Workflow
NorthEast munity Bancorp(NECB) - 2025 Q1 - Quarterly Report

PART I — FINANCIAL INFORMATION Item 1. Financial Statements Presents unaudited consolidated financial statements for Q1 2025 and prior periods, with detailed notes on accounting policies and capital Consolidated Statements of Financial Condition Total assets and liabilities decreased, while stockholders' equity increased for Q1 2025 compared to Q4 2024 | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | Change (In thousands) | % Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | :------- | | Total assets | $1,933,376 | $2,009,581 | $(76,205) | -3.79% | | Total liabilities | $1,606,166 | $1,691,240 | $(85,074) | -5.03% | | Total stockholders' equity | $327,210 | $318,341 | $8,869 | 2.78% | - Total assets decreased by $76.2 million, or 3.8%, primarily due to decreases in net loans, partially offset by increases in cash and cash equivalents and equity securities133 - Total deposits decreased by $84.4 million, or 5.1%, mainly due to decreases in certificates of deposit and non-interest bearing deposits, partially offset by increases in NOW/money market and savings accounts144 Consolidated Statements of Income Net income decreased by 7.1% for the three months ended March 31, 2025, compared to the same period in 2024, driven by lower net interest income and higher credit loss provision | Metric | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | Change (In thousands) | % Change | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :------- | | Total Interest Income | $38,207 | $38,121 | $86 | 0.23% | | Total Interest Expense | $13,943 | $13,135 | $808 | 6.15% | | Net Interest Income | $24,264 | $24,986 | $(722) | -2.89% | | Provision for (reversal of) credit loss | $237 | $(165) | $402 | -243.64% | | Total Non-Interest Income | $1,235 | $554 | $681 | 122.92% | | Total Non-Interest Expenses | $10,619 | $9,681 | $938 | 9.69% | | Income Before Provision For Income Taxes | $14,643 | $16,024 | $(1,381) | -8.62% | | Provision For Income Taxes | $4,076 | $4,650 | $(574) | -12.34% | | NET INCOME | $10,567 | $11,374 | $(807) | -7.10% | | EARNINGS PER COMMON SHARE – BASIC | $0.80 | $0.87 | $(0.07) | -8.05% | | EARNINGS PER COMMON SHARE – DILUTED | $0.78 | $0.86 | $(0.08) | -9.30% | Consolidated Statements of Comprehensive Income Total comprehensive income for Q1 2025 was $10.554 million, a decrease from $11.377 million in the prior year, reflecting lower net income and an other comprehensive loss | Metric | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net Income | $10,567 | $11,374 | | Other comprehensive income (loss) | $(13) | $3 | | Total Comprehensive Income | $10,554 | $11,377 | Consolidated Statements of Changes in Stockholders' Equity Stockholders' equity increased to $327.2 million at March 31, 2025, from $318.3 million at December 31, 2024, driven by net income and ESOP shares earned | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total Stockholders' Equity | $327,210 | $318,341 | | Net income | $10,567 | N/A | | Other comprehensive loss | $(13) | N/A | | Cash dividend declared | $(2,683) | N/A | | ESOP shares earned | $520 | N/A | Consolidated Statements of Cash Flows Net cash provided by operating activities decreased, while investing activities shifted from a net use to a net provision of cash, and financing activities changed from a net provision to a net use of cash for Q1 2025 compared to Q1 2024 | Cash Flow Activity | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net Cash Provided by Operating Activities | $10,943 | $12,908 | | Net Cash Provided by (Used in) Investing Activities | $86,038 | $(67,337) | | Net Cash (Used in) Provided by Financing Activities | $(85,782) | $93,206 | | Net Increase in Cash and Cash Equivalents | $11,199 | $38,777 | | Cash and Cash Equivalents – Ending | $89,458 | $107,448 | Notes to Condensed Consolidated Financial Statements Provides detailed disclosures on the Company's business, significant accounting policies, regulatory capital, earnings per share, and specific financial instruments and activities Note 1 — Summary of Significant Accounting Policies NorthEast Community Bancorp, Inc. operates as a Maryland corporation, with its primary activity being the ownership and operation of NorthEast Community Bank, a New York State-chartered savings bank - The Company's primary activity is the ownership and operation