NEW YORK, July 22, 2024 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Cullman Bancorp, Inc. (OTCQX: CULL), the holding company for Cullman Savings Bank, has qualified to trade on the OTCQX® Best Market. Cullman Bancorp, Inc. previously traded on NASDAQ. Cullman Bancorp, Inc. begins trading today on OTCQX under the symbol "CULL." U.S. investors can find current financial disclosure and Real-Time Le ...

Financial Position - Total assets increased by $9.1 million, or 2.2%, to $420.7 million as of March 31, 2024, from $411.6 million at December 31, 2023[132] - Cash and cash equivalents rose by $4.3 million, or 33.1%, to $17.3 million at March 31, 2024, due to an increase in fed funds[133] - Gross loans held for investment increased by $3.6 million, or 1.1%, to $346.3 million at March 31, 2024, primarily driven by a $3.4 million increase in commercial real estate loans[134] - Total deposits decreased by $563 thousand, or 0.2%, to $268.4 million at March 31, 2024, with a notable decline in interest-bearing demand deposits by $5.0 million, or 4.7%[136] - Borrowings increased by $10.0 million, or 28.6%, to $45.0 million at March 31, 2024, to meet loan demand and enhance liquidity[137] - Stockholders' equity decreased by $402 thousand, or 0.4%, to $101.3 million at March 31, 2024, primarily due to share repurchases[138] - At March 31, 2024, the company had approximately $43 million of uninsured/uncollateralized deposits[155] - The company exceeded all regulatory capital requirements and was categorized as well capitalized as of March 31, 2024[159] Income and Expenses - Net income for the three months ended March 31, 2024, was $714 thousand, a decrease of $301 thousand from $1.0 million for the same period in 2023[145] - Net interest income for the three months ended March 31, 2024, was $3,521 thousand, compared to $3,893 thousand for the same period in 2023[141] - The net interest margin decreased to 3.62% for the three months ended March 31, 2024, from 3.98% for the same period in 2023[141] - Interest income increased by $428 thousand, or 9.2%, to $5.1 million for the three months ended March 31, 2024, compared to $4.7 million for the same period in 2023[146] - Interest expense rose by $800 thousand, or 105.4%, to $1.6 million for the three months ended March 31, 2024, compared to $759 thousand for the same period in 2023[147] - Net interest income decreased by $372 thousand, or 9.6%, to $3.5 million for the three months ended March 31, 2024, from $3.9 million for the same period in 2023[150] - Non-interest income increased by $17 thousand to $389 thousand for the three months ended March 31, 2024, from $372 thousand for the same period in 2023[152] - Non-interest expense increased by $219 thousand, or 7.7%, to $3.0 million for the three months ended March 31, 2024, compared to $2.8 million for the same period in 2023[153] - Income tax expense was $183 thousand for the three months ended March 31, 2024, compared to $342 thousand for the same period in 2023, resulting in effective rates of 20.4% and 25.2%, respectively[154] Credit and Cash Flow - The provision for credit losses recorded a reversal of $40 thousand for the three months ended March 31, 2024, compared to a provision of $74 thousand for the same period in 2023[151] - Net cash provided by operating activities was $1.6 million for the three months ended March 31, 2024, compared to $1.5 million for the same period in 2023[157]

Federal Banking Regulation In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. • the total capital distributions for the applicable calendar year exceed the sum of the savi ...

