10-Q

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, 2025

OR

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

For the transition period from             to            

Commission file number 001-33003

CITIZENS COMMUNITY BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland	20-5120010
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

2174 EastRidge Center

Eau Claire, WI 54701

(Address and Zip Code of principal executive offices)

715-836-9994

(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, $.01 par value per share	CZWI	NASDAQ Global 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  ☒

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

At May 8, 2025 there were 9,988,997 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

CITIZENS COMMUNITY BANCORP, INC.

FORM 10-Q

March 31, 2025

INDEX

			Page Number
Part I – FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024	5
		Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024	6
		Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three months ended March 31, 2025 and 2024	7
		Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) for the three months ended March 31, 2025 and the year ended December 31, 2024	8
		Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024	10
		Condensed Notes to Consolidated Financial Statements (Unaudited)	12
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	82
	Item 4.	Controls and Procedures	83
Part II – OTHER INFORMATION			84
	Item 1.	Legal Proceedings	84
	Item 1A.	Risk Factors	84
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
	Item 3.	Defaults Upon Senior Securities	84
	Item 4.	Mine Safety Disclosures	84
	Item 5.	Other Information	84
	Item 6.	Exhibits	85
SIGNATURES			86

3

PART 1 – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

4

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Balance Sheets

March 31, 2025 (unaudited) and December 31, 2024

(derived from audited financial statements)

(in thousands, except share data)

	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	100,199	$	50,172
Available for sale ("AFS") securities, at fair value (amortized cost of $160,504, net of allowance for credit losses of $0 at March 31, 2025 and amortized cost of $165,604, net of allowance for credit losses of $0 at December 31, 2024)	139,642		142,851
Held to maturity ("HTM") securities, at amortized cost (fair value of $66,191, net of allowance for credit losses of $0 at March 31, 2025 and fair value of $65,622, net of allowance for credit losses of $0 at December 31, 2024)	84,301		85,504
Equity investments	5,462		4,702
Other investments	12,496		12,500
Loans receivable	1,352,728		1,368,981
Allowance for credit losses	(20,205)		(20,549)
Loans receivable, net	1,332,523		1,348,432
Loans held for sale	3,296		1,329
Mortgage servicing rights, net	3,583		3,663
Office properties and equipment, net	16,649		17,075
Accrued interest receivable	5,926		5,653
Intangible assets	800		979
Goodwill	31,498		31,498
Foreclosed and repossessed assets, net	876		915
Bank owned life insurance ("BOLI")	26,296		26,102
Other assets	16,416		17,144
TOTAL ASSETS	$	1,779,963	$	1,748,519
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,523,654	$	1,488,148
Federal Home Loan Bank (“FHLB”) advances	—		5,000
Other borrowings	61,664		61,606
Other liabilities	14,594		14,681
Total liabilities	1,599,912		1,569,435
Stockholders’ Equity:
Common stock—$0.01 par value, authorized 30,000,000; 9,989,536 and 9,981,996 shares issued and outstanding, respectively	100		100
Additional paid-in capital	114,477		114,564
Retained earnings	80,439		80,840
Accumulated other comprehensive loss	(14,965)		(16,420)
Total stockholders’ equity	180,051		179,084
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,779,963	$	1,748,519

See accompanying condensed notes to unaudited consolidated financial statements.

5

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Operations (unaudited)

Three Months Ended March 31, 2025 and 2024

(in thousands, except per share data)

	Three Months Ended
	March 31, 2025		March 31, 2024
Interest and dividend income:
Interest and fees on loans	$	18,602	$	20,168
Interest on investments	2,501		2,511
Total interest and dividend income	21,103		22,679
Interest expense:
Interest on deposits	8,597		9,209
Interest on FHLB and FRB borrowed funds	11		512
Interest on other borrowed funds	901		1,053
Total interest expense	9,509		10,774
Net interest income before provision for credit losses	11,594		11,905
(Negative) provision for credit losses	(250)		(800)
Net interest income after provision for credit losses	11,844		12,705
Non-interest income:
Service charges on deposit accounts	423		471
Interchange income	518		541
Loan servicing income	559		582
Gain on sale of loans	720		1,020
Loan fees and service charges	120		230
Net realized gains on debt securities	—		—
Net gains on equity securities	10		167
Other	243		253
Total non-interest income	2,593		3,264
Non-interest expense:
Compensation and related benefits	5,597		5,483
Occupancy	1,287		1,367
Data processing	1,719		1,597
Amortization of intangible assets	179		179
Mortgage servicing rights expense, net	140		148
Advertising, marketing and public relations	167		164
FDIC premium assessment	198		205
Professional services	508		566
Losses on repossessed assets, net	4		—
Other	664		1,068
Total non-interest expense	10,463		10,777
Income before provision for income taxes	3,974		5,192
Provision for income taxes	777		1,104
Net income attributable to common stockholders	$	3,197	$	4,088
Per share information:
Basic earnings	$	0.32	$	0.39
Diluted earnings	$	0.32	$	0.39
Cash dividends paid	$	0.36	$	0.32

See accompanying condensed notes to unaudited consolidated financial statements.

6

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Comprehensive Income (unaudited)

Three months ended March 31, 2025 and 2024

(in thousands)

	Three Months Ended
	March 31, 2025		March 31, 2024
Net income attributable to common stockholders	$	3,197	$	4,088
Other comprehensive income (loss), net of tax:
Securities available-for-sale
Net unrealized gains (losses) arising during period, net of tax	1,455		(702)
Other comprehensive income (loss), net of tax	1,455		(702)
Comprehensive income	$	4,652	$	3,386

See accompanying condensed notes to unaudited consolidated financial statements.

7

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statement of Changes in Stockholders’ Equity (unaudited)

Three Months Ended March 31, 2025

(in thousands, except shares and per share data)

				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (loss)		Total Stockholders’ Equity
	Common Stock
	Shares	Amount
Balance, December 31, 2024	9,981,996	$	100	$	114,564	$	80,840	$	(16,420)	$	179,084
Net income	—	—		—		3,197		—		3,197
Other comprehensive income, net of tax	—	—		—		—		1,455		1,455
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	(11,481)	—		(183)		—		—		(183)
Restricted common stock issued upon achievement of the 2022 performance criteria	16,021	—		—		—		—		—
Common stock options exercised	3,000	—		28		—		—		28
Stock based compensation expense	—	—		68		—		—		68
Cash dividends ($0.36 per share)	—	—		—		(3,598)		—		(3,598)
Balance at March 31, 2025	9,989,536	100		114,477		80,439		(14,965)		180,051

See accompanying condensed notes to unaudited consolidated financial statements.

8

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statement of Changes in Stockholders’ Equity (unaudited)

Twelve Months Ended December 31, 2024

(in thousands, except shares and per share data)

				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Common Stock
	Shares	Amount
Balance, December 31, 2023	10,440,591	$	104	$	119,441	$	71,117	$	(17,328)	$	173,334
Net income	—	—		—		4,088		—		4,088
Other comprehensive loss, net of tax	—	—		—		—		(702)		(702)
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	(9,471)	—		(113)		—		—		(113)
Restricted common stock awarded under the equity incentive plan	16,955	—		—		—		—		—
Restricted stock issued upon achievement of the 2021 performance criteria	8,805	—		—		—		—		—
Common stock repurchased	(50,000)	—		(570)		(28)		—		(598)
Stock based compensation expense	—	—		158		—		—		158
Cash dividends ($0.32 per share)	—	—		—		(3,346)		—		(3,346)
Balance at March 31, 2024	10,406,880	104		118,916		71,831		(18,030)		172,821
Net income	—	—		—		3,675		—		3,675
Other comprehensive income, net of tax	—	—		—		—		633		633
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	(539)	—		(6)		—		—		(6)
Common stock repurchased	(109,000)	(1)		(1,230)		(5)		—		(1,236)
Stock based compensation expense	—	—		158		—		—		158
Balance at June 30, 2024	10,297,341	103		117,838		75,501		(17,397)		176,045
Net income	—	—		—		3,286		—		3,286
Other comprehensive income, net of tax	—	—		—		—		3,552		3,552
Common stock repurchased	(223,205)	(2)		(2,542)		(349)		—		(2,893)
Stock based compensation expense	—	—		159		—		—		159
Balance, September 30, 2024	10,074,136	101		115,455		78,438		(13,845)		180,149
Net income	—	—		—		2,702		—		2,702
Other comprehensive loss, net of tax	—	—		—		—		(2,575)		(2,575)
Forfeiture of unvested shares	(246)	—		—		—		—		—
Common stock options exercised	2,000	—		22		—		—		22
Common stock repurchased	(93,894)	(1)		(1,069)		(300)		—		(1,370)
Stock based compensation expense	—	—		156		—		—		156
Balance, December 31, 2024	9,981,996	$	100	$	114,564	$	80,840	$	(16,420)	$	179,084

See accompanying condensed notes to unaudited consolidated financial statements.

9

CITIZENS COMMUNITY BANCORP, INC.

Consolidated Statements of Cash Flows (unaudited)

Three Months Ended March 31, 2025 and 2024

(in thousands)

	Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities:
Net income attributable to common stockholders	$	3,197	$	4,088
Adjustments to reconcile net income to net cash provided by operating activities:
Net accretion on debt securities	(10)		(19)
Depreciation expense	526		561
Negative provision for credit losses	(250)		(800)
Net gain on equity securities	(10)		(167)
Increase in mortgage servicing rights resulting from transfers of financial assets	(60)		(57)
Mortgage servicing rights amortization	140		148
Amortization of intangible assets	179		179
Stock based compensation expense	68		158
Gain on sale of office properties and equipment	—		(13)
(Increase) decrease in deferred income taxes	(18)		355
Increase in cash surrender value of life insurance	(194)		(189)
Net loss from disposals of foreclosed and repossessed assets	19		—
Provision for valuation allowance on foreclosed properties	(15)		—
Gain on sale of loans held for sale, net	(720)		(1,020)
Proceeds from sale of loans held for sale	14,643		18,543
Originations of loans held for sale	(15,890)		(11,750)
Proceeds from insurance claim on foreclosed and repossessed assets	—		27
Amortization of debt issuance costs	58		58
Net change in:
Accrued interest receivable and other assets	37		(966)
Other liabilities	(87)		12
Total adjustments	(1,584)		5,060
Net cash from operating activities	1,613		9,148
Cash flows from investing activities:
Proceeds from principal payments and maturities of available for sale securities	5,114		3,202
Proceeds from principal payments and maturities of held to maturity securities	1,199		1,284
Equity investment capital distribution	—		170
Purchase of equity investments	(750)		—
Net sales of other investments	4		2,703
Proceeds from sales of foreclosed and repossessed assets	35		—
Net decrease in loans	16,159		10,888
Net capital expenditures	(100)		(214)
Proceeds from disposal of office properties and equipment	—		13
Net cash from investing activities	21,661		18,046

Cash flows from financing activities:
Change in short term Federal Home Loan Bank advances, net	—		(34,500)
Federal Home Loan Bank advance long-term maturities	(5,000)		(5,530)
Net increase in deposits	35,506		8,393
Repurchase shares of common stock	—		(598)
Surrender of restricted shares of common stock	(183)		(113)
Common stock options exercised	28		—
Cash dividends paid	(3,598)		(3,346)
Net cash from financing activities	26,753		(35,694)
Net decrease in cash and cash equivalents	50,027		(8,500)
Cash and cash equivalents at beginning of period	50,172		37,138
Cash and cash equivalents at end of period	$	100,199	$	28,638

10

Supplemental cash flow information:
Cash paid during the period for:
Interest on deposits	$	8,245	$	7,079
Interest on borrowings	$	737	$	2,249
Income taxes	$	—	$	—
Supplemental noncash disclosure:
Transfers from loans receivable to other real estate owned ("OREO")	$	—	$	73

See accompanying condensed notes to unaudited consolidated financial statements. 

11

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share data)

(UNAUDITED)

NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements of Citizens Community Federal N.A. (the “Bank”) included herein have been included by its parent company, Citizens Community Bancorp, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. As used in this quarterly report, the terms “we”, “us”, “our”, and “Citizens Community Bancorp, Inc.” mean the Company and its wholly owned subsidiary, the Bank, unless the context indicates other meaning.

The Bank is a national banking association (a “National Bank”) and operates under the title of Citizens Community Federal National Association (“Citizens Community Federal N.A.” or “Bank”). The Company is a bank holding company, supervised by the Federal Reserve Bank of Minneapolis (the “FRB”), and operates under the title of Citizens Community Bancorp, Inc. The Office of the Comptroller of the Currency (the “OCC”) is the primary federal regulator for the Bank.

The consolidated income of the Company is principally derived from the income of the Bank, the Company’s wholly owned subsidiary, serving customers primarily in Wisconsin and Minnesota through 21 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Mankato and Twin Cities markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, agricultural operators and consumers, including one-to-four family residential mortgages.

The Bank is subject to competition from other financial institutions and non-financial institutions providing financial products. Additionally, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies.

In preparing these consolidated financial statements, we evaluated the events and transactions that occurred subsequent to the balance sheet date of March 31, 2025, through the date on which the consolidated financial statements were available to be issued on May 8, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements.

The accompanying consolidated interim financial statements are unaudited. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Unless otherwise stated herein, and except for shares and per share amounts, all amounts are in thousands.

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates –Preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, fair value of financial instruments, the allowance for credit losses, mortgage servicing rights, foreclosed and repossessed assets, valuation of intangible assets arising from acquisitions, useful lives for depreciation and amortization, valuation of goodwill and long-lived assets, stock based compensation, deferred tax assets, uncertain income tax positions and contingencies. Management does not anticipate any material changes to estimates made herein in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: those items described under the caption “Risk Factors” in Item 1A of the annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025; the matters described in Forward-Looking Statements in Part 1, Item 2 of this Form 10-Q; and external market factors such as market interest rates and unemployment rates; changes to operating policies and procedures, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period.

Cash and Cash Equivalents—For purposes of reporting cash flows in the consolidated financial statements, cash and cash equivalents include cash, due from banks, and interest bearing deposits with original maturities of three months or less.

Investment Securities; Available for Sale and Held to Maturity – Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of the date of each balance sheet. Securities

12

are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Investment securities not classified as held to maturity are classified as available for sale. Available for sale securities are stated at fair value, with unrealized holding gains and losses being reported in other comprehensive income (loss), net of tax. Realized gains or losses on sales of available for sale securities are calculated with the specific identification method and are included in the consolidated statements of operations under net gains on investment securities. Interest income includes amortization of purchase premium or accretion of purchase discount. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the estimated lives of the securities.

Allowance for Credit Losses – Available for Sale Securities - The Company measures the allowance for credit losses on available for sale debt securities by evaluating securities in an unrealized loss position using a two-step process. First, the Company assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost. If it is determined that the Company intends or will be required to sell the security, it is written down to its fair value as net gains or losses on investment securities in our consolidated statement of operations. For agency mortgage-backed and asset-backed securities that do not meet the criteria in step one, there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other debt securities that do not meet the criteria in step one, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and the allowance for credit losses on available for sale investments is recorded for the credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Allowance for Credit Losses – Held to Maturity Securities -The Company measures expected credit losses on held to maturity debt securities on a collective basis by major security type. For agency mortgage-backed securities there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other securities, the estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

The Company has elected to not measure an ACL on accrued interest on available for sale and held to maturity securities, as it would write off accrued interest in a timely manner if the related security was determined to have a credit loss. Accrued interest receivable on available-for-sale and held-to-maturity securities was $903 and $920 at March 31, 2025 and December 31, 2024, respectively. The Company has no available for sale securities or held to maturity securities which it deems to have a credit loss at March 31, 2025.

Equity investments - The Company is required to maintain an investment in Federal Agricultural Mortgage Corporation (“Farmer Mac”) equity securities. Farmer Mac equity securities are carried at their fair market value, which is readily determinable. Changes in fair value are recognized as net gains or losses on investment securities in our consolidated statement of operations.

Included in equity investments are preferred shares of a community development financial institution, which are carried at their fair market value. As no ready market exists for this investment, the Company utilizes significant unobservable inputs (Level 3 inputs) to determine fair value.We record the unrealized gains and losses resulting from changes in the fair value of this investment as net gains or losses on investment securities in our consolidated statements of operations.

Also included in equity investments are the Company’s investments in a Volker Rule-compliant Small Business Investment Company ("SBIC") and an investment fund. The SBIC and investment fund meet the definition of investment companies, as defined in ASC 946, Financial Services - Investment Companies. These investments seek returns by investing in various small businesses and do not have redemption rights. Distributions from the investments will be received as the underlying investments, which generally have a life of 10 years, are liquidated or earlier distributions are made. We elected the practical expedient available in Topic 820, Fair Value Measurements, which permits the use of net asset value ("NAV") per share or equivalent to value investments in entities that are or are similar to investment companies. SBICs and investment funds report their investments at estimated fair value. We record the unrealized gains and losses resulting from changes in the fair value of these investments as net gains or losses on equity securities in our consolidated statements of operations. The carrying value of these investments is equal to the capital account balance as provided by the investee and adjusted as necessary.

13

Other Investments - As a member of the Federal Reserve Bank (“FRB”) System and the Federal Home Loan Bank (“FHLB”) System, the Bank is required to maintain an investment in the capital stock of these entities. These securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as interest on investments in the consolidated statements of operations.

Also included in other investments is stock of our correspondent bank, Bankers’ Bank, without readily determinable fair value. This stock is carried at cost plus or minus changes resulting from observable price changes in orderly transactions for this stock, less impairment charges, if any.

Management’s evaluation for impairment of these other investments, includes consideration of the financial condition and other available relevant information of the issuer. Based on management’s quarterly evaluation, no impairment has been recorded on these securities. Other investments totaling $12,496 at March 31, 2025 consisted of $3,856 of FHLB stock, $5,722 of Federal Reserve Bank stock and $2,918 of Bankers’ Bank stock. Other investments totaling $12,500 at December 31, 2024, consisted of $3,865 of FHLB stock and $5,717 of Federal Reserve Bank stock and $2,918 of Bankers’ Bank stock.

Loans Receivable – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance of these loans and is presented as a separate line item on the consolidated balance sheets. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method over the contractual life of the loan with no prepayments assumed. If the loan is prepaid, any unamortized net fee is recognized at this time. Late charge fees are recognized into income when collected.

Interest income on commercial, mortgage and consumer loans is discontinued according to the following schedules:

•Commercial/agricultural real estate loans past due 90 days or more;

•Commercial and industrial/agricultural operating loans past due 90 days or more;

•Closed end consumer installment loans past due 120 days or more; and

•Residential mortgage loans and open ended consumer installment loans past due 180 days or more.

Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual status is reversed against interest income. Interest received on such loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual status. Loans are returned to accrual status when the collectability of principal and interest is probable including when payments are made that bring the loan account current with the contractual term of the loan and a six month payment history has been established.

Residential mortgage loans and open ended consumer installment loans are either charged off or a specific reserve is established to estimated net realizable value less estimated selling costs at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 180 days or more. Closed ended consumer installment loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 120 days or more. Commercial/agricultural real estate, commercial and industrial and agricultural operating loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 90 days or more.

Allowance for Credit Losses – Loans The allowance for credit losses (“ACL”) on loans is a valuation allowance for current expected credit losses in the Company’s loan portfolio. Loan losses are charged against the ACL when management believes that the collectability of a loan balance is unlikely. Subsequent recoveries, if any, are credited to the ACL. In determining the allowance, the company estimates credit losses over the loan’s entire contractual term, adjusted for expected prepayments when appropriate. The allowance estimate considers relevant available information from internal and external sources relating to historical loss experience; known and inherent risks in our portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; reasonable and supportable forecasts for future conditions; and other relevant factors determined by management. To ensure that the ACL is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The entire ACL balance is available for any loan that, in management’s judgment, should be charged off.

The determination of the ACL requires significant judgement to estimate credit losses. The ACL on loans is measured collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines

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that the loan does not share similar risk characteristics with other loans. The ACL on loans collectively evaluated is measured using the loss rate model. The Company categorizes its loan portfolio into four segments based on similar risk characteristics. Loans within each segment are pooled based on individual loan characteristics. Aggregated risk drivers are then calculated at a pool level. Risk drivers are identified attributes that have proven to be predictive of loan loss rates and vary based on loan segment and type. A loss rate is calculated and applied to the pool utilizing a model that combines the pool’s risk drivers, historical loss experience, and reasonable and supportable future economic forecasts to project lifetime losses. For commercial/agricultural real estate loans, the loss rate is then combined with the loans balance and contractual maturity, adjusted for expected prepayments, to determine expected future losses. Future and supportable economic forecasts are based on national economic conditions and their reversion to the mean is implicit in the model and generally occurs over a period of two years. For commercial and industrial/agricultural operating, residential, and consumer loans, the loss rate is then combined with the loans balance and contractual maturity, to determine expected future losses.

Qualitative adjustments are made to the allowance calculated on collectively evaluated loans to incorporate factors not included in the model. Qualitative factors include but are not limited to, lending policies and procedures, the experience and ability of lending and other staff, the volume and severity of problem credits, quality of the loan review system, and other external factors.

Loans that exhibit different risk characteristics from the pool are individually evaluated and not included in the collective evaluation. Loans can be identified for individual evaluation for a variety of reasons including delinquency, nonaccrual status, risk rating and loan modification. Accruing loans that exhibit different risk characteristics from their pool may also be within scope. On these loans, an allowance may be established so that the loan is reported, net, at the lower of (a) its amortized cost; (b) the present value of the loan’s estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan collateral, less estimated disposal costs, if the loan is collateral dependent. Collateral dependency is determined using the practical expedient when: 1) the borrower is experiencing financial difficulty; and 2) repayment is expected to be provided substantially through the sale or operation of the collateral. However, if it is probable that the Company will foreclose on the collateral, the use of the fair value of the collateral to calculate the allowance for credit loss is required.

The Company has elected to not measure an ACL on accrued interest as it writes off accrued interest in a timely manner. Accrued interest receivable on loans was $4,554 and $4,467 at March 31, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses - Unfunded Commitments - The ACL on unfunded commitments is a liability for credit losses on commitments to originate or fund loans, and standby letters of credit. It is included in “Other liabilities” on the consolidated balance sheets. Expected credit losses are estimated over the contractual period in which the Company is exposed to credit risk via a commitment that cannot be unconditionally canceled, adjusted for projected prepayments when appropriate. In addition, the estimate of the liability considers the likelihood that funding will occur. The ACL on unfunded commitments is adjusted through provision for credit losses on the consolidated statements of operations. Because the business processes and risks associated with unfunded commitments are essentially the same as loans, the Company uses the same process to estimate the liability.

Loans Held for Sale — Loans held for sale are those loans the Company has the intent to sell in the foreseeable future. They are carried at the lower of aggregate cost or fair value. Gains and losses on sales of loans are recognized at settlement dates, and are determined by the difference between the sales proceeds and the carrying value of the loans after allocating costs to servicing rights retained. Such gains and losses are included as non-interest income in the consolidated statements of operations. All sales are made without recourse. Interest rate lock commitments on mortgage loans to be funded and sold are valued at fair value, and are included in other assets or liabilities, if material.

Transfers of financial assets—Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the entity, (2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets, and (3) the entity does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity.

Mortgage Servicing Rights— Mortgage servicing rights (“MSR”) assets result as the Company sells loans to investors in the secondary market and retains the rights to service mortgage loans sold to others. MSR assets are initially measured at fair value; assessed for impairment at least annually; and carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value. MSR assets are amortized in proportion to and over the period of estimated net servicing income, with the amortization recorded as “Mortgage servicing rights expense, net” in non-interest expense in the consolidated statements of operations.

The valuation of MSRs and related amortization, included in mortgage servicing rights expense in the consolidated statements of operations, thereon are based on numerous factors, assumptions and judgments, such as those for: changes in the

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mix of loans, interest rates, prepayment speeds, and default rates. Changes in these factors, assumptions and judgments may have a material effect on the valuation and amortization of MSRs. Although management believes that the assumptions used to evaluate the MSRs for impairment are reasonable, future adjustment may be necessary if future economic conditions differ substantially from the economic assumptions used to determine the value of MSRs.

