Executive Summary

Q3 2025 net income was $8.05M and diluted EPS $0.47, up 37.4% YoY; net interest margin expanded to 2.32% and spread to 2.12% on asset repricing and lower deposit rates .
Total assets crossed $3.00B, net loans reached $1.60B, and deposits rose to $2.65B; borrowings fell to $94.0M, improving funding mix .
Noninterest income benefited from a $610k Employee Retention Tax Credit and higher swap fees, partially offset by a $665k AFS securities loss .
Credit quality strengthened: NPLs declined to $2.9M (0.18% of net loans), ACL/loans at 1.31%; provision on loans increased to $1.08M reflecting loan growth and modest CECL outlook changes .
No formal financial guidance was issued; dividend held at $0.09 per share for the quarter (annual rate $0.36), with the MHC waiving receipt of the dividend .

What Went Well and What Went Wrong

Margin expansion: Net interest margin rose to 2.32% (up 42 bps YoY, 28 bps QoQ) and spread to 2.12% (up 46 bps YoY), driven by repricing of loans/securities and strategic deposit rate reductions aligned with Fed cuts .
Balance sheet growth: Assets surpassed $3.0B, net loans increased $118.0M YTD (primarily CRE), and deposits rose $265.5M since June 30, 2024, supporting organic growth .
Management tone: “Exceeded $3.0 billion in consolidated assets... proud to report solid quarterly income... an increase of 37.4%” – Donald Gibson, President & CEO .

Noninterest income quality: Benefit from nonrecurring ERTC ($610k) was offset by a $665k loss on sales of AFS securities, diluting the quality of fee/noninterest revenue .
Higher provisioning: Provision for credit losses on loans increased to $1.08M (vs. $290k YoY) and $2.20M YTD, reflecting loan growth and modest deterioration in economic forecasts in CECL .
Expense intensity: Noninterest expense rose 8.8% YoY to $10.0M for the quarter, with higher salaries/benefits and service/data processing costs tied to growth initiatives .

Metric	Q1 2025 (Sep 30, 2024)	Q2 2025 (Dec 31, 2024)	Q3 2025 (Mar 31, 2025)
Net Revenue ($USD Millions)	$16.87 (NII $13.14 + Noninterest $3.74)	$17.94 (NII $14.07 + Noninterest $3.88)	$20.07 (NII $16.21 + Noninterest $3.86)
Net Interest Income ($USD Millions)	$13.14	$14.07	$16.21
Noninterest Income ($USD Millions)	$3.74	$3.88	$3.86
Net Income ($USD Millions)	$6.26	$7.49	$8.05
Diluted EPS ($)	$0.37	$0.44	$0.47
Net Interest Margin (%)	2.03%	2.04%	2.32%
Net Interest Rate Spread (%)	1.76%	1.80%	2.12%
Efficiency Ratio (%)	56.60%	52.31%	50.04%

Metric	Q3 2024 (Mar 31, 2024)	Q3 2025 (Mar 31, 2025)	Change
Net Revenue ($USD Millions)	$15.71 (NII $12.30 + Noninterest $3.41)	$20.07 (NII $16.21 + Noninterest $3.86)	+$4.36M
Net Income ($USD Millions)	$5.86	$8.05	+$2.19M
Diluted EPS ($)	$0.34	$0.47	+$0.13
Net Interest Margin (%)	1.90%	2.32%	+42 bps
Net Interest Rate Spread (%)	1.66%	2.12%	+46 bps
Efficiency Ratio (%)	58.79%	50.04%	-875 bps

KPI	Q3 2025
Total Assets ($USD Billions)	$3.01B
Net Loans ($USD Billions)	$1.60B
Deposits ($USD Billions)	$2.65B
Borrowings ($USD Millions)	$94.0M (ST $42.0 + LT $2.2 + Sub Notes $49.8)
NPLs ($USD Millions)	$2.9M; 0.18% of net loans
ACL/Loans (%)	1.31%
ROAA (%)	1.12%
ROAE (%)	14.41%
Pre-Provision Net Income ($USD Millions)	$9.14M (quarter, non-GAAP)
ERTC recognized ($USD Thousands)	$610

