NSTS Bancorp 第一季 10-Q 摘要

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NSTS Bancorp, Inc.
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Dollars in thousands. The aggregate intrinsic value of outstanding and exercisable options at September 30, 2023 and 2024 were calculated based on the closing market price of the Company's common stock of September 30, 2023 and 2024 of $10.35 and $9.05, respectively, per share less the exercise price.
 
Dollars in thousands. The aggregate intrinsic value of outstanding and exercisable options at March 31, 2026 and 2025 were calculated based on the closing market price of the Company's common stock of March 31, 2026 and 2025 of $11.66 and $11.29, respectively, per share less the exercise price. 
As defined by regulatory agencies. Failure to exceed the leverage ratio thresholds required under CBLR in the future, subject to any applicable grace period, would require the Company to return to the risk-based capital ratio thresholds previously utilized under the fully phased-in Basel III Capital Rules to determine capital adequacy.

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 Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

(Mark one)

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

 

For the quarterly period ended March 31, 2026

 

Or

 

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

 

Commission File Number 001-41232

 

NSTS BANCORP, INC.

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

   

 Delaware
   87-2522769
 

 (State or Other Jurisdiction of
   (I.R.S. Employer
 

 Incorporation or Organization)
   Identification Number)
 

   

 700 S. Lewis Ave. Waukegan, Illinois
   60085
 

 (Address of principal executive offices)
   (Zip Code)
 

(847) 336-4430

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered
 

 Common Stock
 NSTS
 NASDAQ Capital Market
 

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

 

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

 

 Large accelerated filer
 ☐
 Accelerated filer
 ☐
 

 Non-accelerated filer
 ☒
 Smaller reporting company
 ☒
 

   Emerging growth company
 ☒
 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

 

As of May 7, 2026, the Registrant had 5,261,533 shares of its common stock outstanding.

 

 

 
 
 
  
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

 
 NSTS Bancorp, Inc.

  

 Form 10Q

  

 Index

  

 
 
 
 PART I.
 
 FINANCIAL INFORMATION
 
 2
 

 
 ITEM 1.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 2
 

 
  
 CONSOLIDATED BALANCE SHEETS
 
 2
 

 
  
 CONSOLIDATED STATEMENTS OF OPERATIONS
 
 3
 

 
  
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
 4
 

 
  
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 
 5
 

 
  
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 6
 

 
  
 NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
 7
 

 
 ITEM 2.
 
 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 26
 

 
 ITEM 3.
 
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 36
 

 
 ITEM 4.
 
 CONTROLS AND PROCEDURES
 
 37
 

 
  
  
  
 

 
 PART II.
 
 OTHER INFORMATION
 
 37
 

 
 ITEM 1.
 
 LEGAL PROCEEDINGS
 
 37
 

 
 ITEM 1A.
 
 RISK FACTORS
 
 37
 

 
 ITEM 2.
 
 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
 37
 

 
 ITEM 3.
 
 DEFAULTS UPON SENIOR SECURITIES
 
 37
 

 
 ITEM 4.
 
 MINE SAFETY DISCLOSURES
 
 37
 

 
 ITEM 5.
 
 OTHER INFORMATION
 
 37
 

 
 ITEM 6.
 
 EXHIBITS
 
 38
 

 
 SIGNATURES
 
 39
 

 
 
 
  
 

  

  

 

  

 
 
 
  
 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

 Part I. Financial Information

 Item 1. Consolidated Financial Statements

  

 NSTS BANCORP, INC.

 Consolidated Balance Sheets

  

 
    March 31, 2026
      

   (unaudited)
    December 31, 2025
  

   (Dollars in thousands)
  

 Assets:
         

 Cash and due from banks
  $1,032  $1,242 

 Interest-bearing bank deposits
   42,358   32,800 

 Cash and cash equivalents
   43,390   34,042 

 Time deposits with other financial institutions
   996   1,245 

 Securities available for sale
   76,717   78,719 

 Federal Home Loan Bank stock (FHLB)
   605   605 

 Loans held for sale
   1,759   4,459 

 Loans, net of unearned income
   128,742   129,763 

 Allowance for credit losses on loans
   (1,095)  (1,128)

