **1406** | **-** | **-** | **1406** | **69809** | **71215** |
| &nbsp;&nbsp;Home equity <sup>(4)</sup>  | **1300** | **-** | **296** | **1596** | **71120** | **72716** |
| &nbsp;&nbsp;Consumer | **90** | **-** | **-** | **90** | **3494** | **3584** |
| &nbsp;&nbsp;**Total** | $**49866** | $**2078** | $**56003** | $**107947** | $**2582429** | $**2690376** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Greater Than  |  |  |  |
|  | 30-59 Days | 60-90 Days  | 90 Days | Total Past  |  | Total Loans |
|  | Past Due | Past Due | Past Due | Due | Current | Receivable |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| &nbsp;&nbsp;Residential one-to-four family | $4342  | $279  | $594  | $5215  | $221493  | $226708  |
| &nbsp;&nbsp;Commercial and multi-family <sup>(1)</sup> | 17600  | 3296  | 51979  | 72875  | 1967893  | 2040768  |
| &nbsp;&nbsp;Cannabis related <sup>(2)</sup> | - | - | - | - | 69293  | 69293  |
| &nbsp;&nbsp;Construction <sup>(1)</sup> | - | - | 4897  | 4897  | 63624  | 68521  |
| &nbsp;&nbsp;Commercial business <sup>(1) (3)</sup> | 8583  | 1041  | 2975  | 12599  | 155860  | 168459  |
| &nbsp;&nbsp;Business express | 1961  | - | - | 1961  | 72901  | 74862  |
| &nbsp;&nbsp;Home equity <sup>(4)</sup>  | 1289  | 65  | 231  | 1585  | 72747  | 74332  |
| &nbsp;&nbsp;Consumer | - | - | - | - | 3580  | 3580  |
| &nbsp;&nbsp;Total | $33775  | $4681  | $60676  | $99132  | $2627391  | $2726523  |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

 **‎** 

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

**Modifications**

There were no loans modified to borrowers experiencing financial difficulties during the three months ended March 31, 2026. The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty that were modified during the three months ended 2025 by loan category and type of concession granted and by payment status.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
|  | Number | Payment Delay | Term Extension | Total Principal | % of Total Class of Financing Receivable |
| Commercial business | 3  | $- | $1006  | $1006  | 0.41% |
| Business express | 65  | - | 15563  | 15563  | 17.74  |
| Total loans | 68  | $- | $16569  | $16569  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 | For the three Months Ended March 31, 2025 |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
|  | Current | 30-59 Days Past Due | 60-90 Days Past Due | Greater than 90 Days Past Due & Still Accruing | Non-accrual | Total |
| Commercial business | $1006  | $- | $- | $- | $- | 1006  |
| Business express | 14905  | - | - | - | 658  | 15563  |
|  | $15911  | $- | $- | $- | $658  | $16569  |

---

The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.

For modified loans, a subsequent payment default occurs after management evaluates a borrower's financial condition subsequent to modification and upon evaluating facts and circumstances determines the borrower is not adhering to the terms of the modification but no later than when a principal or interest payment is 90 days past due or the loan has been classified into non-accrual status during the reporting period.

At March 31, 2026 the loans modified during the preceding twelve months, included five Business express loans with a combined balance of $1.3 million that subsequently defaulted and were charged-off in full.

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The tables below set forth the amounts and types of non-accrual loans in the Bank's loan portfolio at March 31, 2026 and December 31, 2025. Loans are placed on non-accrual status when they become more than 90 days delinquent, or earlier if the collection of principal and/or interest become doubtful.

As of March 31, 2026 and December 31, 2025, non-accrual loans differed from total loans past due 90 days or more because loans that were previously more than 90 days past due are maintained on non-accrual status for a minimum o six months, until the borrower has demonstrated their ability to satisfy the terms of the loan.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **(in Thousands)** | **(in Thousands)** | **(in Thousands)** | **(in Thousands)** |
|  | **Non-accrual loans with an Allowance for Credit Losses** | **Non-accrual loans without an Allowance for Credit Losses** | **Total Non-accrual loans**  | **Amortized Cost of Loans Past due 90 and Still Accruing** |
| **Residential one-to-four family** | $**-** | $**1576** | $**1576** | $**-** |
| **Commercial and multi-family <sup>(1)</sup>** | **3003** | **49294** | **52297** | **-** |
| **Cannabis related <sup>(2)</sup>** | **-** | **-** | **-** | **-** |
| **Construction <sup>(1)</sup>** | **-** | **3173** | **3173** | **-** |
| **Commercial business <sup>(1) (3)</sup>** | **439** | **1979** | **2418** | **-** |
| **Business express loans** | **-** | **-** | **-** | **-** |
| **Home equity <sup>(4)</sup>** | **-** | **341** | **341** | **-** |
| **Consumer** | **-** | **-** | **-** | **-** |
| **Total** | $**3442** | $**56363** | $**59805** | $**-** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  | (in Thousands) | (in Thousands) | (in Thousands) | (in Thousands) |
|  | Nonaccrual loans with an Allowance for Credit Losses | Nonaccrual loans without an Allowance for Credit Losses | Total Nonaccrual loans | Amortized Cost of Loans Past Due 90 Days and Still Accruing |
| Residential one-to-four family | $- | $1554 | $1554 | $- |
| Commercial and multi-family <sup>(1)</sup> | 2500 | 49659 | 52159 | - |
| Cannabis related <sup>(2)</sup> | - | - | - | - |
| Construction <sup>(1)</sup> | - | 4897 | 4897 | - |
| Commercial business <sup>(1) (3)</sup> | 1660 | 2065 | 3725 | - |
| Business express | 626 | - | 626 | - |
| Home equity <sup>(4)</sup> | - | 294 | 294 | - |
| Total | $4786 | $58469 | $63255 | $- |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, additional interest income recognized for the three months ended March 31, 2026, 2025, and 2024 would have been $2.2 million, $1.9 million, and $710,000, respectively. Interest income recognized on loans returned to accrual was $109,000, $323,000, and $123,000, for the three months ended March 31, 2026, 2025, and 2024, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on non-accrual status. At March 31, 2026 and December 31, 2025, there were no loans which were more than ninety days past due and still accruing interest.

**Criticized and Classified Assets** 

Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as "substandard," "doubtful," or "loss."

The Company's internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as "pass" for grading purposes. The "criticized" risk rating (6) and the "classified" risk ratings (7-9) are detailed below:

*6 – Special Mention-* Loans currently performing but with potential weaknesses including adverse trends in borrower's operations, credit quality, financial strength, or possible collateral deficiency.

*7 – Substandard*- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on "non-accrual" status. The loan needs special and corrective attention.

*8 – Doubtful*- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.

*9 – Loss*- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.

