Financial Performance - Net income for the three months ended September 30, 2025, was $2.4 million, an increase of $1.3 million, or 115.3%, compared to $1.1 million for the same period in 2024[138] - Net income for the nine months ended September 30, 2025, was $5.2 million, an increase of $2.6 million, or 103.4%, compared to $2.5 million for the same period in 2024[154] - Interest and dividend income increased by $3.3 million, or 19.0%, to $20.4 million for the three months ended September 30, 2025, driven by a $3.3 million increase in interest and fees on loans[139] - Interest and dividend income increased by $7.9 million, or 16.1%, to $57.1 million for the nine months ended September 30, 2025, driven by a $7.7 million increase in interest and fees on loans[155] - Net interest and dividend income increased by $2.2 million, or 34.4%, to $8.5 million, resulting in a net interest margin expansion of 34 basis points to 2.19%[144] - Net interest and dividend income increased by $4.6 million, or 25.0%, to $22.8 million for the nine months ended September 30, 2025, resulting in a net interest margin expansion of 23 basis points to 2.06%[159] Asset and Loan Growth - Total assets increased by $134.5 million, or 9.5%, to $1.55 billion at September 30, 2025, compared to $1.42 billion at December 31, 2024[128] - Total gross loans rose by $170.5 million, or 14.9%, to $1.32 billion at September 30, 2025, from $1.15 billion at December 31, 2024[132] - The average balance of the loan portfolio rose by $181.6 million to $1.30 billion, with an increase in average yield of 26 basis points to 5.53% for the same period[139] - The average balance of the loan portfolio increased by $143.4 million to $1.24 billion for the nine months ended September 30, 2025, with an average yield increase of 24 basis points to 5.43%[155] - The company originated $226.7 million in loans during the nine months ended September 30, 2025, compared to $160.4 million for the year ended December 31, 2024[171] Deposit and Funding - Total deposits increased by $110.1 million, or 11.0%, to $1.11 billion at September 30, 2025, from $998.5 million at December 31, 2024[135] - Core deposits increased by $16.2 million, or 4.1%, to $409.2 million at September 30, 2025, from $393.0 million at December 31, 2024[136] - The average balance of interest-bearing deposits rose by $144.0 million, or 16.4%, to $1.02 billion[141] - Net increases in deposits were $110.1 million for the nine months ended September 30, 2025, compared to $130.3 million for the year ended December 31, 2024[172] - Non-brokered certificates of deposit due within one year totaled $428.9 million, representing 38.7% of total deposits as of September 30, 2025[170] Expenses and Taxation - Total interest expense increased by $1.1 million, or 10.1%, to $12.0 million, with interest expense on deposit accounts rising by $753,000, or 8.6%, to $9.5 million[141] - Total interest expense increased by $3.3 million, or 10.8%, to $34.4 million for the nine months ended September 30, 2025, primarily due to an increase in the average balance of interest-bearing deposits[157] - Noninterest expense increased by $347,000, or 6.9%, to $5.4 million, primarily due to higher salaries and employee benefits[147] - Noninterest expense was $15.5 million for the nine months ended September 30, 2025, a slight increase of $360,000, or 2.4%, compared to $15.2 million for the same period in 2024[161] - Income tax expense increased by $412,000, or 101.7%, to $817,000, with an effective tax rate of 25.1% for the three months ended September 30, 2025[147] - Income tax expense increased by $829,000, or 93.5%, to $1.7 million for the nine months ended September 30, 2025, with an effective tax rate of 24.9%[161] Credit Losses and Allowances - The allowance for credit losses is estimated based on expected lifetime credit losses, requiring significant management judgment[120] - The provision for credit losses was $183,000 for the quarter ended September 30, 2025, compared to $46,000 for the same quarter in 2024, reflecting greater loan growth[145] - Provision for credit losses was $1.3 million for the nine months ended September 30, 2025, compared to $485,000 for the same period in 2024, reflecting greater loan growth[160] Securities and Investments - Investment securities available for sale increased by $24.5 million, or 372.6%, to $31.0 million at September 30, 2025, compared to $6.6 million at December 31, 2024[131] - Average interest-earning assets increased by $188.9 million to $1.50 billion, with a yield increase of 21 basis points to 5.35%[140] - Average interest-earning assets increased by $164.3 million to $1.44 billion for the nine months ended September 30, 2025, with a yield increase of 17 basis points to 