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share ($)	Q3 2025	$0.09	$0.09; annual rate $0.36; MHC waiving receipt	Maintained
Financial Guidance (Revenue, EPS, Margins, OpEx)	FY/Q4 onward	None disclosed	None disclosed	N/A

Note: A Q3 2025 conference call was scheduled, but a transcript was not available in filings or our catalog at time of review .

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Deposit pricing vs Fed moves	Q1: Repriced assets faster than deposits; higher NIM QoQ	Continued strategic reduction in deposit rates aligned with Fed cuts	Improving NIM
Credit quality/classified loans	Q2: Classified loans up due to one CRE downgrade; NPL 0.26%	Classified loans down to $44.8M; NPL 0.18%; nonperforming assets 0.10%	Improving
Noninterest income drivers	Q1: BOLI restructure boosted income	Q2: Higher swap fees and BOLI	Q3: $610k ERTC and swap fees; offset by $665k AFS loss
Loan growth mix	Q1: Loans roughly flat QoQ	Q2: +$51M YTD; CRE leading	Q3: +$118M YTD; +$111.9M CRE
Liquidity/funding	Q1: Borrowings down vs Jun 30	Q2: Borrowings up to $250.9M	Q3: Borrowings down to $94.0M as deposits grew

Donald Gibson, President & CEO: “We reached a new milestone exceeding $3.0 billion in consolidated assets... proud to report solid quarterly income... $8.1 million, an increase of 37.4% when compared to... March 31, 2024” .
Strategy: Focused on higher-yielding loans and securities and lowering deposit rates to align with Fed cuts, driving spread/margin expansion .
Non-GAAP framing: Emphasized pre-provision net income and taxable-equivalent NIM as supplemental measures to assess performance .

A Q3 2025 call was scheduled (Apr 22, 2025 at 12:30 PM ET), but no transcript is available in our corpus or SEC document catalog; therefore, Q&A highlights and any guidance clarifications from the call cannot be verified at this time .

Wall Street consensus (S&P Global) for Q3 2025 EPS and revenue was unavailable; we did not receive consensus values or counts via S&P Global for this quarter (EPS and revenue) [Values retrieved from S&P Global].
MarketBeat displayed “Consensus EPS: N/A” and reported actual net revenue ~$20.07M, consistent with press release-derived net revenue (NII + noninterest) .

Metric	Q3 2025 Consensus	Q3 2025 Actual
EPS ($)	N/A*	$0.47
Revenue ($USD Millions)	N/A*	~$20.07 (NII+Noninterest)

*Values retrieved from S&P Global.

Margin trajectory improving: NIM rose to 2.32% and spread to 2.12% on asset repricing and deposit rate reductions; efficiency ratio improved to 50.04% .
Funding mix strengthening: Deposits up to $2.65B while borrowings fell to $94.0M; NOW and CDs grew, noninterest-bearing and savings/money market declined modestly .
Loan growth concentrated in CRE: $111.9M CRE growth YTD; net loans up to $1.60B, supporting net interest income expansion .
Credit metrics resilient: NPLs down to $2.9M (0.18% of net loans); ACL/loans at 1.31% with provision reflecting growth and CECL outlook .
Noninterest income has one-time elements: $610k ERTC and higher swap fees boosted fees; $665k AFS loss tempers sustainability of noninterest income .
Dividend stable: Quarterly dividend maintained at $0.09 (annual $0.36), with the MHC waiving receipt—supportive capital allocation while growth continues .
Absent formal guidance or consensus estimates, investor focus should remain on continued margin expansion, deposit mix, and credit quality trends disclosed in company materials .