‎

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at March 31, 2026 and gross charge-offs for the three months ended March 31, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** | **Loans by Year of Origination at March 31, 2026** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving Loans | Revolving Loans to Term Loans | Total |
| Residential one-to-four family |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $1232 | $10223 | $11850 | $14885 | $42748 | $138142 | $- | $- | $219080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention  | - | - | - | - | 1781 | 1270 | - | - | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard  | - | - | - | - | - | 1577 | - | - | 1577 |
| Total one-to-four family | $**1232** | $**10223** | $**11850** | $**14885** | $**44529** | $**140989** | $**-** | $**-** | $**223708** |
| Commercial and multi-family <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $31059 | $49461 | $7473 | $180923 | $544401 | $911081 | $1100 | $- | $1725498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | 85807 | 50522 | - | - | 136329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | 1625 | 68822 | 89413 | 140 | - | 160000 |
| Total Commercial and multi-family | $**31059** | $**49461** | $**7473** | $**182548** | $**699030** | $**1051016** | $**1240** | $**-** | $**2021827** |
| Cannabis related <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $- | $- | $- | $9409 | $9941 | $7855 | $- | $27205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | 18873 | 16356 | 5442 | 1000 | - | 41671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | - | - | - |
| Total Cannabis related | $**-** | $**-** | $**-** | $**18873** | $**25765** | $**15383** | $**8855** | $**-** | $**68876** |
| Construction <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $4323 | $442 | $2004 | $15736 | $19686 | $4403 | $4603 | $- | $51197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | 13992 | 3173 | - | - | 17165 |
| Total Construction | $**4323** | $**442** | $**2004** | $**15736** | $**33678** | $**7576** | $**4603** | $**-** | $**68362** |
| Commercial business <sup>(1) (3)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $- | $7273 | $1986 | $4814 | $22037 | $85591 | $- | $121701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | 3733 | 19300 | - | 23033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | 1939 | 13415 | - | 15354 |
| Total Commercial business | $**-** | $**-** | $**7273** | $**1986** | $**4814** | $**27709** | $**118306** | $**-** | $**160088** |
| Business express |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $- | $- | $- | $- | $- | $- | $67495 | $67495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | - | - | 3494 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | - | 226 | 226 |
| Total Business express | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**71215** | $**71215** |
| Home equity <sup>(4)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $1775 | $158 | $3104 | $1218 | $4957 | $56637 | $3763 | $71612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | 48 | 715 | - | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | 96 | 95 | 150 | 341 |
| Total Home equity | $**-** | $**1775** | $**158** | $**3104** | $**1218** | $**5101** | $**57447** | $**3913** | $**72716** |
| Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $672 | $1200 | $249 | $1102 | $277 | $77 | $7 | $- | $3584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | - | - | - |
| Total Consumer | $**672** | $**1200** | $**249** | $**1102** | $**277** | $**77** | $**7** | $**-** | $**3584** |
| Total Loans | $**37286** | $**63101** | $**29007** | $**238234** | $**809311** | $**1247851** | $**190458** | $**75128** | $**2690376** |
| Gross charge-offs | $**-** | $**-** | $**641** | $**-** | $**-** | $**1983** | $**957** | $**534** | $**4115** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

------

**Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)**

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating and gross charge-offs for the year ended December 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** | **Loans by Year of Origination at December 31, 2025** |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans | Revolving Loans to Term Loans | Total |
| Residential one-to-four family |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $10255 | $11887 | $15164 | $43691 | $33586 | $107069 | $- | $- | $221652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention  | - | - | - | 1802 | 910 | 790 | - | - | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard  | - | - | - | - | 445 | 1109 | - | - | 1554 |
| Total one-to-four family | $**10255** | $**11887** | $**15164** | $**45493** | $**34941** | $**108968** | $**-** | $**-** | $**226708** |
| Commercial and multi-family <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $50098 | $8293 | $184486 | $613331 | $151205 | $773732 | $8760 | $- | $1789905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | 28029 | 11307 | 58141 | - | - | 97477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | 1633 | 68011 | 18795 | 64807 | 140 | - | 153386 |
| Total Commercial and multi-family | $**50098** | $**8293** | $**186119** | $**709371** | $**181307** | $**896680** | $**8900** | $**-** | $**2040768** |
| Cannabis related <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $- | $- | $8385 | $2067 | $7958 | $8050 | $- | $26460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | 18981 | 17552 | 5442 | - | 858 | - | 42833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | - | - | - |
| Total Cannabis Related | $**-** | $**-** | $**18981** | $**25937** | $**7509** | $**7958** | $**8908** | $**-** | $**69293** |
| Construction <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $917 | $2004 | $15752 | $19460 | $4403 | $- | $4803 | $- | $47339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | 2294 | - | - | - | - | - | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | 15715 | 2587 | 586 | - | - | 18888 |
| Total Construction | $**917** | $**2004** | $**18046** | $**35175** | $**6990** | $**586** | $**4803** | $**-** | $**68521** |
| Commercial business <sup>(1) (3)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $7388 | $1995 | $4829 | $1039 | $24455 | $93029 | $- | $132735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | 1458 | 2358 | 18153 | - | 21969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | 2047 | 11708 | - | 13755 |
| Total Commercial business | $**-** | $**7388** | $**1995** | $**4829** | $**2497** | $**28860** | $**122890** | $**-** | $**168459** |
| Business express |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $- | $- | $- | $- | $- | $- | $— | $71843 | $71843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | - |  | 2021 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | 397 | 601 | 998 |
| Total Business express | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**397** | $**74465** | $**74862** |
| Home equity <sup>(4)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $1796 | $164 | $3293 | $1246 | $396 | $4914 | $57357 | $4319 | $73485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | 42 | 511 | - | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | 114 | 30 | 150 | 294 |
| Total Home equity | $**1796** | $**164** | $**3293** | $**1246** | $**396** | $**5070** | $**57898** | $**4469** | $**74332** |
| Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass  | $1824 | $272 | $1106 | $290 | $2 | $80 | $6  | $- | $3580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Mention | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | - | - | - | - | - | - | - | - | - |
| Total Consumer | $**1824** | $**272** | $**1106** | $**290** | $**2** | $**80** | $**6**  | $**-** | $**3580** |
| Total Loans | $**64890** | $**30008** | $**244704** | $**822341** | $**233642** | $**1048202** | $**203802** | $**78934** | $**2726523** |
| Gross charge-offs | $**-** | $**-** | $**-** | $**12836** | $**282** | $**3848** | $**18166** | $**9592** | $**44724** |

---

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

------

a

**Note 8 – Stockholders' Equity**

On March 15, 2025, the Company completed a private placement of 52 shares of Series K 6.0% Noncumulative Perpetual Stock, par value $0.01 per share (the "Series K Preferred Stock"), resulting in gross proceeds of $520,000.