Servicing fee income, which is reported on the consolidated statements of operations in non-interest income as loan servicing income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of outstanding principal; or a fixed amount per loan and are recorded as income when earned.

Office Properties and Equipment—Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Maintenance and repair costs are charged to expense as incurred. Gains or losses on disposition of office properties and equipment are reflected in income. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Leasehold improvements are depreciated using the straight-line (or accelerated) method with useful lives based on the lesser of (a) the estimated life of the lease, or (b) the estimated useful life of the leasehold improvement. Depreciation expense is included in non-interest expense on the consolidated statements of operations.

Goodwill and other intangible assets—The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, “Intangibles - Goodwill and Other.” The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company amortizes acquired intangible assets, primarily Core Deposit Intangibles (CDI) with definite useful economic lives over their useful economic lives originally ranging from 72 to 111 months utilizing the straight-line method. On a periodic basis, management assesses whether events or changes in circumstances indicate that the carrying amounts of the intangible assets may be impaired. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A reporting unit is defined as any distinct, separately identifiable component of the Company’s one operating segment for which complete, discrete financial information is available and reviewed regularly by the segment’s management. The Company has one reporting unit as of March 31, 2025, which is related to its banking activities. The impairment testing process is conducted by assigning net assets and goodwill to the Company’s reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of the Company’s reporting unit is calculated and compared to the recorded book value, “step one.” If the calculated fair value of the Company’s reporting unit exceeds its carrying value, goodwill is not considered impaired and “step two” is not considered necessary. If the carrying value of the Company’s reporting unit exceeds its calculated fair value, the impairment test continues (“step two”) by comparing the carrying value of the Company’s reporting unit’s goodwill to the implied fair value of goodwill. An impairment charge is recognized if the carrying value of goodwill exceeds the implied fair value of goodwill. The Company has performed the required goodwill impairment test and has determined that goodwill was not impaired as of October 31, 2024, and no circumstances arose after October 31, 2024, that indicated impairment existed at December 31, 2024, per the quarterly analysis. The Company has monitored events and conditions since December 31, 2024, and has determined that no triggering event has occurred that would require goodwill to be tested for impairment.

Foreclosed and Repossessed Assets, net – Assets acquired through foreclosure or repossession are initially recorded at fair value, less estimated costs to sell, which establishes a new cost basis. If the fair value declines subsequent to foreclosure or repossession, a write-down is recorded through expense. Costs incurred after acquisition are expensed and are included in non-interest expense, other in the consolidated statements of operations.

Bank Owned Life Insurance (BOLI)—The Bank invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a select group of employees. The Bank is the owner and beneficiary of the policies. Income from the increase in cash surrender value of the policies as well as the receipt of death benefits is included in non-interest income on the consolidated statements of operations.

New Markets Tax Credits - As a part of its commitment to the communities it serves, in the first quarter of 2022 and the third quarter of 2024, the Company made investments in LLC’s that are sponsoring community development projects that have been awarded New Markets Tax Credits (“NMTC”) through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. These investments are Community Reinvestment Act eligible and are designed to generate a return primarily through the realization of the tax credit. These LLC’s are considered a Variable Interest Entity (VIE) as the Company represents the holder of the equity investment at risk. However, the Company does not have the ability to direct the activities that most significantly affect the performance of the LLC. As such, the Company is not the primary beneficiary of the VIE and

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the LLC’s have not been consolidated. With the adoption of ASU 2023-02 on January 1, 2023, the investments are accounted for using the proportional amortization method, which requires amortizing the investment in the period of and in proportion to the recognition of the related tax credit. Amortization of the investment is included in provision for income taxes and the utilization of the tax credit is recorded as a reduction in provision for income taxes. Prior to the adoption of ASU 2023-02 the investment was accounted for using the equity method of accounting and was amortized through non-interest expense.

As of March 31, 2025, the carrying amount of this investment, which is included in other assets in the consolidated balance sheets, was $4,220. The risk of loss with this investment is limited to its carrying value and is tied to its ability to operate in compliance with the rules and regulations necessary for the qualification of the tax credit generated by the investment. As of March 31, 2025, there were no known instances of noncompliance associated with either investment.

Leases - We determine if an arrangement is a lease at inception. All of our existing leases have been determined to be operating leases under ASC 842. Right-of-use (“ROU”) assets are included in other assets in our consolidated balance sheets. Operating lease liabilities are included in other liabilities in our consolidated balance sheets. Lease expense is included in non-interest expense, “Occupancy” in the consolidated statements of operations.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date, based on the present value of lease payments over the lease term. As none of our existing leases provide an implicit rate, we use our incremental borrowing rate, based on information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, when it is reasonably certain that we will exercise that option. Lease expense is recognized based on the total contractually required lease payments, over the term of the lease, on a straight-line basis. Some of the Bank’s leases require it to make variable payments for the Bank’s share of property taxes, insurance, common area maintenance and other costs. These variable costs are recognized when incurred and are also included in lease expense.

Federal Home Loan Bank (“FHLB”) advances - The Bank held no short-term or long-term FHLB advances as of March 31, 2025. The Bank held no short-term FHLB advances and $5,000 long-term FHLB advances as of December 31, 2024. For cash flow purposes the short-term FHLB advances, if any, are disclosed net with original maturities of three months or less.

Debt and equity issuance costs—Debt issuance costs, which consist primarily of fees paid to note lenders, are deferred and included in other borrowings in the consolidated balance sheets. Debt issuance costs that originated in 2020 and thereafter, are amortized through the first Company call option date of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Senior note debt issuance costs, are amortized over the contractual term of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Specific costs associated with the issuance of shares of the Company’s common or preferred stock are netted against proceeds and recorded in stockholders’ equity, as additional paid in capital, on the consolidated balance sheets, in the period of the share issuance.

Share-Based Compensation—The Company may grant restricted stock awards and other stock-based awards to plan participants, subject to forfeiture upon the occurrence of certain events until the dates specified in the participant’s award agreement. The Company accounts for forfeitures as they occur. Forfeited restricted shares are canceled and returned to authorized and unissued shares. While time based restricted shares are subject to forfeiture, time based restricted stock award participants may exercise full voting rights and will receive all dividends and other distributions paid with respect to the restricted shares. The time based restricted shares granted under the 2018 Equity Incentive Plan (the “Plan”) are subject to a three-year vesting period. Compensation expense for time based restricted stock is recognized over the requisite service period of three years for the entire award on a straight-line basis. Performance based restricted shares are earned over a three-year period based on Board approved performance metrics and expense is recorded based on expected shares vesting. The performance based restricted stock award participants do not have voting rights and do not receive dividends or other distributions paid with respect to the performance based restricted shares. Upon vesting of restricted stock, the benefit of tax deductions in excess of recognized compensation expense is reflected as an income tax benefit in the Consolidated Statements of Operations.

    Advertising, Marketing and Public Relations Expense—The Company expenses all advertising, marketing and public relations costs as they are incurred.

Income Taxes – The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” Under this guidance, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

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existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.

The Company regularly reviews the carrying amount of its net deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company’s net deferred tax assets will not be realized in future periods, a deferred tax valuation allowance would be established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. In evaluating this available evidence, management considers, among other things, historical performance, expectations of future earnings, the ability to carry back losses to recoup taxes previously paid, the length of statutory carry forward periods, any experience with utilization of operating loss and tax credit carry forwards not expiring, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. Accordingly, the Company’s evaluation is based on current tax laws as well as management’s expectations of future performance.

The Company’s effective tax rates were 19.6% and 21.3% for the three months ended March 31, 2025 and March 31, 2024, respectively.

Revenue Recognition - The Company’s primary source of revenue is interest income from interest earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest earning assets is based upon formulas from underlying loan agreements, securities contracts or other similar contracts.

The Company accounts for revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers.” Topic 606 provides that revenue from contracts with customers be recognized when performance obligations under the terms of a contract are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing service. The Company does not have any materially significant payment terms as payment is received shortly after the satisfaction of the performance obligation. The statement of operations line items recognized under the scope of Topic 606 are as follows:

Service charges on deposit accounts - Service charges on accounts consist of monthly service fees, transaction-based fees, overdraft fees and other deposit account related fees. The Company’s performance obligation for monthly services fees is generally satisfied over the period in which the service is provided. Revenue for these monthly fees is recognized during the service period. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied at the time the service is provided. Payment for service charges on deposit accounts are primarily received immediately or in the following month through a direct charge to a customer’s account.

Interchange income - The Company earns interchange fees when cardholder debit card transactions are processed through card association networks. The interchange rates are generally set by the card association based upon purchase volumes and other factors. Interchange fees represent a percentage of the underlying transaction value. The Company has a continuous contract, based on customary business practices, with the card association networks to make funds available for settlement of card transactions. The Company’s performance obligation is satisfied over time as it makes funds available, and the related income is recognized when received.

Gain (loss) on repossessed assets - The Company records a gain or loss from the sale of repossessed assets, when control of the property or asset transfers to the buyer, which generally occurs at the time of an executed deed or sales agreement. When the Company finances the sale of repossessed assets to a buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the repossessed asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain on sale or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present.

Non-interest income outside of the scope of Revenue from Contracts with Customers, Topic 606 is recognized on the accrual basis of accounting as services are provided or as transactions occur. Non-interest income outside of the scope of Topic 606 includes mortgage banking activities, loan fees and service charges, net gains (losses) on investment securities, and other, which is primarily made up of BOLI related income.

Earnings Per Share – Basic earnings per common share is net income or loss divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional

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potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans that have an exercise price that is less than the Company’s stock price on the reporting date.

Loss Contingencies—Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of loss can be reasonably estimated.

Off-Balance-Sheet Financial Instruments—In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and commitments under lines of credit arrangements, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable.

Derivatives--Rate-lock Commitments and Forward Sale Agreements —The Company enters into commitments to originate loans, whereby the interest rate on the loan is determined prior to funding (rate-lock commitment). Rate-lock commitments on mortgage loans held for sale are derivative instruments. If material, derivative instruments are carried on the consolidated balance sheets at fair value, and changes in the fair value thereof are recognized in the consolidated statements of operations. The Company originates single-family residential loans for sale, pursuant to programs primarily with the Federal Home Loan Mortgage Corporation (“FHLMC”) and other similar third parties. In connection with these programs, at the time the Company initially issues a loan commitment, it does not lock in a specific interest rate. At the time the interest rate is locked in by the borrower, the Company concurrently enters into a forward loan sale agreement with the prospective loan purchaser, at a specific price, in order to manage the interest rate risk inherent to the rate-lock commitment. The forward sale agreement also meets the definition of a derivative instrument. Any change in the fair value of the loan commitment after the borrower locks in the interest rate is substantially offset by the corresponding change in the fair value of the forward loan sale agreement related to such loan. The period from the time the borrower locks in the interest rate, to the time the Company funds the loan and sells the loan to a third party varies, and could be up to 90 days. The fair value of each instrument will rise and fall in response to changes in market interest rates, subsequent to the dates the interest rate locks and forward sale agreements are entered into. In the event that interest rates rise after the Company enters into an interest rate lock, the fair value of the loan commitment will decline. However, the fair value of the forward loan sale agreement related to such loan commitment should increase by substantially the same amount, effectively eliminating the Company’s interest rate and price risks.

At March 31, 2025, the Company had $5,414 of loan commitments outstanding related to loans being originated for sale, all of which were subject to interest rate lock commitments and corresponding forward loan sale agreements, as described above. The net fair values of outstanding interest rate-lock commitments and forward sale agreements were considered immaterial to the Company’s consolidated financial statements as of March 31, 2025.

Common Stock Repurchased-The Company is incorporated in Maryland. Under Maryland Law, shares repurchased are canceled and returned to authorized and unissued shares and recorded as a reduction of each of the applicable captions within stockholders’ equity on the consolidated balance sheets and consolidated statement of changes in stockholders’ equity.

Other Comprehensive Income —Accumulated and other comprehensive income or loss is comprised of the unrealized and realized gains and losses on securities available for sale, net of tax, and is shown on the accompanying consolidated statements of comprehensive income.

Operating Segments—The Chief Operating Decision Maker regularly reviews consolidated financial statements, as well as detailed revenue and net interest income and expense results in order to assess the Company’s performance and allocate resources. While the Chief Operating Decision Maker monitors the revenue streams of the various banking products and services, financial performance is evaluated and resource allocation decisions are made on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by the Chief Operating Decision Maker to be the Company’s sole reportable operating segment.

Reclassifications – Certain items previously reported were reclassified for consistency with the current presentation.

Recent Accounting Pronouncements—The Financial Accounting Standards Board (FASB) issues Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). This section provides a summary description of recent ASUs that have potentially significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future.

Recent Accounting Pronouncements—Adopted

ASU 2020-04 and ASU 2021-01, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting--These ASUs provide optional and temporary relief, in the form of optional expedients and exceptions, for applying GAAP to modifications of contacts, hedging relationships and other transactions affected by reference

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rate (e.g. LIBOR) reforms. ASU 2020-04 and ASU 2021-01 was effective immediately upon issuance and remained in effect through December 31, 2024. The Company utilizes LIBOR, among other indexes, as a reference rate for underwriting variable rate loans. Reference rate reform has not had, nor does the Company expect it to have, a material effect on the Company’s consolidated balance sheet, operations or cash flows.

ASU 2023-06, Disclosure Improvements – Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative – This ASU, issued in October 2023, provides for changes to clarify or improve consistency of disclosure and presentation requirements on a variety of topics. This ASU has various effective dates, coinciding with the SEC’s removal of each specific change from Regs X-S and S-K, with early adoption permitted. The Company has adopted all applicable disclosure requirements set forth in this update with no material impact on the Company’s financial condition or results of operations.

ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures—This ASU, issued in November 2023, requires all public entities to provide enhanced disclosures about significant segment expenses. This update has been applied retrospectively, and is effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. Adoptions of ASU 2023-07 had no material effect on the Company’s consolidated balance sheet, operations or cash flows.

Recently Issued, But Not Yet Effective Accounting Pronouncements

ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures – This ASU, issued in December 2023, is effective for fiscal years beginning after December 15, 2024, and interim periods therein, with early adoption permitted. This ASU requires expanded income tax-related note disclosures. The Company is currently evaluating the impact of these new disclosure requirements.

ASU 2024-03, Income Statement, Reporting of Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses—This ASU, issued in November 2024, is effective for fiscal years beginning after December 15, 2027, and interim periods therein, with early adoption permitted. This ASU requires more detailed note disclosure about the types of expenses in commonly presented expense captions. The Company is currently evaluating the impact of these new disclosure requirements.

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NOTE 2 – INVESTMENT SECURITIES

The amortized cost and fair value of securities available for sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2025
U.S. government agency obligations	$	13,062	$	24	$	100	$	12,986
Mortgage-backed securities	86,510		—		17,806		68,704
Corporate debt securities	42,436		88		2,933		39,591
Asset-backed securities	18,496		28		163		18,361
Total available-for-sale securities	$	160,504	$	140	$	21,002	$	139,642
December 31, 2024
U.S. government agency obligations	$	13,853	$	28	$	128	$	13,753
Mortgage-backed securities	87,762		—		19,376		68,386
Corporate debt securities	44,931		111		3,326		41,716
Asset-backed securities	19,058		43		105		18,996
Total available-for-sale securities	$	165,604	$	182	$	22,935	$	142,851

The amortized cost and fair value of securities held to maturity and the corresponding amounts of gross unrecognized gains and losses as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Held-to-maturity securities	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
March 31, 2025
Obligations of states and political subdivisions	$	400	$	—	$	21	$	379
Mortgage-backed securities	83,901		5		18,094		65,812
Total held-to-maturity securities	$	84,301	$	5	$	18,115	$	66,191
December 31, 2024
Obligations of states and political subdivisions	$	500	$	—	$	22	$	478
Mortgage-backed securities	85,004		4		19,864		65,144
Total held-to-maturity securities	$	85,504	$	4	$	19,886	$	65,622

At March 31, 2025, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $33,594 as collateral to secure a line of credit with the Federal Reserve Bank. As of March 31, 2025, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2025, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $297 and mortgage-backed securities with a carrying value of $2,005 as collateral against specific municipal deposits. As of March 31, 2025, the Bank also has mortgage-backed securities with a carrying value of $480 pledged as collateral to the Federal Home Loan Bank of Des Moines.

At December 31, 2024 the Bank had pledged certain of its mortgage-backed securities with a carrying value of $33,994 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2024, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2024, the Bank had pledged certain of its U.S. Government Agency securities with a carrying value of $339 and mortgage-backed securities with a carrying value of $1,766 as collateral against specific municipal deposits. As of December 31, 2024, the Bank also had mortgage-backed securities with a carrying value of $506, pledged as collateral to the Federal Home Loan Bank of Des Moines.

For the three month periods ended March 31, 2025, and March 31, 2024, there were no sales of available for sale securities.

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The estimated fair value of securities at March 31, 2025 and December 31, 2024, by contractual maturity, is shown below.

	March 31, 2025				December 31, 2024
Available-for-sale securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,158	$	2,129	$	4,526	$	4,487
Due after one year through five years	8,341		8,401		8,652		8,715
Due after five years through ten years	41,018		38,061		41,380		38,033
Due after ten years	22,477		22,347		23,284		23,230
Total securities with contractual maturities	73,994		70,938		77,842		74,465
Mortgage-backed securities	86,510		68,704		87,762		68,386
Total available for sale securities	$	160,504	$	139,642	$	165,604	$	142,851

	March 31, 2025				December 31, 2024
Held-to-maturity securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	100	$	97	$	100	$	100
Due after one year through five years	300		282		400		378
Due after five years through ten years	—		—		—		—
Total securities with contractual maturities	400		379		500		478
Mortgage-backed securities	83,901		65,812		85,004		65,144
Total held to maturity securities	$	84,301	$	66,191	$	85,504	$	65,622

22

Securities with unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	Less than 12 Months				12 Months or More				Total
Available-for-sale securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2025
U.S. government agency obligations	$	3,207	$	11	$	5,914	$	89	$	9,121	$	100
Mortgage-backed securities	2,722		68		65,982		17,738		68,704		17,806
Corporate debt securities	—		—		34,688		2,933		34,688		2,933
Asset-backed securities	3,061		13		11,767		150		14,828		163
Total	$	8,990	$	92	$	118,351	$	20,910	$	127,341	$	21,002
December 31, 2024
U.S. government agency obligations	$	5,472	$	25	$	3,334	$	103	$	8,806	$	128
Mortgage-backed securities	2,732		112		65,654		19,264		68,386		19,376
Corporate debt securities	—		—		36,806		3,326		36,806		3,326
Asset-backed securities	939		1		12,210		104		13,149		105
Total	$	9,143	$	138	$	118,004	$	22,797	$	127,147	$	22,935

At March 31, 2025 no ACL was established for available for sale or held to maturity securities. Substantially all the held to maturity portfolio is made up of agency backed mortgage securities. These securities are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. At March 31, 2025, there were no past due held to maturity securities. Accordingly, the Company does not expect to incur credit losses on these securities. Unrealized losses on available-for-sale investment securities have not been recognized into income because the issuers’ bonds are agency backed securities or other securities that all principal and interest is expected to be received on a timely basis. Furthermore, the Company does not intend to sell, and it is more likely than not that management will not be required to sell, the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The issuers continue to make timely principal and interest payments on their bonds.

All of our available for sale and held to maturity investment securities are investment grade securities.

23

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Portfolio Segments:

    Commercial and agricultural real estate loans are underwritten after evaluating and understanding the borrower's ability to operate profitably and prudently expand its business. Management examines current and projected cash flows to determine the ability of the borrower to repay its obligations as agreed. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The level of owner-occupied property versus non-owner-occupied property are tracked and monitored on a regular basis. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 75%.

Commercial and industrial (“C&I”) loans are primarily underwritten based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. These cash flows, however, may not be as expected and the value of collateral securing the loans may fluctuate. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. Agricultural operating loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines. Operating lines are typically written for one year and secured by the crop and other farm assets or other business assets, as considered necessary. Agricultural loans carry significant credit risks as they may involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields.

Residential mortgage loans are collateralized by primary and secondary positions on real estate and are underwritten primarily based on borrower’s documented income, credit scores, and collateral values. Under consumer home equity loan guidelines, the borrower will be approved for a loan based on a percentage of their home’s appraised value less the balance owed on the existing first mortgage. Credit risk is minimized within the residential mortgage portfolio due to relatively small loan account balances spread across many individual borrowers. Management evaluates trends in past due loans and current economic factors such as the housing price index on a regular basis.

Consumer installment loans are comprised of other consumer loans secured primarily by automobiles and other personal assets and originated indirect paper loans secured primarily by boats and recreational vehicles. Consumer loan underwriting terms often depend on the collateral type, debt to income ratio and the borrower’s creditworthiness as evidenced by their credit score. In the event of a consumer installment loan default, collateral value alone may not provide an adequate source of repayment of the outstanding loan balance. This shortage is a result of the greater likelihood of damage, loss and depreciation for consumer based collateral.

24

Loans are stated at the principal amount outstanding net of unearned net deferred fees and costs and loans in process, unearned discounts on acquired loans, and allowance for credit losses (“ACL”). Unearned net deferred fees and costs includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. A summary of loans at March 31, 2025, and December 31, 2024, follows:

	March 31, 2025					December 31, 2024
		Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial/Agricultural real estate:
Commercial real estate		$	707,994	52.3	%	$	707,009	51.7	%
Agricultural real estate		70,726		5.2	%	72,738		5.3	%
Multi-family real estate		237,736		17.6	%	220,706		16.1	%
Construction and land development		58,158		4.3	%	78,146		5.7	%
C&I/Agricultural operating:
Commercial and industrial		109,479		8.1	%	115,535		8.4	%
Agricultural operating		29,329		2.2	%	31,017		2.3	%
Residential mortgage:
Residential mortgage		128,633		9.5	%	131,892		9.6	%
Purchased HELOC loans		2,560		0.2	%	2,956		0.2	%
Consumer installment:
Originated indirect paper		3,434		0.3	%	3,970		0.3	%
Other consumer		4,679		0.3	%	5,012		0.4	%
Total loans receivable		$	1,352,728	100	%	$	1,368,981	100	%
Less: Allowance for credit losses		(20,205)				(20,549)
Net loans receivable		$	1,332,523			$	1,348,432

25

Credit Quality/Risk Ratings:

    Management utilizes a numeric risk rating system to identify and quantify the Bank’s risk of loss within its commercial/agricultural real estate and commercial and industrial/agricultural operating loan portfolios. Ratings are initially assigned prior to funding the loan, and may be changed at any time as circumstances warrant.

Ratings range from the highest to lowest quality based on factors that include measurements of ability to pay, collateral type and value, borrower stability and management experience. The Bank’s loan portfolio ratings are presented below in accordance with the risk rating framework that has been commonly adopted by the federal banking agencies. The definitions of the various risk rating categories are as follows:

1 through 4 - Pass. A “Pass” loan means that the condition of the borrower and the performance of the loan is satisfactory or better.

5 - Watch. A “Watch” loan has clearly identifiable developing weaknesses that deserve additional attention from management. Weaknesses that are not corrected or mitigated, may jeopardize the ability of the borrower to repay the loan in the future.

6 - Special Mention. A “Special Mention” loan has one or more potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position in the future.

7 - Substandard. A “Substandard” loan is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

8 - Doubtful. A “Doubtful” loan has all the weaknesses inherent in a Substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

9 - Loss. Loans classified as “Loss” are considered uncollectible, and their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, and a partial recovery may occur in the future.

As of March 31, 2025, and December 31, 2024, there were no loans classified as doubtful with a risk rating of 8 and no loans classified as loss with a risk rating of 9.

Residential and consumer loans are typically not rated until they are past due 90 days at month-end which is why they are classified as pass graded 1-5 and once 90 days past due at month-end or nonaccrual, get assigned a grade 7.