5.24%[156] - Total interest-earning assets rose by $7.980 million, with loans contributing $7.690 million and securities adding $606 thousand[166] Capital and Liquidity - Shareholders' equity increased by $1.0 million, or 0.6%, to $169.3 million as of September 30, 2025, from $168.3 million as of December 31, 2024[137] - As of September 30, 2025, the company had outstanding advances of $259.8 million from the Federal Home Loan Bank and unused borrowing capacity of $424.5 million[167] - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments[174] - At September 30, 2025, the company exceeded all regulatory capital requirements and was categorized as well-capitalized[175] Economic Impact - The primary impact of inflation on operations is reflected in increased operating costs, with interest rates having a more significant impact on performance than inflation[176]

Financial Performance - Net income for Q3 2025 was $2.4 million, a 115.3% increase from $1.1 million in Q3 2024, resulting in $0.29 per diluted share [2] - Noninterest income for Q3 2025 was $341,000, a 12.2% increase from $304,000 in Q3 2024 [6] - Net income for the three months ended September 30, 2025, was $2,439 thousand, a significant increase of 115.5% compared to $1,133 thousand for the same period in 2024 [24] - Earnings per share (EPS) for the three months ended September 30, 2025, was $0.30, up from $0.14 in the same period last year, reflecting a growth of 114.3% [24] Income and Expenses - Net interest and dividend income before provision for credit losses increased by $2.2 million, or 34.4%, to $8.5 million for Q3 2025 compared to $6.3 million in Q3 2024 [4] - Noninterest expense for Q3 2025 was $5.4 million, reflecting a 6.9% increase from $5.0 million in Q3 2024 [7] - Net interest and dividend income after provision for credit losses for the nine months ended September 30, 2025, was $21,472 thousand, up from $17,720 thousand in the same period of 2024, an increase of 21.0% [24] - Total noninterest income for the nine months ended September 30, 2025, was $966 thousand, an increase from $898 thousand in the same period of 2024, reflecting a growth of 7.6% [24] Assets and Liabilities - Total assets grew by $134.5 million, or 9.5%, to $1.55 billion as of September 30, 2025, from $1.42 billion at December 31, 2024 [11] - Total liabilities increased to $1,383,344 thousand as of September 30, 2025, from $1,249,885 thousand at December 31, 2024, representing a growth of 10.7% [22] - Total gross loans increased by $170.5 million, or 14.9%, to $1.32 billion as of September 30, 2025, compared to $1.15 billion at December 31, 2024 [13] - Total deposits rose by $110.1 million, or 11.0%, to $1.11 billion as of September 30, 2025, from $998.5 million at December 31, 2024 [14] Equity and Book Value - Book value per share increased by $0.68 to $19.18 as of September 30, 2025, from $18.50 at December 31, 2024 [16] - Total shareholders' equity increased by $1.0 million, or 0.6%, to $169.3 million as of September 30, 2025, primarily due to earnings of $5.2 million [16] - Book value per common share increased to $19.18 as of September 30, 2025, compared to $18.50 at December 31, 2024, reflecting a growth of 3.7% [22] Credit Losses - The provision for credit losses was $183,000 for Q3 2025, up from $46,000 in Q3 2024, driven by greater loan growth [4] - Provision for credit losses for the three months ended September 30, 2025, was $183 thousand, compared to $46 thousand in the same period last year, indicating a rise of 297.8% [24] Capital Ratios - Tier 1 capital to risk-weighted assets ratio decreased to 13.71% as of September 30, 2025, down from 15.56% at December 31, 2024, indicating a decline of 11.9% [22]

Financial Performance - Net income for the three months ended June 30, 2025, was $1.4 million, an increase of $649,000, or 82.0%, compared to $791,000 for the same period in 2024[137] - Net income for the six months ended June 30, 2025, was $2.7 million, an increase of $1.3 million or 93.8% compared to $1.4 million for the same period in 2024[152] - Net interest income for the six months ended June 30, 2025, was $13,945 thousand, up from $11,491 thousand in 2024, reflecting a growth of 21.4%[162] Asset Growth - Total assets increased by $96.9 million, or 6.8%, to $1.52 billion at June 30, 2025, compared to $1.42 billion at December 31, 2024[127] - Total assets increased to $1.48 billion as of June 30, 2025, from $1.32 billion as of June 30, 2024[148] - Total loans increased to $1,201,409 thousand in 2025 from $1,077,497 thousand in 2024, representing an increase of 11.5%[162] Loan and Deposit Activity - Total gross loans rose by $146.5 million, or 12.8%, to $1.29 billion at June 30, 2025, from $1.15 billion at December 31, 2024[130] - Total