On December 31, 2024, the Company completed a private placement of 497 shares of its Series K Preferred Stock, resulting in gross proceeds to the Company of $4,970,000.

On September 25, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the "Series J Preferred Stock"), resulting in gross proceeds of $1,360,000 for 136 shares.

On June 21, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the "Series J Preferred Stock"), resulting in gross proceeds of $670,000 for 67 shares.

On March 29, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the "Series J Preferred Stock"), resulting in gross proceeds of $2,690,000 for 269 shares.

**Note 9 – Bank-Owned Life Insurance**

BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At March 31, 2026, the Bank had $80.3 million in BOLI. BOLI is recorded at its net realizable value.

**Note 10 – Goodwill and Other Intangible Assets** 

The Company's intangible assets consist of goodwill in connection with acquisitions. The initial recording of goodwill requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired. The amount of goodwill at March 31, 2026 and December 31, 2025 was $5.2 million.

The Company conducts impairment analysis on goodwill at least annually or more often as conditions require. The Company reported a net loss in the first quarter of 2025 and observed a sustained decline in its stock price. Under ASC 350-20-35-30, management considered this a triggering event and performed an interim impairment assessment of goodwill as of May 31, 2025. The results of the analysis determined that there was no impairment needed.

As a result of the net loss for the year ending December 31, 2025, the Company conducted a quantitative assessment of goodwill as of December 31, 2025, and determined that it was more likely than not that goodwill was not impaired. Accordingly, there was no impairment at December 31, 2025. Refer to the Critical Accounting Estimates for additional details.

The Company believes that the fair values of its goodwill was in excess of its carrying amounts and there was no impairment at March 31, 2026.

------

**Note 11 – Fair Values of Financial Instruments** 

Guidance on fair value measurements 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 and 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.

Assets that the Company measured at fair value on a recurring basis were as follows (In thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (Level 1) | (Level 2) |  |
|  |  | Quoted Prices in | Significant | (Level 3) |
|  |  | Active Markets | Other | Significant |
|  |  | for Identical | Observable | Unobservable |
| Description | Total | Assets | Inputs | Inputs |
| **As of March 31, 2026:** |  |  |  |  |
| **Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Securities Available for Sale** | $**134013** | $**-** | $**134013** | $**-** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Marketable Equities** | $**9079** | $**9079** | $**-** | $**-** |
| **Total Securities** | $**143092** | $**9079** | $**134013** | $**-** |
| As of December 31, 2025: |  |  |  |  |
| Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities Available for Sale | $126395 | $- | $126395 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable Equities | $9172 | $9172 | $- | $- |
| Total Securities | $135567 | $9172 | $126395 | $- |

---

There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended March 31, 2026 and 2025.

‎

‎There were no liabilities measured at fair value on a recurring basis at March 31, 2026 or December 31, 2025.

Assets that the Company measured at fair value on a nonrecurring basis were as follows (In thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (Level 1) | (Level 2) |  |
|  |  | Quoted Prices in | Significant | (Level 3) |
|  |  | Active Markets | Other | Significant |
|  |  | for Identical | Observable | Unobservable |
| Description | Total | Assets | Inputs | Inputs |
| **As of March 31, 2026:** |  |  |  |  |
| **Individually Evaluated Loans** | $**22039** | $**-** | $**-** | $**22039** |
| **Other real estate owned** | $**5000** | $- | $- | $**5000** |
| As of December 31, 2025: |  |  |  |  |
| Individually Evaluated Loans | $20206  | $- | $- | $20206  |
| Other real estate owned | $5000  | $- | $- | $5000  |

---

‎Certain individually evaluated loans and OREO were adjusted to the fair value, less costs to sell, of the underlying collateral securing these loans resulting in losses. The losses on individually evaluated loans is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for credit losses. The loss on OREO is recorded as a component of non-interest income. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties.

During the year ended December 31, 2025, the Company recorded write-downs of $15,077,000 related to an OREO property. This loss was the result of an updated appraisal, changes in market conditions, and management's evaluation of estimated selling costs. The valuation adjustments are included in "Other real estate owned, net" within the Consolidated Statements of Operations.

There were no liabilities measured at fair value at March 31, 2026 or December 31, 2025.

‎

------

**Note 11 – Fair Values of Financial Instruments (Continued)**

The following tables present additional quantitative information as of March 31, 2026 and December 31, 2025 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value. (Dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fair Value** | **Valuation** | **Unobservable**  |  |
|  | **Estimate** | **Techniques** | **Input** | **Range**  |
| **March 31, 2026:** |  |  |  |  |
| **Individually Evaluated Loans** | $**22039**  | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10% |
| **Other real estate owned** | $**5000**  | Appraisal of collateral (1) | Appraisal adjustments (2) | 5% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value | Valuation | Unobservable  |  |
|  | Estimate | Techniques | Input | Range  |
| December 31, 2025: |  |  |  |  |
| Individually Evaluated Loans | $20206  | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10% |
| Other real estate owned | $5000  | Appraisal of collateral (1) | Appraisal adjustments (2) | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company's assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company's financial instruments as of March 31, 2026 and December 31, 2025.

**Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost)**

The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values.

**Securities (Carried at Fair Value)**

The fair value of securities is determined by obtaining quoted market prices on nationally recognized security exchanges (Level 1) or, by matrix pricing (Level 2), 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 by relying on the securities' relationship to other benchmark quoted prices.

**Loans Held for Sale (Carried at Lower of Cost or Fair Value)**

The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at the lower of cost or fair value.

**Loans Receivable (Carried at Amortized Cost)**

The fair values of loans, except for certain individually evaluated loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest rate-risk inherent in the loans. Projected future cash 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.

**Individually Evaluated Loans (Generally Carried at Fair Value)**

Individually evaluated loans are those for which the Company has measured and recorded credit losses based on the fair value of the loan's collateral, less estimated costs to sell. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets 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 at March 31, 2026 and December 31, 2025 consisted of the loan balances of $27.2 million, net of an allowance for credit losses of $5.1 million, and $26.8 million net of an allowance for credit losses of $6.6 million, respectively.

**Other Real Estate Owned (Carried at Lower of Cost or Fair Value)**

Other real estate owned is carried at fair value less estimated costs to sell which is determined based upon independent third-party appraisals of the properties or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.

**FHLB of New York Stock (Carried at Cost)**

The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities.

**Accrued Interest Receivable and Payable (Carried at Cost)**

The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value.

**Deposits (Carried at Cost)**

The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings and money market accounts1) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.

------

**Note 11 – Fair Values of Financial Instruments (Continued)**

**Debt Including Subordinated Debentures (Carried at Cost)**

Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. Prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.

