Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The Company and the Bank engage in transactions with related parties in the ordinary course of business. For purposes of this note, related parties include the Company's directors and executive officers, their immediate family members, and entities over which such persons exercise control or significant influence, as defined under ASC Topic 850, Related Party Disclosures.

Loans and Extensions of Credit

No extensions of credit to related parties, as defined under ASC 850, were outstanding as of December 31, 2025 or 2024.

The following describes a related party debt transaction completed during 2025 that had no outstanding balance as of December 31, 2025.

Note Conversion — Michael Carrazza / Solaia Capital Holdings LLC

Michael A. Carrazza serves as a director on the Board of the Company. Mr. Carrazza also serves as manager of Solaia Capital Holdings LLC ("Solaia Capital"), an entity in which he holds a material ownership interest.

In May 2025, Solaia Capital purchased from Fall River Five Cents Savings Bank the outstanding principal balance and accrued unpaid interest of $649 thousand (the "Transferred Note") of the Company's 8.5% Fixed Rate Senior Notes Due January 15, 2026 (the "Senior Notes"). Solaia Capital thereafter elected to convert the Transferred Note into shares of the Company's common stock

pursuant to the terms of an amendment to the Senior Notes previously approved by the Board of Directors, which provided holders of the Senior Notes the right to voluntarily convert outstanding principal and accrued interest into common stock at a conversion price of $0.75 per share. Upon conversion, the Company issued 865,990 shares of its common stock to Solaia Capital, extinguishing the $649 thousand outstanding obligation under the Transferred Note. The conversion price of $0.75 per share was the same price at which the Company issued shares of common stock to all investors in its March 20, 2025 private placement.

The transaction was reviewed and approved by the Audit Committee of the Board of Directors prior to consummation, and was thereafter approved by the unanimous written consent of the full Board of Directors on May 11, 2025, with Mr. Carrazza participating in his capacity as a director. The Company believes the transaction was effected on terms no less favorable to the Company than those available from unaffiliated noteholders, given that the conversion price was consistent with the terms available to all converting noteholders and with the March 2025 private placement pricing.

Deposit Accounts

The Bank accepts deposits from related parties on terms no more favorable than those offered to similarly situated non-affiliated depositors, including with respect to interest rates, fees, and minimum balance requirements. Related party deposit balances as of December 31, 2025 and December 31, 2024 were approximately $2.2 million and $63 thousand, respectively. The aggregate related party deposit balances are included in total deposits in the accompanying Consolidated Balance Sheets.