26

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of March 31, 2025, and gross charge-offs for the three months ended March 31, 2025:

	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	15,610	$	49,839	$	75,320	$	120,536	$	203,782	$	218,775	$	8,410	$	—	$	692,272
Risk rating 6	—		—		1,301		2,844		40		3,535		—		—		7,720
Risk rating 7	—		172		697		496		2,114		4,523		—		—		8,002
Total	$	15,610	$	50,011	$	77,318	$	123,876	$	205,936	$	226,833	$	8,410	$	—	$	707,994
Current period gross charge-offs	$	—	$	—	$	—	$	51	$	—	$	—	$	—	$	—	$	51
Agricultural real estate
Risk rating 1 to 5	$	5,413	$	3,443	$	6,573	$	16,743	$	9,960	$	21,611	$	910	$	—	$	64,653
Risk rating 6	—		—		—		—		—		138		—		—		138
Risk rating 7	—		—		201		378		4,978		378		—		—		5,935
Total	$	5,413	$	3,443	$	6,774	$	17,121	$	14,938	$	22,127	$	910	$	—	$	70,726
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	2,328	$	16,406	$	10,000	$	27,537	$	12,466	$	11,790	$	20,931	$	—	$	101,458
Risk rating 6	250		817		1,545		2,963		73		169		792		—		6,609
Risk rating 7	—		—		436		33		401		1		541		—		1,412
Total	$	2,578	$	17,223	$	11,981	$	30,533	$	12,940	$	11,960	$	22,264	$	—	$	109,479
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	20
Agricultural operating
Risk rating 1 to 5	$	2,202	$	2,122	$	2,758	$	2,313	$	520	$	1,986	$	16,188	$	—	$	28,089
Risk rating 6	—		—		48		—		35		241		191		—		515
Risk rating 7	—		—		—		473		252		—		—		—		725
Total	$	2,202	$	2,122	$	2,806	$	2,786	$	807	$	2,227	$	16,379	$	—	$	29,329
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

27

Continued	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	1,026	$	12,928	$	27,581	$	29,891	$	7,233	$	29,719	$	17,089	$	—	$	125,467
Risk rating 7	—		7		—		128		—		2,931		100		—		3,166
Total	$	1,026	$	12,935	$	27,581	$	30,019	$	7,233	$	32,650	$	17,189	$	—	$	128,633
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,443	$	—	$	2,443
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,560	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,400	$	—	$	—	$	3,400
Risk rating 7	—		—		—		—		—		34		—		—		34
Total	$	—	$	—	$	—	$	—	$	—	$	3,434	$	—	$	—	$	3,434
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other consumer
Risk rating 1 to 5	$	470	$	1,294	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,676
Risk rating 7	1		2		—		—		—		—		—		—		3
Total	$	471	$	1,296	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,679
Current period gross charge-offs	$	—	$	3	$	6	$	—	$	—	$	—	$	2	$	—	$	11
Total loans receivable	$	41,421	$	112,419	$	157,419	$	272,043	$	341,447	$	359,277	$	68,702	$	—	$	1,352,728
Total current period gross charge-offs	$	—	$	3	$	6	$	51	$	—	$	—	$	22	$	—	$	82

28

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of December 31, 2024, and gross charge-offs for the twelve months ended December 31, 2024:

	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	49,580	$	76,381	$	123,806	$	207,155	$	89,539	$	141,264	$	7,669	$	—	$	695,394
Risk rating 6	173		1,406		2,238		138		—		—		—		—		3,955
Risk rating 7	—		—		553		2,445		214		4,448		—		—		7,660
Total	$	49,753	$	77,787	$	126,597	$	209,738	$	89,753	$	145,712	$	7,669	$	—	$	707,009
Current period gross charge-offs	$	—	$	—	$	—	$	39	$	—	$	—	$	—	$	—	$	39
Agricultural real estate
Risk rating 1 to 5	$	3,556	$	10,870	$	17,160	$	10,098	$	7,335	$	16,642	$	715	$	—	$	66,376
Risk rating 6	—		—		—		—		—		140		—		—		140
Risk rating 7	—		202		477		5,102		—		441		—		—		6,222
Total	$	3,556	$	11,072	$	17,637	$	15,200	$	7,335	$	17,223	$	715	$	—	$	72,738
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	868	$	16,412	$	—	$	78,043
Risk rating 6	—		—		—		—		—		103		—		—		103
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	971	$	16,412	$	—	$	78,146
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	17,599	$	13,049	$	28,343	$	13,629	$	8,787	$	4,197	$	24,809	$	—	$	110,413
Risk rating 6	—		—		3,062		13		—		—		292		626		3,993
Risk rating 7	—		500		74		401		—		—		154		—		1,129
Total	$	17,599	$	13,549	$	31,479	$	14,043	$	8,787	$	4,197	$	25,255	$	626	$	115,535
Current period gross charge-offs	$	—	$	131	$	7	$	—	$	5	$	—	$	—	$	—	$	143
Agricultural operating
Risk rating 1 to 5	$	3,373	$	3,062	$	3,144	$	563	$	198	$	1,884	$	17,609	$	—	$	29,833
Risk rating 6	—		49		—		37		240		—		65		—		391
Risk rating 7	—		—		473		320		—		—		—		—		793
Total	$	3,373	$	3,111	$	3,617	$	920	$	438	$	1,884	$	17,674	$	—	$	31,017
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

29

Continued	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	13,400	$	28,598	$	30,386	$	7,369	$	2,141	$	30,004	$	17,349	$	—	129,247
Risk rating 7	—		—		130		—		—		2,507		8		—		2,645
Total	$	13,400	$	28,598	$	30,516	$	7,369	$	2,141	$	32,511	$	17,357	$	—	$	131,892
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	4
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,839	$	—	$	2,839
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,956	$	—	$	2,956
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,944	$	—	$	—	$	3,944
Risk rating 7	—		—		—		—		—		26		—		—		26
Total	$	—	$	—	$	—	$	—	$	—	$	3,970	$	—	$	—	$	3,970
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	—	$	17
Other consumer
Risk rating 1 to 5	$	1,519	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,010
Risk rating 7	2		—		—		—		—		—		—		—		2
Total	$	1,521	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,012
Current period gross charge-offs	$	—	$	4	$	3	$	1	$	—	$	—	$	10	$	—	$	18
Total loans receivable	$	121,811	$	168,238	$	261,269	$	349,214	$	153,207	$	225,687	$	88,929	$	626	$	1,368,981
Total current period gross charge-offs	$	—	$	135	$	10	$	40	$	5	$	21	$	10	$	—	$	221

30

Allowance for Credit Losses - Loans- The ACL is comprised of collectively evaluated and individually evaluated components. The allowance for credit losses (“ACL”) represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, the borrowers who might be facing financial difficulty. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and modifications, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. The Company estimates the appropriate level of allowance for credit losses by evaluating loans collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines that a loan does not share similar risk characteristics with other loans.

The following tables present the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2025:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2025
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549
Charge-offs	(51)		(20)		—		(11)		(82)
Recoveries	40		45		1		3		89
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(261)		75		(152)		(13)		(351)
ACL - Loans, at end of period	$	16,244	$	1,430	$	2,338	$	193	$	20,205

31

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	—		—		—		(5)		(5)
Recoveries	39		15		1		3		58
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(568)		46		20		(23)		(525)
ACL - Loans, at end of period	$	18,255	$	1,166	$	2,765	$	250	$	22,436

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the twelve months ended December 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Twelve months ended December 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	(39)		(143)		(4)		(35)		(221)
Recoveries	56		36		7		22		121
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(2,285)		332		(258)		(48)		(2,259)
ACL - Loans, at end of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549

32

Allowance for Credit Losses - Unfunded Commitments - In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $435 at March 31, 2025, and $334 at December 31, 2024, classified in other liabilities on the consolidated balance sheets. The following table presents the balance and activity in the ACL - Unfunded Commitments for the three months ended March 31, 2025, and the twelve months ended December 31, 2024.

	March 31, 2025 and Three Months Ended		December 31, 2024 and Twelve Months Ended
ACL - Unfunded Commitments - beginning of period	$	334	$	1,250
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations	101		(916)
ACL - Unfunded Commitments - End of period	$	435	$	334

Provision for credit losses - The provision for credit losses is determined by the Company as the amount to be added (reversed) to the ACL loss accounts for various types of financial instruments (including loans and off-balance sheet credit exposures) after net charge-offs have been deducted to bring the ACL to a level that, in managements judgement, is necessary to absorb expected credit losses over the lives of the respective financial instruments. The following table presents the components of the negative provision for credit losses.

	March 31, 2025 and Three Months Ended		March 31, 2024 and Three Months Ended
(Negative) provision for credit losses on:
Loans	$	(351)	$	(525)
Unfunded Commitments	101		(275)
Total (negative) provision for credit losses	$	(250)	$	(800)

33

An aging analysis of the Company’s commercial/agricultural real estate, C&I, agricultural operating, residential mortgage, consumer installment and purchased third party loans as of March 31, 2025, and December 31, 2024, respectively, was as follows:

(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
March 31, 2025
Commercial/Agricultural real estate:
Commercial real estate	$	217	$	224	$	370	$	811	$	707,183	$	707,994
Agricultural real estate	41		61		554		656		70,070		70,726
Multi-family real estate	—		—		—		—		237,736		237,736
Construction and land development	289		—		—		289		57,869		58,158
C&I/Agricultural operating:
Commercial and industrial	50		—		501		551		108,928		109,479
Agricultural operating	—		—		725		725		28,604		29,329
Residential mortgage:
Residential mortgage	1,069		54		830		1,953		126,680		128,633
Purchased HELOC loans	—		—		117		117		2,443		2,560
Consumer installment:
Originated indirect paper	16		1		—		17		3,417		3,434
Other consumer	44		16		—		60		4,619		4,679
Total	$	1,726	$	356	$	3,097	$	5,179	$	1,347,549	$	1,352,728
(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
December 31, 2024
Commercial/Agricultural real estate:
Commercial real estate	$	857	$	322	$	367	$	1,546	$	705,463	$	707,009
Agricultural real estate	26		—		556		582		72,156		72,738
Multi-family real estate	—		—		—		—		220,706		220,706
Construction and land development	—		—		—		—		78,146		78,146
C&I/Agricultural operating:
Commercial and industrial	566		50		564		1,180		114,355		115,535
Agricultural operating	—		—		793		793		30,224		31,017
Residential mortgage:
Residential mortgage	1,873		796		500		3,169		128,723		131,892
Purchased HELOC loans	—		—		117		117		2,839		2,956
Consumer installment:
Originated indirect paper	25		—		—		25		3,945		3,970
Other consumer	27		—		—		27		4,985		5,012
Total	$	3,374	$	1,168	$	2,897	$	7,439	$	1,361,542	$	1,368,981

34

Nonaccrual Loans - The following tables present the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated at March 31, 2025, December 31, 2024, and March 31, 2024, with no allowance for credit losses:

March 31, 2025	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,948	$	4,737	$	—
Agricultural real estate	5,934		5,734		—
C&I/Agricultural operating:
Commercial and industrial	701		668		—
Agricultural operating	725		725		—
Residential mortgage:
Residential mortgage	665		665		568
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,091	$	12,647	$	568

December 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,594	$	4,374	$	—
Agricultural real estate	6,222		6,020		—
Construction and land development	103		103		—
C&I/Agricultural operating:
Commercial and industrial	597		564		—
Agricultural operating	793		793		—
Residential mortgage:
Residential mortgage	741		548		186
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,168	$	12,520	$	186

35

March 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	5,340	$	5,125	$	—
Agricultural real estate	382		383		—
C&I/Agricultural operating:
Commercial and industrial	440		289		—
Agricultural operating	1,106		1,106		—
Residential mortgage:
Residential mortgage	1,127		900		324
Consumer installment:
Originated indirect paper	17		17		—
Other consumer	1		1		2
Total	$	8,413	$	7,821	$	326

The Company’s policy is to discontinue the accrual of interest income on all loans for which principal or interest is past due according to the following schedules:

•Commercial/agricultural real estate loans, past due 90 days or more;

•Commercial and industrial/agricultural operating loans past due 90 days or more;

•Closed ended consumer installment loans past due 120 days or more; and

•Residential mortgage and open ended consumer installment loans past due 180 days or more.

The accrual of interest is discontinued earlier when, in the opinion of management, there is reasonable doubt as to the timely collection of interest or principal. Once interest accruals are discontinued, accrued but uncollected interest is charged against current year income. Subsequent receipts on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Interest on loans determined to be modified is recognized on an accrual basis in accordance with the restructured terms if the loan is in compliance with the modified terms. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status.

36

Collateral Dependent Loans - A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present the amortized cost basis of collateral dependent loans by portfolio segment and collateral type that were individually evaluated to determine expected credit losses and the related allowance for credit losses as of March 31, 2025, and December 31, 2024.

	Collateral Type
March 31, 2025	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,185	$	—	$	9,185	$	5,743	$	3,441	$	482
Agricultural real estate	5,934		—		5,934		5,734		201		99
C&I/Agricultural operating:
Commercial and industrial	—		2,033		2,033		1,288		745		96
Agricultural operating	—		725		725		725		—		—
Residential mortgage:
Residential mortgage	3,244		—		3,244		3,244		—		—
Consumer installment:
Originated indirect paper	—		34		34		34		—		—
Other consumer	—		3		3		3		—		—
Total	$	18,363	$	2,795	$	21,158	$	16,771	$	4,387	$	677

	Collateral Type
December 31, 2024	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,004	$	—	$	9,004	$	6,597	$	2,407	$	258
Agricultural real estate	6,222		—		6,222		6,020		202		99
Construction and land development	103		—		103		103		—		—
C&I/Agricultural operating:
Commercial and industrial	—		1,806		1,806		1,146		660		49
Agricultural operating	—		793		793		793		—		—
Residential mortgage:
Residential mortgage	3,066		—		3,066		2,773		293		49
Consumer installment:
Originated indirect paper	—		25		25		25		—		—
Other consumer	—		2		2		2		—		—
Total	$	18,395	$	2,626	$	21,021	$	17,459	$	3,562	$	455

There was one outstanding commitment to borrowers experiencing financial difficulty as of March 31, 2025. There were unused lines of credit totaling $9 on loans with borrowers experiencing financial difficulties as of March 31, 2025.

37

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2025:

	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	322	0.05	%
Residential mortgage	$	120	0.09	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025:

Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months

The tables below detail Loan Modifications made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2025:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial and industrial	$	745	0.68	%
Agricultural operating	$	191	0.65	%
Residential mortgage	$	19	0.01	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	1,504	0.21	%
Commercial and industrial	$	801	0.73	%
Residential mortgage	$	275	0.21	%
	Term Extension and Principal Forgiveness
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Other consumer	$	2	0.04	%

38

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 12 months was added to the term of the loans
Agricultural operating	A weighted average of 8 months was added to the term of the loans
Residential mortgage	A weighted average of 55 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Commercial and industrial	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months
Term Extension and Principal Forgiveness
Loan Class	Financial Effect
Other consumer	A weighted average of 3 months was added to the term of the loan and a principal balance of $2 was forgiven

39

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	82	0.06	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential mortgage	Payments were deferred a weighted average of 3 months

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial real estate	$	4,564	0.61	%
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	151	0.12	%

40

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial real estate	A weighted average of 20 months was added to the term of the loans
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential Mortgage	Payments were deferred a weighted average of 4 months

The Company closely monitors the performance of loans that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2025.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	1,182	$	98	$	224	$	—
Commercial and industrial	1,496		50		—		—
Agricultural operating	191		—		—		—
Residential mortgage	19		275		—		—
Other consumer	2		—		—		—
Total	$	2,890	$	423	$	224	$	—

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2024.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	4,564	$	—	$	—	$	—
Commercial and industrial	2,300		—		—		—
Residential mortgage	82		—		—		69
Total	$	6,946	$	—	$	—	$	69

41

NOTE 4 – MORTGAGE SERVICING RIGHTS

Mortgage servicing rights--Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid balances of these loans as of March 31, 2025 and December 31, 2024 were $475,763 and $479,578, respectively, and consisted of one to four family residential real estate loans. These loans are serviced primarily for the Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and the Federal National Mortgage Association. Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in deposits were $4,194 and $2,430 at March 31, 2025 and December 31, 2024, respectively.

Mortgage servicing rights activity for the three month periods ended March 31, 2025 and March 31, 2024, were as follows:

	As of and for the Three Months Ended		As of and for the Three Months Ended
	March 31, 2025		March 31, 2024
Mortgage servicing rights:
Mortgage servicing rights, beginning of period	$	3,663	$	3,865
Increase in mortgage servicing rights resulting from transfers of financial assets	60		57
Amortization during the period	(140)		(143)
Mortgage servicing rights, end of period	3,583		3,779
Valuation allowance:
Valuation allowance, beginning of period	—		—
Additions	—		(5)
Recoveries	—		—
Valuation allowance, end of period	—		(5)
Mortgage servicing rights, net	$	3,583	$	3,774
Fair value of mortgage servicing rights; end of period	$	5,090	$	5,442

The current period change in valuation allowance, if applicable, is included in non-interest expense as mortgage servicing rights expense, net on the consolidated statement of operations. Servicing fees totaled $300 and $311 for the three months ended March 31, 2025 and March 31, 2024, respectively. Servicing fees are included in loan servicing income on the consolidated statement of operations. Late fees and ancillary fees related to loan servicing are not material.

To estimate the fair value of the MSR asset, a valuation model is applied at the loan level to calculate the present value of the expected future cash flows. The valuation model incorporates various assumptions that would impact market participants’ estimations of future servicing income. Central to the valuation model is the discount rate. Fair value at March 31, 2025, was determined using discount rates ranging from 9.625% to 12.625%. Fair value at March 31, 2024, was determined using discount rates ranging from 9.75% to 12.75%. Other assumptions utilized in the valuation model include, but are not limited to, prepayment speed, servicing costs, delinquencies, costs of advances, foreclosure costs, ancillary income, and income earned on float and escrow.

42

NOTE 5 – LEASES

We have operating leases for 1 corporate office, 2 bank branch offices, 2 former bank branch offices, and 1 ATM location. Our leases have remaining lease terms ranging from approximately 0.50 to 3.25 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of March 31, 2025, we have no lease commitments that have not yet commenced. The Company also leases a portion of some of its facilities and receives rental income from such lease agreements, all of which are considered operating leases.

	Three Months Ended
	March 31, 2025			March 31, 2024
The components of total lease cost were as follows:
Operating lease cost	$	102		$	127
Variable lease cost	20			16
Total lease cost	$	122		$	143
The components of total lease income were as follows:
Operating lease income	$	21		$	11
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126		$	136
	March 31, 2025			December 31, 2024
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)	$	710		$	815
Operating lease liabilities (2)	$	970		$	1,076
Weighted average remaining lease term in years; operating leases	2.82			3.08
Weighted average discount rate; operating leases	3.19		%	3.15		%

(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.

(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.

Cash obligations and receipts under lease contracts are as follows:

Fiscal years ending December 31,	Payments		Receipts
2025	371		50
2026	416		37
2027	351		17
2028	129		16
2029	—		11
Thereafter	—		—
Total	1,267		$	131
Less: effects of discounting	(297)
Lease liability recognized	$	970

43

NOTE 6 – DEPOSITS

The following is a summary of deposits by type at March 31, 2025 and December 31, 2024, respectively: 

	March 31, 2025		December 31, 2024
Non-interest bearing demand deposits	$	253,343	$	252,656
Interest bearing demand deposits	386,302		355,750
Savings accounts	167,614		159,821
Money market accounts	370,741		369,534
Certificate accounts	345,654		350,387
Total deposits	$	1,523,654	$	1,488,148

At March 31, 2025, the scheduled maturities of certificate accounts were as follows for the year ended, except December 31, 2025, which is the nine months ended:

December 31, 2025	$	305,088
December 31, 2026	32,438
December 31, 2027	1,266
December 31, 2028	6,317
December 31, 2029	418
After December 31, 2029	127
Total	$	345,654

Certificate accounts of $250 or more were $59,438 and $68,977 at March 31, 2025 and December 31, 2024, respectively.

Brokered deposits were $10,542 at March 31, 2025 and consisted of $5,489 of brokered certificate accounts and $5,053 of brokered money market accounts. Brokered Deposits were $19,125 at December 31, 2024 and consisted of $14,123 of brokered certificate accounts and $5,002 of brokered money market accounts.

At March 31, 2025, there was one brokered certificate account, totaling $5,489, maturing in the year ended, December 31, 2028. The Company can call this brokered certificate prior to the maturity date, with 15 calendar days prior written notice to the Payee.

44

NOTE 7 – FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

A summary of Federal Home Loan Bank advances and other borrowings at March 31, 2025 and December 31, 2024, is as follows:

	March 31, 2025							December 31, 2024
	Stated Maturity	Amount		Range of Stated Rates				Stated Maturity	Amount		Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3)	2025	$	0	—	%	—	%	2025	$	5,000	1.45	%	1.45	%
Federal Home Loan Bank advances		$	0						$	5,000
Senior Notes (4)	2039	$	12,000	6.75	%	6.75	%	2039	$	12,000	6.75	%	7.75	%
Subordinated Notes (5)	2030	$	15,000	6.00	%	6.00	%	2030	$	15,000	6.00	%	6.00	%
	2032	35,000		4.75	%	4.75	%	2032	35,000		4.75	%	4.75	%
		$	50,000						$	50,000
Unamortized debt issuance costs		(336)							(394)
Total other borrowings		$	61,664						$	61,606
Totals		$	61,664						$	66,606

(1)    The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $1,032,313 and $1,075,001 at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $501,532 compared to $424,658 as of December 31, 2024.

(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $5,000 and $81,000, during the three months ended March 31, 2025 and the twelve months ended December 31, 2024, respectively.

(3) There were no FHLB borrowings outstanding as of March 31, 2025. The weighted-average interest rate on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2024 was 1.45%.     

(4) Senior notes, entered into by the Company in June 2019 consist of the following:

(a) A term note, which was subsequently refinanced in March 2022, modified in February of 2023, and refinanced in May 2024, requiring quarterly interest-only payments through January 2029, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%.

(b) A $5,000 line of credit, maturing August 1, 2025, that remains undrawn upon.

(5) Subordinated notes resulted from the following:

(a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

(b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

45

Federal Home Loan Bank Letters of Credit

The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit (“LOC”) is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest bearing deposit balances. The letters of credit balances were $110,750 and $209,750 at March 31, 2025 and December 31, 2024, respectively.

Federal Reserve Borrowings

At March 31, 2025 and December 31, 2024, the Bank had the ability to borrow $25,069 and $24,942 from the Federal Reserve Bank of Minneapolis. The ability to borrow is based on mortgage-backed securities pledged with a carrying value of $33,594 and $33,994 as of March 31, 2025, and December 31, 2024, respectively. There were no Federal Reserve borrowings outstanding as of March 31, 2025, and December 31, 2024.

Federal Funds Purchased Lines of Credit

As of March 31, 2025, the Bank maintains two unsecured federal funds purchased lines of credit with its banking partners which total $70,000. As of December 31, 2024, the Bank maintained three unsecured federal funds purchased lines of credit with its banking partners which totaled $70,000. These lines bear interest at the lender bank’s announced daily federal funds rate, mature daily and are revocable at the discretion of the lending institution. There were no borrowings outstanding on these lines of credit as of March 31, 2025 or December 31, 2024.

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NOTE 8 - CAPITAL MATTERS

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Although these terms are not used to represent overall financial condition, if adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2025, the Bank was categorized as “Well Capitalized”, under Prompt Corrective Action Provisions.