deposits increased by $68.9 million, or 6.9%, to $1.07 billion at June 30, 2025, compared to $998.5 million at December 31, 2024[134] - Commercial real estate loans increased by $81.0 million, or 35.4%, to $310.0 million at June 30, 2025, from $229.0 million at December 31, 2024[132] Income and Expense - Interest and dividend income increased by $2.7 million, or 16.6%, to $19.1 million for the three months ended June 30, 2025, compared to $16.4 million for the same period in 2024[138] - Total interest expense rose by $1.1 million, or 10.3%, to $11.4 million for the three months ended June 30, 2025, primarily due to an increase in interest expense on deposit accounts[140] - Total interest expense increased by $2.2 million, or 11.2%, to $22.4 million for the six months ended June 30, 2025, primarily due to a $142.6 million increase in the average balance of interest-bearing deposits[155] Credit Quality - The provision for credit losses was $1.1 million for the three months ended June 30, 2025, compared to $292,000 for the same period in 2024, reflecting greater loan growth[144] - Provision for credit losses was $1.1 million for the six months ended June 30, 2025, compared to $438,000 for the same period in 2024, reflecting greater loan growth[158] Capital and Equity - Shareholders' equity increased by $9,000, or 0.01%, to $168.3 million as of June 30, 2025, from $168.3 million as of December 31, 2024[136] - The company is categorized as well-capitalized and exceeds all regulatory capital requirements as of June 30, 2025[174] Interest Rates and Margins - The net interest margin improved by 26 basis points to 2.08% for the three months ended June 30, 2025, compared to 1.82% for the same period in 2024[143] - The net interest margin improved to 1.99% in 2025 from 1.83% in 2024, indicating enhanced profitability on interest-earning assets[162] - The net interest rate spread increased to 1.37% in 2025 from 1.15% in 2024, reflecting better management of interest-earning assets and liabilities[163] Tax and Noninterest Income - The effective tax rate decreased to 24.8% for the three months ended June 30, 2025, from 25.6% for the same period in 2024[145] - Noninterest income increased by $66,000, or 22.8%, to $355,000 for the three months ended June 30, 2025, compared to $289,000 for the same period in 2024[145] - Noninterest income increased by $32,000, or 5.4%, to $626,000 for the six months ended June 30, 2025[159]

Financial Performance - Net income for Q2 2025 was $1.4 million, an increase of 82.0% compared to $791,000 in Q2 2024[2] - Basic earnings per share rose to $0.18 for the three months ended June 30, 2025, compared to $0.10 for the same period in 2024, reflecting an increase of 80%[25] - Net income for the three months ended June 30, 2025, was $1,440 thousand, a 82.2% increase compared to $791 thousand for the same period in 2024[25] Income and Revenue - Net interest and dividend income before provision for credit losses was $7.7 million for Q2 2025, up 27.4% from $6.0 million in Q2 2024[4] - Noninterest income increased by 22.8% to $355,000 in Q2 2025, from $289,000 in Q2 2024[6] - Net interest and dividend income after provision for credit losses was $6,540 thousand for the three months ended June 30, 2025, compared to $5,721 thousand for the same period in 2024, an increase of 14.4%[25] - Total noninterest income for the six months ended June 30, 2025, was $626 thousand, slightly up from $594 thousand for the same period in 2024, reflecting a growth of 5.4%[25] Assets and Loans - Total assets grew by $96.9 million, or 6.8%, to $1.52 billion as of June 30, 2025, from $1.42 billion at December 31, 2024[12] - Total gross loans increased by $146.5 million, or 12.8%, to $1.29 billion as of June 30, 2025, from $1.15 billion at December 31, 2024[14] - Total assets increased to $1,515,014 thousand as of June 30, 2025, up from $1,418,153 thousand at December 31, 2024, representing a growth of 6.8%[23] Deposits - Total deposits rose by $68.9 million, or 6.9%, to $1.07 billion as of June 30, 2025, from $998.5 million at December 31, 2024[15] - Total deposits reached $1,067,438 thousand as of June 30, 2025, up from $998,533 thousand at December 31, 2024, marking a 6.9% increase[23] Efficiency and Ratios - The efficiency ratio improved to 62.1% in Q2 2025, down from 78.5% in Q2 2024[3] - Regulatory capital ratios showed a total capital to risk-weighted assets ratio of 14.67% as of June 30, 2025, down from 16.58% at December 31, 2024[23] Credit Losses - The allowance for credit losses was $9.9 million, or 0.76% of total loans, as of June 30, 2025, compared to $8.9 million and 0.78% as of December 31, 2024[18] - Provision for credit losses increased to $1,120 thousand for the three months ended June 30, 2025, compared to $292 thousand for the same period in 2024, indicating a significant rise in credit risk[25] Book Value - Book value per share increased by $0.31 to $18.81 at June 30, 2025, from $18.50 at December 31, 2024[17] - Book value per common share increased to $18.81 as of June 30, 2025, compared to $18.50 at December 31, 2024, reflecting a growth of 1.68%[23] Interest Expense - Interest expense increased to $11,441 thousand for the three months ended June 30, 2025, compared to $10,373 thousand for the same period in 2024, a rise of 10.3%[25]