**Off-Balance Sheet Financial Instruments**

Fair values for the Company's off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties' credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table.

The carrying values and estimated fair values of financial instruments were as follows as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  |  |  | **Quoted Prices in Active** | **Significant** | **Significant**  |
|  | **Carrying** |  | **Markets for Identical Assets** | **Other Observable Inputs** | **Unobservable Inputs** |
|  | **Value** | **Fair Value** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
|  | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** |
| **Financial assets:** |  |  |  |  |  |
| &nbsp;&nbsp;**Cash and cash equivalents** | $**293737** | $**293737** | $**293737** | $**-** | $**-** |
| &nbsp;&nbsp;**Interest-earning time deposits** | **735** | **735** | **-** | **735** | **-** |
| &nbsp;&nbsp;**Debt securities available for sale** | **134013** | **134013** | **-** | **134013** | **-** |
| &nbsp;&nbsp;**Equity investments** | **9079** | **9079** | **9079** | **-** | **-** |
| &nbsp;&nbsp;**Loans receivable, net** | **2655981** | **2600922** | **-** | **-** | **2600922** |
| &nbsp;&nbsp;**FHLB of New York stock, at cost** | **13757** | **13757** | **-** | **13757** | **-** |
| &nbsp;&nbsp;**Accrued interest receivable** | **15259** | **15259** | **-** | **15259** | **-** |
| **Financial liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;**Deposits** | **2672429** | **2671711** | **1721227** | **950484** | **-** |
| &nbsp;&nbsp;**Borrowings** | **225000** | **225940** | **-** | **225940** | **-** |
| &nbsp;&nbsp;**Subordinated debentures** | **43272** | **40391** | **-** | **40391** | **-** |
| &nbsp;&nbsp;**Accrued interest payable** | **3181** | **3181** | **-** | **3181** | **-** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  |  |  | Quoted Prices in Active | Significant | Significant  |
|  | Carrying |  | Markets for Identical Assets | Other Observable Inputs | Unobservable Inputs |
|  | Value | Fair Value | (Level 1) | (Level 2) | (Level 3) |
|  | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $276584  | $276584  | $276584  | $- | $- |
| &nbsp;&nbsp;Interest-earning time deposits | 735  | 735  | - | 735  | - |
| &nbsp;&nbsp;Debt securities available-for-sale | 126395  | 126395  | - | 126395  | - |
| &nbsp;&nbsp;Equity investments | 9172  | 9172  | 9172  | - | - |
| &nbsp;&nbsp;Loans receivable, net | 2691091  | 2643200  | - | - | 2643200  |
| &nbsp;&nbsp;FHLB of New York stock, at cost | 14176  | 14176  | - | 14176  | - |
| &nbsp;&nbsp;Accrued interest receivable | 13834  | 13834  | - | 13834  | - |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 2673573  | 2674494  | 1702109  | 972385  | - |
| &nbsp;&nbsp;Debt | 235000  | 236514  | - | 236514  | - |
| &nbsp;&nbsp;Subordinated debentures | 43210  | 40034  | - | 40034  | - |
| &nbsp;&nbsp;Accrued interest payable | 4056  | 4056  | - | 4056  | - |

---

‎

------

**Note 12 – Subordinated debt**

On August 29, 2024, the Company issued $40 million of fixed-to-floating subordinated debentures (the "New Notes") in a private placement to certain qualified institutional investors. The New Notes have a 10-year term and bear interest at a fixed rate of 9.250% for the first five years of the term. The fixed interest rate is payable semiannually for the first five years and will be reset quarterly thereafter to the then-current three-month SOFR (defined below) plus 582 basis points. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Company used the net proceeds from the offering to repurchase $33.5 million of subordinated debt issued on July 30, 2018 (the "Old Notes") and for general corporate purposes. Subordinated debt included associated deferred costs of $851,000 at March 31, 2026.

The Company also has $4.1 million of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly and had been equal to the three-month LIBOR plus 2.65%. They mature on June 17, 2034.

In accordance with the Adjustable Interest Rate Act (the "LIBOR Act") and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, the Company has selected the three-month Chicago Mercentile Exchange ("CME") Term SOFR as the applicable successor rate for the trust preferred securities. The calculation of the amount of interest payable, based on the three-month CME Term SOFR, will also include the applicable tenor spread adjustment of 0.26161% per annum as specified in the LIBOR Act. At March 31, 2026, the interest rate for the trust preferred securities was 6.595%.

**Note 13 – Lease Obligations**

The Company leases 24 of its offices under various operating lease agreements. The leases have remaining terms of one year to eight years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.

The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months.

The following tables present certain information related to the Company's leases (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| Operating lease cost | $**965** | $940  |
| Variable lease cost-operating leases | $**298** | $284  |
|  | **At March 31, 2026** | At December 31, 2025 |
| Supplemental balance sheet information related to leases: |  |  |
| **Operating Leases** |  |  |
| &nbsp;&nbsp;Operating lease right-of-use assets | $**10889** | $10660  |
| &nbsp;&nbsp;Current liabilities | $**2630** | $3314  |
| &nbsp;&nbsp;Operating lease liabilities (noncurrent portion) | **9764** | 8835  |
| &nbsp;&nbsp;Imputed Interest | **(1029)** | (1009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $**11365** | $11140  |

---

The weighted average remaining lease term for operating leases at March 31, 2026 and December 31, 2025 was 4.55 years and 4.64 years, respectively. The weighted average discount rate for operating leases at March 31, 2026 and December 31, 2025 was 3.64 percent and 3.55 percent, respectively.

The following table summarizes the Company's maturity of lease obligations for operating leases at March 31, 2026 and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| **Maturities of lease liabilities:** | **Maturities of lease liabilities:** | **Maturities of lease liabilities:** |
|  | **At March 31, 2026** | **At December 31, 2025** |
|  | **Operating Leases** | **Operating Leases** |
| &nbsp;&nbsp;One year or less | $**2630** | $3314  |
| &nbsp;&nbsp;Over one year through three years | **5436** | 4993  |
| &nbsp;&nbsp;Over three years through five years | **2612** | 2250  |
| &nbsp;&nbsp;Over five years | **1716** | 1592  |
| Gross Operating Lease Liabilities | $**12394** | $12149  |
| &nbsp;&nbsp;Imputed Interest | **(1029)** | (1009) |
| Total Operating Lease Liabilities | $**11365** | $11140  |

---

**Note 14 – Subsequent Events**

On April 21, 2026, the Board of Directors of the Company declared a cash dividend of $0.08 per share to shareholders of record of its common stock on May 6, 2026,

with a payment date of May 20, 2026.