The Bank’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025, and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	225,675	15.6	%	$	115,795	> =	8.0	%	$	144,744	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,551		14.3	%	86,846		> =	6.0	%	115,795		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,551		14.3	%	65,135		> =	4.5	%	94,084		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,551		12.0	%	69,020		> =	4.0	%	86,275		> =	5.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	225,432	15.6	%	$	115,755	> =	8.0	%	$	144,693	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,749		14.4	%	86,816		> =	6.0	%	115,755		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,749		14.4	%	65,112		> =	4.5	%	94,051		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,749		11.9	%	69,787		> =	4.0	%	87,234		> =	5.0	%

47

The Company’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025 and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes
	Amount		Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	231,949	16.0	%	$	115,988	> =	8.0	%
Tier 1 capital (to risk weighted assets)	163,825		11.3	%	86,991		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	163,825		11.3	%	65,243		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	163,825		9.5	%	69,117		> =	4.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	232,926	16.1	%	$	115,914	> =	8.0	%
Tier 1 capital (to risk weighted assets)	165,243		11.4	%	86,936		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	165,243		11.4	%	65,202		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	165,243		9.5	%	69,867		> =	4.0	%

48

NOTE 9 – STOCK-BASED AND OTHER COMPENSATION

On March 27, 2018, the stockholders of Citizens Community Bancorp, Inc. approved the 2018 Equity Incentive Plan. The aggregate number of shares of common stock initially reserved and available for issuance under the 2018 Equity Incentive Plan was 350,000 shares. As of March 31, 2025, 331,968 restricted shares had been granted under this plan. This amount includes 16,021 shares of performance based restricted stock granted in 2022 and issued in January 2025 upon achievement of the performance criteria and completion of the three-year performance period beginning in January 2022 and ending December 31, 2024. The amount also includes 8,805 shares of performance based restricted stock granted in 2021 and issued in January 2024 upon achievement of the performance criteria and completion of the three year performance period beginning in January 2021 and ending December 31, 2023. As of March 31, 2025, no stock options had been granted under this plan.

In February 2008, the Company’s stockholders approved the Company’s 2008 Equity Incentive Plan for a term of 10 years. Due to the plan’s expiration, no new awards can be granted under this plan. As of March 31, 2025, there are no awarded unvested restricted shares, and 49,000 awarded unexercised vested options remaining from the plan. Options granted under this plan vested pro rata over a five-year period from the grant date and were fully vested as of October 2022. Unexercised incentive stock options expire within 10 years of the grant date.

Stock based compensation expense related to restricted stock awards from these plans was $68 for the three months ended March 31, 2025, compared to $158 for three months ended March 31, 2024.

Restricted Common Stock Award

	March 31, 2025			December 31, 2024
	Number of Shares	Weighted Average Grant Price		Number of Shares	Weighted Average Grant Price
Restricted Shares
Unvested and outstanding at beginning of year	39,171	$	12.48	75,601	$	12.41
Granted	—	—		16,955	11.88
Vested	(31,562)	12.43		(53,139)	12.19
Forfeited	—	—		(246)	11.88
Unvested and outstanding at end of period	7,609	$	12.68	39,171	$	12.48

	March 31, 2025
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	33,188	$	13.09
2022 performance shares awarded above target	1,154	14.00
Vested and issued 2022 performance shares	(16,021)	14.00
Unvested at end of period	18,321	$	12.36

	December 31, 2024
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	41,993	$	12.61
Granted	—	—
Vested and issued	(8,805)	10.78
Forfeited	—	—
Unvested at end of period	33,188	$	13.09

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Common Stock Option Awards

	Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
March 31, 2025
Outstanding at beginning of year	52,000	$	11.62
Exercised	(3,000)	9.20
Outstanding at end of period	49,000	$	11.77	1.71	$	128
Exercisable at end of period	49,000	$	11.77	1.71	$	128
December 31, 2024
Outstanding at beginning of year	54,000	$	11.59
Exercised	(2,000)	11.00
Outstanding at end of year	52,000	$	11.62	1.85	$	243
Exercisable at end of year	52,000	$	11.62	1.85	$	243

Information related to the 2008 Equity Incentive Plan for the respective periods follows:

	Three months ended March 31, 2025		Twelve months ended December 31, 2024
Intrinsic value of options exercised	$	19	$	12
Cash received from options exercised	$	28	$	22
Tax benefit realized from options exercised	$	—	$	—

Other Compensation

On January 23, 2025, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 23, 2025 through December 31, 2027, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2027, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 23, 2025, time based awards were based on 15,044 shares and performance based awards were based on 15,049 shares.

On January 25, 2024, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 25, 2024 through December 31, 2026, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2026, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 25, 2024, time based awards were based on 18,509 shares and performance based awards were based on 18,505 shares.

At the end of each reporting period, the Company estimates its potential liability related to the Plan and records any change to this liability as compensation expense in the consolidated statement of operations. At March 31, 2025 and December 31, 2024, the related liability was $150 and $190, respectively, which is included in other liabilities on the consolidated balance sheet. For the three months ended March 31, 2025 and March 31, 2024, the Company recorded related expense of $59 and $26, respectively, which is included in compensation and related benefits/non-interest expense on the Company’s consolidated statement of operations.

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NOTE 10 – FAIR VALUE ACCOUNTING

ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value:

Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement.

The fair value of securities available-for-sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs).

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Assets Measured on a Recurring Basis

The following tables present the financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

	Fair Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Investment securities:
U.S. government agency obligations	$	12,986	$	—	$	12,986	$	—
Mortgage-backed securities	68,704		—		68,704		—
Corporate debt securities	39,591		—		39,591		—
Asset-backed securities	18,361		—		18,361		—
Total investment securities	139,642		—		139,642		—
Equity Investments:
Farmer Mac equity securities	539		539		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	3,561		—		—		—
Total equity investments	5,462		539		—		1,362
Total	$	145,104	$	539	$	139,642	$	1,362
December 31, 2024
Investment securities:
U.S. government agency obligations	$	13,753	$	—	$	13,753	$	—
Mortgage-backed securities	68,386		—		68,386		—
Corporate debt securities	41,716		—		41,716		—
Corporate asset backed securities	18,996		—		18,996		—
Total investment securities	142,851		—		142,851		—
Equity Investments:
Farmer Mac equity securities	569		569		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	2,771		—		—		—
Total equity investments	4,702		569		—		1,362
Total	$	147,553	$	569	$	142,851	$	1,362

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

During the three months ended June 30, 2024, senior debt of a community development financial institution, classified as available-for-sale securities was exchanged for preferred equity of the financial institution’s operating subsidiary. At March 31, 2025, the Company owned $1,362 preferred equity investments for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value. At December 31, 2024, the Company owned $1,362 preferred equity investments for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value.

There were no transfers in or out of Level 1, Level 2 or Level 3 fair value measurements relating to the available-for-sale securities above during the three months ended March 31, 2025 and March 31, 2024, respectively.. There were no losses included in earnings attributable to the change in unrealized gains or losses relating to the available-for-sale securities above with fair value measurements utilizing significant unobservable inputs for the three months ended March 31, 2025 and March 31, 2024, respectively.

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Assets Measured on Nonrecurring Basis

The following tables present the financial instruments measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:

	Carrying Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Foreclosed and repossessed assets, net	$	876	$	—	$	—	$	876
Collateral dependent loans	3,710		—		—		3,710
Total	$	4,586	$	—	$	—	$	4,586
December 31, 2024
Foreclosed and repossessed assets, net	$	915	$	—	$	—	$	915
Collateral dependent loans	3,107		—		—		3,107
Total	$	4,022	$	—	$	—	$	4,022

The fair value of collateral dependent loans with allowances was determined by obtaining independent third party appraisals and/or internally developed collateral valuations to support the Company’s estimates and judgments in determining the fair value of the underlying collateral supporting impaired loans.

The fair value of foreclosed and repossessed assets was determined by obtaining market price valuations from independent third parties wherever such quotes were available for other collateral owned. The Company utilized independent third party appraisals to support the Company’s estimates and judgments in determining fair value for other real estate owned.

The fair value of mortgage servicing rights was estimated using discounted cash flows based on current market rates and other factors.

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The following table represents additional quantitative information about assets measured at fair value on a

recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine their fair value at

March 31, 2025 and December 31, 2024.

	Fair Value		Valuation Techniques (1)	Significant Unobservable Inputs (2)	Range
March 31, 2025
Foreclosed and repossessed assets, net	$	876	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,710	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%
December 31, 2024
Foreclosed and repossessed assets, net	$	915	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,107	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%

(1)     Fair value is generally determined through independent third-party appraisals of the underlying

collateral, which generally includes various level 3 inputs which are not observable.

(2)     The fair value basis of collateral depended loans, and real estate owned may be adjusted to reflect management                                                                                             estimates of disposal costs including, but not limited to, real estate brokerage commissions, legal fees, and delinquent property taxes.

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The table below represents what we would receive to sell an asset or what we would have to pay to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows:

		March 31, 2025				December 31, 2024
	Valuation Method Used	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(Level I)	$	100,199	$	100,199	$	50,172	$	50,172
Securities available for sale “AFS”	(Level II)	139,642		139,642		142,851		142,851
Securities held to maturity “HTM”	(Level II)	84,301		66,141		85,504		65,622
Farmer Mac equity securities	(Level I)	539		539		569		569
Preferred equity	(Level III)	1,362		1,362		1,362		1,362
Equity investments valued at NAV(1)	N/A	3,561		N/A		2,771		N/A
Other investments	(Level II)	12,496		12,496		12,500		12,500
Loans receivable, net	(Level III)	1,332,523		1,292,183		1,348,432		1,315,657
Loans held for sale - Residential mortgage	(Level I)	328		328		441		441
Loans held for sale - SBA /FSA	(Level II)	2,968		2,968		888		888
Mortgage servicing rights	(Level III)	3,583		5,090		3,663		5,227
Accrued interest receivable	(Level I)	5,926		5,926		5,653		5,653
Financial liabilities:
Deposits	(Level III)	$	1,523,654	$	1,523,290	$	1,488,148	$	1,487,492
FHLB advances	(Level II)	—		—		5,000		4,979
Other borrowings	(Level II)	61,664		59,139		61,606		58,625
Accrued interest payable	(Level I)	6,369		6,369		5,842		5,842

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

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NOTE 11—EARNINGS PER SHARE

Earnings per share is based on the weighted average number of shares outstanding for the period. A reconciliation of the basic and diluted earnings per share is as follows:

	Three Months Ended
(Share count in thousands)	March 31, 2025		March 31, 2024
Basic
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Basic earnings per share	$	0.32	$	0.39
Diluted
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Add: Dilutive stock options outstanding	12		4
Average shares and dilutive potential common shares	10,001		10,443
Diluted earnings per share	$	0.32	$	0.39
Additional common stock option shares that have not been included due to their antidilutive effect	—		20

Dilutive shares outstanding consist of exercisable stock options whose strike prices were less than the quarterly average closing price of the Company’s common stock. At March 31, 2025 and March 31, 2024, there were 0 and 20 exercisable stock options, respectively, with a potentially dilutive effect. However their strike prices were higher than the quarterly average closing prices of the Company’s common stock and thus, excluded from diluted shares outstanding.

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NOTE 12 – OTHER COMPREHENSIVE INCOME (LOSS)

The following tables show the tax effects allocated to each component of other comprehensive income (loss) for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31, 2025						March 31, 2024
	Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount
Unrealized gains (losses) on securities:
Net unrealized gains (losses) arising during the period	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)
Other comprehensive income (loss)	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)

The changes in the accumulated balances for each component of other comprehensive income (loss), net of tax for the twelve months ended December 31, 2024 and the three months ended March 31, 2025 were as follows:

	Unrealized Gains (Losses) on AFS Securities		Other Accumulated Comprehensive Income (Loss), net of tax
Ending Balance, December 31, 2023	$	(24,001)	$	(17,328)
Current year-to-date other comprehensive income	1,248		908
Ending balance, December 31, 2024	$	(22,753)	$	(16,420)
Current year-to-date other comprehensive income	1,891		1,455
Ending balance, March 31, 2025	$	(20,862)	$	(14,965)

There were no reclassifications out of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2025 and March 31, 2024.

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NOTE 13 – SEGMENT INFORMATION

The Company’s reportable segment is determined by the Chief Financial Officer, who is the designated chief operating decision maker, based upon information provided about the performance of products and services offered in its banking operations. Banking operations consist primarily of lending, deposit and investment activities. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review the performance of various components of the business. Components of the Company’s business include various lending and deposit product offerings, the Company’s investment portfolio, banking branches and market geographies. The chief operating decision maker will evaluate the financial performance of the Company’s business components, such as by evaluating revenue, interest margins, significant expenses, and budget to actual operating results in assessing the Company’s segment and in determining the allocation of resources. The chief operating decision maker uses consolidated net income to benchmark the Company against competitors. Loans, investments, and deposits provide the revenue streams of the banking operation. Interest expense, provisions for credit losses, and compensation costs provide the significant expenses of the operation. All operations are domestic.

	Three Months Ended
	March 31, 2025		March 31, 2024
Interest and dividend income	$	21,103	$	22,679
Reconciliation of revenue
Other Revenue	2,593		3,264
Total consolidated revenues	23,696		25,943
Less:
Interest expense	9,509		10,774
Segment net interest income and non-interest income	14,187		15,169
Less:
(Negative) provision for credit losses	(250)		(800)
Compensation and related benefits (expense)	5,597		5,483
Other expenses	4,866		5,294
Provision for income taxes (expense)	777		1,104
Segment net income/consolidated net income	$	3,197	$	4,088
Other segment disclosures:
Interest income	$	21,103	$	22,679
Interest expense	$	9,509	$	10,774
Depreciation	$	526	$	561
Amortization	$	179	$	179
Other significant noncash items:
(Negative) provision for credit losses	$	(250)	$	(800)
Reconciliation of assets:	March 31, 2025		December 31, 2024
Total assets for reportable segments	$	1,779,963	$	1,748,519
Other assets	—		—
Total consolidated assets	$	1,779,963	$	1,748,519

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

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this report contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the Company intends that these forward-looking statements be covered by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “preliminary,” “planned,” “potential,” “should,” “will,” “would,” or the negative of those terms or other words of similar meaning. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are inherently subject to many uncertainties in the Company’s operations and business environment.

Factors that could affect actual results or outcomes include the matters described under the caption “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025 (“2024 10-K”), and the following:

•conditions in the financial markets and economic conditions generally;

•the impact of inflation on our business and our customers;

•geopolitical tensions, including current or anticipated impact of military conflicts;

•higher lending risks associated with our commercial and agricultural banking activities;

•future pandemics (including new variants of COVID-19);

•cybersecurity risks;

•adverse impacts on the regional banking industry and the business environment in which we operate;

•interest rate risk;

•lending risk;

•changes in the fair value or ratings downgrades of our securities;

•the sufficiency of allowance for credit losses;

•competitive pressures among depository and other financial institutions;

•disintermediation risk;

•our ability to maintain our reputation;

•our ability to maintain or increase our market share;

•our ability to realize the benefits of net deferred tax assets;

•our inability to obtain needed liquidity;

•our ability to raise capital needed to fund growth or meet regulatory requirements;

•our ability to attract and retain key personnel;

•our ability to keep pace with technological change;

•prevalence of fraud and other financial crimes;

•the possibility that our internal controls and procedures could fail or be circumvented;

•our ability to successfully execute our acquisition growth strategy;

•risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits;

•restrictions on our ability to pay dividends;

•the potential volatility of our stock price;

•accounting standards for credit losses;

•legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank;

•public company reporting obligations;

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•changes in federal or state tax laws; and

•changes in accounting principles, policies or guidelines and their impact on financial performance.

Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this filing and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this report.

GENERAL

The following discussion sets forth management’s discussion and analysis of our consolidated financial condition as of March 31, 2025, and our consolidated results of operations for the three months ended March 31, 2025, compared to the same period in the prior fiscal year ended March 31, 2024. This discussion should be read in conjunction with the interim consolidated financial statements and the condensed notes thereto included with this report and with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes related thereto included in our 2024 10-K. Unless otherwise stated, all monetary amounts in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, other than share, per share and capital ratio amounts, are stated in thousands.

PERFORMANCE SUMMARY

The following is a summary of some of the significant factors that affected our operating results for the three months ended March 31, 2025, and March 31, 2024. Compared to the first quarter of 2024, net interest income decreased $0.3 million. The decrease was primarily due to the impact of a smaller loan portfolio, partially offset by a temporary increase in a higher balance of lower yielding cash and higher net interest margin.

The total benefit, i.e., negative provision, for credit losses for the first quarter ended March 31, 2025, was $0.3 million compared to a negative provision for credit losses of $0.8 million for the quarter ended March 31, 2024. The first quarter of 2025 negative provision was due to decreases in ACL related to: (1) on-balance sheet ACL of $0.1 million, and (2) reductions in off-balance sheet reserves to fund commitments of $0.3 million. The first quarter ended March 31, 2024, negative provision for credit losses was primarily due to net recoveries on an agricultural credit and the impact of the payoff of two large loans.

Non-interest income decreased $0.7 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to $0.3 lower gain on sale of loans, $0.2 million decrease on loan, deposit and interchange revenue due to lower customer activity and $0.2 million lower gain on equity securities.

Non-interest expense decreased $0.3 million in the first quarter of 2025 from $10.8 million in the first quarter of 2024. The decrease was primarily due to a $0.4 million decrease in other expense due to a lower SBA recourse reserve, partially offset by $0.1 million higher compensation expense due to the impact of 2024 merit increases.

Provision for income taxes decreased to $0.8 million in the first quarter of 2025, from $1.1 million in the first quarter of 2024, primarily due to a decrease in the effective tax rate. The decrease in the effective tax rate is primarily due to the positive impact of higher permanent tax deductions in 2025.

When comparing year-over-year results, changes in net interest income, provision for credit losses, non-interest income and non-interest expense are primarily due to the items discussed above. See the remainder of this section for a more thorough discussion.

We reported net income of $3.2 million, or $0.32 per diluted share for the three months ended March 31, 2025, compared to net income of $4.1 million or $0.39 per diluted share for the three months ended March 31, 2024.

CRITICAL ACCOUNTING ESTIMATES

Our consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amount of assets, liabilities, revenue, expenses, and their related disclosures. We base our assumptions, estimates, and judgments on historical experience, current trends, and other factors that our management believes to be relevant at the time our consolidated financial statements are prepared. Some of these estimates are more critical than others. In addition to the policies included in Note 1, “Nature of Business and Summary of Significant Accounting Policies,” to the Consolidated Financial Statements included as an exhibit in our annual report on our 2024 10-K, our critical accounting estimates are as follows:

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Allowance for Credit Losses

We adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), “Measurement of Credit Losses on Financial Instruments” through a cumulative-effect adjustment on January 1, 2023. We have selected a loss estimation methodology, utilizing a third-party model. See also Notes 1 and 3 to the unaudited consolidated financial statements for further discussion of our adoption of ASU 2016-13.

Allowance for Credit Losses - Loans. We maintain an allowance for credit losses to absorb probable and inherent losses in our loan portfolio. The allowance is based on ongoing quarterly assessments of the estimated lifetime losses in our loan portfolio. In evaluating the level of the allowance for credit losses, we consider the types of loans and the amount of loans in our loan portfolio, historical loss experience, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, prevailing economic conditions, and other relevant factors determined by management. We follow all applicable regulatory guidance, including the “Interagency Policy Statement on Allowances for Credit losses,” issued by the Office of the Comptroller of the Currency, Department of the Treasury, Federal Deposit Insurance Corporation, and National Credit Union Administration. We believe that the Bank’s Allowance for Credit Losses Policy conforms to all applicable regulatory requirements. However, based on periodic examinations by regulators, the amount of the allowance for credit losses recorded during a particular period may be adjusted.

Our determination of the allowance for credit losses - loans is based on: (1) an individual allowance for specifically identified and evaluated loans that management has determined have unique risk characteristics. For these loans, the estimated loss is based on likelihood of default, payment history, and net realizable value of underlying collateral. Allowance for credit losses for collateral dependent loans are based on the fair value of the underlying collateral relative to the amortized cost of the loans. For loans that are not collateral dependent, the allowance for credit losses is based on the present value of expected future cash flows discounted at the loan’s original effective interest rate through the repayment period; and (2) a collective allowance for loans not specifically identified in (1) above. The allowance for these loans is estimated by pooling loans with a similar risk profile and calculating a collective loss rate using the pool’s risk drivers, historical loss experience, and reasonable and supportable future economic forecasts to project lifetime losses. This collectively estimated loss is adjusted for qualitative factors.

Assessing the allowance for credit losses - loans is inherently subjective as it requires making material estimates, including the amount, and timing of future cash flows expected to be received on collateral dependent loans, any of which estimates may be susceptible to significant change. In our opinion, the allowance, when taken as a whole, reflects estimated probable loan losses in our loan portfolio.

STATEMENT OF OPERATIONS ANALYSIS

Net Interest Income. Net interest income represents the difference between the dollar amount of interest earned on interest-bearing assets and the dollar amount of interest paid on interest-bearing liabilities. The interest income and expense of financial institutions (including those of the Bank) are significantly affected by general economic conditions, competition, policies of regulatory authorities and other factors.

Interest rate spread and net interest margin are used to measure and explain changes in net interest income. Interest rate spread is the difference between the yield on interest earning assets and the rate paid for interest-bearing liabilities that fund those assets. Net interest margin is expressed as the percentage of net interest income to average interest earning assets. Net interest margin currently exceeds interest rate spread because non-interest-bearing sources of funds (“net free funds”), principally demand deposits and stockholders’ equity, also support interest earning assets. The narrative below discusses net interest income, and net interest margin for the three-month period ended March 31, 2025, and March 31, 2024, respectively.

Net interest income was $11.6 million for the three months ended March 31, 2025, compared to $11.9 million for the three months ended March 31, 2024. Interest income for the three months ended March 31, 2025 decreased from the same period one year ago due to a lower balance of loans and investment securities, partially offset by a higher balance of interest-bearing cash. In addition, lower asset yields were primarily due to the impact of lower short-term interest rates of 100 basis points due to lower Federal Open Market Committee reductions in later 2024 on all asset categories. The decrease in interest income was partially offset by lower interest expense due to both lower balances of FHLB advances, a decrease in liability costs and the impact of a higher net interest margin. The decrease in loans was primarily due to the impact of shrinkage in non-strategic loan relationships, with the proceeds used to reduce FHLB advances. The net interest margin for the three-month period ended March 31, 2025, increased to 2.85%, compared to 2.77%, for the three-month period ended March 31, 2024. The higher net interest margin was due to a 20 basis point decrease in liability costs, partially offset by lower asset yields of 10 basis points. Lower asset yields were favorably impacted by the impact of new loan originations and loan repricing.

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Average Balances, Net Interest Income, Yields Earned and Rates Paid. The following net interest income analysis table presents interest income from average interest earning assets, expressed in dollars and yields, and interest expense on average interest-bearing liabilities, expressed in dollars and rates on a tax equivalent basis. Shown below is the weighted average tax equivalent yield on interest earning assets, rates paid on interest-bearing liabilities and the resultant spread at or during the three-month periods ended March 31, 2025, and March 31, 2024. Non-accruing loans have been included in the table as loans carrying a zero yield.

NET INTEREST INCOME ANALYSIS ON A TAX EQUIVALENT BASIS

(Dollar amounts in thousands)

Three months ended March 31, 2025, compared to the three months ended March 31, 2024:

	Three months ended March 31, 2025						Three months ended March 31, 2024
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	47,835	$	524	4.44	%	$	13,071	$	191	5.88	%
Loans	1,363,352		18,602		5.53	%	1,456,586		20,168		5.57	%
Investment securities	228,514		1,808		3.21	%	243,991		2,060		3.40	%
Other investments	12,498		169		5.48	%	13,350		260		7.83	%
Total interest earning assets	$	1,652,199	$	21,103	5.18	%	$	1,726,998	$	22,679	5.28	%
Average interest-bearing liabilities:
Savings accounts	$	167,001	$	407	0.99	%	$	176,838	$	421	0.96	%
Demand deposits	382,355		2,033		2.16	%	353,995		2,017		2.29	%
Money market	365,528		2,535		2.81	%	377,475		2,920		3.11	%
CD’s	343,751		3,622		4.27	%	360,177		3,851		4.30	%
Total deposits	$	1,258,635	$	8,597	2.77	%	$	1,268,485	$	9,209	2.92	%
FHLB Advances and other borrowings	64,635		912		5.72	%	124,701		1,565		5.05	%
Total interest-bearing liabilities	$	1,323,270	$	9,509	2.91	%	$	1,393,186	$	10,774	3.11	%
Net interest income			$	11,594					$	11,905
Interest rate spread					2.27	%					2.17	%
Net interest margin					2.85	%					2.77	%
Average interest earning assets to average interest-bearing liabilities					1.25						1.24

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Rate/Volume Analysis. The following tables present the dollar amount of changes in interest income and interest expense for the components of interest earning assets and interest-bearing liabilities that are presented in the preceding table. For each category of interest earning assets and interest-bearing liabilities, information is provided on changes attributable to: (1) changes in volume, which are changes in the average outstanding balances multiplied by the prior period rate (i.e., holding the initial rate constant); and (2) changes in rate, which are changes in average interest rates multiplied by the prior period volume (i.e., holding the initial balance constant). Rate and volume changes have been discussed previously in the net interest income section above.