of NorthEast Community Bank, a New York State-chartered savings bank23 - The Bank's principal business involves originating primarily construction loans, and to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans25 - Lending activity is concentrated in construction loans in New York State, with significant portions in the Bronx ($626.2 million), Town of Monroe ($222.4 million), Hamlet of Monsey ($87.6 million), and Village of Spring Valley ($140.4 million) as of March 31, 202535 Note 2 — Regulatory Capital The Bank met all capital adequacy requirements and was categorized as 'well capitalized' under regulatory frameworks as of March 31, 2025, and December 31, 2024 | Capital Ratio | Actual Ratio (March 31, 2025) | Minimum Capital Adequacy | Well-Capitalized Standard | | :------------------------------------ | :---------------------------- | :----------------------- | :------------------------ | | Total capital (to risk weighted assets) | 15.10% | ≥8.00% | ≥10.00% | | Tier 1 capital (to risk weighted assets) | 14.79% | ≥6.00% | ≥8.00% | | Common equity tier 1 capital (to risk-weighted assets) | 14.79% | ≥4.50% | ≥6.50% | | Core (Tier 1) capital (to adjusted total assets) | 15.09% | ≥4.00% | ≥5.00% | - The Bank was categorized as 'well capitalized' by the FDIC as of March 31, 2025, and December 31, 202438 Note 3 — Earnings Per Share Basic and diluted earnings per common share decreased for Q1 2025 compared to Q1 2024, reflecting lower net income and a higher weighted average number of diluted shares outstanding | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Net income (basic and diluted) | $10,567 | $11,374 | | Basic weighted average shares outstanding | 13,192 | 13,118 | | Diluted weighted average shares outstanding | 13,560 | 13,191 | | Net income per share - Basic | $0.80 | $0.87 | | Net income per share - Diluted | $0.78 | $0.86 | Note 4 — Equity Securities The Company's equity securities, primarily investments in a market-rate bond mutual fund, increased in fair value, recognizing an unrealized gain for Q1 2025 | Metric | March 31, 2025 (In Thousands) | December 31, 2024 (In Thousands) | | :-------------------------- | :---------------------------- | :---------------------------- | | Equity Securities, at Fair Value | $23,294 | $21,994 | | Metric | Three Months Ended March 31, 2025 (In Thousands) | Three Months Ended March 31, 2024 (In Thousands) | | :------------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net unrealized gain (loss) recognized on equity securities | $300 | $(82) | - The equity securities portfolio consists of investments in a market-rate bond mutual fund that invests in high-quality fixed-income bonds, mainly government agency securities, designed to positively impact community development42 Note 5 — Securities Held-to-Maturity The Company's held-to-maturity securities portfolio saw a slight decrease in amortized cost, with unrealized losses deemed temporary due to high credit quality and intent to hold to maturity | Metric | March 31, 2025 (In Thousands) | December 31, 2024 (In Thousands) | | :-------------------------- | :---------------------------- | :---------------------------- | | Amortized Cost | $14,613 | $14,742 | | Fair Value | $11,643 | $11,858 | | Gross Unrealized Losses | $2,971 | $2,885 | | Allowance for Credit Loss | $126 | $126 | - Unrealized losses on mortgage-backed securities are attributed to interest rate volatility and are considered temporary, as the Company has the ability and intent to hold these securities to maturity46 - The held-to-maturity portfolio includes agency mortgage-backed securities (explicitly or implicitly guaranteed by the U.S. government) and municipal bonds (rated no lower than A), all with a history of no credit losses47 Note 6 — Loans Receivable and the Allowance for Credit Losses Total loans receivable decreased, primarily driven by a reduction in construction loans, while the allowance for credit losses on loans increased due to recoveries and provision expense | Loan Class | March 31, 2025 (In Thousands) | December 31, 2024 (In Thousands) | Change (In Thousands) | % Change | | :-------------------------- | :---------------------------- | :---------------------------- | :-------------------- | :------- | | Residential real estate | $283,026 | $236,649 | $46,377 | 19.60% | | Non-residential real estate | $29,198 | $29,446 | $(248) | -0.84% | | Construction | $1,287,225 | $1,426,167 | $(138,942) | -9.74% | | Commercial and industrial | $123,113 | $118,736 | $4,377 | 3.69% | | Consumer | $3,102 | $1,649 | $1,453 | 88.11% | | Total Loans | $1,725,664 | $1,812,647 | $(86,983) | -4.80% | | Allowance for credit losses | $5,127 | $4,830 | $297 | 6.15% | | ACL Activity (Three Months Ended March 31, 2025) | Amount (In Thousands) | | :----------------------------------------------- | :-------------------- | | Balance - December 31, 2024 | $4,830 | | Charge-offs | $(117) | | Recoveries | $352 | | Provision (reversal of) | $62 | | Balance - March 31, 2025 | $5,127 | - As of March 31, 2025, there were no loans past due 30 days or more, and no non-accrual loans6061 - The allowance for credit losses for off-balance sheet commitments increased by $175,000 to $879,000 at March 31, 2025, due to an increase in unfunded off-balance sheet commitments71157 Note 7 — Real Estate Owned ("REO") The Company held two foreclosed properties valued at $5.12 million at March 31, 2025, with REO expense increasing significantly for Q1 2025 due to higher operating costs - The Company owned two foreclosed properties valued at approximately $5,120,000 at March 31, 2025, and December 31, 202472 | Metric | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | | :-------------------- | :--------------------------------------------- | :--------------------------------------------- | | REO expense | $30 | $11 | Note 8 — Borrowings The Company had no outstanding borrowings from the FHLB or FRBNY at March 31, 2025, but maintained significant available borrowing capacity - No outstanding borrowings from FHLB or FRBNY at March 31, 2025, and December 31, 202475 | Borrowing Source | Available Borrowing Limit (March 31, 2025, In millions) | | :----------------- | :---------------------------------------------------- | | FRBNY | $941.3 | | FHLB | $15.5 | | ACBB | $8.0 | Note 9 — Benefits Plans The Company maintains several benefit plans, with ESOP compensation expense increasing significantly for Q1 2025 compared to the prior year | Benefit Plan Expense | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | DRP Net periodic pension expense | $30 | $31 | | SERP Expenses | $139 | $130 | | ESOP compensation expense | $520 | $352 | - The ESOP has two outstanding loans, with balances of $478,000 and $5,991,000 at March 31, 2025, which are being repaid through Bank contributions and dividends on ESOP shares84 Note 10 — Fair Value Disclosures The Company uses fair value measurements for certain assets and liabilities, primarily marketable equity securities (Level 1) and securities held-to-maturity (Level 2), with real estate owned and individually evaluated loans measured at fair value on a non-recurring basis using Level 3 inputs | Asset Type | Fair Value (March 31, 2025, In thousands) | Fair Value (December 31, 2024, In thousands) | Fair Value Hierarchy Level | | :-------------------------- | :---------------------------------------- | :---------------------------------------- | :------------------------- | | Marketable equity securities | $23,294 | $21,994 | Level 1 | | Securities held to maturity | $11,643 | $11,858 | Level 2 | | Loans receivable, net | $1,715,111 | $1,801,607 | Level 3 | | Real estate owned | $5,120 | $5,120 | Level 3 | - Fair value for real estate owned is determined through independent appraisals or estimations, adjusted by management for qualitative reasons and estimated liquidation expenses, using Level 3 inputs94 - Individually evaluated loans are written down to fair value based on collateral valuations, discounted cash flows, and industry liquidation rates, classified as Level 3 due to subjective assumptions95 Note 11 — Revenue Recognition The majority of the Company's revenue comes from interest income, which is outside the scope of ASC 606, while non-interest income streams within ASC 606 are recognized as performance obligations are satisfied | Non-Interest Income Source | Three Months Ended March 31, 2025 (In Thousands) | Three Months Ended March 31, 2024 (In Thousands) | ASC 606 Scope | | :------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------ | | Deposit-related fees and charges | $17 | $15 | Within | | Loan-related fees and charges | $456 | $211 | Not within | | Electronic banking fees and charges | $267 | $236 | Within | | Income from bank owned life insurance | $167 | $157 | Not within | | Unrealized gain (loss) on equity securities | $300 | $(82) | Not within | | Miscellaneous | $28 | $17 | Not within | | Total non-interest income | $1,235 | $554 | | - The Company does not typically enter into long-term revenue contracts with customers and does not experience significant contract balances104105 Note 12 — Other Non-Interest Expenses Other non-interest expenses increased for Q1 2025 compared to the prior year, primarily driven by increases in miscellaneous other expenses, regulatory fees, and legal fees | Expense Category | Three Months Ended March 31, 2025 (In Thousands) | Three Months Ended March 31, 2024 (In Thousands) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Other | $1,367 | $1,103 | | Service contracts | $423 | $424 | | Consulting expense | $191 | $231 | | Telephone | $143 | $170 | | Directors' compensation | $237 | $246 | | Audit and accounting | $143 | $135 | | Insurance | $106 | $102 | | Director, officer, and employee expense | $59 | $79 | | Legal fees | $98 | $66 | | Office supplies and stationary | $56 | $51 | | Recruiting expense | $32 | $27 | | Total | $2,855 | $2,634 | Note 13 — Stock Compensation Plans The Company's 2022 Equity Incentive Plan allows for grants of various stock-based awards, with increased restricted stock compensation expense and significant unrecognized compensation costs remaining - The 2022 Equity Incentive Plan reserved 1,369,771 shares for various stock-based awards109 | Metric | Three Months Ended March 31, 2025 (In thousands) | Three Months Ended March 31, 2024 (In thousands) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Restricted stock compensation expense | $293 | $252 | | Stock option compensation expense | $185 | $192 | - As of March 31, 2025, $3.0 million in compensation cost related to non-vested restricted stock awards and $1.9 million related to stock option awards remain unrecognized, expected to be recognized over the next three years113116 Note 14 — Business Segments The Company operates as a single reportable operating segment, with its Executive Committee assessing performance on a consolidated basis using net income and other financial measures - All financial service operations are aggregated into one reportable operating segment117 - The Executive Committee uses net income, net interest margin, return on average assets, and return on common equity to evaluate performance and allocate resources119 | Metric | Three Months Ended March 31, 2025 (In Thousands) | Three Months Ended March 31, 2024 (In Thousands) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Total interest income | $38,207 | $38,121 | | Total interest expense | $13,943 | $13,135 | | Net interest income | $24,264 | $24,986 | | Segment net income | $10,567 | $11,374 | Note 15 — Recent Accounting Pronouncements The Company reviewed recent FASB Accounting Standards Updates (ASUs), including ASU 2023-06, ASU 2024-03, ASU 2024-04, and ASU 2025-01, none of which are expected to have a significant impact on its financial statements - ASU 2023-06 incorporates SEC disclosure requirements into US GAAP, effective when related SEC rules are removed123124 - ASU 2024-03 (and its revision ASU 2025-01) requires disaggregation disclosures for certain costs and expenses for public business entities, effective for fiscal years beginning after December 15, 2026125127 - ASU 2024-04 clarifies accounting for induced conversions of convertible debt instruments, effective for fiscal years beginning after December 15, 2025126 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Provides management's perspective on the Company's financial condition and results of operations, including forward-looking statements, critical accounting policies, and detailed analysis of balance sheet changes, income statement performance, asset quality, liquidity, and capital resources for Q1 2025 Forward-Looking Statements The Company includes forward-looking statements, which are subject to significant risks and uncertainties, and cautions readers that actual results may differ materially - Forward-looking statements are based on assumptions and describe future plans, strategies, and expectations, identifiable by words like 'believe,' 'expect,' 'intend,' 'anticipate,' 'estimate,' 'project,' 'plan'128 - Key risk factors include general economic conditions, changes in interest rates, increased competitive pressures, changes