Financial Performance - Net income for the three months ended March 31, 2025, was $1.3 million, an increase of $676,000, or 108.9%, compared to $621,000 for the same period in 2024[138] - Interest and dividend income increased by $1.9 million, or 12.3%, to $17.6 million for the three months ended March 31, 2025, driven by a $1.7 million increase in interest and fees on loans[139] - Net interest and dividend income increased by $745,000, or 12.6%, to $6.6 million for the three months ended March 31, 2025, from $5.9 million for the same period in 2024[144] - Noninterest income decreased by $36,000, or 11.7%, to $271,000 for the three months ended March 31, 2025, compared to $307,000 for the same period in 2024[146] - Income tax expense increased by $213,000, or 100.9%, to $424,000 for the three months ended March 31, 2025, from $211,000 for the same period in 2024[147] Asset and Loan Growth - Total assets increased by $34.0 million, or 2.4%, to $1.45 billion at March 31, 2025, compared to $1.42 billion at December 31, 2024[129] - Total gross loans rose by $41.1 million, or 3.6%, to $1.19 billion at March 31, 2025, with multi-family real estate loans increasing by $27.0 million, or 7.9%[132] - The average balance of the loan portfolio increased by $100.0 million to $1.16 billion for the three months ended March 31, 2025, with an average yield increase of 19 basis points to 5.30%[139] - Total interest-earning assets increased to $1,953 million, up from $1,675 million, reflecting a growth of 16.6% year-over-year[153] Deposit Activity - Total deposits increased by $38.1 million, or 3.8%, to $1.04 billion at March 31, 2025, compared to $998.5 million at December 31, 2024[135] - Core deposits increased by $6.7 million, or 1.7%, to $399.7 million at March 31, 2025, from $393.0 million at December 31, 2024[136] - Certificates of deposit increased by $31.4 million, or 5.2%, to $636.9 million at March 31, 2025, from $605.5 million at December 31, 2024[140] - Money market deposit accounts rose by $19.7 million, or 10.7%, to $204.3 million at March 31, 2025, from $184.6 million at December 31, 2024[140] - The bank experienced net increases in deposits of $38.1 million for the three months ended March 31, 2025[159] Capital and Regulatory Compliance - Shareholders' equity increased by $310,000, or 0.2%, to $168.6 million as of March 31, 2025, primarily due to earnings of $1.3 million[137] - The bank is categorized as well-capitalized and exceeds all regulatory capital requirements as of March 31, 2025[162] Interest and Yield Metrics - The yield on interest-earning assets increased by 11 basis points to 5.10% for the three months ended March 31, 2025, from 4.99% for the same period in 2024[142] - The net interest margin expanded by five basis points to 1.89% for the three months ended March 31, 2025, compared to 1.84% for the same period in 2024[144] - The average balance of interest-bearing deposits increased by $144.5 million, or 18.1%, to $944.4 million for the three months ended March 31, 2025, from $799.9 million for the same period in 2024[143] Investment and Borrowing Activities - Investment securities available for sale increased by $7.4 million, or 112.5%, to $14.0 million at March 31, 2025, due to purchases of securities[131] - The bank had outstanding advances of $234.0 million from the Federal Home Loan Bank as of March 31, 2025[154] - Unused borrowing capacity included $328.3 million with the Federal Home Loan Bank and $16.8 million with the Federal Reserve Bank[154] - Loan commitments outstanding totaled $31.0 million, with $89.0 million in unused lines of credit to borrowers[156] - The level of brokered time deposits was $133.9 million as of March 31, 2025, compared to $125.6 million at the end of 2024[159] - The primary investing activity involved originating and purchasing $54.9 million in loans during the three months ended March 31, 2025[158]