RATE / VOLUME ANALYSIS

(Dollar amounts in thousands)

Three months ended March 31, 2025, compared to the three months ended March 31, 2024.

	Increase (decrease) due to
	Volume		Rate		Net
Interest income:
Cash and cash equivalents	$	412	$	(79)	$	333
Loans	(1,273)		(293)		(1,566)
Investment securities	(126)		(126)		(252)
Other investments	(16)		(75)		(91)
Total interest earning assets	(1,003)		(573)		(1,576)
Interest expense:
Savings accounts	(24)		10		(14)
Demand deposits	155		(139)		16
Money market accounts	(89)		(296)		(385)
CD’s	(173)		(56)		(229)
Total deposits	(131)		(481)		(612)
FHLB Advances and other borrowings	(296)		(357)		(653)
Total interest bearing liabilities	(427)		(838)		(1,265)
Net interest income	$	(576)	$	265	$	(311)

The table below shows the principal balance and current contractual rate of fixed rate certificates of deposit as of March 31, 2025. The table also shows the principal balance and current contractual rate of fixed rate loans and securities as of March 31, 2025, that mature or reprice.

Portfolio Contractual Repricing:

(in millions, except yields)

	Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026			Q3 2026			Q4 2026			FY 2027
Maturing Certificate Accounts:
Contractual Balance	$	174		$	101		$	28		$	23		$	8		$	—		$	—		$	8
Contractual Interest Rate	4.59		%	3.98		%	3.72		%	3.66		%	3.47		%	—		%	—		%	4.01		%
Maturing or Repricing Loans:
Contractual Balance	$	52		$	18		$	55		$	45		$	51		$	120		$	98		$	243
Contractual Interest Rate	6.62		%	6.14		%	4.64		%	4.53		%	4.18		%	3.61		%	3.72		%	4.66		%
Maturing or Repricing Securities:
Contractual Balance	$	5		$	3		$	4		$	2		$	7		$	7		$	3		$	6
Contractual Interest Rate	5.64		%	4.07		%	4.31		%	3.72		%	3.57		%	3.44		%	3.27		%	4.47		%

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Provision for Credit Losses. We determine our provision for credit losses (“provision”) based on our desire to provide an adequate Allowance for Credit Losses (“ACL”) - Loans to reflect estimated lifetime losses in our loan portfolio and ACL - Unfunded Commitments to reflect estimated losses on our unfunded commitments to lend. We use a third-party model to collectively evaluate and estimate the ACL on loans and unfunded commitments on a pooled basis. The model pools loans and commitments with similar characteristics and calculates an estimated loss rate for the pool based on identified risk drivers. These risk drivers vary with loan type. Projections about future economic conditions and the effect they could have on future losses are inherent in the model. Loans with uniquely identified circumstances and risks are individually evaluated. Lifetime losses on these loans are estimated based on the loans’ individual characteristics.

The total benefit, i.e., negative provision, for credit losses for the first quarter ended March 31, 2025,was $0.3 million compared to a negative provision for credit losses of $0.8 million for the quarter ended March 31, 2024. The first quarter of 2025 negative provision was due to decreases in ACL related to a decrease in on-balance sheet ACL of $0.35 million; partially offset by an increase in off-balance sheet reserves to fund commitments of $0.1 million. The first quarter of 2024 negative provision for credit losses was primarily due to net recoveries on an agricultural credit and the impact of the payoff of two large loans.

Continued stable economic conditions in our markets, as evidenced by unemployment rates below the national average in our two largest population centers, have resulted in positive overall economic trends for businesses. The impact of higher interest rates and the impact of an inverted yield forecast are factors that the third-party model used for economic conditions in computing the ACL level.

Note that in discussing ACL allocations, the entire ACL balance is available for any loan that, in management’s judgment, should be charged off.

Management believes that the provision recorded for the current year’s three-month period is adequate in view of the present condition of our loan portfolio and the sufficiency of collateral supporting our non-performing loans. We continually monitor non-performing loan relationships and will adjust our provision, as necessary, if changing facts and circumstances require a change in the ACL. In addition, a decline in the quality of our loan portfolio as a result of general economic conditions, factors affecting particular borrowers, or our market areas, or otherwise, could all affect the adequacy of our ACL. If there are significant charge-offs against the ACL, or we otherwise determine that the ACL is inadequate, we will need to record an additional provision in the future.

Non-interest Income. The following table reflects the various components of non-interest income for the three-month periods ended March 31, 2025 and 2024, respectively.

	Three months ended March 31,
	2025		2024		% Change
Non-interest Income:
Service charges on deposit accounts	$	423	$	471	(10.19)	%
Interchange income	518		541		(4.25)	%
Loan servicing income	559		582		(3.95)	%
Gain on sale of loans	720		1,020		(29.41)	%
Loan fees and service charges	120		230		(47.83)	%
Net gains on equity securities	10		167		N/M
Other	243		253		(3.95)	%
Total non-interest income	$	2,593	$	3,264	(20.56)	%

N/M means not meaningful 

Service charges on deposit accounts decreased $48 thousand from the first quarter of 2024 to the first quarter of 2025 primarily due to lower customer activity.

Gain on sale of loans decreased in the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024, primarily due to lower gains on SBA loan sales.

Loan fees and services charges were lower for the three-month period ended March 31, 2025, compared to the same periods in 2024, due to lower customer activity.

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The decrease in net gains on equity securities between the three-month period ended March 31, 2025, and the three-month period ended March 31, 2024, was primarily due to the impact of equity mark-to-market losses.

Non-interest Expense. The following table reflects the various components of non-interest expense for the three-month periods ended March 31, 2025 and 2024, respectively.

	Three months ended March 31,
	2025			2024			% Change
Non-interest Expense:
Compensation and related benefits	$	5,597		$	5,483		2.08	%
Occupancy	1,287			1,367			(5.85)	%
Data processing	1,719			1,597			7.64	%
Amortization of intangible assets	179			179			—	%
Mortgage servicing rights expense, net	140			148			(5.41)	%
Advertising, marketing and public relations	167			164			1.83	%
FDIC premium assessment	198			205			(3.41)	%
Professional services	508			566			(10.25)	%
Gains on repossessed assets, net	4			—			N/M
Other	664			1,068			(37.83)	%
Total non-interest expense	$	10,463		$	10,777		(2.91)	%
Non-interest expense (annualized) / Average assets	2.41		%	2.36		%	2.12	%

N/M means not meaningful 

Compensation expense for the three-month period ended March 31, 2025, increased from the same period in 2024, largely due to annual employee pay raises, effective late first quarter of 2024.

Data processing expense for the three months ended March 31, 2025, increased from the same 2024 periods, largely due to inflationary pressures and the impact of new software implementation costs to aid in future efficiency efforts.

The decrease in other non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024 is primarily due to the establishment of an SBA valuation reserve of $0.4 million in the first quarter of 2024.

Income Taxes. Provision for income taxes decreased to $0.8 million in the first quarter of 2025, from $1.1 million in the first quarter of 2024, primarily due to a decrease in the effective tax rate. The decrease in the effective tax rate was primarily due to the positive impact of higher permanent tax deductions in 2025.

BALANCE SHEET ANALYSIS

Cash and Cash Equivalents. Cash and cash equivalents increased $50.0 million to $100.2 million at March 31, 2025, compared to $50.2 million at December 31, 2024. This increase was primarily due to the net proceeds from loan shrinkage and deposit growth increasing on-balance sheet liquidity and growing interest-bearing deposits.

Investment Securities. We manage our securities portfolio to provide liquidity, modify interest rate risk and enhance income. Our investment portfolio is comprised of securities available-for-sale and securities held-to-maturity. Securities available-for-sale decreased $3.3 million during the three months ended March 31, 2025, to $139.6 million from $142.9 million at December 31, 2024. There were principal repayments of $2.6 million and a maturity of $2.5 million, partially offset by a decrease in the unrealized loss of $1.9 million.

Securities held-to-maturity decreased $1.2 million to $84.3 million during the three-month period ended March 31, 2025, from $85.5 million at December 31, 2024, due to principal repayments.

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The amortized cost and market values of our available-for-sale securities by asset categories as of the dates indicated below were as follows:

Available-for-sale securities	Amortized Cost		Fair Value
March 31, 2025
U.S. government agency obligations	$	13,062	$	12,986
Mortgage-backed securities	86,510		68,704
Corporate debt securities	42,436		39,591
Asset-backed securities	18,496		18,361
Totals	$	160,504	$	139,642
December 31, 2024
U.S. government agency obligations	$	13,853	$	13,753
Mortgage-backed securities	87,762		68,386
Corporate debt securities	44,931		41,716
Asset-backed securities	19,058		18,996
Totals	$	165,604	$	142,851

The amortized cost and fair value of our held-to-maturity securities by asset categories as of the dates noted below were as follows:

Held-to-maturity securities	Amortized Cost		Fair Value
March 31, 2025
Obligations of states and political subdivisions	$	400	$	379
Mortgage-backed securities	83,901		65,812
Totals	$	84,301	$	66,191
December 31, 2024
Obligations of states and political subdivisions	$	500	$	478
Mortgage-backed securities	85,004		65,144
Totals	$	85,504	$	65,622

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The composition of our available-for-sale portfolios by credit rating as of the dates indicated below was as follows:

	March 31, 2025				December 31, 2024
Available-for-sale securities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. government agency	$	92,066	$	74,225	$	94,327	$	74,910
AAA	7,677		7,649		7,210		7,148
AA	20,343		20,169		19,136		19,077
A	5,100		4,427		5,950		5,620
BBB	35,318		33,172		38,981		36,096
Non-rated	—		—		—		—
Total available for sale securities	$	160,504	$	139,642	$	165,604	$	142,851

The composition of our held-to-maturity portfolio by credit rating as of the dates indicated was as follows:

	March 31, 2025				December 31, 2024
Held-to-maturity securities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. government agency	$	83,901	$	65,812	$	85,004	$	65,144
A	400		379		500		478
Total	$	84,301	$	66,191	$	85,504	$	65,622

At March 31, 2025, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $33.6 million as collateral to secure a line of credit with the Federal Reserve Bank. As of March 31, 2025, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2025, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $0.3 million and mortgage-backed securities with a carrying value of $2.0 million as collateral against specific municipal deposits. As of March 31, 2025, the Bank also has mortgage-backed securities with a carrying value of $0.5 million pledged as collateral to the Federal Home Loan Bank of Des Moines.

At December 31, 2024, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $34.0 million as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2024, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2024, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $0.3 million and mortgage-backed securities with a carrying value of $1.8 million as collateral against specific municipal deposits. As of December 31, 2024, the Bank also has mortgage-backed securities with a carrying value of $0.5 million pledged as collateral to the Federal Home Loan Bank of Des Moines.

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Loans. Total loans outstanding, net of deferred loan fees and costs and unamortized discount on acquired loans, decreased by $0.02 billion, to $1.35 billion as of March 31, 2025, from $1.37 billion at December 31, 2024. The following table reflects the composition, of our loan portfolio at March 31, 2025, and December 31, 2024:

	March 31, 2025				December 31, 2024
	Amount		Percent		Amount		Percent
Real estate loans:
Commercial/Agricultural real estate
Commercial real estate	$	709,975	52.5	%	$	709,018	51.8	%
Agricultural real estate	71,071		5.3	%	73,130		5.3	%
Multi-family real estate	237,872		17.6	%	220,805		16.1	%
Construction and land development	58,461		4.3	%	78,489		5.7	%
Residential mortgage
Residential mortgage	129,070		9.5	%	132,341		9.7	%
Purchased HELOC loans	2,560		0.2	%	2,956		0.2	%
Total real estate loans	1,209,009		89.4	%	1,216,739		88.8	%
C&I/Agricultural operating and Consumer Installment Loans:
C&I/Agricultural operating
Commercial and industrial (“C&I”)	109,620		8.1	%	115,657		8.4	%
Agricultural operating	29,310		2.2	%	31,000		2.3	%
Consumer installment
Originated indirect paper	3,434		0.3	%	3,970		0.4	%
Other consumer	4,679		0.3	%	5,012		0.4	%
Total C&I/Agricultural operating and Consumer installment Loans	147,043		10.9	%	155,639		11.5	%
Gross loans	$	1,356,052	100.3	%	$	1,372,378	100.3	%
Unearned net deferred fees and costs and loans in process	(2,542)		(0.2)	%	(2,547)		(0.2)	%
Unamortized discount on acquired loans	(782)		(0.1)	%	(850)		(0.1)	%
Total loans (net of unearned income and deferred expense)	1,352,728		100.0	%	1,368,981		100.0	%
Allowance for credit losses	(20,205)				(20,549)
Total loans receivable, net	$	1,332,523			$	1,348,432

Commercial real estate (”CRE”) lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The level of owner-occupied property versus non-owner-occupied property are tracked and monitored on a regular basis.

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The following table lists the portfolio characteristics of our major commercial real estate loan portfolio at March 31, 2025:

	Non-Owner Occupied CRE			Owner- Occupied CRE			Multi-family CRE			Construction and Development CRE
Loan Balance Outstanding in Millions	$	471		$	239		$	238		$	58
Number of Loans	740			388			131			93
Average Loan Size in Millions	$	0.6		$	0.6		$	1.8		$	0.6
Approximate Weighted Average LTV	52		%	53		%	61		%	70		%
Weighted Average Seasoning in Months	46			43			42			N/A
Trailing 12 Month Net Charge-Offs	0.00		%	0.00		%	0.00		%	0.00		%
Criticized Loans in Millions	$	7.6		$	8.3		$	0.0		$	0.0
Criticized Loans as a Percent of Total	1.6		%	3.5		%	0.0		%	0.0		%

The table below lists the above CRE portfolio by geographical location:

	Non-Owner Occupied CRE		Owner- Occupied CRE		Multi-family CRE		Construction and Development CRE
Wisconsin	51	%	80	%	61	%	70	%
Minnesota	21	%	16	%	28	%	8	%
Other	28	%	4	%	11	%	22	%

The following table further disaggregates the composition of our commercial real estate loan portfolio by selected industry components at March 31, 2025:

	Campground			Hotel			Restaurant			Office
Loan Balance Outstanding in Millions	$	141		$	87		$	58		$	28
Number of Loans	71			20			82			72
Average Loan Size in Millions	$	2.0		$	4.4		$	0.7		$	0.4
Approximate Weighted Average LTV	48		%	50		%	48		%	57		%
Weighted Average Seasoning in Months	40			N/A			N/A			46
Trailing 12 Month Net Charge-Offs	0.00		%	(0.04)		%	0.00		%	0.00		%
Criticized Loans in Millions	$	0.0		$	3.9		$	0.0		$	0.5
Criticized Loans as a Percent of Total	0.0		%	4.5		%	0.1		%	1.8		%

The table below lists our CRE portfolio selected industry components by geographical location:

	Campground		Hotel		Restaurant		Office
Wisconsin	20	%	38	%	56	%	83	%
Minnesota	0	%	41	%	27	%	8	%
Other	80	%	21	%	17	%	9	%

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The following table lists the portfolio characteristics of our major commercial real estate loan portfolio at December 31, 2024:

	Non-Owner Occupied CRE			Owner- Occupied CRE			Multi-family CRE			Construction and Development CRE
Loan Balance Outstanding in Millions	$	471		$	238		$	221		$	78
Number of Loans	746			385			129			91
Average Loan Size in Millions	$	0.6		$	0.6		$	1.7		$	0.9
Approximate Weighted Average LTV	52		%	51		%	62		%	74		%
Weighted Average Seasoning in Months	44			41			41			N/A
Trailing 12 Month Net Charge-Offs	0.00		%	0.00		%	0.00		%	0.00		%
Criticized Loans in Millions	$	7.6		$	4.2		$	0.0		$	0.1
Criticized Loans as a Percent of Total	1.6		%	1.7		%	0.0		%	0.1		%

The table below lists the above CRE portfolio by geographical location:

	Non-Owner Occupied CRE		Owner- Occupied CRE		Multi-family CRE		Construction and Development CRE
Wisconsin	52	%	79	%	63	%	55	%
Minnesota	20	%	17	%	33	%	7	%
Other	28	%	4	%	4	%	38	%

The following table further disaggregates the composition of our commercial real estate loan portfolio by selected industry components at December 31, 2024:

	Campground			Hotel			Restaurant			Office
Loan Balance Outstanding in Millions	$	139		$	88		$	59		$	28
Number of Loans	68			20			78			71
Average Loan Size in Millions	$	2.0		$	4.4		$	0.8		$	0.4
Approximate Weighted Average LTV	49		%	51		%	48		%	58		%
Weighted Average Seasoning in Months	38			48			38			44
Trailing 12 Month Net Charge-Offs	0.00		%	(0.04)		%	0.00		%	0.00		%
Criticized Loans in Millions	$	0.0		$	4.0		$	0.0		$	0.5
Criticized Loans as a Percent of Total	0.0		%	4.6		%	0.1		%	1.8		%

The table below lists our CRE portfolio selected industry components by geographical location:

	Campground		Hotel		Restaurant		Office
Wisconsin	21	%	38	%	57	%	83	%
Minnesota	0	%	41	%	27	%	8	%
Other	79	%	21	%	16	%	9	%

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Allowance for Credit Losses - Loans. The Allowance for Credit Losses - Loans (“ACL”) is a valuation allowance for expected future credit losses in the Company’s loan portfolio as of the balance sheet date. In determining the allowance, the Company estimates credit losses over the loan’s entire contractual term, adjusted for expected prepayments when appropriate. The allowance estimate considers qualitative and quantitative relevant information from internal and external sources relating to historical loss experience; known and inherent risks in our portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; reasonable and supportable forecasts for future conditions; and other relevant factors determined by management. To ensure that the ACL is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The entire ACL balance is available for any loan that, in management’s judgment, should be charged off.

The determination of the ACL requires significant judgement to estimate credit losses. The ACL is measured collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines that the loan does not share similar risk characteristics with other loans. The ACL on loans collectively evaluated is measured using the loss rate model. The Company categorizes its loan portfolio into four segments based on similar risk characteristics. Loans within each segment are pooled based on individual loan characteristics. Aggregated risk drivers are then calculated at a pool level. Risk drivers are identified attributes that have proven to be predictive of loan loss rates and vary based on loan segment and type. A loss rate is calculated and applied to the pool utilizing a model that combines the pool’s risk drivers, historical loss experience, and reasonable and supportable future economic forecasts to project lifetime losses. The loss rate is then combined with the loan’s balance and contractual maturity, adjusted for expected prepayments, to determine expected future losses. Future and supportable economic forecasts are based on national economic conditions and their reversion to the mean is implicit in the model and generally occurs over a period of two years.

Qualitative adjustments are made to the allowance calculated on collectively evaluated loans to incorporate factors not included in the model. Qualitative factors include but are not limited to: lending policies and procedures, the experience and ability of lending and other staff, the volume and severity of problem credits, quality of the loan review system, and other external factors.

Loans that exhibit different risk characteristics from the pool are individually evaluated for credit losses. Loans can be identified for individual evaluation for a variety of reasons including delinquency, nonaccrual status, risk rating and loan modification. Accruing loans that exhibit different risk characteristics from their pool may also be within scope. On these loans, an allowance may be established so that the loan is reported, net, at the lower of: (a) its amortized cost; (b) the present value of the loan’s estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan collateral, less estimated disposal costs, if the loan is collateral dependent. Collateral dependency is determined using the practical expedient when: (1) the borrower is experiencing financial difficulty; and (2) repayment is expected to be provided substantially through the sale or operation of the collateral.

In addition, various regulatory agencies periodically review the ACL. These agencies may require the Company to make additions to the ACL or may require that certain loan balances be charged off or downgraded into classified loan categories when the agencies’ evaluation differs from management’s evaluation based on their judgments of collectability from the information available to them at the time of examination.

The Allowance for Credit Losses - Unfunded Commitments is a liability for expected future credit losses on the Company’s commitments to lend. The Company estimates expected credit losses over the contractual period for which the Company is exposed to credit risk, via a contractual obligation to extend credit, unless the obligation is unconditionally cancellable by the Company. The Allowance for Credit Losses - Unfunded Commitments on off-balance sheet exposures is included in other liabilities on the consolidated balance sheet.

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Allowance for Credit Losses - Loans Roll Forward

(in thousands, except ratios)

	March 31, 2025 and Three Months Ended			December 31, 2024 and Three Months Ended
Allowance for Credit Losses (“ACL”)
ACL - Loans, at beginning of period	$	20,549		$	21,000
Loans charged off:
Commercial/Agricultural real estate	(51)			—
C&I/Agricultural operating	(20)			(143)
Residential mortgage	—			—
Consumer installment	(11)			(7)
Total loans charged off	(82)			(150)
Recoveries of loans previously charged off:
Commercial/Agricultural real estate	40			10
C&I/Agricultural operating	45			1
Residential mortgage	1			—
Consumer installment	3			12
Total recoveries of loans previously charged off:	89			23
Net loan recoveries/(charge-offs) (“NCOs”)	7			(127)
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(351)			(324)
ACL - Loans, at end of period	$	20,205		$	20,549
Average outstanding loan balance	$	1,363,352		$	1,396,854
Ratios:
NCOs (annualized) to average loans	0.00		%	0.04		%

Allowance for Credit Losses - Loans Activity by Segment

(in thousands, except ratios)

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2025
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549
Charge-offs	(51)		(20)		—		(11)		(82)
Recoveries	40		45		1		3		89
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(261)		75		(152)		(13)		(351)
ACL - Loans, at end of period	$	16,244	$	1,430	$	2,338	$	193	$	20,205

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The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the twelve months ended December 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Twelve months ended December 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	(39)		(143)		(4)		(35)		(221)
Recoveries	56		36		7		22		121
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(2,285)		332		(258)		(48)		(2,259)
ACL - Loans, at end of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549

Allowance for Credit Losses - Loans to Percentage

(in thousands, except ratios)

	March 31, 2025			December 31, 2024
Loans, end of period	$	1,352,728		$	1,368,981
ACL - Loans	$	20,205		$	20,549
ACL - Loans to loans, end of period	1.49		%	1.50		%

In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $0.44 million at March 31, 2025, and $0.33 million at December 31, 2024, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses - Unfunded Commitments:

(in thousands)

	March 31, 2025 and Three Months Ended		December 31, 2024 and Twelve Months Ended
ACL - Unfunded Commitments - beginning of period	$	334	$	1,250
Increases to ACL - Unfunded Commitments via provision for credit losses charged to operations	101		(916)
ACL - Unfunded Commitments - end of period	$	435	$	334

Nonperforming Loans, Potential Problem Loans and Foreclosed Properties. We practice early identification of nonaccrual and problem loans in order to minimize the Bank’s risk of loss. Nonperforming loans are defined as nonaccrual loans and restructured loans that were 90 days or more past due at the time of their restructure, or when management determines that such classification is warranted. The accrual of interest income is discontinued on our loans according to the following schedule:

•Commercial/agricultural real estate loans, past due 90 days or more;

•C&I/Agricultural operating loans, past due 90 days or more;

•Closed ended consumer installment loans, past due 120 days or more; and

•Residential mortgage loans and open-ended consumer installment loans, past due 180 days or more.

When interest accruals are discontinued, interest credited to income is reversed. If collection is in doubt, cash receipts on non-accrual loans are used to reduce principal rather than being recorded as interest income.