------

**ITEM 2.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

<u>Forward-Looking Statements</u>

This report on Form 10-Q contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, or the PSLRA. Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of our management team. Words such as "expects," "believes," "should," "plans," "anticipates," "will," "potential," "could," "intend," "may," "outlook," "predict," "project," "would," "estimated," "assumes," "likely," and variation of such similar expressions are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that we anticipated in our forward-looking statements and future results could differ materially from historical performance.

The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of the Federal budget stalemate in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, current interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations. Also significant are our ability to manage liquidity and capital in a rapidly changing and unpredictable market and our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to:

the global economic trends and geopolitical risks, including the ongoing conflicts in Ukraine and the Middle East, and changes in the rate of investment or economic growth, including as a result of sanctions, tariffs or other measures;

unfavorable economic conditions in the United States generally and particularly in our primary market area and those of our customers;

supply chain disruptions and labor shortages;

the impact of any future pandemics or other natural disasters;

the Company's ability to effectively attract and deploy deposits;

changes in the Company's corporate strategies, the composition of its assets, or the way in which it funds those assets;

shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility;

the effects of declines in real estate values that may adversely impact the collateral underlying our loans;

increase in unemployment levels and slowdowns in economic growth;

the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios;

the credit risk associated with our loan portfolio;

changes in the quality and composition of the Bank's loan and investment portfolios;

changes in our ability to access cost-effective funding;

deposit flows;

legislative and regulatory changes, including but not limited to, increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates;

monetary and fiscal policies of the federal and state governments, including changes in government priorities or budgets;

changes in tax policies, rates and regulations of federal, state and local tax authorities;

demands for our loan products;

demand for financial services;

competition;

changes in the securities or secondary mortgage markets;

changes in management's business strategies;

our ability to enter new markets successfully;

our ability to successfully integrate acquired businesses;

changes in consumer spending;

our ability to retain key employees;

the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk;

potential impact of regulatory requirements, matters, litigation, or other legal actions which could adversely affect operating results;

failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;

developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security;

civil unrest in the communities that we serve; and

other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under "Risk Factors" in Part I, Item 1A of our annual Report on Form 10-K, in Part II, Item 1A of our quarterly reports on Form 10-Q, and our other periodic reports that we file with the SEC.

You should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this Form 10-Q. We do not assume any obligation to revise forward-looking statements except as may be required by law.

**<u>Overview</u>**

BCB Bancorp, Inc. is a New Jersey corporation, and is the holding company parent of BCB Community Bank, or the Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of BCB Community Bank. Our executive office is located at 104-110 Avenue C, Bayonne, New Jersey 07002. At March 31, 2026, we had $3.269 billion in consolidated assets, $2.672 billion in deposits and $307.4 million in consolidated stockholders' equity.

BCB Community Bank opened for business on November 1, 2000 as Bayonne Community Bank, a New Jersey chartered commercial bank. The Bank changed its name from Bayonne Community Bank to BCB Community Bank in April 2007. At March 31, 2026, the Bank operated twenty-three branches in Bayonne, Edison, Jersey City, Hoboken, Fairfield, Holmdel, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, as well as three branches in Hicksville and Staten Island, NY, and through executive offices located at 104-110 Avenue C and an administrative office located at 591-595 Avenue C, Bayonne, New Jersey 07002. The Bank's deposit accounts are insured by the FDIC, and the Bank is a member of the Federal Home Loan Bank System.

------

We are a community-oriented financial institution. Our business is to offer FDIC-insured deposit products and to invest funds held in deposit accounts at the Bank, together with funds generated from operations, in loans and investment securities. We offer our customers:

loans, including commercial and multi-family real estate loans, one- to four-family mortgage loans, home equity loans, construction loans, consumer loans and commercial business loans. In recent years the primary growth in our loan portfolio has been in loans secured by commercial real estate and multi-family properties;

FDIC-insured deposit products, including savings and club accounts, interest and non-interest bearing demand accounts, money market accounts, certificates of deposit and individual retirement accounts; and

retail and commercial banking services including wire transfers, money orders, safe deposit boxes, a night depository, debit cards, online banking, mobile banking, gift cards, fraud detection (positive pay), and automated teller services.

**Critical Accounting Estimates**

Estimates and assumptions are necessary in the application of certain accounting policies and can be susceptible to significant change. Critical accounting estimates are defined as those that involve a significant level of estimation uncertainty and have had, or could have, a material impact on the Company's financial conditions or results of operation. At March 31, 2026, the Company considers the allowance for credit losses to be a critical accounting estimate.

See further discussion of this critical accounting estimate in Notes 2 and 7 of this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Goodwill** 

Goodwill represents the amount paid in a business acquisition that exceeds the fair value of the identifiable net assets. If any changes occur during the measurement period, the company might revise the goodwill balance based on updated assessments of provisional amounts.

‎

‎Goodwill must be tested for impairment at least once a year or when specific events occur that could impact its value. It's assessed at the reporting unit level. The Company's policy is to test goodwill every October 31st or earlier if a triggering event takes place. Such events could include poor financial performance, a drop in the Company's stock price compared to its book value, or broader economic or industry conditions. When a test is triggered, the estimated fair value of the reporting unit is compared to its book value. If the fair value is lower, the difference is recorded as an impairment loss.

A significant amount of judgment is involved in the determination of the fair value of a reporting unit. Future events could cause the Company to conclude that the Company's goodwill has become impaired, which would result in recording an impairment loss. Management will continue evaluating the economic conditions at future reporting periods for triggering events.

See Note 10 – Goodwill and Other Intangible assets of this Form 10-Q and in our Annual Report on Form 10-K for additional information on the Company's goodwill and intangibles.

**Financial Condition** 

Total assets decreased by $10.4 million, or 0.3 percent, to $3.269 billion at March 31, 2026, from $3.280 billion at December 31, 2025. This decrease is the result of fewer net loans, offset by an increase in cash and cash equivalents.

Total cash and cash equivalents increased by $17.2 million, or 6.2 percent, to $293.7 million at March 31, 2026, from $276.6 million at December 31, 2025. The increase in cash was primarily due to loan cash flows.

Loans receivable, net, decreased by $35.1 million, or 1.3 percent, to $2.656 billion at March 31, 2026, from $2.691 billion at December 31, 2025, due to loan payoffs, paydowns and charge-offs. Total loan decreases during the period included decreases of $19.3 million in commercial real estate and multi-family loans, $12.1 million in commercial business loans and $4.6 million in 1-4 family residential loans and home equity loans. The allowance for credit losses decreased $1.1 million to $32.6 million, or 54.5 percent of non-accruing loans and 1.21 percent of gross loans, at March 31, 2026, as compared to an allowance for credit losses of $33.7 million, or 53.3 percent of non-accruing loans and 1.24 percent of gross loans, at December 31, 2025.