Financial Performance - Net income for Q1 2025 was $1.3 million, or $0.16 per diluted share, representing an increase of $676,000, or 108.9%, compared to Q1 2024[2] - Net income for Q1 2025 was $1,297 million, a significant increase from $621 million in Q1 2024, marking a year-over-year growth of 108.5%[20] - Basic earnings per share improved to $0.16 in Q1 2025, compared to $0.07 in Q1 2024, indicating a 128.6% increase[20] - Income before income tax expense increased to $1,721 million, up from $832 million, representing a growth of 106.6%[20] Income and Expenses - Net interest and dividend income before provision for credit losses increased by $745,000, or 12.6%, to $6.6 million for Q1 2025[4] - Total interest and dividend income increased to $17,621 million in Q1 2025, up from $15,694 million in Q1 2024, representing an increase of 12.2%[20] - Net interest and dividend income after provision for credit losses rose to $6,658 million, compared to $5,756 million in the previous year, reflecting a growth of 15.6%[20] - Interest expense rose to $10,973 million in Q1 2025, compared to $9,791 million in Q1 2024, an increase of 12.1%[20] - Noninterest income decreased by $36,000, or 11.7%, to $271,000 due to no loan sales in Q1 2025[5] - Total noninterest income decreased to $271 million from $307 million year-over-year, a decline of 11.7%[20] - Noninterest expense remained stable at $5.2 million, a slight decrease of $23,000, or 0.4%[6] - Total noninterest expense slightly decreased to $5,208 million from $5,231 million, showing a reduction of 0.4%[20] Assets and Liabilities - Total assets rose to $1.45 billion, an increase of $34.0 million, or 2.4%, from December 31, 2024[8] - Total gross loans increased by $41.1 million, or 3.6%, to $1.19 billion as of March 31, 2025[10] - Total deposits grew by $38.1 million, or 3.8%, to $1.04 billion as of March 31, 2025[11] - The allowance for credit losses was $8.8 million, or 0.74% of total loans, reflecting a slight decrease from the previous quarter[13] Shareholder Value - The company completed its initial stock repurchase program, enhancing shareholder value[3] - Book value per share increased by $0.13 to $18.63 as of March 31, 2025[12] Credit Losses - The provision for credit losses showed a benefit of $10 million in Q1 2025, contrasting with a provision of $147 million in Q1 2024[20]

Financial Performance - Net income for the year ended December 31, 2024, was $4.0 million, a decrease of 11.1% from $4.5 million in 2023[243]. - Net income was $4.0 million for the year ended December 31, 2024, a decrease of $465,000, or 10.4%, compared to $4.5 million for the year ended December 31, 2023[266]. - Interest and dividend income increased by $12.3 million, or 22.4%, to $67.0 million for the year ended December 31, 2024, from $54.8 million for the year ended December 31, 2023[267]. - Total interest expense increased by $12.1 million, or 40.3%, to $42.1 million for the year ended December 31, 2024, from $30.0 million for the year ended December 31, 2023[271]. - Net interest and dividend income before provision for credit losses was $25.0 million for the year ended December 31, 2024, an increase of $198,000, or 0.8%, compared to $24.8 million for the year ended December 31, 2023[273]. - Noninterest income increased by $174,000, or 16.5%, to $1.2 million for the year ended December 31, 2024, compared to $1.1 million for the year ended December 31, 2023[275]. - Provision for credit losses decreased by $629,000, or 78.3%, to $174,000 for the year ended December 31, 2024, compared to $803,000 for the year ended December 31, 2023[274]. Asset and Loan Portfolio - As of December 31, 2024, the total loan portfolio comprised $422.8 million (36.9%) in one-to-four family residential real estate loans, $344.0 million (30.0%) in multifamily real estate loans, and $229.0 million (20.0%) in commercial real estate loans[242]. - The commercial real estate and multifamily real estate loan portfolios increased to $229.0 million and $344.0 million, respectively, at December 31, 2024, from $196.4 million and $287.4 million in 2023[247]. - Total gross loans increased by $97.2 million, or 9.3%, to $1.15 billion at December 31, 2024, from $1.05 billion at December 31, 2023[259]. - The company originated and purchased $160.4 million in loans for the year ended December 31, 2024, compared to $268.1 million in 2023[303]. - The company had outstanding commitments to originate loans of $21.5 million as of December 31, 2024[308]. Deposits and Funding - Brokered deposits amounted to $125.6 million as of December 31, 2024, supplementing customer deposits[242]. - Deposits increased by $130.3 million, or 15.0%, to $998.5 million at December 31, 2024, from $868.2 million at December 31, 2023[263]. - The level of brokered time deposits was $125.6 million at December 31, 2024, compared to $115.5 million in 2023[304]. - Non-brokered certificates of deposit due within one year totaled $321.7 million, representing 32.2% of total deposits as of December 31, 2024[302]. - The company experienced