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The following table identifies the various components of nonperforming assets and other balance sheet information as of the dates indicated below and changes in the ACL for the periods then ended:

	March 31, 2025 and Three Months Then Ended (1)			December 31, 2024 and Twelve Months Then Ended (1)
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,948		$	4,594
Agricultural real estate	5,934			6,222
Construction and land development	—			103
Commercial and industrial	701			597
Agricultural operating	725			793
Residential mortgage	782			858
Consumer installment	1			1
Total nonaccrual loans	$	13,091		$	13,168
Accruing loans past due 90 days or more	568			186
Total nonperforming loans (“NPLs”)	13,659			13,354
Other real estate owned	876			891
Other collateral owned	—			24
Total nonperforming assets (“NPAs”)	$	14,535		$	14,269
Average outstanding loan balance	$	1,363,352		$	1,430,631
Loans, end of period	$	1,352,728		$	1,368,981
Total assets, end of period	$	1,779,963		$	1,748,519
ACL - Loans, at beginning of period	$	20,549		$	22,908
Loans charged off:
Commercial/Agricultural real estate	$	(51)		$	(39)
C&I/Agricultural operating	(20)			(143)
Residential mortgage	—			(4)
Consumer installment	(11)			(35)
Total loans charged off	(82)			(221)
Recoveries of loans previously charged off:
Commercial/Agricultural real estate	40			56
C&I/Agricultural operating	45			36
Residential mortgage	1			7
Consumer installment	3			22
Total recoveries of loans previously charged off:	89			121
Net loan recoveries/(charge-offs) (“NCOs”)	7			(100)
(Reductions) additions to ACL - loans via provision for credit losses charged to operations	(351)			(2,259)
ACL - Loans, at end of period	$	20,205		$	20,549
Ratios:
ACL-Loans to NCOs (annualized)	N/M			N/M
NCOs (annualized) to average loans	0.00		%	(0.01)		%
ACL-Loans to total loans	1.49		%	1.50		%
ACL-Loans to nonaccrual loans	154.34		%	156.05		%
Nonaccrual loans to total loans	0.97		%	0.96		%
NPLs to total loans	1.01		%	0.98		%
NPAs to total assets	0.82		%	0.82		%

(1) Loan balances are stated at amortized cost.

N/M means not meaningful 

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Nonaccrual Loans Roll Forward:

	Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Balance, beginning of period	$	13,168	$	15,042	$	8,352	$	8,413	$	13,184
Additions	694		1,054		7,486		352		961
Charge offs	(21)		(138)		—		—		—
Transfers to OREO	—		(201)		(124)		—		—
Payments received	(752)		(2,515)		(641)		(411)		(5,767)
Other, net	2		(74)		(31)		(2)		35
Balance, end of period	$	13,091	$	13,168	$	15,042	$	8,352	$	8,413

Nonperforming assets were $14.5 million at March 31, 2025, compared to $14.3 million at December 31, 2024. This modest increase was due to a $0.4 million increase in residential loans delinquent more than 90 days not on nonaccrual status.

Refer to the “Allowance for Credit Losses - Loans” and “Nonperforming Loans, Potential Problem Loans and Foreclosed Properties” sections above for more information related to nonperforming loans.

Below is a summary of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025:

	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	322	0.05	%
Residential mortgage	$	120	0.09	%

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The table below shows a summary of criticized loans, split by special mention and substandard for the past five quarters. The increase in criticized loans from March 31, 2024, was primarily due to (1) one forestry services credit that moved from special mention to substandard in the third quarter of 2024 and (2) an increase in special mention commercial loans due to a new special mention C&I relationship in the first quarter of 2025 that showed weaker cash flow than expected. There was a payoff of a special mention loan in the second quarter of 2024.

	(in thousands)
(Loan balance at unpaid principal balance)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Special mention loan balances	$	14,990	$	8,480	$	11,047	$	8,848	$	13,737
Substandard loan balances	19,591		18,891		21,202		14,420		14,733
Criticized loans, end of period	$	34,581	$	27,371	$	32,249	$	23,268	$	28,470

Mortgage Servicing Rights. Mortgage servicing rights (“MSR”) assets are initially measured at fair value; assessed at least quarterly for impairment; carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value. MSR assets are amortized in proportion to and over the period of estimated net servicing income, with the amortization recorded in non-interest expense in the consolidated statement of operations. The valuation of MSRs and related amortization thereon are based on numerous factors, assumptions, and judgments, such as those for: changes in the mix of loans, interest rates, prepayment speeds, and default rates. Changes in these factors, assumptions and judgments may have a material effect on the valuation and amortization of MSRs. Although management believes that the assumptions used to evaluate the MSRs for impairment are reasonable, future adjustment may be necessary if future economic conditions differ substantially from the economic assumptions used to determine the value of MSRs.

The fair market value of the Company’s MSR asset was $5.1 million at March 31, 2025, compared to $5.4 million at March 31, 2024.

The unpaid balances of one-to-four family residential real estate loans serviced for others as of March 31, 2025, and December 31, 2024, were $475.8 million and $479.6 million, respectively. The fair market value of the Company’s MSR asset as a percentage of its servicing portfolio at March 31, 2025, and December 31, 2024, was 1.07% and 1.09%, respectively.

Deposits. Total deposits increased $35.5 million during the quarter ended March 31, 2025, to $1.52 billion. Consumer deposits increased $9.7 million. Commercial deposits increased by $11.3 million. Public deposits increased $20.8 million, largely due to expected seasonal inflows. Deposits by type for five quarters are detailed below:

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Consumer deposits	$	861,746	$	852,083	$	844,808	$	822,665	$	827,290
Commercial deposits	423,654		412,355		406,095		395,148		400,910
Public deposits	211,261		190,460		176,844		187,698		202,175
Brokered deposits	26,993		33,250		92,920		114,033		97,114
Total deposits	$	1,523,654	$	1,488,148	$	1,520,667	$	1,519,544	$	1,527,489

At March 31, 2025, the deposit portfolio composition was 56% consumer, 28% commercial, 14% public, and 2% wholesale deposits compared to 57% consumer, 28% commercial, 13% public and 2% brokered deposits at December 31, 2024.

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Non-interest bearing demand deposits	$	253,343	$	252,656	$	256,840	$	255,703	$	248,537
Interest bearing demand deposits	386,302		355,750		346,971		353,477		361,278
Savings accounts	167,614		159,821		169,096		170,946		177,595
Money market accounts	370,741		369,534		366,067		370,164		387,879
Certificate accounts	345,654		350,387		381,693		369,254		352,200
Total deposits	$	1,523,654	$	1,488,148	$	1,520,667	$	1,519,544	$	1,527,489

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Uninsured and uncollateralized deposits were $271.7 million, or 18% of total deposits, at March 31, 2025, and $265.4 million, or 18% of total deposits, at December 31, 2024. Uninsured deposits alone at March 31, 2025, were $444.4 million, or 29% of total deposits, and $428.0 million, or 29% of total deposits at December 31, 2024.

On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $852 million, or 314% of uninsured and uncollateralized deposits at March 31, 2025. At December 31, 2024, on-balance sheet liquidity, collateralized borrowing and uncommitted federal funds availability totaled $724.8 million, or 273% of uninsured and uncollateralized deposits.

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Federal Home Loan Bank (FHLB) advances and Other Borrowings. A summary of Federal Home Loan Bank (FHLB) advances and other borrowings at March 31, 2025, and December 31, 2024, is as follows:

	March 31, 2025							December 31, 2024
	Stated Maturity	Amount		Range of Stated Rates				Stated Maturity	Amount		Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3)	2025	$	0	—	%	—	%	2025	$	5,000	1.45	%	1.45	%
Federal Home Loan Bank advances		$	0						$	5,000
Senior Notes (4)	2039	$	12,000	6.75	%	6.75	%	2039	$	12,000	6.75	%	7.75	%
Subordinated Notes (5)	2030	$	15,000	6.00	%	6.00	%	2030	$	15,000	6.00	%	6.00	%
	2032	35,000		4.75	%	4.75	%	2032	35,000		4.75	%	4.75	%
		$	50,000						$	50,000
Unamortized debt issuance costs		(336)							(394)
Total other borrowings		$	61,664						$	61,606
Totals		$	61,664						$	66,606

(1) The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $1,032.3 million and $1,075.0 million at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $501.5 million compared to $424.7 million as of December 31, 2024.

(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $5.0 million and $81.0 million, during the three months ended March 31, 2025 and the twelve months ended December 31, 2024, respectively.

(3) There were no FHLB borrowings outstanding as of March 31, 2025. The weighted-average interest rate on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2024, was 1.45%.

(4) Senior notes, entered into by the Company in June 2019 consist of the following:

(a) A term note, which was subsequently refinanced in March 2022, modified in February of 2023, and refinanced in May 2024, requiring quarterly interest-only payments through January 2029, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%.

(b) A $5.0 million line of credit, maturing August 1, 2025, that remains undrawn upon.

(5) Subordinated notes resulted from the following:

(a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

(b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

78

FHLB advances decreased to $0.0 million as of March 31, 2025, compared to $5.0 million as of December 31, 2024. The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit (“LOC”) is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest-bearing deposit balances. The Bank’s current unused borrowing capacity, supported by loan collateral as of March 31, 2025, is approximately $501.5 million.

At March 31, 2025, and December 31, 2024, the Bank had the ability to borrow $25.1 million and $24.9 million from the Federal Reserve Bank of Minneapolis. The ability to borrow is based on mortgage-backed securities pledged with a carrying value of $33.6 million and $34.0 million as of March 31, 2025, and December 31, 2024, respectively. There were no related Federal Reserve borrowings outstanding as of March 31, 2025, or December 31, 2024.

The Bank maintains two unsecured federal funds purchased lines of credit with banking partners which total $70 million. These lines bear interest at the lender banks announced daily federal funds rate, mature daily, and are revocable at the discretion of the lending institution. There were no borrowings outstanding on these lines of credit as of March 31, 2025, or December 31, 2024. Additionally, we have a $5.0 million revolving line of credit which is available as needed for general liquidity purposes.

See Note 7, “Federal Home Loan Bank Advances and Other Borrowings” for more information.

Stockholders’ Equity. Stockholders’ equity was $180.1 million at March 31, 2025, compared to $179.1 million at December 31, 2024. The increase in stockholder’s equity was attributable to net income of $3.2 million for the three-month period ended March 31, 2025, a decrease from December 31, 2024, in net unrealized losses of $1.455 million from the AFS securities portfolio reflected in accumulated other comprehensive income, partially offset by the annual cash dividend paid in February to common stockholders of $0.36 per share, or $3.6 million.

The Company repurchased no shares of common stock in the quarter-ended March 31, 2025. As of March 31, 2025, approximately 238 thousand shares remain available for repurchase under the July 2024 share repurchase authorization.

Liquidity and Asset / Liability Management. Liquidity management refers to our ability to ensure cash is available in a timely manner to meet loan demand, depositors’ needs, and meet other financial obligations as they become due without undue cost, risk, or disruption to normal operating activities. We manage and monitor our short-term and long-term liquidity positions and needs through a regular review of maturity profiles, funding sources, and loan and deposit forecasts to minimize funding risk. A key metric we monitor is our liquidity ratio, calculated as cash and unpledged securities portfolio divided by total assets. At March 31, 2025, our on-balance sheet liquidity ratio increased by 2.63% to 14.38% from the December 31, 2024, level.

There are no material customers or industry deposit concentrations. Deposits decreased during January 2025, as commercial customers decreased their cash balances to support the needs of their businesses. At March 31, 2025, the deposit portfolio composition was 56% consumer, 28% commercial, 14% public, and 2% brokered deposits compared to 57% consumer, 28% commercial, 13% public and 2% brokered deposits at December 31, 2024.

Uninsured and uncollateralized deposits were $271.1 million, or 18% of total deposits, at March 31, 2025, and $265.4 million, or 18% of total deposits, at December 31, 2024. Uninsured deposits alone, i.e., excluding fully secured government deposits, at March 31, 2025, were $444.4 million, or 29% of total deposits, and $428.0 million, or 29% of total deposits at December 31, 2024.

On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $852 million, or 314% of uninsured and uncollateralized deposits at March 31, 2025. At December 31, 2024, on-balance sheet liquidity, collateralized borrowing and uncommitted federal funds availability totaled $724.8 million, or 273% of uninsured and uncollateralized deposits.

Our primary sources of funds are deposits, amortization, prepayments and maturities on the investment and loan portfolios and funds provided from operations. We use our sources of funds primarily to meet ongoing commitments, to pay maturing certificates of deposit and savings withdrawals, and to fund loan commitments. While scheduled payments from the amortization of loans and maturing short-term investments are relatively predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Although $328.3 million of our $345.7 million (95%) CD portfolio will mature within the next 12 months, we have historically retained a majority of our maturing CD’s.

We maintain access to additional sources of funds including FHLB borrowings and lines of credit with the Federal Reserve Bank, and our correspondent banks. We utilize FHLB borrowings to leverage our capital base, to provide funds for our lending and investment activities, and to manage our interest rate risk. Our borrowing arrangement with the FHLB calls for pledging certain qualified real estate, commercial and industrial loans, and borrowing up to 75% of the value of those loans, not

79

to exceed 35% of the Bank’s total assets. Currently, we have approximately $501.5 million available to borrow under this arrangement, supported by loan collateral as of March 31, 2025. We also had borrowing capacity of $25.1 million at the Federal Reserve Bank. The Bank maintains $70 million of uncommitted federal funds purchased lines with correspondent banks as part of our contingency funding plan. In addition, we have a $5.0 million revolving line of credit which is available as needed for general liquidity purposes. While the Bank does not have formal brokered certificate lines of credit with counter parties at March 31, 2025, we believe that the Bank could access this market, which provides an additional potential source of liquidity, as evidenced by access to this market during the past four quarters. See Note 7, “Federal Home Loan Bank and Other Borrowings” of “Notes to Consolidated Financial Statements” which are included in Part I, Item 1, “Financial Statements and Supplementary Data” of this Form 10-Q, for further detail.

In reviewing the adequacy of our liquidity, we review and evaluate historical financial information, including information regarding general economic conditions, current ratios, management goals and the resources available to meet our anticipated liquidity needs. Management believes that our liquidity is adequate, and to management’s knowledge, there are no known events or uncertainties that will result or are likely to reasonably result in a material increase or decrease in our liquidity.

Off-Balance Sheet Liabilities. In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable. These instruments include unused commitments for lines of credit, overdraft protection lines of credit and home equity lines of credit, as well as commitments to extend credit. As of March 31, 2025, the Company had approximately $171.0 million in unused loan commitments, compared to approximately $137.0 million in unused commitments as of December 31, 2024. In addition, there are $2.2 million of commitments for contributions of capital to an SBIC and an investment company at March 31, 2025. These commitments totaled $2.9 million at December 31, 2024.

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Capital Resources. As of March 31, 2025, and December 31, 2024, as shown in the table below, the Bank’s Tier 1 and Risk-based capital levels exceeded levels necessary to be considered “Well Capitalized” under Prompt Corrective Action provisions.

Below are the amounts and ratios for our capital levels as of the dates noted below for the Bank:

	Actual				For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
As of March 31, 2025 (Unaudited)
Total capital (to risk weighted assets)	$	225,675	15.6	%	$	115,795	> =	8.0	%	$	144,744	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,551		14.3	%	86,846		> =	6.0	%	115,795		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,551		14.3	%	65,135		> =	4.5	%	94,084		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,551		12.0	%	69,020		> =	4.0	%	86,275		> =	5.0	%
As of December 31, 2024 (Audited)
Total capital (to risk weighted assets)	$	225,432	15.6	%	$	115,755	> =	8.0	%	$	144,693	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,749		14.4	%	86,816		> =	6.0	%	115,755		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,749		14.4	%	65,112		> =	4.5	%	94,051		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,749		11.9	%	69,787		> =	4.0	%	87,234		> =	5.0	%

At March 31, 2025, and December 31, 2024, the Bank was categorized as “Well Capitalized” under Prompt Corrective Action Provisions, as determined by the OCC, our primary regulator.

Below are the amounts and ratios for our capital levels as of the dates noted below for the Company:

	Actual				For Capital Adequacy Purposes
	Amount		Ratio		Amount			Ratio
As of March 31, 2025 (Unaudited)
Total capital (to risk weighted assets)	$	231,949	16.0	%	$	115,988	> =	8.0	%
Tier 1 capital (to risk weighted assets)	163,825		11.3	%	86,991		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	163,825		11.3	%	65,243		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	163,825		9.5	%	69,117		> =	4.0	%
As of December 31, 2024 (Audited)
Total capital (to risk weighted assets)	$	232,926	16.1	%	$	115,914	> =	8.0	%
Tier 1 capital (to risk weighted assets)	165,243		11.4	%	86,936		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	165,243		11.4	%	65,202		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	165,243		9.5	%	69,867		> =	4.0	%

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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our Risk When Interest Rates Change. The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time. Market interest rates change over time and are not predictable or controllable. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. Like other financial institutions, our interest income and interest expense are affected by general economic conditions and policies of regulatory authorities, including the monetary policies of the Federal Reserve. The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.

How We Measure Our Risk of Interest Rate Changes. As part of our attempt to manage our exposure to changes in interest rates and comply with applicable regulations, we monitor our interest rate risk through several means including through the use of third-party reporting software. In monitoring interest rate risk, we continually analyze and manage assets and liabilities based on their payment streams and interest rates, the timing of their maturities, and their sensitivity to actual or potential changes in market interest rates.

In order to manage the potential for adverse effects of material and prolonged increases in interest rates on our results of operations, we adopted asset and liability management policies to better align the maturities and re-pricing terms of our interest earning assets and interest-bearing liabilities. These policies are implemented by our Asset and Liability Management Committee (ALCO). The ALCO is comprised of members of the Bank’s senior management and Board of Directors. The ALCO establishes guidelines for and monitors the volume and mix of our assets and funding sources, taking into account relative costs and spreads, interest rate sensitivity and liquidity needs. The Committee’s objectives are to manage assets and funding sources to produce results that are consistent with liquidity, cash flow, capital adequacy, growth, risk, and profitability goals for the Bank. The ALCO meets on a regularly scheduled basis to review, among other things, economic conditions and interest rate outlook, current and projected liquidity needs and capital position, anticipated changes in the volume and mix of assets and liabilities and interest rate risk exposure limits versus current projections pursuant to net present value of portfolio equity analysis. At each meeting, the Committee recommends strategy changes, as appropriate, based on this review. The Committee is responsible for reviewing and reporting on the effects of the policy implementations and strategies to the Bank’s Board of Directors on a regularly scheduled basis.

In managing our assets and liabilities to achieve desired levels of interest rate risk, we have focused our strategies on:

•originating shorter-term secured commercial, agricultural and consumer loan maturities;

•originating variable rate commercial and agricultural loans;

•the sale of a vast majority of longer-term fixed-rate residential loans in the secondary market with retained servicing;

•managing our funding needs growing core deposits;

•utilize brokered certificate of deposits and borrowings as appropriate, which may have fixed rates with varying maturities;

•purchasing investment securities for liquidity management and to modify our interest rate risk profile.

At times, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, the ALCO may determine to increase the Bank’s interest rate risk position somewhat in order to maintain or improve its net interest margin.

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The following table sets forth, at March 31, 2025 and December 31, 2024, an analysis of our interest rate risk as measured by the estimated changes in Economic Value of Equity (“EVE”) resulting from an immediate and permanent shift in the yield curve (up 300 basis points and down 200 basis points).

	Percent Change in Economic Value of Equity (EVE)
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1)	At March 31, 2025		At December 31, 2024
+300 bp	3	%	2	%
+200 bp	2	%	2	%
+100 bp	1	%	1	%
-100 bp	(1)	%	(1)	%
-200 bp	(4)	%	(4)	%

(1)Assumes an immediate and parallel shift in the yield curve at all maturities.

Our overall interest rate sensitivity is demonstrated by net interest income shock analysis, which measures the change in net interest income in the event of hypothetical changes in interest rates. This analysis assesses the risk of change in our net interest income over the next 12 months in the event of an immediate and parallel shift in the yield curve (up 300 basis points and down 200 basis points). The table below presents our projected change in net interest income for the various rate shock levels at March 31, 2025, and December 31, 2024.

	Percent Change in Net Interest Income Over One Year Horizon
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1)	At March 31, 2025		At December 31, 2024
+300 bp	(8)	%	(8)	%
+200 bp	(5)	%	(5)	%
+100 bp	(2)	%	(3)	%
-100 bp	2	%	2	%
-200 bp	3	%	3	%

(1)Assumes an immediate and parallel shift in the yield curve at all maturities.

Note: The table above may not be indicative of future results.

The projected changes in net interest income in the rate shock scenarios are largely due to the impact of growth in short-term certificates of deposits, which reprice faster and at a higher rate than other deposit products. The assumptions used to measure and assess interest rate risk include interest rates, loan prepayment rates, deposit decay (runoff) rates, and the market values of certain assets under differing interest rate scenarios. Actual values may differ from those projections set forth above should market conditions vary from the assumptions used in preparing the analysis. Further, the computations do not contemplate any actions we may undertake in response to changes in interest rates.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that the information required to be disclosed in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply judgment in evaluating the cost-benefit relationship of possible controls and procedures. We have designed our disclosure controls and procedures to reach a level of reasonable assurance of achieving the

83

desired control objectives. We carried out an evaluation as of March 31, 2025, under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025, at reaching a level of reasonable assurance.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.LEGAL PROCEEDINGS

In the normal course of business, the Company and/or the Bank occasionally become involved in other various legal proceedings. In our opinion, any liability from such proceedings would not have a material adverse effect on the business or financial condition of the Company.

Item 1A.RISK FACTORS

The information in this Form 10-Q should be read in conjunction with the risk factors described in “Risk Factors” in Item 1A of our 2024 10-K and the information under “Forward-Looking Statements” in this Form 10-Q and in our 2024 10-K.

Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)Not applicable.

(b)Not applicable.

(c)Issuer Purchases of Equity Securities.

On July 25, 2024, the Board of Directors authorized a stock repurchase program of 5% of the outstanding shares on that date or 512,709 shares. As of the beginning of the quarter ended March 31, 2025, 238,769 shares were available for purchase under the 2024 share repurchase program. During the quarter ended March 31, 2025, no shares were repurchased under this program. As of March 31, 2025, 238,769 shares remain available for repurchase under the 2024 share repurchase program.

Item 3.DEFAULTS UPON SENIOR SECURITIES

Not applicable.

Item 4.MINE SAFETY DISCLOSURES

Not applicable.

Item 5.OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2025, none of our Section 16 officers or directors adopted, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K during the covered period.

84

Item 6.EXHIBITS

(a) Exhibits

31.1	Rule 13a-14(a) Certification of the Company’s Chief Executive Officer
31.2	Rule 13a-14(a) Certification of the Company’s Chief Financial Officer
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)
101	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* This certification is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

85

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CITIZENS COMMUNITY BANCORP, INC.
Date: May 8, 2025	By:	/s/ Stephen M. Bianchi
		Stephen M. Bianchi
		Chief Executive Officer
Date: May 8, 2025	By:	/s/ James S. Broucek
		James S. Broucek
		Chief Financial Officer

86

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen M. Bianchi, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Citizens Community Bancorp, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2025	By:	/s/ Stephen M. Bianchi
		Stephen M. Bianchi
		President and Chief Executive Officer, Chairman of the Board (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James S. Broucek, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Citizens Community Bancorp, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2025	By:	/s/ James S. Broucek
		James S. Broucek
		Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORT

PURSUANT TO 18 U.S.C. SECTION 1350

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Citizens Community Bancorp, Inc. (the “Company”) certifies that the Quarterly Report of the Company on Form 10-Q for the quarter ended March 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods presented in the financial statements included in such report.