Financial Position - Total assets decreased by $5.9 million, or 1.4%, to $417.3 million as of September 30, 2023, from $423.2 million at December 31, 2022[247] - Total deposits decreased by $18.7 million, or 6.4%, to $274.2 million as of September 30, 2023, from $292.9 million at December 31, 2022[248] Income and Expenses - Interest income increased by $808,000, or 19.0%, to $5.1 million for the three months ended September 30, 2023, compared to $4.2 million for the same period in 2022[254] - Net interest income increased by $329,000, or 2.9%, to $11.5 million for the nine months ended September 30, 2023, from $11.2 million for the same period in 2022[262] - Non-interest expense increased by $753,000, or 9.5%, to $8.7 million for the nine months ended September 30, 2023, compared to $7.9 million for the same period in 2022[263] - Interest expense increased by $2.2 million, or 303.8%, to $3.0 million for the nine months ended September 30, 2023, compared to $736,000 for the same period in 2022[260] - Non-interest income decreased by $12,000, or 3.0%, to $390,000 for the three months ended September 30, 2023, from $402,000 for the same period in 2022[258] Loan Activity - Average balance of loans increased by $20.2 million, or 6.3%, to $339.4 million for the three months ended September 30, 2023[255] Cash Flow and Tax - Cash flows from operating activities were $5.4 million for the nine months ended September 30, 2023, compared to $5.3 million for the same period in 2022[265] - The effective tax rate for the nine months ended September 30, 2023, was 22.9%, compared to 23.1% for the same period in 2022[264]

Financial Position - Total assets decreased by $5.3 million, or 1.3%, to $417.9 million as of June 30, 2023, from $423.2 million at December 31, 2022[152]. - Cash and cash equivalents decreased by $10.4 million, or 28.6%, to $26.2 million at June 30, 2023, from $36.6 million at December 31, 2022[153]. - Total deposits decreased by $17.7 million, or 6.1%, to $275.2 million at June 30, 2023, from $292.9 million at December 31, 2022[156]. - Stockholders' equity increased by $1.5 million, or 1.6%, to $101.7 million at June 30, 2023, from $100.2 million at December 31, 2022[157]. - Borrowings increased to $35.0 million at June 30, 2023, from $25.0 million at December 31, 2022[156]. Loan and Interest Metrics - Gross loans held for investment increased by $4.6 million, or 1.4%, to $337.4 million at June 30, 2023, from $332.8 million at December 31, 2022[154]. - Average balance of loans (excluding PPP loans) increased by $48.0 million, or 16.6%, to $336.6 million for the three months ended June 30, 2023, compared to $288.6 million for the same period in 2022[167]. - The average balance of loans increased by $61.4 million or 22.3% to $336.4 million for the six months ended June 30, 2023, from $275.0 million for the same period in 2022[178]. - The weighted average yield on loans (excluding PPP loans) decreased by 26 basis points to 5.02% for the three months ended June 30, 2023, compared to 5.28% for the same period in 2022[167]. Interest Income and Expense - Interest income increased by $674,000, or 16.5%, to $4.8 million for the three months ended June 30, 2023, compared to $4.1 million for the same period in 2022[166]. - Interest income increased by $1.7 million or 22.9% to $9.4 million for the six months ended June 30, 2023, compared to $7.7 million for the same period in 2022[178]. - Interest expense rose by $817,000, or 378.2%, to $1.0 million for the three months ended June 30, 2023, compared to $216,000 for the same period in 2022, driven by higher borrowing balances and deposit expenses[168]. - Interest expense rose by $1.3 million or 293.9% to $1.8 million for the six months ended June 30, 2023, compared to $455,000 for the same period in 2022[179]. Net Income and Margins - Net income for the three months ended June 30, 2023, was $1.0 million, a decrease from $1.3 million for the same period in 2022, primarily due to increased interest expenses[165]. - Net income for the six months ended June 30, 2023, was $2.0 million, down from $2.3 million for the same period in 2022, primarily due to increased non-interest expenses[177]. - Net interest income for the three months ended June 30, 2023, was $3.731 million, compared to $3.874 million for the same period in 2022[160]. - Net interest income decreased by $143,000, or 3.7%, to $3.7 million for the three months ended June 30, 2023, from $3.8 million for the same period in 2022[171]. - Net interest income increased by $420,000 or 5.8% to $7.6 million for the six months ended June 30, 2023, from $7.2 million for the same period in 2022[183]. - Net interest margin decreased to 3.81% for the three months ended June 30, 2023, from 4.33% for the same period in 2022[160]. Non-Interest Income and Expenses - Non-interest