 Loans, net
   127,647   128,635 

 Premises and equipment, net
   5,053   5,113 

 Accrued interest receivable
   918   925 

 Bank-owned life insurance (BOLI)
   9,954   9,894 

 Other assets
   3,279   3,011 

 Total assets
  $270,318  $266,648 

 Liabilities:
         

 Deposits:
         

 Noninterest bearing
  $13,841  $13,306 

 Interest-bearing
         

 Demand and NOW checking
   14,593   14,289 

 Money market
   26,088   25,735 

 Savings
   37,222   38,660 

 Time deposits over $250,000
   26,289   23,370 

 Other time deposits
   65,840   66,112 

 Total deposits
   183,873   181,472 

 Escrow deposits
   2,662   1,599 

 Accrued expenses and other liabilities
   3,809   3,603 

 Total liabilities
  $190,344  $186,674 

 Stockholders' equity:
         

 Common Stock
   56   56 

 Treasury Stock, at cost
   (3,087)  (3,087)

 Additional paid-in capital
   52,533   52,348 

 Retained earnings
   39,841   39,880 

 Unallocated common shares held by ESOP
   (3,408)  (3,462)

 Accumulated other comprehensive loss, net
   (5,961)  (5,761)

 Total stockholders' equity
   79,974   79,974 

 Total liabilities and stockholders' equity
  $270,318  $266,648 

 

  

  

 
    March 31, 2026
    December 31, 2025
  

   Common Stock
    Common Stock
  

 Par value
  $0.01  $0.01 

 Shares authorized
   10,000,000   10,000,000 

 Shares issued
   5,599,859   5,599,859 

 Shares outstanding
   5,261,533   5,261,533 

 Treasury shares
   338,326   338,326 

 

 See accompanying notes to consolidated unaudited financial statements

  

 
 
 
 
 2
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

  

 NSTS BANCORP, INC.

 Consolidated Statements of Operations (unaudited)

  

 
 
 
 
  
  
 For the three months ended
 
  
 

 
  
  
 March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
 

 
  
  
 (Dollars in thousands)
 
  
 

 
 Interest income:
 
  
  
  
  
  
  
  
  
 

 
 Loans, including fees
 
  
 $
 1,818
  
  
 $
 1,800
  
 

 
 Securities
 
  
  
  
  
  
  
  
  
 

 
 Taxable
 
  
  
 405
  
  
  
 355
  
 

 
 Tax-exempt
 
  
  
 60
  
  
  
 60
  
 

 
 Federal funds sold and other
 
  
  
 285
  
  
  
 508
  
 

 
 Time deposits with other financial institutions
 
  
  
 11
  
  
  
 18
  
 

 
 FHLB Stock
 
  
  
 6
  
  
  
 9
  
 

 
 Total interest income
 
  
  
 2,585
  
  
  
 2,750
  
 

 
 Interest expense:
 
  
  
  
  
  
  
  
  
 

 
 Deposits
 
  
  
 728
  
  
  
 859
  
 

 
 Other borrowings
 
  
  
 —
  
  
  
 60
  
 

 
 Total interest expense
 
  
  
 728
  
  
  
 919
  
 

 
 Net interest income
 
  
  
 1,857
  
  
  
 1,831
  
 

 
 Reversal of provision for credit losses
 
  
  
 (26
 )
  
  
 (37
 )
 

 
 Net interest income after reversal of provision for credit losses
 
  
  
 1,883
  
  
  
 1,868
  
 

 
 Noninterest income:
 
  
  
  
  
  
  
  
  
 

 
 Gain on sale of mortgage loans
 
  
  
 475
  
  
  
 189
  
 

 
 Rental income on office building
 
  
  
 16
  
  
  
 16
  
 

 
 Service charges on deposits
 
  
  
 59
  
  
  
 59
  
 

 
 Increase in cash surrender value of BOLI
 
  
  
 60
  
  
  
 56
  
 

 
 Other non-interest income
 
  
  
 45
  
  
  
 14
  
 

 
 Total noninterest income
 
  
  
 655
  
  
  
 334
  
 

 
 Noninterest expense:
 
  
  
  
  
  
  
  
  
 

 
 Salaries and employee benefits
 
  
  
 1,611
  
  
  
 1,533
  
 