Date:  May 8, 2025	By:	/s/ Stephen M. Bianchi
		Stephen M. Bianchi
		President and Chief Executive Officer, Chairman of the Board (Principal Executive Officer)

Date: May 8, 2025	By:	/s/ James S. Broucek
		James S. Broucek
		Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting Officer)

The above certifications are made solely for the purpose of 18 U.S.C. Section 1350, subject to the knowledge standard contained therein, and not for any other purpose.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2025	May 08, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-33003
Entity Registrant Name	CITIZENS COMMUNITY BANCORP, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-5120010
Entity Address, Address Line One	2174 EastRidge Center
Entity Address, City or Town	Eau Claire
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54701
City Area Code	715
Local Phone Number	836-9994
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	CZWI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,988,997
Entity Central Index Key	0001367859
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 100,199	$ 50,172
Available for sale ("AFS") securities, at fair value (amortized cost of $160,504, net of allowance for credit losses of $0 at March 31, 2025 and amortized cost of $165,604, net of allowance for credit losses of $0 at December 31, 2024)	139,642	142,851
Held to maturity ("HTM") securities, at amortized cost (fair value of $66,191, net of allowance for credit losses of $0 at March 31, 2025 and fair value of $65,622, net of allowance for credit losses of $0 at December 31, 2024)	84,301	85,504
Equity investments	5,462	4,702
Other investments	12,496	12,500
Loans receivable	1,352,728	1,368,981
Allowance for credit losses	(20,205)	(20,549)
Loans receivable, net	1,332,523	1,348,432
Loans held for sale	3,296	1,329
Mortgage servicing rights, net	3,583	3,663
Office properties and equipment, net	16,649	17,075
Accrued interest receivable	5,926	5,653
Intangible assets	800	979
Goodwill	31,498	31,498
Foreclosed and repossessed assets, net	876	915
Bank owned life insurance ("BOLI")	26,296	26,102
Other assets	16,416	17,144
TOTAL ASSETS	1,779,963	1,748,519
Liabilities:
Deposits	1,523,654	1,488,148
Federal Home Loan Bank (“FHLB”) advances	0	5,000
Other borrowings	61,664	61,606
Other liabilities	14,594	14,681
Total liabilities	1,599,912	1,569,435
Stockholders’ Equity:
Common stock—$0.01 par value, authorized 30,000,000; 9,989,536 and 9,981,996 shares issued and outstanding, respectively	100	100
Additional paid-in capital	114,477	114,564
Retained earnings	80,439	80,840
Accumulated other comprehensive loss	(14,965)	(16,420)
Total stockholders’ equity	180,051	179,084
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,779,963	$ 1,748,519

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Total available for sale securities	$ 160,504	$ 165,604
Debt securities, available-for-sale, allowance for credit loss	0	0
Securities held to maturity “HTM”	66,191	65,622
Debt securities, held-to-maturity, allowance for credit loss	$ 0	$ 0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	30,000,000	30,000,000
Common stock issued (shares)	9,989,536	9,981,996
Common stock outstanding (shares)	9,989,536	9,981,996

XML

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest and dividend income:
Interest and fees on loans	$ 18,602	$ 20,168
Interest on investments	2,501	2,511
Total interest and dividend income	21,103	22,679
Interest expense:
Interest on deposits	8,597	9,209
Interest on FHLB and FRB borrowed funds	11	512
Interest on other borrowed funds	901	1,053
Total interest expense	9,509	10,774
Net interest income before provision for credit losses	11,594	11,905
(Negative) provision for credit losses	(250)	(800)
Net interest income after provision for credit losses	11,844	12,705
Non-interest income:
Service charges on deposit accounts	423	471
Interchange income	518	541
Loan servicing income	559	582
Gain on sale of loans	720	1,020
Loan fees and service charges	120	230
Net realized gains on debt securities	0	0
Net gains on equity securities	10	167
Other	243	253
Total non-interest income	2,593	3,264
Non-interest expense:
Compensation and related benefits	5,597	5,483
Occupancy	1,287	1,367
Data processing	1,719	1,597
Amortization of intangible assets	179	179
Mortgage servicing rights expense, net	140	148
Advertising, marketing and public relations	167	164
FDIC premium assessment	198	205
Professional services	508	566
Losses on repossessed assets, net	4	0
Other	664	1,068
Total non-interest expense	10,463	10,777
Income before provision for income taxes	3,974	5,192
Provision for income taxes	777	1,104
Net income attributable to common stockholders	$ 3,197	$ 4,088
Per share information:
Basic earnings (USD per share)	$ 0.32	$ 0.39
Diluted earnings (USD per share)	0.32	0.39
Cash dividends paid (USD per share)	$ 0.36	$ 0.32

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Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 3,197	$ 4,088
Securities available-for-sale
Net unrealized gains (losses) arising during period, net of tax	1,455	(702)
Other comprehensive income (loss), net of tax	1,455	(702)
Comprehensive income	$ 4,652	$ 3,386

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Consolidated Statement of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Balance at beginning of period (shares) at Dec. 31, 2023		10,440,591
Balance at beginning of period at Dec. 31, 2023	$ 173,334	$ 104	$ 119,441	$ 71,117	$ (17,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,088			4,088
Other comprehensive (loss) income, net of tax	(702)				(702)
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting (shares)		(9,471)
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	(113)		(113)
Restricted common stock awarded under the equity incentive plan (shares)		16,955
Restricted common stock issued upon achievement of performance criteria (shares)		8,805
Common stock repurchased (shares)		(50,000)
Common stock repurchased	(598)		(570)	(28)
Stock based compensation expense	158		158
Cash dividends	(3,346)			(3,346)
Balance at end of period (shares) at Mar. 31, 2024		10,406,880
Balance at end of period at Mar. 31, 2024	172,821	$ 104	118,916	71,831	(18,030)
Balance at beginning of period (shares) at Dec. 31, 2023		10,440,591
Balance at beginning of period at Dec. 31, 2023	$ 173,334	$ 104	119,441	71,117	(17,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock options exercised (shares)	2,000
Balance at end of period (shares) at Dec. 31, 2024		9,981,996
Balance at end of period at Dec. 31, 2024	$ 179,084	$ 100	114,564	80,840	(16,420)
Balance at beginning of period (shares) at Mar. 31, 2024		10,406,880
Balance at beginning of period at Mar. 31, 2024	172,821	$ 104	118,916	71,831	(18,030)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,675			3,675
Other comprehensive (loss) income, net of tax	633				633
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting (shares)		(539)
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	(6)		(6)
Common stock repurchased (shares)		(109,000)
Common stock repurchased	(1,236)	$ (1)	(1,230)	(5)
Stock based compensation expense	158		158
Balance at end of period (shares) at Jun. 30, 2024		10,297,341
Balance at end of period at Jun. 30, 2024	176,045	$ 103	117,838	75,501	(17,397)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,286			3,286
Other comprehensive (loss) income, net of tax	3,552				3,552
Common stock repurchased (shares)		(223,205)
Common stock repurchased	(2,893)	$ (2)	(2,542)	(349)
Stock based compensation expense	159		159
Balance at end of period (shares) at Sep. 30, 2024		10,074,136
Balance at end of period at Sep. 30, 2024	180,149	$ 101	115,455	78,438	(13,845)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,702			2,702
Other comprehensive (loss) income, net of tax	(2,575)				(2,575)
Forfeiture of unvested shares (shares)		(246)
Common stock options exercised (shares)		2,000
Common stock options exercised	22		22
Common stock repurchased (shares)		(93,894)
Common stock repurchased	(1,370)	$ (1)	(1,069)	(300)
Stock based compensation expense	156		156
Balance at end of period (shares) at Dec. 31, 2024		9,981,996
Balance at end of period at Dec. 31, 2024	179,084	$ 100	114,564	80,840	(16,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,197			3,197
Other comprehensive (loss) income, net of tax	1,455				1,455
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting (shares)		(11,481)
Surrender of restricted shares of common stock to satisfy the withholding taxes due upon vesting	$ (183)		(183)
Restricted common stock issued upon achievement of performance criteria (shares)		16,021
Common stock options exercised (shares)	3,000	3,000
Common stock options exercised	$ 28		28
Stock based compensation expense	68		68
Cash dividends	(3,598)			(3,598)
Balance at end of period (shares) at Mar. 31, 2025		9,989,536
Balance at end of period at Mar. 31, 2025	$ 180,051	$ 100	$ 114,477	$ 80,439	$ (14,965)

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Consolidated Statement of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (USD per share)	$ 0.36	$ 0.32

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net income attributable to common stockholders	$ 3,197	$ 2,702	$ 3,675	$ 4,088
Adjustments to reconcile net income to net cash provided by operating activities:
Net accretion on debt securities	(10)			(19)
Depreciation expense	526			561
Negative provision for credit losses	(250)			(800)
Net gain on equity securities	(10)			(167)
Increase in mortgage servicing rights resulting from transfers of financial assets	(60)			(57)
Mortgage servicing rights amortization	140			148
Amortization of intangible assets	179			179
Stock based compensation expense	68			158
Gain on sale of office properties and equipment	0			(13)
(Increase) decrease in deferred income taxes	(18)			355
Increase in cash surrender value of life insurance	(194)			(189)
Net loss from disposals of foreclosed and repossessed assets	19			0
Provision for valuation allowance on foreclosed properties	(15)			0
Gain on sale of loans held for sale, net	(720)			(1,020)
Proceeds from sale of loans held for sale	14,643			18,543
Originations of loans held for sale	(15,890)			(11,750)
Proceeds from insurance claim on foreclosed and repossessed assets	0			27
Amortization of debt issuance costs	58			58
Net change in:
Accrued interest receivable and other assets	37			(966)
Other liabilities	(87)			12
Total adjustments	(1,584)			5,060
Net cash from operating activities	1,613			9,148
Cash flows from investing activities:
Proceeds from principal payments and maturities of available for sale securities	5,114			3,202
Proceeds from principal payments and maturities of held to maturity securities	1,199			1,284
Equity investment capital distribution	0			170
Purchase of equity investments	(750)			0
Net sales of other investments	4			2,703
Proceeds from sales of foreclosed and repossessed assets	35			0
Net decrease in loans	16,159			10,888
Net capital expenditures	(100)			(214)
Proceeds from disposal of office properties and equipment	0			13
Net cash from investing activities	21,661			18,046
Cash flows from financing activities:
Change in short term Federal Home Loan Bank advances, net	0			(34,500)
Federal Home Loan Bank advance long-term maturities	(5,000)			(5,530)
Net increase in deposits	35,506			8,393
Repurchase shares of common stock	0			(598)
Surrender of restricted shares of common stock	(183)			(113)
Common stock options exercised	28			0	$ 22
Cash dividends paid	(3,598)			(3,346)
Net cash from financing activities	26,753			(35,694)
Net decrease in cash and cash equivalents	50,027			(8,500)
Cash and cash equivalents at beginning of period	50,172		$ 28,638	37,138	37,138
Cash and cash equivalents at end of period	100,199	$ 50,172		28,638	$ 50,172
Cash paid during the period for:
Interest on deposits	8,245			7,079
Interest on borrowings	737			2,249
Income taxes	0			0
Supplemental noncash disclosure:
Transfers from loans receivable to other real estate owned ("OREO")	$ 0			$ 73

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NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements of Citizens Community Federal N.A. (the “Bank”) included herein have been included by its parent company, Citizens Community Bancorp, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. As used in this quarterly report, the terms “we”, “us”, “our”, and “Citizens Community Bancorp, Inc.” mean the Company and its wholly owned subsidiary, the Bank, unless the context indicates other meaning.

The Bank is a national banking association (a “National Bank”) and operates under the title of Citizens Community Federal National Association (“Citizens Community Federal N.A.” or “Bank”). The Company is a bank holding company, supervised by the Federal Reserve Bank of Minneapolis (the “FRB”), and operates under the title of Citizens Community Bancorp, Inc. The Office of the Comptroller of the Currency (the “OCC”) is the primary federal regulator for the Bank.

The consolidated income of the Company is principally derived from the income of the Bank, the Company’s wholly owned subsidiary, serving customers primarily in Wisconsin and Minnesota through 21 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Mankato and Twin Cities markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, agricultural operators and consumers, including one-to-four family residential mortgages.

The Bank is subject to competition from other financial institutions and non-financial institutions providing financial products. Additionally, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies.

In preparing these consolidated financial statements, we evaluated the events and transactions that occurred subsequent to the balance sheet date of March 31, 2025, through the date on which the consolidated financial statements were available to be issued on May 8, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements.

The accompanying consolidated interim financial statements are unaudited. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Unless otherwise stated herein, and except for shares and per share amounts, all amounts are in thousands.

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates –Preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, fair value of financial instruments, the allowance for credit losses, mortgage servicing rights, foreclosed and repossessed assets, valuation of intangible assets arising from acquisitions, useful lives for depreciation and amortization, valuation of goodwill and long-lived assets, stock based compensation, deferred tax assets, uncertain income tax positions and contingencies. Management does not anticipate any material changes to estimates made herein in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: those items described under the caption “Risk Factors” in Item 1A of the annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025; the matters described in Forward-Looking Statements in Part 1, Item 2 of this Form 10-Q; and external market factors such as market interest rates and unemployment rates; changes to operating policies and procedures, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period.

Cash and Cash Equivalents—For purposes of reporting cash flows in the consolidated financial statements, cash and cash equivalents include cash, due from banks, and interest bearing deposits with original maturities of three months or less.

Investment Securities; Available for Sale and Held to Maturity – Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of the date of each balance sheet. Securities

are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Investment securities not classified as held to maturity are classified as available for sale. Available for sale securities are stated at fair value, with unrealized holding gains and losses being reported in other comprehensive income (loss), net of tax. Realized gains or losses on sales of available for sale securities are calculated with the specific identification method and are included in the consolidated statements of operations under net gains on investment securities. Interest income includes amortization of purchase premium or accretion of purchase discount. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the estimated lives of the securities.

Allowance for Credit Losses – Available for Sale Securities - The Company measures the allowance for credit losses on available for sale debt securities by evaluating securities in an unrealized loss position using a two-step process. First, the Company assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost. If it is determined that the Company intends or will be required to sell the security, it is written down to its fair value as net gains or losses on investment securities in our consolidated statement of operations. For agency mortgage-backed and asset-backed securities that do not meet the criteria in step one, there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other debt securities that do not meet the criteria in step one, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and the allowance for credit losses on available for sale investments is recorded for the credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Allowance for Credit Losses – Held to Maturity Securities -The Company measures expected credit losses on held to maturity debt securities on a collective basis by major security type. For agency mortgage-backed securities there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other securities, the estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

The Company has elected to not measure an ACL on accrued interest on available for sale and held to maturity securities, as it would write off accrued interest in a timely manner if the related security was determined to have a credit loss. Accrued interest receivable on available-for-sale and held-to-maturity securities was $903 and $920 at March 31, 2025 and December 31, 2024, respectively. The Company has no available for sale securities or held to maturity securities which it deems to have a credit loss at March 31, 2025.

Equity investments - The Company is required to maintain an investment in Federal Agricultural Mortgage Corporation (“Farmer Mac”) equity securities. Farmer Mac equity securities are carried at their fair market value, which is readily determinable. Changes in fair value are recognized as net gains or losses on investment securities in our consolidated statement of operations.

Included in equity investments are preferred shares of a community development financial institution, which are carried at their fair market value. As no ready market exists for this investment, the Company utilizes significant unobservable inputs (Level 3 inputs) to determine fair value.We record the unrealized gains and losses resulting from changes in the fair value of this investment as net gains or losses on investment securities in our consolidated statements of operations.

Also included in equity investments are the Company’s investments in a Volker Rule-compliant Small Business Investment Company ("SBIC") and an investment fund. The SBIC and investment fund meet the definition of investment companies, as defined in ASC 946, Financial Services - Investment Companies. These investments seek returns by investing in various small businesses and do not have redemption rights. Distributions from the investments will be received as the underlying investments, which generally have a life of 10 years, are liquidated or earlier distributions are made. We elected the practical expedient available in Topic 820, Fair Value Measurements, which permits the use of net asset value ("NAV") per share or equivalent to value investments in entities that are or are similar to investment companies. SBICs and investment funds report their investments at estimated fair value. We record the unrealized gains and losses resulting from changes in the fair value of these investments as net gains or losses on equity securities in our consolidated statements of operations. The carrying value of these investments is equal to the capital account balance as provided by the investee and adjusted as necessary.

Other Investments - As a member of the Federal Reserve Bank (“FRB”) System and the Federal Home Loan Bank (“FHLB”) System, the Bank is required to maintain an investment in the capital stock of these entities. These securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as interest on investments in the consolidated statements of operations.

Also included in other investments is stock of our correspondent bank, Bankers’ Bank, without readily determinable fair value. This stock is carried at cost plus or minus changes resulting from observable price changes in orderly transactions for this stock, less impairment charges, if any.

Management’s evaluation for impairment of these other investments, includes consideration of the financial condition and other available relevant information of the issuer. Based on management’s quarterly evaluation, no impairment has been recorded on these securities. Other investments totaling $12,496 at March 31, 2025 consisted of $3,856 of FHLB stock, $5,722 of Federal Reserve Bank stock and $2,918 of Bankers’ Bank stock. Other investments totaling $12,500 at December 31, 2024, consisted of $3,865 of FHLB stock and $5,717 of Federal Reserve Bank stock and $2,918 of Bankers’ Bank stock.

Loans Receivable – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance of these loans and is presented as a separate line item on the consolidated balance sheets. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method over the contractual life of the loan with no prepayments assumed. If the loan is prepaid, any unamortized net fee is recognized at this time. Late charge fees are recognized into income when collected.

Interest income on commercial, mortgage and consumer loans is discontinued according to the following schedules:

•Commercial/agricultural real estate loans past due 90 days or more;

•Commercial and industrial/agricultural operating loans past due 90 days or more;

•Closed end consumer installment loans past due 120 days or more; and

•Residential mortgage loans and open ended consumer installment loans past due 180 days or more.

Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual status is reversed against interest income. Interest received on such loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual status. Loans are returned to accrual status when the collectability of principal and interest is probable including when payments are made that bring the loan account current with the contractual term of the loan and a six month payment history has been established.

Residential mortgage loans and open ended consumer installment loans are either charged off or a specific reserve is established to estimated net realizable value less estimated selling costs at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 180 days or more. Closed ended consumer installment loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 120 days or more. Commercial/agricultural real estate, commercial and industrial and agricultural operating loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 90 days or more.

Allowance for Credit Losses – Loans The allowance for credit losses (“ACL”) on loans is a valuation allowance for current expected credit losses in the Company’s loan portfolio. Loan losses are charged against the ACL when management believes that the collectability of a loan balance is unlikely. Subsequent recoveries, if any, are credited to the ACL. In determining the allowance, the company estimates credit losses over the loan’s entire contractual term, adjusted for expected prepayments when appropriate. The allowance estimate considers relevant available information from internal and external sources relating to historical loss experience; known and inherent risks in our portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; reasonable and supportable forecasts for future conditions; and other relevant factors determined by management. To ensure that the ACL is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The entire ACL balance is available for any loan that, in management’s judgment, should be charged off.

The determination of the ACL requires significant judgement to estimate credit losses. The ACL on loans is measured collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines

that the loan does not share similar risk characteristics with other loans. The ACL on loans collectively evaluated is measured using the loss rate model. The Company categorizes its loan portfolio into four segments based on similar risk characteristics. Loans within each segment are pooled based on individual loan characteristics. Aggregated risk drivers are then calculated at a pool level. Risk drivers are identified attributes that have proven to be predictive of loan loss rates and vary based on loan segment and type. A loss rate is calculated and applied to the pool utilizing a model that combines the pool’s risk drivers, historical loss experience, and reasonable and supportable future economic forecasts to project lifetime losses. For commercial/agricultural real estate loans, the loss rate is then combined with the loans balance and contractual maturity, adjusted for expected prepayments, to determine expected future losses. Future and supportable economic forecasts are based on national economic conditions and their reversion to the mean is implicit in the model and generally occurs over a period of two years. For commercial and industrial/agricultural operating, residential, and consumer loans, the loss rate is then combined with the loans balance and contractual maturity, to determine expected future losses.

Qualitative adjustments are made to the allowance calculated on collectively evaluated loans to incorporate factors not included in the model. Qualitative factors include but are not limited to, lending policies and procedures, the experience and ability of lending and other staff, the volume and severity of problem credits, quality of the loan review system, and other external factors.

Loans that exhibit different risk characteristics from the pool are individually evaluated and not included in the collective evaluation. Loans can be identified for individual evaluation for a variety of reasons including delinquency, nonaccrual status, risk rating and loan modification. Accruing loans that exhibit different risk characteristics from their pool may also be within scope. On these loans, an allowance may be established so that the loan is reported, net, at the lower of (a) its amortized cost; (b) the present value of the loan’s estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan collateral, less estimated disposal costs, if the loan is collateral dependent. Collateral dependency is determined using the practical expedient when: 1) the borrower is experiencing financial difficulty; and 2) repayment is expected to be provided substantially through the sale or operation of the collateral. However, if it is probable that the Company will foreclose on the collateral, the use of the fair value of the collateral to calculate the allowance for credit loss is required.

The Company has elected to not measure an ACL on accrued interest as it writes off accrued interest in a timely manner. Accrued interest receivable on loans was $4,554 and $4,467 at March 31, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses - Unfunded Commitments - The ACL on unfunded commitments is a liability for credit losses on commitments to originate or fund loans, and standby letters of credit. It is included in “Other liabilities” on the consolidated balance sheets. Expected credit losses are estimated over the contractual period in which the Company is exposed to credit risk via a commitment that cannot be unconditionally canceled, adjusted for projected prepayments when appropriate. In addition, the estimate of the liability considers the likelihood that funding will occur. The ACL on unfunded commitments is adjusted through provision for credit losses on the consolidated statements of operations. Because the business processes and risks associated with unfunded commitments are essentially the same as loans, the Company uses the same process to estimate the liability.

Loans Held for Sale — Loans held for sale are those loans the Company has the intent to sell in the foreseeable future. They are carried at the lower of aggregate cost or fair value. Gains and losses on sales of loans are recognized at settlement dates, and are determined by the difference between the sales proceeds and the carrying value of the loans after allocating costs to servicing rights retained. Such gains and losses are included as non-interest income in the consolidated statements of operations. All sales are made without recourse. Interest rate lock commitments on mortgage loans to be funded and sold are valued at fair value, and are included in other assets or liabilities, if material.

Transfers of financial assets—Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the entity, (2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets, and (3) the entity does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity.

Mortgage Servicing Rights— Mortgage servicing rights (“MSR”) assets result as the Company sells loans to investors in the secondary market and retains the rights to service mortgage loans sold to others. MSR assets are initially measured at fair value; assessed for impairment at least annually; and carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value. MSR assets are amortized in proportion to and over the period of estimated net servicing income, with the amortization recorded as “Mortgage servicing rights expense, net” in non-interest expense in the consolidated statements of operations.

The valuation of MSRs and related amortization, included in mortgage servicing rights expense in the consolidated statements of operations, thereon are based on numerous factors, assumptions and judgments, such as those for: changes in the

mix of loans, interest rates, prepayment speeds, and default rates. Changes in these factors, assumptions and judgments may have a material effect on the valuation and amortization of MSRs. Although management believes that the assumptions used to evaluate the MSRs for impairment are reasonable, future adjustment may be necessary if future economic conditions differ substantially from the economic assumptions used to determine the value of MSRs.

Servicing fee income, which is reported on the consolidated statements of operations in non-interest income as loan servicing income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of outstanding principal; or a fixed amount per loan and are recorded as income when earned.

Office Properties and Equipment—Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Maintenance and repair costs are charged to expense as incurred. Gains or losses on disposition of office properties and equipment are reflected in income. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Leasehold improvements are depreciated using the straight-line (or accelerated) method with useful lives based on the lesser of (a) the estimated life of the lease, or (b) the estimated useful life of the leasehold improvement. Depreciation expense is included in non-interest expense on the consolidated statements of operations.