income increased by $88,000 to $522,000 for the three months ended June 30, 2023, from $434,000 for the same period in 2022, attributed to increased service charges and a gain on the restructure of advances[174]. - Non-interest income increased by $40,000 to $894,000 for the six months ended June 30, 2023, from $854,000 for the same period in 2022[185]. - Non-interest expense increased by $395,000, or 15.4%, to $3.0 million for the three months ended June 30, 2023, compared to $2.6 million for the same period in 2022, mainly due to higher salaries and employee benefits[175]. - Non-interest expense increased by $829,000 or 16.7% to $5.8 million for the six months ended June 30, 2023, compared to $5.0 million for the same period in 2022[186]. Provisions for Credit Losses - Provisions for credit losses totaled $17,000 for the three months ended June 30, 2023, compared to $115,000 for the same period in 2022, with an allowance for credit losses of $3.1 million at June 30, 2023[172]. - Provisions for credit losses totaled $23,000 for the six months ended June 30, 2023, compared to $155,000 for the same period in 2022[184]. - The allowance for credit losses was $3.11 million at June 30, 2023, compared to $2.39 million at June 30, 2022, with a ratio of allowance for credit losses to total loans at 0.92%[184]. Regulatory Capital - At June 30, 2023, the company exceeded all regulatory capital requirements and was categorized as well capitalized[193].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40607 CULLMAN BANCORP, INC. (Exact Name of Registrant as Specified in Charter) Maryland 61-1990996 (State or Other Jurisdicti ...

Financial Performance - Net income for 2022 was $4.2 million, compared to $1.8 million in 2021, representing a substantial increase of 138.3%[72] - Earnings per share (basic and diluted) for 2022 were $0.59, compared to $0.25 in 2021, reflecting a significant increase of 136%[72] - Net income rose by $2.4 million, or 139.0%, to $4.2 million at December 31, 2022, compared to $1.8 million at December 31, 2021[77] - Net interest income for 2022 was $15.2 million, an increase of 30.5% from $11.6 million in 2021[72] - Net interest income after provision for loan losses rose to $14,726,000 in 2022, up from $11,524,000 in 2021, an increase of 27.5%[130] - Total interest income increased to $16,529,000 in 2022 from $13,370,000 in 2021, representing a growth of 23.9%[130] Asset and Liability Management - Total assets increased to $423.2 million at December 31, 2022, up from $354.7 million at December 31, 2021, representing a growth of 19.4%[40] - Gross loans held for investment rose by $78.2 million, or 30.7%, to $332.8 million at December 31, 2022, compared to $254.6 million at December 31, 2021[42] - Deposits increased to $292.9 million at December 31, 2022, up from $232.0 million at December 31, 2021, a growth of 26.3%[40] - Total deposits increased by $60.9 million, or 26.3%, to $292.9 million at December 31, 2022, from $232.0 million at December 31, 2021[74] - The allowance for loan losses was $2.8 million at December 31, 2022, which is 0.85% of total loans, down from 0.94% in 2021[68] Expense Management - Noninterest expense for 2022 was $11.1 million, slightly up from $10.9 million in 2021, indicating a rise of 1.7%[72] - Total noninterest expense increased to $11,128,000 in 2022, up from $10,939,000 in 2021, reflecting a modest increase of 1.7%[130] - Salaries and employee benefits increased by $1.228 million, or 19.3%, to $7.594 million for the year ended December 31, 2022[106] - Salaries and employee benefits increased by 19.3% to $7,594,000 in 2022 from $6,366,000 in 2021[130] Credit Quality - Provision for loan losses increased to $438,000 in 2022 from $60,000 in 2021, reflecting a significant rise in anticipated credit losses[68] - Provisions for loan losses were recorded at $438,000 for the year ended December 31, 2022, compared to $60,000 for the year ended December 31, 2021, with an allowance for loan losses of $2.8 million at December 31, 2022[105] - The ratio of allowance for loan losses to total loans was 0.85% at December 31, 2022, down from 0.94% at December 31, 2021[105] Interest Rate Sensitivity - Interest expense on borrowings decreased by $366,000, or 54.1%, to $310,000 for the year ended December 31, 2022, compared to $676,000 for the year ended December 31, 2021[78] - The average rate paid on borrowings increased to 4.07% for the year ended December 31, 2022, compared to 1.75% for the year ended December 31, 2021[78] - In the event of a 200 basis point increase in interest rates, net interest income would increase by 5.22% at December 31, 2022[111] - Estimated Economic Value of Equity (EVE) would decrease by 8.31% in the event of a 200 basis point increase in interest rates at December 31, 2022[114] Company Overview - Cullman Bancorp, Inc. reported a total of 7,383,585 shares outstanding as of March 27, 2023[135] - The company is classified as a smaller reporting company and an emerging growth company[135] - Cullman Bancorp, Inc. is not a well-known seasoned issuer as per the definitions provided in Rule 405 of the Securities Act[135] - The company has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months[135] - The common stock is traded on The Nasdaq Stock Market LLC under the symbol CULL[135]