Total investments increased by $7.5 million, or 5.6 percent, to $143.1 million at March 31, 2026, from $135.6 million at December 31, 2025, representing current year purchases, net of maturity and paydowns during 2026.

Deposits decreased by $1.1 million, or 0.04 percent, to $2.672 billion at March 31, 2026, from $2.674 billion at December 31, 2025. Certificates of deposit, non-interest bearing accounts and savings and club accounts decreased $33.7 million, and were offset by increases in money market accounts and interest bearing deposit accounts which totaled $32.6 million.

Debt obligations decreased by $9.9 million to $268.3 million at March 31, 2026, from $278.2 million at December 31, 2025, due to maturities of our FHLB advances. The weighted average interest rate of FHLB advances was 4.70 percent at March 31, 2026, and 4.53 percent at December 31, 2025. The weighted average maturity of FHLB advances as of March 31, 2026 was 0.23 years. The interest rate of our subordinated debt balances was 9.25 percent at March 31, 2026 and December 31, 2025.

Stockholders' equity increased by $3.1 million, or 1.0 percent, to $307.4 million at March 31, 2026, from $304.3 million at December 31, 2025. The increase was attributable to retained earnings, which increased $3.0 million.

‎

------

**Net Interest Income Analysis**

Net interest income represents the difference between income earned on our interest-earning assets and the expense incurred on our interest-bearing liabilities, and is analyzed and monitored by the Company on a regular basis. The following tables set forth average balance sheets, yields, and costs. The yields include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or expense. No tax equivalent adjustments have been made as the effects would not be significant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Average Balance** | **Interest Earned/Paid** | **Average Yield/Rate <sup>(3)</sup>** | **Average Balance** | **Interest Earned/Paid** | **Average Yield/Rate <sup>(3)</sup>** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans receivable <sup>(4) (5)</sup> | $**2708511** | $**35878** | **5.37%** | $2994529  | $38927  | 5.27% |
| Investment securities  | **137146** | **1829** | **5.33%** | 117205  | 1529  | 5.22% |
| Interest earnings assets | **298670** | **2695** | **3.66%** | 331808  | 3736  | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | **3144327** | **40402** | **5.21%** | 3443542  | 44192  | 5.20% |
| Non-interest-earning assets | **136210** |  |  | 125974  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**3280537** |  |  | $3569516  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing demand accounts | $**523400** | $**2043** | **1.58%** | $560565  | $2369  | 1.71% |
| Money market accounts | **432313** | **3127** | **2.93%** | 394282  | 3049  | 3.14% |
| Savings accounts | **242459** | **136** | **0.23%** | 252227  | 151  | 0.24% |
| Certificates of Deposit | **964292** | **8592** | **3.61%** | 1005669  | 10762  | 4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **2162464** | **13898** | **2.61%** | 2212743  | 16331  | 2.99% |
| Borrowed funds | **271123** | **3667** | **5.49%** | 488418  | 5856  | 4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | **2433587** | **17565** | **2.93%** | 2701161  | 22187  | 3.33% |
| Non-interest-bearing liabilities | **541026** |  |  | 543660  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **2974613** |  |  | 3244821  |  |  |
| Stockholders' equity | **305924** |  |  | 324695  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**3280537** |  |  | $3569516  |  |  |
| Net interest income |  | $**22837** |  |  | $22005  |  |
| Net interest rate spread <sup>(1)</sup> |  |  | **2.28%** |  |  | 1.87% |
| Net interest margin <sup>(2)</sup> |  |  | **2.95%** |  |  | 2.59% |

---

(1)Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.

(2)Net interest margin represents net interest income divided by average total interest-earning assets.

(3)Annualized.

(4)Excludes allowance for credit losses.

(5)Includes non-accrual loans.

‎

------

**Results of Operations Comparison for the Three Months Ended March 31, 2026 and 2025**

The Company reported net income of $4.9 million for the quarter ended March 31, 2026, compared to a net loss of $8.3 million for the quarter ended March 31, 2025. This increase was due to the Bank recording $18.1 million less in loan loss provisioning, offset by the Bank recording $5.1 million more in income taxes.

Interest income decreased by $3.8 million, or 8.6 percent, to $40.4 million for the first quarter of 2026 from $44.2 million for the first quarter of 2025. The average balance of interest-earning assets decreased $299.2 million, or 8.7 percent, to $3.144 billion for the first quarter of 2026 from $3.444 billion for the first quarter of 2025. The average yield increased 1 basis point to 5.21 percent for the first quarter of 2026 from 5.20 percent for the first quarter of 2025.

Interest expense decreased by $4.6 million to $17.6 million for the first quarter of 2026 from $22.2 million for the first quarter of 2025. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 40 basis points to 2.93 percent for the first quarter of 2026 from 3.33 percent for the first quarter of 2025, while the average balance of interest-bearing liabilities decreased by $267.6 million to $2.434 billion in the first quarter of 2026 from $2.702 billion in the first quarter of 2025.

The net interest margin increased to 2.95 percent for the first quarter of 2026 compared to 2.59 percent for the first quarter of 2025. The increase in the net interest margin compared to the first quarter of 2025 was the result of a decrease in the cost of interest-bearing liabilities, and an increase in the yield on interest-earning assets.

During the first quarter of 2026, the Company recognized $3.9 million in net charge-offs compared to $4.2 million in net charge-offs in the first quarter of 2025. The Bank had non-accrual loans totaling $59.8 million, or 2.22 percent of gross loans, at March 31, 2026, as compared to $63.3 million, or 2.32 percent of gross loans, at December 31, 2025. The allowance for credit losses on loans was $32.6 million, or 1.21 percent of gross loans, at March 31, 2026, and $33.7 million, or 1.24 percent of gross loans, at December 31, 2025. The provision for credit losses was $2.8 million for the first quarter of 2026 compared to $12.2 million for the fourth quarter of 2025 and $20.8 million for the first quarter of 2025. Management believes that the allowance for credit losses on loans was adequate at March 31, 2026 and December 31, 2025.