net increases in deposits of $130.3 million for the year ended December 31, 2024, compared to $150.1 million in 2023[304]. Capital and Equity - Total shareholders' equity increased by $3.4 million, or 2.0%, to $168.3 million at December 31, 2024, from $164.9 million at December 31, 2023[265]. - At December 31, 2024, the company exceeded all regulatory capital requirements and was categorized as well-capitalized[307]. Interest Rate Risk Management - The company has implemented strategies to manage interest rate risk, including maintaining capital levels above regulatory thresholds and diversifying the loan portfolio[285][286]. - The company began utilizing interest rate swaps in January 2024 to further manage interest rate risk exposure[286]. - A 200 basis point increase in interest rates is projected to decrease net interest income by 4.2%, while a decrease of the same magnitude would result in a 1.2% decline[290]. - Economic Value of Equity (EVE) is estimated to decrease by 18.7% with a 200 basis point increase in interest rates, while a decrease of 200 basis points would increase EVE by 13.6%[296]. - The net interest rate spread decreased to 1.19% in 2024 from 1.46% in 2023, indicating a tighter margin between interest-earning assets and interest-bearing liabilities[280][281]. Operational Developments - The company opened its third branch in Woburn, MA, in 2023 and is evaluating further branch expansion opportunities[249]. - The company is committed to maintaining a strong liquidity position and anticipates sufficient funds to meet current funding commitments[306]. - 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[311]. Asset Quality - Non-performing assets totaled $2.0 million, representing 0.14% of total assets as of December 31, 2024, compared to $1.2 million or 0.09% in 2023[249]. - The allowance for credit losses was deemed adequate at December 31, 2024, with a potential increase of $2.4 million if prepayment rates decreased by 50%[255]. - Interest-bearing liabilities totaled $1,075,440, with total interest-bearing deposits at $858,353, reflecting an increase in funding costs[280].

Financial Performance - For Q4 2024, ECB Bancorp reported net income of $1.4 million, or $0.17 per diluted share, up from $789,000, or $0.09 per diluted share in Q4 2023, representing a 77.5% increase in net income [2]. - Net income for the year ended December 31, 2024, was $3,991 thousand, a decrease of 10.4% from $4,456 thousand in 2023 [24]. - Basic earnings per share for Q4 2024 was $0.18, compared to $0.09 in Q4 2023, marking a 100% increase [24]. Asset and Deposit Growth - Total assets increased by $137.8 million, or 10.8%, to $1.42 billion as of December 31, 2024, compared to $1.28 billion a year earlier [12]. - Deposit growth was $130.3 million, or 15.0%, reaching $998.5 million at December 31, 2024, while loan growth was $96.7 million, or 9.3%, totaling $1.15 billion [3][13]. - Total deposits grew to $998,533 thousand in 2024, up from $868,214 thousand in 2023, reflecting a 15.0% increase [22]. Income and Expenses - Net interest and dividend income after provision for credit losses increased by $1.3 million, or 21.7%, to $7.1 million for Q4 2024 compared to $5.8 million in Q4 2023 [4]. - Noninterest income for the year ended December 31, 2024, was $1.2 million, an increase of $174,000, or 16.5%, from $1.1 million in 2023, primarily due to net gains on sales of loans [7]. - Noninterest expense for the year ended December 31, 2024, was $20.7 million, an increase of $1.6 million, or 8.5%, from $19.1 million in 2023 [10]. - Interest expense on deposits increased to $33,435 thousand for the year ended December 31, 2024, up from $21,413 thousand in 2023, a rise of 56.3% [24]. - Total noninterest expense increased to $20,669 thousand for the year ended December 31, 2024, compared to $19,054 thousand in 2023, an increase of 8.5% [24]. Equity and Book Value - Total shareholders' equity increased by $3.4 million, or 2.0%, to $168.3 million as of December 31, 2024, driven by net income and stock-based compensation [16]. - The tangible book value per share increased from $17.75 to $18.50, reflecting the impact of the stock repurchase program [3]. - Book value per common share increased to $18.50 in 2024 from $17.75 in 2023, reflecting a growth of 4.2% [22]. Loan Portfolio - The allowance for credit losses on loans was $8.9 million, or 0.78% of total gross loans, as of December 31, 2024, compared to $8.6 million, or 0.82%, a year earlier [17]. - Multi-family real estate loans increased by $56.6 million, or 19.7%, to $344.0 million as of December 31, 2024 [15]. Regulatory Capital - Regulatory capital ratios showed a decline in total capital to risk-weighted assets to 16.58% in 2024 from 17.30% in 2023 [22].