 
 Equipment and occupancy
 
  
  
 238
  
  
  
 224
  
 

 
 Data processing
 
  
  
 258
  
  
  
 222
  
 

 
 Professional services
 
  
  
 89
  
  
  
 136
  
 

 
 Advertising
 
  
  
 24
  
  
  
 42
  
 

 
 Supervisory fees and assessments
 
  
  
 33
  
  
  
 38
  
 

 
 Loan expenses
 
  
  
 67
  
  
  
 92
  
 

 
 Deposit expenses
 
  
  
 58
  
  
  
 68
  
 

 
 Director fees
 
  
  
 56
  
  
  
 48
  
 

 
 Other non-interest expense
 
  
  
 143
  
  
  
 127
  
 

 
 Total noninterest expense
 
  
  
 2,577
  
  
  
 2,530
  
 

 
 Loss before income taxes
 
  
  
 (39
 )
  
  
 (328
 )
 

 
 Income tax expense
 
  
  
 —
  
  
  
 —
  
 

 
 Net loss
 
  
 $
 (39
 )
  
 $
 (328
 )
 

 
 Basic and diluted loss per share
 
  
 $
 (0.01
 )
  
 $
 (0.07
 )
 

 
 Weighted average shares outstanding
 
  
  
 4,917,167
  
  
  
 4,883,913
  
 

 
 
 

  

 See accompanying notes to consolidated unaudited financial statements

  

 
 
 
 
 3
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

 NSTS BANCORP, INC.

 Consolidated Statements of Comprehensive Income (Loss) (unaudited)

  

 
 
 
 
  
  
 For the three months ended March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
 

 
  
  
 (Dollars in thousands)
 
  
 

 
 Net loss
 
  
 $
 (39
 )
  
 $
 (328
 )
 

 
 Unrealized net holding (loss) gain on securities
 
  
  
  
  
  
  
  
  
 

 
 Unrealized net holding (loss) gain on securities arising during period
 
  
  
 (279
 )
  
  
 1,508
  
 

 
 Tax effect
 
  
  
 79
  
  
  
 (429
 )
 

 
 Other comprehensive (loss) income, net of taxes
 
  
  
 (200
 )
  
  
 1,079
  
 

 
 Comprehensive (loss) income
 
  
 $
 (239
 )
  
 $
 751
  
 

 
 
 

  

 See accompanying notes to consolidated unaudited financial statements

  

 
 
 
 
 4
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

 
  
 

 NSTS BANCORP, INC.

 Consolidated Statements of Stockholders’ Equity (unaudited)

  

 
 
 
 
  
  
 Common Shares
 
  
  
 Common Stock
 
  
  
 Treasury Stock
 
  
  
 Additional Paid-In Capital
 
  
  
 Retained earnings
 
  
  
 Accumulated other comprehensive loss
 
  
  
 Unallocated Common Shares Held by ESOP
 
  
  
 Total
 
  
 

 
  
  
  
  
  
  
 (Dollars in thousands)
 
  
 

 
  
  
  
  
  
  
 Quarter ended March 31, 2025
 
  
 

 
 Balance at December 31, 2024
 
  
  
 5,249,826
  
  
 $
 56
  
  
 $
 (3,240
 )
  
 $
 51,684
  
  
 $
 40,266
  
  
 $
 (8,606
 )
  
 $
 (3,670
 )
  
 $
 76,490
  
 

 
 Net loss
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 (328
 )
  
  
 —
  
  
  
 —
  
  
  
 (328
 )
 

 
 ESOP shares committed to be released
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 11
  
  
  
 —
  
  
  
 —
  
  
  
 53
  
  
  
 64
  
 

 
 Forfeiture of restricted stock
 
  
  
 (2,000
 )
  
  
 —
  
  
  
 —
  
  
  
 (8
 )
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 (8
 )
 

 
 Compensation cost for stock options and restricted stock
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 165
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 165
  
 

 
 Change in net unrealized loss on securities available for sale, net
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 1,079
  
  
  
 —
  
  
  
 1,079
  
 

 
 Balance at March 31, 2025
 
  
  
 5,247,826
  
  
 $
 56
  
  
 $
 (3,240
 )
  
 $
 51,852
  
  
 $
 39,938
  
  
 $
 (7,527
 )
  
