Financial Performance - Net income decreased by $1.8 million, or 50.7%, to $1.8 million for the year ended December 31, 2021, down from $3.5 million for the year ended December 31, 2020[198]. - Interest income decreased by $802,000, or 5.7%, to $13.4 million for the year ended December 31, 2021, compared to $14.2 million for the year ended December 31, 2020[198]. - Earnings per share - basic was $0.25 for the year ended December 31, 2021, compared to $0.52 for the year ended December 31, 2020[217]. - The efficiency ratio deteriorated to 84.00% in 2021 from 64.27% in 2020, indicating increased noninterest expenses relative to income[1]. - The net interest margin decreased to 3.46% in 2021 from 3.75% in 2020, reflecting changes in interest-earning assets and liabilities[1]. - Non-interest income increased by $60,000, or 4.1%, to $1.5 million for the year ended December 31, 2021, from $1.4 million for the year ended December 31, 2020[245]. Assets and Deposits - Total assets increased by $23.3 million, or 7.0%, to $354.7 million as of December 31, 2021, compared to $331.3 million as of December 31, 2020[197]. - Total deposits increased by $15.1 million, or 6.9%, to $232.0 million as of December 31, 2021, from $217.0 million as of December 31, 2020[197]. - Gross loans held for investment rose by $20.3 million, or 8.7%, to $254.6 million at December 31, 2021, primarily driven by a $12.9 million increase in one-to-four family residential real estate loans[223]. - Total deposits increased by $15.1 million, or 6.9%, to $232.0 million at December 31, 2021, with regular savings and other deposits rising by $13.9 million, or 33.5%[225]. - Shareholders' equity surged by $42.8 million, or 75.4%, to $99.7 million at December 31, 2021, primarily due to capital raised in the offering[227]. Expenses and Losses - Noninterest expense increased to $10.9 million for the year ended December 31, 2021, compared to $8.1 million for the year ended December 31, 2020[217]. - Provision for loan losses recorded was $60,000 for the year ended December 31, 2021, down from $152,000 for the year ended December 31, 2020[217]. - Total non-interest expense increased by $2.84 million, or 35.1%, to $10.94 million for the year ended December 31, 2021, from $8.1 million for the year ended December 31, 2020[248]. Loan and Allowance Metrics - The allowance for loan losses to total loans was 0.94% at December 31, 2021, compared to 1.01% at December 31, 2020[199]. - Non-performing loans as a percentage of total loans increased to 0.12% at December 31, 2021, compared to 0.05% at December 31, 2020[1]. - The allowance for loan losses as a percentage of total loans was 0.94% at December 31, 2021, down from 1.01% at December 31, 2020[243]. - Provision for loan losses was $60,000 for the year ended December 31, 2021, compared to $152,000 for the year ended December 31, 2020[243]. Interest Rates and Economic Impact - The Federal Reserve reduced the federal funds rate to near zero in response to the COVID-19 pandemic, impacting interest income and expenses[202]. - The average rate paid on borrowings decreased by 33 basis points to 1.75% for the year ended December 31, 2021, compared to 2.08% for the year ended December 31, 2020[240]. - As of December 31, 2021, a 200 basis point increase in interest rates would lead to an 11.94% increase in net interest income, while a 200 basis point decrease would result in an 8.45% decrease[257]. - The estimated economic value of equity (EVE) would decrease by 10.70% with a 200 basis point increase in interest rates and by 3.76% with a 200 basis point decrease as of December 31, 2021[261]. Liquidity and Capital Position - The company exceeded all regulatory capital requirements and was categorized as well capitalized as of December 31, 2021[269]. - The net proceeds from the stock offering significantly increased the company's liquidity and capital resources, enhancing net interest-earning assets and net interest income[270]. - The company anticipates retaining a significant portion of maturing time deposits based on deposit retention experience and current pricing strategy[268]. - The company’s liquidity position is monitored daily, ensuring sufficient funds to meet current funding commitments[268]. - Net cash provided by operating activities was $5.1 million for the year ended December 31, 2021, compared to $3.4 million in 2020[267]. - Net cash provided by investing activities was $22.7 million for the year ended December 31, 2021, compared to $21.7 million in 2020[267]. Inflation Impact - The primary impact of inflation on the company’s operations is reflected in increased operating costs, with interest rates having a more significant impact on performance than inflation[272].

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 September 30, 2021 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 Jurisd ...

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 June 30, 2021 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 Jurisdictio ...

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, 2021 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 333-254220 CULLMAN BANCORP, INC. (Exact Name of Registrant as Specified in Charter) Maryland 61-1990996 (State or Other Jurisdict ...