Financial Performance - Net income for the three months ended September 30, 2024, was $1,133 thousand, a decrease of 15.5% compared to $1,341 thousand for the same period in 2023[7]. - Net income for the nine months ended September 30, 2024, was $2,545 million, down from $3,667 million in the same period of 2023, representing a decrease of approximately 30.5%[13]. - Net income for the nine months ended September 30, 2023, was $3,667,000, compared to $2,545,000 for the same period in 2022, indicating a year-over-year increase of approximately 44%[12]. - Comprehensive loss income for the three months ended September 30, 2024, was $(204) thousand, compared to comprehensive income of $1,339 thousand in the same period of 2023[8]. - Basic earnings per share decreased to $0.14 for the three months ended September 30, 2024, down from $0.16 in the same period of 2023[7]. - Diluted earnings per share for the three months ended September 30, 2024, is also $0.14, compared to $0.16 for the same period in 2023[118]. Assets and Liabilities - Total assets increased to $1,357,954 thousand as of September 30, 2024, up from $1,280,335 thousand at December 31, 2023, representing a growth of 6.06%[5]. - Total liabilities increased to $1,191,905 thousand as of September 30, 2024, from $1,115,434 thousand at December 31, 2023, an increase of 6.83%[5]. - As of September 30, 2024, total loans gross amounted to $1,124,491 thousand, an increase from $1,048,606 thousand as of December 31, 2023, representing a growth of approximately 7.2%[38]. - Cash and cash equivalents at the end of the period were $119,630 million, up from $97,387 million, an increase of approximately 22.8%[13]. - Total liabilities increased to $1,147,700,000 as of September 30, 2024, compared to $997,834,000 at the end of the previous year, representing a rise of approximately 15.0%[182]. Deposits and Loans - Total deposits rose to $944,325 thousand as of September 30, 2024, compared to $868,214 thousand at December 31, 2023, reflecting an increase of 8.77%[5]. - The company experienced a net decrease in demand deposits and interest-bearing accounts of $6,928 million, compared to a decrease of $27,794 million in the previous year[13]. - Real estate loans accounted for 99.5% of total loans, with one-to-four family residential loans at $419,373 thousand (37.3%) and multi-family loans at $326,975 thousand (29.1%) as of September 30, 2024[38]. - The company originated loans and principal collections, net, totaling $(67,713) million, compared to $(103,487) million in the prior year[13]. - The company had outstanding advances of $234.0 million from the Federal Home Loan Bank as of September 30, 2024, with unused borrowing capacity of $274.2 million[185]. Income and Expenses - Net interest and dividend income after provision for credit losses was $6,245 thousand for the three months ended September 30, 2024, slightly down from $6,270 thousand in the same period last year[7]. - Noninterest expense totaled $5,011 thousand for the three months ended September 30, 2024, compared to $4,811 thousand in the same period of 2023, marking an increase of 4.16%[7]. - Total interest expense increased by $10.0 million, or 47.6%, to $31.0 million for the nine months ended September 30, 2024, from $21.0 million for the same period in 2023[175]. - Noninterest income decreased by $18,000, or 5.6%, to $304,000 for the three months ended September 30, 2024, primarily due to lower income from bank-owned life insurance[162]. - The effective tax rate for the three months ended September 30, 2024, was 26.3%, compared to 24.7% for the same period in 2023, with a provision for income tax expense of $405,000[166]. Shareholder Equity and Stock Repurchase - As of September 30, 2023, the total balance of shareholders' equity was $165,512,000, reflecting an increase from $164,629,000 as of June 30, 2023[10]. - The company repurchased 49,242 shares under its share repurchase plan, totaling approximately $590,000[12]. - The company announced a stock repurchase program to acquire up to 458,762 shares, representing 5% of the outstanding common stock[203]. - A total of 48,939 shares were repurchased from July 1, 2024, to September 30, 2024, at an average price of $13.56 per share[204]. - Shareholders' equity increased by $1.1 million, or 0.7%, to $166.0 million at September 30, 2024, primarily due to net income of $2.5 million[155]. Credit Losses and Provisions - The company reported a provision for credit losses of $485 