 $
 (3,617
 )
  
 $
 77,462
  
 

 
  
  
  
  
  
  
 Quarter ended March 31, 2026
 
  
 

 
 Balance at December 31, 2025
 
  
  
 5,261,533
  
  
 $
 56
  
  
 $
 (3,087
 )
  
 $
 52,348
  
  
 $
 39,880
  
  
 $
 (5,761
 )
  
 $
 (3,462
 )
  
 $
 79,974
  
 

 
 Net loss
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 (39
 )
  
  
 —
  
  
  
 —
  
  
  
 (39
 )
 

 
 ESOP shares committed to be released
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 12
  
  
  
 —
  
  
  
 —
  
  
  
 54
  
  
  
 66
  
 

 
 Compensation cost for stock options and restricted stock
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 173
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 173
  
 

 
 Change in net unrealized loss on securities available for sale, net
 
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 —
  
  
  
 (200
 )
  
  
 —
  
  
  
 (200
 )
 

 
 Balance at March 31, 2026
 
  
  
 5,261,533
  
  
 $
 56
  
  
 $
 (3,087
 )
  
 $
 52,533
  
  
 $
 39,841
  
  
 $
 (5,961
 )
  
 $
 (3,408
 )
  
 $
 79,974
  
 

 
 
 

  

 See accompanying notes to consolidated unaudited financial statements

  

 
 
 
 
 5
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 
  
 

 NSTS BANCORP, INC.

 Consolidated Statements of Cash Flows (unaudited)

  

 
 
 
 
  
  
 For the three months ended March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
 

 
  
  
 (Dollars in thousands)
 
  
 

 
 Cash flows from operating activities:
 
  
  
  
  
  
  
  
  
 

 
 Net loss
 
  
 $
 (39
 )
  
 $
 (328
 )
 

 
 Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
  
  
  
  
  
  
  
  
 

 
 Depreciation
 
  
  
 76
  
  
  
 75
  
 

 
 Securities amortization and accretion, net
 
  
  
 108
  
  
  
 121
  
 

 
 Loans originated for sale
 
  
  
 (17,976
 )
  
  
 (11,268
 )
 

 
 Proceeds from sales of loans held for sale
 
  
  
 23,669
  
  
  
 10,080
  
 

 
 Gain on sale of mortgage loans
 
  
  
 (475
 )
  
  
 (189
 )
 

 
 Reversal of provision for credit losses
 
  
  
 (26
 )
  
  
 (37
 )
 

 
 Earnings on bank owned life insurance
 
  
  
 (60
 )
  
  
 (56
 )
 

 
 ESOP expense
 
  
  
 66
  
  
  
 64
  
 

 
 Stock based compensation
 
  
  
 173
  
  
  
 157
  
 

 
 Change in deferred income taxes
 
  
  
 (79
 )
  
  
 429
  
 

 
 Net change in accrued interest receivable and other assets
 
  
  
 (103
 )
  
  
 (531
 )
 

 
 Net change in accrued expenses and other liabilities
 
  
  
 199
  
  
  
 (1,193
 )
 

 
 Net cash provided by (used in) operating activities
 
  
  
 5,533
  
  
  
 (2,676
 )
 

 
 Cash flows from investing activities:
 
  
  
  
  
  
  
  
  
 

 
 Net change in portfolio loans
 
  
  
 (1,497
 )
  
  
 161
  
 

 
 Principal repayments on mortgage-backed securities
 
  
  
 1,615
  
  
  
 1,317
  
 

 
 Maturities and calls of securities available for sale
 
  
  
 —
  
  
  
 1,000
  
 

 
 Net change in time deposits with other financial institutions
 
  
  
 249
  
  
  
 —
  
 

 
 Purchases of premises and equipment, net
 
  
  
 (16
 )
  
  
 (54
 )
 

 
 Net cash provided by investing activities
 
  
  
 351
  
  
  
 2,424
  
 

 
 Cash flows from financing activities:
 
  
  
  
  
  
  
  
  
 

 
 Net change in deposits
 
  
  
 2,401
  
  
  
 3,528
  
 

 
 Net change in escrow deposits
 
  
  
 1,063
  
  
  
 697
  
 