Financial Performance - Net income for the three months ended September 30, 2022, was $926,000, compared to a net loss of $501,000 for the same period in 2021[190]. - Net income for the nine months ended September 30, 2022, was $3.2 million, compared to $1.1 million for the same period in 2021[205]. - Net interest income for the period was $3.962 million, compared to $2.887 million in the previous year[184]. - Net interest income for the nine months ended September 30, 2022, was $11,166,000, up from $8,616,000 in the same period of 2021, representing an increase of approximately 29%[1]. - Non-interest income increased by $13,000, or 3.3%, to $402,000 for the three months ended September 30, 2022, from $389,000 for the same period in 2021[201]. - Non-interest expense decreased by $1.0 million, or 25.3%, to $3.0 million for the three months ended September 30, 2022, compared to $4.0 million for the same period in 2021[202]. - Non-interest expense decreased by $483,000, or 5.7%, to $7.9 million for the nine months ended September 30, 2022, compared to $8.4 million for the same period in 2021[216]. Asset and Liability Management - Total assets increased by $51.4 million, or 14.5%, to $406.1 million as of September 30, 2022, from $354.7 million at December 31, 2021[174]. - Total assets reached $372,230,000 as of September 30, 2022, compared to $347,459,000 at the end of September 2021, indicating a growth of about 7.1%[1]. - Total deposits increased by $54.7 million, or 23.6%, to $286.7 million at September 30, 2022, with regular savings and other deposits rising by $27.4 million, or 49.6%[179]. - Gross loans held for investment rose by $73.7 million, or 29.0%, to $328.3 million at September 30, 2022, primarily driven by a $32.8 million increase in one-to-four family loans[177]. - Average outstanding loans (excluding PPP loans) were $319.3 million with an average yield of 4.88%[184]. - Total interest-earning assets averaged $366.1 million, generating interest income of $4.243 million[184]. - Total interest-earning assets increased to $350,776,000 for the nine months ended September 30, 2022, from $328,441,000 in the same period of 2021, reflecting a growth of approximately 6.5%[1]. - Total interest-bearing liabilities decreased to $252,006,000 for the nine months ended September 30, 2022, from $255,664,000 in the same period of 2021, a decline of approximately 1.0%[1]. - Noninterest-bearing demand deposits increased to $15.6 million, reflecting growth in new accounts[179]. - Borrowings decreased by $3.5 million, or 18.9%, to $15.0 million as of September 30, 2022[180]. Interest Income and Margin - Net interest margin improved to 4.33% from 3.28% year-over-year[184]. - The net interest margin improved to 4.24% for the nine months ended September 30, 2022, compared to 3.50% for the same period in 2021[1]. - The net interest rate spread was 4.13% for the nine months ended September 30, 2022, compared to 3.34% for the same period in 2021, reflecting an improvement in profitability[1]. - Interest income increased by $937,000, or 28.3%, to $4.2 million for the three months ended September 30, 2022, compared to $3.3 million for the same period in 2021[192]. - Interest income for the nine months ended September 30, 2022, increased by $1.9 million, or 18.8%, to $11.9 million from $10.0 million for the same period in 2021[206]. - The average yield on loans (excluding PPP loans) was 5.10% for the nine months ended September 30, 2022, slightly down from 5.21% in the same period of 2021[1]. Regulatory and Compliance - Cullman Savings Bank exceeded all regulatory capital requirements as of September 30, 2022, and was categorized as well capitalized[223]. - The effectiveness of disclosure controls and procedures has been evaluated and deemed effective by the Chief Executive Officer and Chief Financial Officer[227]. - There have been no changes in internal control over financial reporting that materially affected the company's financial reporting during the most recent fiscal quarter[228]. Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended September 30, 2022, was $5.3 million, an increase from $4.2 million in the same period of 2021[221]. - Net cash used in investing activities for the nine months ended September 30, 2022, was $88.9 million, compared to $12.6 million in 2021[221]. - Net cash provided by financing activities for the nine months ended September 30, 2022, was $50.4 million, up from $37.8 million in 2021[221]. - The liquidity position is monitored daily, ensuring sufficient funds to meet current funding commitments[222]. - The company anticipates retaining a significant portion of maturing time deposits based on deposit retention experience and current pricing strategy[222]. Other Financial Metrics - Stockholders' equity decreased by $1.2 million, or 1.2%, to $98.5 million at September 30, 2022, mainly due to unrealized losses on securities available for sale[181]. - Provision for loan losses recorded was $120,000 for the three months ended September 30, 2022, compared to no provision expense for the same period in 2021[199].

Financial Position - Total assets increased by $29.3 million, or 8.3%, to $384.0 million at June 30, 2022, from $354.7 million at December 31, 2021, primarily due to loan growth funded by increased deposits [162]. - Total deposits increased by $48.2 million, or 20.8%, to $280.2 million at June 30, 2022, driven by a $28.4 million increase in regular savings and other deposits, which rose by 51.4% [167]. - Cash and cash equivalents decreased by $37.1 million, or 60.0%, to $24.8 million at June 30, 2022, due to loan growth and investment purchases [164]. - Stockholders' equity decreased by $1.0 million, or 1.0%, to $98.7 million at June 30, 2022, primarily due to unrealized losses on securities available for sale [169]. - Borrowings decreased by $18.5 million, or 100%, to no borrowings at June 30, 2022, resulting in a net gain of $87,000 from repayment [168]. - Securities available for sale increased by $6.3 million, or 29.5%, to $27.6 million at June 30, 2022, as excess cash from deposits was invested [166]. Income and Expenses - Net interest income for the period was $3.874 million, compared to $2.930 million in the previous year [172]. - Net income increased to $1.3 million for the three months ended June 30, 2022, compared to $847,000 for the same period in 2021, primarily due to increased interest income from loans [178]. - Interest income rose by $706,000, or 20.1%, to $4.1 million for the three months ended June 30, 2022, driven mainly by an increase in loans [179]. - Interest expense decreased by $238,000, or 52.4%, to $216,000 for the three months ended June 30, 2022, mainly due to a reduction in borrowing balances [181]. - Interest expense on certificates of deposit decreased by $81,000, or 34.6%, to $153,000 for the three months ended June 30, 2022, reflecting a decrease in average balance and rates [182]. - Net interest income increased by $944,000, or 32.2%, to $3.9 million for the three months ended June 30, 2022 [184]. - Non-interest income increased to $854,000 for the six months ended June 30, 2022, from $812,000 for the same period in 2021 [204]. - Non-interest expense rose by $517,000, or 11.6%, to $5.0 million for the six months ended June 30, 2022, primarily due to increased salaries and employee benefits [205]. - Income tax expense was $615,000 for the six months ended June 30, 2022, with an effective rate of 20.9% [206]. Loan Performance - Gross loans held for investment rose by $55.7 million, or 21.9%, to $310.3 million at June 30, 2022, with one-to-four family loans increasing by $25.0 million, or 19.6% [165]. - Average balance of loans (excluding PPP loans) increased by $49.2 million, or 20.6%, to $288.6 million for the three months ended June 30, 2022 [180]. - Provision for loan losses increased to $155,000 for the six months ended June 30, 2022, compared to $25,000 for the same period in 2021 [202]. - Allowance for loan losses was $2.56 million at June 30, 2022, up from $2.39 million at June 30, 2021, with a ratio to total loans of 0.83% [202]. Interest Rates and Margins - The net interest margin improved to 4.33% from 3.65% in the previous year [172]. - Interest rate spread increased by 71 basis points to 4.23% for the three months ended June 30, 2022, compared to 3.52% for the same period in 2021 [184]. - Net interest margin increased by 68 basis points to 4.33% for the three months ended June 30, 2022, compared to 3.65% for the same period in 2021 [184]. - The weighted average yield on loans (excluding PPP loans) decreased by seven basis points to 5.28% for the three months ended June 30, 2022 [180]. - Interest income recognized on PPP loans decreased to $2,000 for the three months ended June 30, 2022, compared to $37,000 for the same period in 2021 [180]. Cash Flow and Capital - Cash flows from operating activities were $3.1 million for the six months ended June 30, 2022, compared to $1.3 million for the same period in 2021 [210]. - Cullman Savings Bank exceeded all regulatory capital requirements and was categorized as well capitalized at June 30, 2022 [212].