million, down from $696 million, a decrease of about 30.2% year-over-year[13]. - The provision for credit losses recorded was $46,000 for the three months ended September 30, 2024, compared to a benefit of $184,000 for the same period in 2023, reflecting higher loan growth[161]. - The company did not record any provision for estimated credit losses on held-to-maturity securities during the three and nine months ended September 30, 2024 and 2023, indicating a zero loss expectation[27]. - The allowance for credit losses increased to $9,068 thousand as of September 30, 2024, compared to $8,591 thousand as of December 31, 2023, reflecting a rise of 5.6%[39]. - The qualitative risk factors impacting expected credit losses include lending policies, economic conditions, and changes in credit quality, among others[39]. Market and Strategic Initiatives - The company plans to continue its market expansion and product development strategies, although specific new products and technologies were not detailed in the report[10]. - The company expanded its internal loan risk rating system from a seven-grade to a ten-grade system during Q2 2024[44]. - The company has commitments to originate loans amounting to $33,370,000 as of September 30, 2024, an increase from $22,701,000 as of December 31, 2023[108]. - The company has a total of $43.639 billion in pass loans for commercial real estate, demonstrating robust performance in this sector[62]. - The company’s investments in corporate bonds are deemed "investment grade" and are not expected to suffer credit losses as of September 30, 2024[27].

Financial Performance - Net income for Q3 2024 was $1.1 million, or $0.14 per diluted share, down from $1.3 million, or $0.16 per diluted share in Q3 2023[1] - Noninterest income for Q3 2024 was $304,000, a decrease of $18,000, or 5.6%, compared to $322,000 in Q3 2023, primarily due to lower income from bank-owned life insurance[4] - Net income for the three months ended September 30, 2024, was $1,133,000, down from $1,341,000 in the same period of 2023, a decrease of 15.5%[16] - Basic earnings per share for the three months ended September 30, 2024, was $0.14, compared to $0.16 for the same period in 2023, a decline of 12.5%[16] Income and Expenses - Net interest and dividend income before provision for credit losses increased by $205,000, or 3.4%, to $6.3 million in Q3 2024, despite a decrease in net interest margin to 1.85% from 2.00% in Q3 2023[2] - Noninterest expense increased by $200,000, or 4.2%, to $5.0 million in Q3 2024, driven by a 9.9% increase in salaries and employee benefits[5] - Interest expense on deposits increased to $8,795,000 for the three months ended September 30, 2024, from $5,843,000 in the same period of 2023, an increase of 50.4%[16] - Provision for credit losses was $46,000 for the three months ended September 30, 2024, compared to a benefit of $(184,000) in the same period of 2023[16] Asset and Loan Growth - Total assets increased by $77.6 million, or 6.1%, to $1.36 billion as of September 30, 2024, compared to $1.28 billion at December 31, 2023[7] - Total gross loans increased by $75.9 million, or 7.2%, to $1.12 billion as of September 30, 2024, with multi-family real estate loans rising by 13.8%[8] - Total assets increased to $1,357,954,000 as of September 30, 2024, up from $1,280,335,000 at December 31, 2023, representing a growth of 6.06%[15] Deposits and Equity - Deposits increased by $76.1 million, or 8.8%, to $944.3 million as of September 30, 2024, compared to $868.2 million at December 31, 2023[9] - Total deposits rose to $944,325,000 as of September 30, 2024, compared to $868,214,000 at December 31, 2023, marking an increase of 8.77%[15] - Total shareholders' equity increased by $1.1 million, or 0.7%, to $166.0 million as of September 30, 2024, primarily due to net income of $2.5 million[11] Credit Quality and Capital Ratios - The allowance for credit losses was $9.0 million, or 0.81% of total loans, as of September 30, 2024, compared to $8.6 million and 0.82% as of December 31, 2023[12] - Regulatory capital ratios showed total capital to risk-weighted assets at 16.80% as of September 30, 2024, down from 17.30% at December 31, 2023[15] Shareholder Value - The book value per common share increased to $18.14 as of September 30, 2024, from $17.75 at December 31, 2023, an increase of 2.19%[15] - The company remains focused on balance sheet growth and enhancing franchise value, with a commitment to managing expenses effectively[2]