 
 Net cash provided by financing activities
 
  
  
 3,464
  
  
  
 4,225
  
 

 
 Net change in cash and cash equivalents
 
  
  
 9,348
  
  
  
 3,973
  
 

 
 Cash and cash equivalents at beginning of period
 
  
  
 34,042
  
  
  
 53,481
  
 

 
 Cash and cash equivalents at end of period
 
  
 $
 43,390
  
  
 $
 57,454
  
 

 
 Supplemental disclosures of cash flow information:
 
  
  
  
  
  
  
  
  
 

 
 Cash paid during the period for interest
 
  
 $
 716
  
  
 $
 916
  
 

 
 Loans transferred to held for sale from portfolio, net
 
  
  
 2,518
  
  
  
 —
  
 

 
 
 

  

 See accompanying notes to consolidated unaudited financial statements

  

 
 
 
 
 6
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 Notes to the Unaudited Consolidated Financial Statements

 
  
 

 
 Note 1: Summary of Significant Accounting Policies

  

 The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the three month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

  

 Nature of Operations

  

 NSTS Bancorp, Inc. (“NSTS” or the “Company”, “we” or “our”) was formed to serve as the stock holding company for North Shore Trust and Savings (the “Bank”) in connection with the conversion of North Shore Trust and Savings, NSTS Financial Corporation and North Shore MHC, into the stock form of organization, which was completed on January 18, 2022. Shares of NSTS Bancorp, Inc. stock began trading on January 19, 2022 on the Nasdaq Capital Market under the trading symbol "NSTS."

  

 The Bank operates primarily out of three bank branch locations in the northern suburbs of Chicago, Illinois. In efforts to expand our loan originations within the Chicagoland area, the Bank also has three loan production offices, located in Chicago, Aurora and Plainfield, Illinois. The lending team operates as Oak Leaf Community Mortgage, powered by North Shore Trust and Savings. The Bank offers a variety of financial services to customers in our surrounding communities. Financial services consist primarily of 1-4 family mortgage loans, savings accounts, and certificate of deposit accounts. There are no significant concentrations of loans to any one industry or customer. The Bank’s exposure to credit risk is significantly affected by changes in the economy in the Bank’s market area.

  

 
Basis of Presentation

  

 The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with NSTS Bancorp, Inc.’s Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

  

 Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may vary from those estimates. Material estimates that could significantly change in the near-term include the adequacy of the allowance for credit losses, determination of the valuation allowance on deferred tax assets and the valuation of investment securities and the related tax effect. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of results that may be expected for any other interim period or the entire fiscal year ending December 31, 2026. Certain amounts in prior year financial statements have been reclassified to conform to the current presentation. Refer to Note 12 for subsequent events that have occurred through the date of issuance of the unaudited Consolidated Financial Statements. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures.

  

 All of the Company’s financial results are similar and considered by management to be aggregated into one reportable operating segment. While the Company has assigned certain management responsibilities by business-line, the Company’s Chief Operating Decision Maker ("CODM") evaluates financial performance on a Company-wide basis. The Company's assigned business lines have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. 

  

 Financial performance is reported to the CODM monthly, and the primary measure of performance is consolidated net income. The allocation of resources throughout the Company is determined annually based upon consolidated net income performance. The presentation of financial performance to the CODM is consistent with amounts and financial statement line items shown in the Company's consolidated balance sheets and consolidated statements of operations. Additionally, the Company's significant expenses are adequately segmented by category and amount in the consolidated statements of operations to include all significant items when considering both qualitative and quantitative factors. Significant expenses of the Company include salaries and employee benefits, equipment and occupancy expense, data processing, professional services and advertising.

  

 In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements. The guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing ASU 2024-03 and its impact on its Consolidated Financial Statements and disclosures, and does not expect the amendments to have a material impact to the annual financial statements of the Company. 

  

 
 
 
 
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 Note 2: Securities Available for Sale

  

 The amortized cost and estimated fair value of debt securities at March 31, 2026 and December 31, 2025, by contractual maturity, are shown below. The accrued interest receivable for securities available for sale was $285,000 and $326,000 on March 31, 2026 and December 31, 2025, respectively. Maturities may differ from contractual maturities in mortgage-backed secur