Assets and Liabilities - Total assets increased by $1.2 million, or 0.3%, to $353.5 million at March 31, 2022, from $354.7 million at December 31, 2021, primarily due to loan growth [146]. - Cash and cash equivalents decreased by $23.3 million, or 37.5%, to $38.7 million at March 31, 2022, due to loan growth and investment purchases [148]. - Borrowings decreased by $18.5 million, or 100%, to no borrowings at March 31, 2022, as excess cash from deposits was used to repay borrowings [152]. - Stockholders' equity decreased by $1.1 million, or 1.2%, to $98.6 million at March 31, 2022, mainly due to unrealized losses on securities available for sale [153]. Loans and Interest Income - Gross loans held for investment rose by $15.3 million, or 6.1%, to $267.5 million at March 31, 2022, with commercial real estate loans increasing by $6.7 million, or 8.7% [149]. - Average balance of loans (excluding PPP loans) increased by $31.3 million, or 13.6%, to $261.0 million in Q1 2022 compared to $229.7 million in Q1 2021 [161]. - Interest income rose by $239,000, or 7.2%, to $3.6 million in Q1 2022, driven by a $362,000, or 12.0%, increase in interest income on loans (excluding PPP loans) [161]. - Net interest income for the period was $3,329,000, with a net interest margin of 4.06% [157]. - Net interest income grew by $528,000, or 18.9%, to $3.3 million in Q1 2022, with an interest rate spread increase of 52 basis points to 3.93% [166]. Deposits and Cash Flow - Total deposits increased by $18.4 million, or 7.9%, to $250.4 million at March 31, 2022, driven by a $7.1 million increase in interest-bearing demand deposits, or 12.8% [151]. - The company experienced a significant increase in regular savings and other deposits, which rose by $22.1 million, or 32.3%, to $90.7 million at March 31, 2022 [151]. - Net cash provided by operating activities was $963,000 in Q1 2022, up from $684,000 in Q1 2021 [174]. Expenses and Income - Interest expense decreased by $289,000, or 54.7%, to $239,000 in Q1 2022, attributed to lower rates on deposits and reduced borrowings [163]. - Non-interest income fell by $46,000 to $420,000 in Q1 2022, mainly due to a decrease in gains on the sale of mortgage loans [170]. - Non-interest expense increased by $134,000, or 5.9%, to $2.4 million in Q1 2022, driven by higher professional advisory fees [171]. - Provision for loan losses recorded at $40,000 in Q1 2022, compared to $0 in Q1 2021, with an allowance for loan losses of $2.44 million [167]. Regulatory Compliance - Cullman Savings Bank exceeded all regulatory capital requirements and was categorized as well capitalized as of March 31, 2022 [178]. Net Income - Net income increased to $1.0 million for Q1 2022, up from $785,000 in Q1 2021, primarily due to higher interest income from loans [160].