The following table summarizes the Company's classified loans greater than $5 million at March 31, 2026 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purpose**  | **Loan Type** | **Location** | **Balance** | **Loan to Value <sup>(1)</sup>** | **Current/Past Due** |
| &nbsp;&nbsp;1 | Specialty Use - hospital | CRE | Bayonne, NJ  | $25037  | 23.08% | current |
| &nbsp;&nbsp;2 | Industrial loft and Industrial Warehouse | CRE | Brooklyn, NY | 16020  | 80.10 | past due |
| &nbsp;&nbsp;3 | Vacant Land | CRE | Basking Ridge, NJ | 15520  | 68.60 | current |
| &nbsp;&nbsp;4 | Mixed Use - retail/office | CRE | New York, NY | 15071  | 93.00 | current |
| &nbsp;&nbsp;5 | Specialty Use - golf course | Construction | Eatontown, NJ | 13992  | 77.30 | past due |
| &nbsp;&nbsp;6 | Office building <sup>(2)</sup> | CRE | Ridgefield Park, NJ | 11962  | 54.80 | past due |
| &nbsp;&nbsp;7 | Mixed Use - retail/office | CRE | Bronx, NY | 7430  | 76.00 | current  |
| &nbsp;&nbsp;8 | Multi-family <sup>(3)</sup> | CRE | East Orange, NJ | 5859  | 84.55 | past due |
| &nbsp;&nbsp;9 | Mixed use - retail/residential | CRE | New York, NY | 5578  | 55.62 | current |

---

(1) Based on the most recent appraised values available.

(2) Borrower has two loans that are classified and collectively add up to greater than $5 million.

(3) Borrower has three loans that are classified and collectively add up to greater than $5 million

Non-interest income increased by $310 thousand to $2.1 million for the first quarter of 2026 from $1.8 million in the first quarter of 2025. The increase in total non-interest income was mainly related to a $338 thousand increase in BOLI income and a decrease in our realized and unrealized loss on equity investments of $22 thousand. Offsetting this was a decrease in other non-interest income of $75 thousand.

Non-interest expense increased by $891 thousand, or 6.1 percent, to $15.6 million for the first quarter of 2026 compared to non-interest expense of $14.7 million for the first quarter of 2025. The increase in these expenses for the first quarter of 2026 was primarily driven by salaries and employee benefits, data processing costs and OREO expenses, which rose $924 thousand, $179 thousand and $150 thousand, respectively. Offsetting this was a decline in other non-interest expense and director fees of $203 thousand and $172 thousand, respectively.

The income tax provision increased by $5.1 million, to an income tax expense of $1.7 million for the first quarter of 2026 when compared to a income tax benefit of $3.4 million for the first quarter of 2025.

 **‎** 

------

**Liquidity and Capital Resources** 

**Liquidity**

The overall objective of our liquidity management practices is to ensure the availability of sufficient funds to meet financial commitments and to take advantage of lending and investment opportunities. The Company manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings and other obligations as they mature, and to fund loan and investment portfolio opportunities as they arise.

The Company's primary sources of funds to satisfy its objectives are net growth in deposits (primarily retail), principal and interest payments on loans and investment securities, proceeds from the sale of originated loans and FHLB and other borrowings. The scheduled amortization of loans is a predictable source of funds. Deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. The Company has other sources of liquidity if a need for additional funds arises, including unsecured overnight lines of credit and other collateralized borrowings from the Federal Reserve Bank Discount Window, the FHLB and other correspondent banks. Our Asset / Liability Management Committee is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs of our customers as well as unanticipated contingencies.

At March 31, 2026 and December 31, 2025, the Company had no overnight borrowings outstanding with the FHLB. The Company utilizes overnight borrowings from time to time to fund short-term liquidity needs. The Company had total outstanding borrowings of $268.3 million at March 31, 2026 as compared to $278.2 million at December 31, 2025.

At March 31, 2026, the Company had the ability to obtain additional funding of $385.9 million from the FHLB and $200.6 million from the Federal Reserve Bank Discount Window, utilizing unencumbered loan collateral. The Company expects to have sufficient funds available to meet current loan commitments in the normal course of business through typical sources of liquidity. Time deposits scheduled to mature in one year or less totaled $941.6 million at March 31, 2026. Based upon historical experience data, management estimates that a significant portion of such deposits will remain with the Company.

The Company was well-positioned with adequate levels of cash and liquid assets as of March 31, 2026 and a significant amount of available borrowing capacity with FHLB and Federal Reserve Bank Discount Window.

**Subordinated Debentures**

The Company has subordinated debentures outstanding, whose aggregate principal totaled $40.0 million at March 31, 2026. Refer to Note 12 of the Notes to Unaudited Consolidated Financial Statements for additional details on the outstanding subordinated debentures.

The Company also has $4.1 million of mandatory redeemable trust preferred securities outstanding. Effective September 18, 2023, the interest rate on these floating rate junior subordinated debentures adjusts quarterly based on the three-month CME Term SOFR, as adjusted by the spread adjustment of 0.26161%, plus 2.650%. The rate paid as of March 31, 2026 and 2025 was 6.595% and 7.211%, respectively. The trust preferred debenture became callable, at the Company's option, on June 17, 2009, and quarterly thereafter. They mature on June 17, 2034.

 **‎** 

------

**Capital Resources**

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated 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 its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors.

The Bank has opted into the community bank leverage ratio (tier 1 capital to average consolidated assets) ("CBLR") framework, with a minimum requirement of 9% for institutions under $10 billion in assets. Such institutions meeting that requirement may elect to utilize the CBLR in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the CBLR and certain other qualifying criteria will automatically be deemed to be well-capitalized.

At March 31, 2026 and December 31, 2025, the Bank exceeded all of its regulatory capital requirements. The following table sets forth the regulatory capital ratios for the Bank as well as regulatory capital requirements for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | For Capital Adequacy Purposes | For Capital Adequacy Purposes | For Well Capitalized Under Prompt Corrective Action | For Well Capitalized Under Prompt Corrective Action |
|  | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** |
| **As of March 31, 2026:** |  |  |  |  |  |  |
| **<u>Bank</u>** |  |  |  |  |  |  |
| **Community Bank Leverage Ratio** | $**345248** | **10.54%** | $**262048** | **8.00%** | $**294804** | **9.00%** |
| As of December 31, 2025: |  |  |  |  |  |  |
| <u>Bank</u> |  |  |  |  |  |  |
| Community Bank Leverage Ratio | $344067 | 10.39% | $264922 | 8.00% | $298037 | 9.00% |

---

The following table sets forth the regulatory capital ratios for the Company as well as the regulatory requirements for March 31, 2026 and December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | For Capital Adequacy Purposes | For Capital Adequacy Purposes | For Well Capitalized Under Prompt Corrective Action | For Well Capitalized Under Prompt Corrective Action |
|  | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** | **Dollars in Thousands** |
| **As of March 31, 2026:** |  |  |  |  |  |  |
| **<u>Bancorp</u>** |  |  |  |  |  |  |
| **Total Capital (to Risk-Weighted Assets)** | $**378238** | **13.63%** | $**222003** | **8.00%** | $**277504** | **10.00%** |
| **Tier 1 Capital (to Risk-Weighted Assets)** | **306511** | **11.04** | **166582** | **6.00** | **166582** | **6.00** |
| **Common Equity Tier 1 Capital (to Risk-Weighted Assets)** | **277145** | **9.99** | **124840** | **4.50** | **-** | **-** |
| **Tier 1 Capital (to adjust total assets)** | **306511** | **9.37** | **130848** | **4.00** | **-** | **-** |
| As of December 31, 2025: |  |  |  |  |  |  |
| <u>Bancorp</u> |  |  |  |  |  |  |
| Total Capital (To Risk-Weighted Assets) | $377318  | 13.43% | $224761  | 8.00% | $280952  | 10.00% |
| Tier 1 Capital (to Risk-Weighted Assets) | 304541  | 10.84  | 168565  | 6.00  | 168565  | 6.00  |
| Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 275174  | 9.79  | 126484  | 4.50  | - | - |
| Tier 1 Capital (to adjusted total assets) | 304541  | 9.20  | 132409  | 4.00  | - | - |