in loan/investment portfolios, real estate market values, legislative/regulatory changes, technological changes, and cybersecurity risks129131 Critical Accounting Policies The Company identifies critical accounting policies as those involving significant management judgments and assumptions that could materially impact asset carrying values or income - Critical accounting policies involve significant judgments and assumptions that could materially impact the carrying value of assets or income132 - Estimates are based on historical experience and reasonable factors, but actual results may differ, potentially impacting asset and liability carrying values and operating results132 Balance Sheet Analysis Total assets decreased by $76.2 million, or 3.8%, primarily due to a significant decrease in net loans, partially offset by increases in cash and cash equivalents and equity securities - Total assets decreased $76.2 million (3.8%) to $1.9 billion at March 31, 2025, from $2.0 billion at December 31, 2024133 - Net loans decreased $87.3 million (4.8%), primarily due to a $138.9 million decrease in construction loans, offset by increases in multi-family, commercial and industrial, and consumer loans137 - Total deposits decreased $84.4 million (5.1%), driven by a $125.1 million decrease in certificates of deposit (retail and brokered), partially offset by increases in NOW/money market and savings accounts144 - Stockholders' equity increased $8.9 million (2.8%) to $327.2 million, primarily due to net income and ESOP shares earned, partially offset by dividends declared and other comprehensive loss148150 Results of Operations for the Three Months Ended March 31, 2025 and 2024 Net income decreased by 7.1% year-over-year, primarily due to a decline in net interest income and an increase in credit loss provision, despite a significant rise in non-interest income - Net income decreased by $807,000 (7.1%) to $10.6 million for the three months ended March 31, 2025, compared to $11.4 million in the prior year151 - Net interest income decreased $722,000 (2.9%) to $24.3 million, as interest expense growth outpaced interest income growth152 - Net interest margin decreased 64 basis points (11.1%) to 5.11% for the three months ended March 31, 2025, from 5.75% in the prior year155 - Non-interest income increased $681,000 (122.9%) to $1.2 million, driven by an unrealized gain on equity securities and higher loan fees164 - Non-interest expense increased $938,000 (9.7%) to $10.6 million, primarily due to higher salaries and employee benefits and other operating expenses167 Asset Quality Non-performing assets remained stable at $5.1 million, consisting entirely of real estate owned, with no non-accrual or past due loans, while the allowance for credit losses related to loans increased to 0.30% of total loans | Metric | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :------------------------------------ | :---------------------------- | :---------------------------- | | Total non-accrual loans | $0 | $0 | | Total accruing loans past due 90 days or more | $0 | $0 | | Total non-performing loans | $0 | $0 | | Real estate owned | $5,120 | $5,120 | | Total non-performing assets | $5,120 | $5,120 | | Total non-performing assets to total assets | 0.26% | 0.25% | - The allowance for credit losses related to loans increased to $5.1 million, or 0.30% of total loans, at March 31, 2025, from $4.8 million, or 0.27%, at December 31, 2024188 - Recoveries of $352,000 were recorded during the three months ended March 31, 2025, primarily from a previously charged-off non-residential mortgage loan161 Liquidity and Capital Resources The Company maintains adequate liquidity through deposits, loan repayments, and investment maturities, supplemented by borrowing agreements with FHLB and FRBNY, with significant available borrowing capacity | Liquidity Ratio | Average for Three Months Ended March 31, 2025 | Target | | :------------------------------------------ | :-------------------------------------------- | :----- | | Cash Liquidity ratio | 6.1% | 2.0% | | On Balance Sheet Liquidity ratio | 8.4% | 8.0% | | On Balance Sheet Liquidity & Borrowing Capacity ratio | 74.2% | 20.0% | - Primary liquidity sources include deposits, prepayment of loans and mortgage-backed securities, maturities of investment securities, earnings, and funds from operations195 - Available borrowing limits were $941.3 million from FRBNY and $15.5 million from FHLB at March 31, 2025, with no outstanding borrowings198199 - Unfunded commitments totaled $360.7 million for construction/multi-family loans, $205.9 million for loan originations, $81.9 million for lines of credit, and $14.9 million for standby letters of credit at March 31, 2025201 Off-Balance Sheet Arrangements The Company did not engage in any off-balance sheet transactions during Q1 2025 that are reasonably likely to have a material adverse effect on its financial condition, results of operations, or cash flows - No material adverse off-balance sheet arrangements were engaged in during the three months ended March 31, 2025205 Impact of Inflation and Changing Prices The Company's financial statements are prepared using historical dollars, and while inflation impacts operating costs, changes in market interest rates have a greater effect on its performance - The primary impact of inflation is reflected in increased operating costs206 - Changes in market interest rates have a greater impact on the Company's performance than inflation, given its assets and liabilities are primarily monetary206 Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company actively manages interest rate risk, which is defined as exposure to earnings and capital from adverse interest rate movements, using income and economic value simulations to monitor and control this risk - Interest rate risk is managed by determining how interest rate movements affect net interest income and the market value of portfolio equity209 - The Company uses income simulation (short-term net interest income) and economic value simulation (long-term market value of portfolio equity) to assess interest rate risk210212 | Change in Interest Rates (Basis Points) | Twelve Month Net Interest Income (% of Change) | Estimated Net Portfolio Value (% of Change) | | :-------------------------------------- | :--------------------------------------------- | :------------------------------------------ | | +200 | 14.95% | 2.00% | | +100 | 7.61% | 1.16% | | 0 | — | — | | -100 | (8.42)% | (2.04)% | | -200 | (16.95)% | (4.86)% | Item 4. Controls and Procedures Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of March 31, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of March 31, 2025221 - No material changes in internal control over financial reporting occurred during the last fiscal quarter222 PART II — OTHER INFORMATION Item 1. Legal Proceedings The Company is involved in various legal actions and claims in the normal course of business, which management believes will not have a material adverse impact on its financial condition - Legal actions and claims arising in the normal course of business are not expected to have a material adverse impact on the Company's financial condition224 Item 1A. Risk Factors The Company's risk factors have not materially changed from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - Risk factors have not materially changed from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024225 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The Company's Board of Directors authorized a stock repurchase program to acquire up to 1,509,218 shares of common stock, with no shares repurchased during Q1 2025 - The Board authorized a stock repurchase program for up to 1,509,218 shares of common stock226 | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | :-------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------------- | | January 1 - 31, 2025 | - | - | 418,044 | | February 1 - 28, 2025 | - | - | 418,044 | | March 1 - 31, 2025 | - | - | 418,044 | | Total | - | - | | Item 3. Defaults Upon Senior Securities This item is not applicable to the Company Item 4. Mine Safety Disclosures This item is not applicable to the Company Item 5. Other Information No directors or officers informed the Company of the adoption or termination of Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers reported adoption or termination of Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter230 Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including certifications, XBRL financial statements, and related taxonomy documents - Exhibits include CEO and CFO certifications (31.1, 31.2, 32.0), and XBRL formatted financial statements and taxonomy documents (101.0, 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)236