---

 **‎** 

------

**ITEM 3. Quantitative** **and Qualitative Disclosures about Market Risk**

**Management of Market Risk**

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange prices, commodity prices, or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading.

***Qualitative Analysis.*** The majority of our assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established an Asset/Liability Committee which is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors. Senior management monitors the level of interest rate risk on a regular basis and the Asset/Liability Committee, which consists of senior management and outside directors operating under a policy adopted by the Board of Directors, meets quarterly or as needed to review our asset/liability policies and interest rate risk position.

***Quantitative Analysis.*** The following table presents the Company's net portfolio value ("NPV"). These calculations were based upon assumptions believed to be fundamentally sound, although they may vary from assumptions utilized by other financial institutions. The information set forth below is based on data that included all financial instruments as of March 31, 2026. Assumptions have been made by the Company relating to interest rates, loan prepayment rates, core deposit duration, and the market values of certain assets and liabilities under the various interest rate scenarios. Actual maturity dates were used for fixed rate loans and certificate accounts. Investment securities were scheduled at either the maturity date or the next scheduled call date based upon management's judgment of whether the particular security would be called in the current interest rate environment and under assumed interest rate scenarios. Variable rate loans were scheduled as of their next scheduled interest rate repricing date. The NPV at "PAR" represents the difference between the Company's estimated value of assets and estimated value of liabilities assuming no change in interest rates. The NPV for an increase of 200 to 300 basis points has been excluded since it would not be meaningful in the interest rate environment as of March 31, 2026. The following sets forth the Company's NPV as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **NPV as a % of Assets** | **NPV as a % of Assets** |
| **Change in calculation** | **Net Portfolio Value** | **$ Change from PAR** | **% Change from PAR** | **NPV Ratio** | **Change** |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| +100bp | $400414 | $(13627) | (3.29)% | 12.66% | (0.23)% |
| PAR | 414041 | - | 0.00 | 12.89 | 0.00 |
| -100bp | 422354 | 8313 | 2.01 | 12.94 | 0.05 |
| -200bp | 420420 | 6379 | 1.54 | 12.69 | (0.20) |
| -300bp | 427493 | 13452 | 3.25 | 12.64 | (0.24) |

---

____________

bps-basis point

The table above indicates that at March 31, 2026, in the event of a 100-basis point decrease in interest rates, we would experience a 0.05 percent decrease in NPV, as compared to a 0.01 percent increase at December 31, 2025.

Certain shortcomings are inherent in the methodology used in the above interest rate risk measurement. Modeling changes in NPV require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV table presented assumes that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the NPV table provides an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results.

**ITEM 4.** **Controls and Procedures**

Under the supervision and with the participation of the Company's management, including the Chief Executive Officer and Chief Financial Officer, the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this quarterly report, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.

There was no change to our internal controls over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

‎

------

**PART II. OTHER IN** **FORMATION**

**ITEM 1. LEGAL PR** **OCEEDINGS**

We are involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. As of March 31, 2026, we were not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations.

**ITEM 1. A. RISK FA** **CTORS**

There have been no material changes to the risk factors set forth under the Part I, Item 1.A. Risk Factors as set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**ITEM 2. UNREGISTER** **ED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON** **SENIOR SECURITIES**

Not applicable.

**ITEM 4. MINE SAFTEY DISCLOSURES**

Not applicable.

**I** **TEM 5. OTHER INFORMATION**

During the three months ended March 31, 2026, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement".

 **‎** 

------

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| Exhibit 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](bcbp-20260331xex31_1.htm) |
| Exhibit 31.2 | [<u>Certification of Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](bcbp-20260331xex31_2.htm) |
| Exhibit 32 | [<u>Officers' Certification filed pursuant to</u> <u>se</u><u>ction 906 of the Sarbanes-Oxley Act of 2002.</u>](bcbp-20260331xex32.htm) |
| Exhibit 101.INS | XBRL Instance Document |
| Exhibit 101.SCH | XBRL Taxonomy Extension Schema |
| Exhibit 101.CAL | XBRL Taxonomy Extension Calculation LinkBase |
| Exhibit 101.DEF | XBRL Taxonomy Extension Definition LinkBase |
| Exhibit 101.LAB | XBRL Taxonomy Extension Label LinkBase |
| Exhibit 101.PRE | XBRL Taxonomy Extension Presentation LinkBase |
| Exhibit 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |

---

‎

------

**Signatures**

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BCB BANCORP, INC.** | **BCB BANCORP, INC.** |
| Date: May 1, 2026 | By: | /s/ Michael A. Shriner<br>|
|  |  | Michael A. Shriner |
|  |  | President and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: May 1, 2026 | By: | /s/ Jawad Chaudhry<br>|
|  |  | Jawad Chaudhry<br>Chief Financial Officer |
|  |  | (Principal Accounting and Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

<u>Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>

I, Michael A. Shriner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 1, 2026 | /s/ Michael A. Shriner |
|  | Michael A. Shriner |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Accounting Officer**

<u>Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>

I, Jawad Chaudhry, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: May 1, 2026 | /s/ Jawad Chaudhry |
|  | Jawad Chaudhry<br> Chief Financial Officer |
|  | (Principal Accounting and Financial Officer) |

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## Ex-32

**Exhibit 32**

**Certification pursuant to**

**18 U.S.C. Section 1350, as adopted pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Michael A. Shriner, President and Chief Executive Officer and Jawad Chaudhry, Chief Financial Officer of BCB Bancorp, Inc. (the "Company") each certify in his capacity as an officer of the Company that he has reviewed the quarterly report of the Company on Form 10-Q for the quarter ended March 31, 2026 and that to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.

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| | |
|:---|:---|
| Date: May 1, 2026 | /s/ Michael A. Shriner |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |
| Date: May 1, 2026 | /s/ Jawad Chaudhry |
|  | Chief Financial Officer<br> (Principal Accounting and Financial Officer) |

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