Goodwill and other intangible assets—The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, “Intangibles - Goodwill and Other.” The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company amortizes acquired intangible assets, primarily Core Deposit Intangibles (CDI) with definite useful economic lives over their useful economic lives originally ranging from 72 to 111 months utilizing the straight-line method. On a periodic basis, management assesses whether events or changes in circumstances indicate that the carrying amounts of the intangible assets may be impaired. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A reporting unit is defined as any distinct, separately identifiable component of the Company’s one operating segment for which complete, discrete financial information is available and reviewed regularly by the segment’s management. The Company has one reporting unit as of March 31, 2025, which is related to its banking activities. The impairment testing process is conducted by assigning net assets and goodwill to the Company’s reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of the Company’s reporting unit is calculated and compared to the recorded book value, “step one.” If the calculated fair value of the Company’s reporting unit exceeds its carrying value, goodwill is not considered impaired and “step two” is not considered necessary. If the carrying value of the Company’s reporting unit exceeds its calculated fair value, the impairment test continues (“step two”) by comparing the carrying value of the Company’s reporting unit’s goodwill to the implied fair value of goodwill. An impairment charge is recognized if the carrying value of goodwill exceeds the implied fair value of goodwill. The Company has performed the required goodwill impairment test and has determined that goodwill was not impaired as of October 31, 2024, and no circumstances arose after October 31, 2024, that indicated impairment existed at December 31, 2024, per the quarterly analysis. The Company has monitored events and conditions since December 31, 2024, and has determined that no triggering event has occurred that would require goodwill to be tested for impairment.

Foreclosed and Repossessed Assets, net – Assets acquired through foreclosure or repossession are initially recorded at fair value, less estimated costs to sell, which establishes a new cost basis. If the fair value declines subsequent to foreclosure or repossession, a write-down is recorded through expense. Costs incurred after acquisition are expensed and are included in non-interest expense, other in the consolidated statements of operations.

Bank Owned Life Insurance (BOLI)—The Bank invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a select group of employees. The Bank is the owner and beneficiary of the policies. Income from the increase in cash surrender value of the policies as well as the receipt of death benefits is included in non-interest income on the consolidated statements of operations.

New Markets Tax Credits - As a part of its commitment to the communities it serves, in the first quarter of 2022 and the third quarter of 2024, the Company made investments in LLC’s that are sponsoring community development projects that have been awarded New Markets Tax Credits (“NMTC”) through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. These investments are Community Reinvestment Act eligible and are designed to generate a return primarily through the realization of the tax credit. These LLC’s are considered a Variable Interest Entity (VIE) as the Company represents the holder of the equity investment at risk. However, the Company does not have the ability to direct the activities that most significantly affect the performance of the LLC. As such, the Company is not the primary beneficiary of the VIE and

the LLC’s have not been consolidated. With the adoption of ASU 2023-02 on January 1, 2023, the investments are accounted for using the proportional amortization method, which requires amortizing the investment in the period of and in proportion to the recognition of the related tax credit. Amortization of the investment is included in provision for income taxes and the utilization of the tax credit is recorded as a reduction in provision for income taxes. Prior to the adoption of ASU 2023-02 the investment was accounted for using the equity method of accounting and was amortized through non-interest expense.

As of March 31, 2025, the carrying amount of this investment, which is included in other assets in the consolidated balance sheets, was $4,220. The risk of loss with this investment is limited to its carrying value and is tied to its ability to operate in compliance with the rules and regulations necessary for the qualification of the tax credit generated by the investment. As of March 31, 2025, there were no known instances of noncompliance associated with either investment.

Leases - We determine if an arrangement is a lease at inception. All of our existing leases have been determined to be operating leases under ASC 842. Right-of-use (“ROU”) assets are included in other assets in our consolidated balance sheets. Operating lease liabilities are included in other liabilities in our consolidated balance sheets. Lease expense is included in non-interest expense, “Occupancy” in the consolidated statements of operations.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date, based on the present value of lease payments over the lease term. As none of our existing leases provide an implicit rate, we use our incremental borrowing rate, based on information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, when it is reasonably certain that we will exercise that option. Lease expense is recognized based on the total contractually required lease payments, over the term of the lease, on a straight-line basis. Some of the Bank’s leases require it to make variable payments for the Bank’s share of property taxes, insurance, common area maintenance and other costs. These variable costs are recognized when incurred and are also included in lease expense.

Federal Home Loan Bank (“FHLB”) advances - The Bank held no short-term or long-term FHLB advances as of March 31, 2025. The Bank held no short-term FHLB advances and $5,000 long-term FHLB advances as of December 31, 2024. For cash flow purposes the short-term FHLB advances, if any, are disclosed net with original maturities of three months or less.

Debt and equity issuance costs—Debt issuance costs, which consist primarily of fees paid to note lenders, are deferred and included in other borrowings in the consolidated balance sheets. Debt issuance costs that originated in 2020 and thereafter, are amortized through the first Company call option date of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Senior note debt issuance costs, are amortized over the contractual term of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Specific costs associated with the issuance of shares of the Company’s common or preferred stock are netted against proceeds and recorded in stockholders’ equity, as additional paid in capital, on the consolidated balance sheets, in the period of the share issuance.

Share-Based Compensation—The Company may grant restricted stock awards and other stock-based awards to plan participants, subject to forfeiture upon the occurrence of certain events until the dates specified in the participant’s award agreement. The Company accounts for forfeitures as they occur. Forfeited restricted shares are canceled and returned to authorized and unissued shares. While time based restricted shares are subject to forfeiture, time based restricted stock award participants may exercise full voting rights and will receive all dividends and other distributions paid with respect to the restricted shares. The time based restricted shares granted under the 2018 Equity Incentive Plan (the “Plan”) are subject to a three-year vesting period. Compensation expense for time based restricted stock is recognized over the requisite service period of three years for the entire award on a straight-line basis. Performance based restricted shares are earned over a three-year period based on Board approved performance metrics and expense is recorded based on expected shares vesting. The performance based restricted stock award participants do not have voting rights and do not receive dividends or other distributions paid with respect to the performance based restricted shares. Upon vesting of restricted stock, the benefit of tax deductions in excess of recognized compensation expense is reflected as an income tax benefit in the Consolidated Statements of Operations.

    Advertising, Marketing and Public Relations Expense—The Company expenses all advertising, marketing and public relations costs as they are incurred.

Income Taxes – The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” Under this guidance, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.

The Company regularly reviews the carrying amount of its net deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company’s net deferred tax assets will not be realized in future periods, a deferred tax valuation allowance would be established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. In evaluating this available evidence, management considers, among other things, historical performance, expectations of future earnings, the ability to carry back losses to recoup taxes previously paid, the length of statutory carry forward periods, any experience with utilization of operating loss and tax credit carry forwards not expiring, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. Accordingly, the Company’s evaluation is based on current tax laws as well as management’s expectations of future performance.

The Company’s effective tax rates were 19.6% and 21.3% for the three months ended March 31, 2025 and March 31, 2024, respectively.

Revenue Recognition - The Company’s primary source of revenue is interest income from interest earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest earning assets is based upon formulas from underlying loan agreements, securities contracts or other similar contracts.

The Company accounts for revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers.” Topic 606 provides that revenue from contracts with customers be recognized when performance obligations under the terms of a contract are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing service. The Company does not have any materially significant payment terms as payment is received shortly after the satisfaction of the performance obligation. The statement of operations line items recognized under the scope of Topic 606 are as follows:

Service charges on deposit accounts - Service charges on accounts consist of monthly service fees, transaction-based fees, overdraft fees and other deposit account related fees. The Company’s performance obligation for monthly services fees is generally satisfied over the period in which the service is provided. Revenue for these monthly fees is recognized during the service period. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied at the time the service is provided. Payment for service charges on deposit accounts are primarily received immediately or in the following month through a direct charge to a customer’s account.

Interchange income - The Company earns interchange fees when cardholder debit card transactions are processed through card association networks. The interchange rates are generally set by the card association based upon purchase volumes and other factors. Interchange fees represent a percentage of the underlying transaction value. The Company has a continuous contract, based on customary business practices, with the card association networks to make funds available for settlement of card transactions. The Company’s performance obligation is satisfied over time as it makes funds available, and the related income is recognized when received.

Gain (loss) on repossessed assets - The Company records a gain or loss from the sale of repossessed assets, when control of the property or asset transfers to the buyer, which generally occurs at the time of an executed deed or sales agreement. When the Company finances the sale of repossessed assets to a buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the repossessed asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain on sale or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present.

Non-interest income outside of the scope of Revenue from Contracts with Customers, Topic 606 is recognized on the accrual basis of accounting as services are provided or as transactions occur. Non-interest income outside of the scope of Topic 606 includes mortgage banking activities, loan fees and service charges, net gains (losses) on investment securities, and other, which is primarily made up of BOLI related income.

Earnings Per Share – Basic earnings per common share is net income or loss divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional

potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans that have an exercise price that is less than the Company’s stock price on the reporting date.

Loss Contingencies—Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of loss can be reasonably estimated.

Off-Balance-Sheet Financial Instruments—In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and commitments under lines of credit arrangements, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable.

Derivatives--Rate-lock Commitments and Forward Sale Agreements —The Company enters into commitments to originate loans, whereby the interest rate on the loan is determined prior to funding (rate-lock commitment). Rate-lock commitments on mortgage loans held for sale are derivative instruments. If material, derivative instruments are carried on the consolidated balance sheets at fair value, and changes in the fair value thereof are recognized in the consolidated statements of operations. The Company originates single-family residential loans for sale, pursuant to programs primarily with the Federal Home Loan Mortgage Corporation (“FHLMC”) and other similar third parties. In connection with these programs, at the time the Company initially issues a loan commitment, it does not lock in a specific interest rate. At the time the interest rate is locked in by the borrower, the Company concurrently enters into a forward loan sale agreement with the prospective loan purchaser, at a specific price, in order to manage the interest rate risk inherent to the rate-lock commitment. The forward sale agreement also meets the definition of a derivative instrument. Any change in the fair value of the loan commitment after the borrower locks in the interest rate is substantially offset by the corresponding change in the fair value of the forward loan sale agreement related to such loan. The period from the time the borrower locks in the interest rate, to the time the Company funds the loan and sells the loan to a third party varies, and could be up to 90 days. The fair value of each instrument will rise and fall in response to changes in market interest rates, subsequent to the dates the interest rate locks and forward sale agreements are entered into. In the event that interest rates rise after the Company enters into an interest rate lock, the fair value of the loan commitment will decline. However, the fair value of the forward loan sale agreement related to such loan commitment should increase by substantially the same amount, effectively eliminating the Company’s interest rate and price risks.

At March 31, 2025, the Company had $5,414 of loan commitments outstanding related to loans being originated for sale, all of which were subject to interest rate lock commitments and corresponding forward loan sale agreements, as described above. The net fair values of outstanding interest rate-lock commitments and forward sale agreements were considered immaterial to the Company’s consolidated financial statements as of March 31, 2025.

Common Stock Repurchased-The Company is incorporated in Maryland. Under Maryland Law, shares repurchased are canceled and returned to authorized and unissued shares and recorded as a reduction of each of the applicable captions within stockholders’ equity on the consolidated balance sheets and consolidated statement of changes in stockholders’ equity.

Other Comprehensive Income —Accumulated and other comprehensive income or loss is comprised of the unrealized and realized gains and losses on securities available for sale, net of tax, and is shown on the accompanying consolidated statements of comprehensive income.

Operating Segments—The Chief Operating Decision Maker regularly reviews consolidated financial statements, as well as detailed revenue and net interest income and expense results in order to assess the Company’s performance and allocate resources. While the Chief Operating Decision Maker monitors the revenue streams of the various banking products and services, financial performance is evaluated and resource allocation decisions are made on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by the Chief Operating Decision Maker to be the Company’s sole reportable operating segment.

Reclassifications – Certain items previously reported were reclassified for consistency with the current presentation.

Recent Accounting Pronouncements—The Financial Accounting Standards Board (FASB) issues Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). This section provides a summary description of recent ASUs that have potentially significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future.

Recent Accounting Pronouncements—Adopted

ASU 2020-04 and ASU 2021-01, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting--These ASUs provide optional and temporary relief, in the form of optional expedients and exceptions, for applying GAAP to modifications of contacts, hedging relationships and other transactions affected by reference

rate (e.g. LIBOR) reforms. ASU 2020-04 and ASU 2021-01 was effective immediately upon issuance and remained in effect through December 31, 2024. The Company utilizes LIBOR, among other indexes, as a reference rate for underwriting variable rate loans. Reference rate reform has not had, nor does the Company expect it to have, a material effect on the Company’s consolidated balance sheet, operations or cash flows.

ASU 2023-06, Disclosure Improvements – Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative – This ASU, issued in October 2023, provides for changes to clarify or improve consistency of disclosure and presentation requirements on a variety of topics. This ASU has various effective dates, coinciding with the SEC’s removal of each specific change from Regs X-S and S-K, with early adoption permitted. The Company has adopted all applicable disclosure requirements set forth in this update with no material impact on the Company’s financial condition or results of operations.

ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures—This ASU, issued in November 2023, requires all public entities to provide enhanced disclosures about significant segment expenses. This update has been applied retrospectively, and is effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. Adoptions of ASU 2023-07 had no material effect on the Company’s consolidated balance sheet, operations or cash flows.

Recently Issued, But Not Yet Effective Accounting Pronouncements

ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures – This ASU, issued in December 2023, is effective for fiscal years beginning after December 15, 2024, and interim periods therein, with early adoption permitted. This ASU requires expanded income tax-related note disclosures. The Company is currently evaluating the impact of these new disclosure requirements.

ASU 2024-03, Income Statement, Reporting of Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses—This ASU, issued in November 2024, is effective for fiscal years beginning after December 15, 2027, and interim periods therein, with early adoption permitted. This ASU requires more detailed note disclosure about the types of expenses in commonly presented expense captions. The Company is currently evaluating the impact of these new disclosure requirements.

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INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

INVESTMENT SECURITIES

The amortized cost and fair value of securities available for sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2025
U.S. government agency obligations	$	13,062	$	24	$	100	$	12,986
Mortgage-backed securities	86,510		—		17,806		68,704
Corporate debt securities	42,436		88		2,933		39,591
Asset-backed securities	18,496		28		163		18,361
Total available-for-sale securities	$	160,504	$	140	$	21,002	$	139,642
December 31, 2024
U.S. government agency obligations	$	13,853	$	28	$	128	$	13,753
Mortgage-backed securities	87,762		—		19,376		68,386
Corporate debt securities	44,931		111		3,326		41,716
Asset-backed securities	19,058		43		105		18,996
Total available-for-sale securities	$	165,604	$	182	$	22,935	$	142,851

The amortized cost and fair value of securities held to maturity and the corresponding amounts of gross unrecognized gains and losses as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Held-to-maturity securities	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
March 31, 2025
Obligations of states and political subdivisions	$	400	$	—	$	21	$	379
Mortgage-backed securities	83,901		5		18,094		65,812
Total held-to-maturity securities	$	84,301	$	5	$	18,115	$	66,191
December 31, 2024
Obligations of states and political subdivisions	$	500	$	—	$	22	$	478
Mortgage-backed securities	85,004		4		19,864		65,144
Total held-to-maturity securities	$	85,504	$	4	$	19,886	$	65,622

At March 31, 2025, the Bank has pledged certain of its mortgage-backed securities with a carrying value of $33,594 as collateral to secure a line of credit with the Federal Reserve Bank. As of March 31, 2025, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of March 31, 2025, the Bank has pledged certain of its U.S. Government Agency securities with a carrying value of $297 and mortgage-backed securities with a carrying value of $2,005 as collateral against specific municipal deposits. As of March 31, 2025, the Bank also has mortgage-backed securities with a carrying value of $480 pledged as collateral to the Federal Home Loan Bank of Des Moines.

At December 31, 2024 the Bank had pledged certain of its mortgage-backed securities with a carrying value of $33,994 as collateral to secure a line of credit with the Federal Reserve Bank. As of December 31, 2024, there were no borrowings outstanding on this Federal Reserve Bank line of credit. As of December 31, 2024, the Bank had pledged certain of its U.S. Government Agency securities with a carrying value of $339 and mortgage-backed securities with a carrying value of $1,766 as collateral against specific municipal deposits. As of December 31, 2024, the Bank also had mortgage-backed securities with a carrying value of $506, pledged as collateral to the Federal Home Loan Bank of Des Moines.

For the three month periods ended March 31, 2025, and March 31, 2024, there were no sales of available for sale securities.

The estimated fair value of securities at March 31, 2025 and December 31, 2024, by contractual maturity, is shown below.

	March 31, 2025				December 31, 2024
Available-for-sale securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,158	$	2,129	$	4,526	$	4,487
Due after one year through five years	8,341		8,401		8,652		8,715
Due after five years through ten years	41,018		38,061		41,380		38,033
Due after ten years	22,477		22,347		23,284		23,230
Total securities with contractual maturities	73,994		70,938		77,842		74,465
Mortgage-backed securities	86,510		68,704		87,762		68,386
Total available for sale securities	$	160,504	$	139,642	$	165,604	$	142,851

	March 31, 2025				December 31, 2024
Held-to-maturity securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	100	$	97	$	100	$	100
Due after one year through five years	300		282		400		378
Due after five years through ten years	—		—		—		—
Total securities with contractual maturities	400		379		500		478
Mortgage-backed securities	83,901		65,812		85,004		65,144
Total held to maturity securities	$	84,301	$	66,191	$	85,504	$	65,622

Securities with unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	Less than 12 Months				12 Months or More				Total
Available-for-sale securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2025
U.S. government agency obligations	$	3,207	$	11	$	5,914	$	89	$	9,121	$	100
Mortgage-backed securities	2,722		68		65,982		17,738		68,704		17,806
Corporate debt securities	—		—		34,688		2,933		34,688		2,933
Asset-backed securities	3,061		13		11,767		150		14,828		163
Total	$	8,990	$	92	$	118,351	$	20,910	$	127,341	$	21,002
December 31, 2024
U.S. government agency obligations	$	5,472	$	25	$	3,334	$	103	$	8,806	$	128
Mortgage-backed securities	2,732		112		65,654		19,264		68,386		19,376
Corporate debt securities	—		—		36,806		3,326		36,806		3,326
Asset-backed securities	939		1		12,210		104		13,149		105
Total	$	9,143	$	138	$	118,004	$	22,797	$	127,147	$	22,935

At March 31, 2025 no ACL was established for available for sale or held to maturity securities. Substantially all the held to maturity portfolio is made up of agency backed mortgage securities. These securities are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. At March 31, 2025, there were no past due held to maturity securities. Accordingly, the Company does not expect to incur credit losses on these securities. Unrealized losses on available-for-sale investment securities have not been recognized into income because the issuers’ bonds are agency backed securities or other securities that all principal and interest is expected to be received on a timely basis. Furthermore, the Company does not intend to sell, and it is more likely than not that management will not be required to sell, the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The issuers continue to make timely principal and interest payments on their bonds.

All of our available for sale and held to maturity investment securities are investment grade securities.

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LOANS AND ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

LOANS AND ALLOWANCE FOR CREDIT LOSSES

LOANS AND ALLOWANCE FOR CREDIT LOSSES

Portfolio Segments:

    Commercial and agricultural real estate loans are underwritten after evaluating and understanding the borrower's ability to operate profitably and prudently expand its business. Management examines current and projected cash flows to determine the ability of the borrower to repay its obligations as agreed. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The level of owner-occupied property versus non-owner-occupied property are tracked and monitored on a regular basis. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 75%.

Commercial and industrial (“C&I”) loans are primarily underwritten based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. These cash flows, however, may not be as expected and the value of collateral securing the loans may fluctuate. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. Agricultural operating loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines. Operating lines are typically written for one year and secured by the crop and other farm assets or other business assets, as considered necessary. Agricultural loans carry significant credit risks as they may involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields.

Residential mortgage loans are collateralized by primary and secondary positions on real estate and are underwritten primarily based on borrower’s documented income, credit scores, and collateral values. Under consumer home equity loan guidelines, the borrower will be approved for a loan based on a percentage of their home’s appraised value less the balance owed on the existing first mortgage. Credit risk is minimized within the residential mortgage portfolio due to relatively small loan account balances spread across many individual borrowers. Management evaluates trends in past due loans and current economic factors such as the housing price index on a regular basis.

Consumer installment loans are comprised of other consumer loans secured primarily by automobiles and other personal assets and originated indirect paper loans secured primarily by boats and recreational vehicles. Consumer loan underwriting terms often depend on the collateral type, debt to income ratio and the borrower’s creditworthiness as evidenced by their credit score. In the event of a consumer installment loan default, collateral value alone may not provide an adequate source of repayment of the outstanding loan balance. This shortage is a result of the greater likelihood of damage, loss and depreciation for consumer based collateral.

Loans are stated at the principal amount outstanding net of unearned net deferred fees and costs and loans in process, unearned discounts on acquired loans, and allowance for credit losses (“ACL”). Unearned net deferred fees and costs includes deferred loan origination fees reduced by loan origination costs and is amortized to interest income over the life of the related loan using methods that approximated the effective interest rate method. Interest on substantially all loans is credited to income based on the principal amount outstanding. A summary of loans at March 31, 2025, and December 31, 2024, follows:

	March 31, 2025					December 31, 2024
		Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial/Agricultural real estate:
Commercial real estate		$	707,994	52.3	%	$	707,009	51.7	%
Agricultural real estate		70,726		5.2	%	72,738		5.3	%
Multi-family real estate		237,736		17.6	%	220,706		16.1	%
Construction and land development		58,158		4.3	%	78,146		5.7	%
C&I/Agricultural operating:
Commercial and industrial		109,479		8.1	%	115,535		8.4	%
Agricultural operating		29,329		2.2	%	31,017		2.3	%
Residential mortgage:
Residential mortgage		128,633		9.5	%	131,892		9.6	%
Purchased HELOC loans		2,560		0.2	%	2,956		0.2	%
Consumer installment:
Originated indirect paper		3,434		0.3	%	3,970		0.3	%
Other consumer		4,679		0.3	%	5,012		0.4	%
Total loans receivable		$	1,352,728	100	%	$	1,368,981	100	%
Less: Allowance for credit losses		(20,205)				(20,549)
Net loans receivable		$	1,332,523			$	1,348,432

Credit Quality/Risk Ratings:

    Management utilizes a numeric risk rating system to identify and quantify the Bank’s risk of loss within its commercial/agricultural real estate and commercial and industrial/agricultural operating loan portfolios. Ratings are initially assigned prior to funding the loan, and may be changed at any time as circumstances warrant.

Ratings range from the highest to lowest quality based on factors that include measurements of ability to pay, collateral type and value, borrower stability and management experience. The Bank’s loan portfolio ratings are presented below in accordance with the risk rating framework that has been commonly adopted by the federal banking agencies. The definitions of the various risk rating categories are as follows:

1 through 4 - Pass. A “Pass” loan means that the condition of the borrower and the performance of the loan is satisfactory or better.

5 - Watch. A “Watch” loan has clearly identifiable developing weaknesses that deserve additional attention from management. Weaknesses that are not corrected or mitigated, may jeopardize the ability of the borrower to repay the loan in the future.

6 - Special Mention. A “Special Mention” loan has one or more potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position in the future.

7 - Substandard. A “Substandard” loan is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

8 - Doubtful. A “Doubtful” loan has all the weaknesses inherent in a Substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

9 - Loss. Loans classified as “Loss” are considered uncollectible, and their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, and a partial recovery may occur in the future.

As of March 31, 2025, and December 31, 2024, there were no loans classified as doubtful with a risk rating of 8 and no loans classified as loss with a risk rating of 9.

Residential and consumer loans are typically not rated until they are past due 90 days at month-end which is why they are classified as pass graded 1-5 and once 90 days past due at month-end or nonaccrual, get assigned a grade 7.

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of March 31, 2025, and gross charge-offs for the three months ended March 31, 2025:

	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	15,610	$	49,839	$	75,320	$	120,536	$	203,782	$	218,775	$	8,410	$	—	$	692,272
Risk rating 6	—		—		1,301		2,844		40		3,535		—		—		7,720
Risk rating 7	—		172		697		496		2,114		4,523		—		—		8,002
Total	$	15,610	$	50,011	$	77,318	$	123,876	$	205,936	$	226,833	$	8,410	$	—	$	707,994
Current period gross charge-offs	$	—	$	—	$	—	$	51	$	—	$	—	$	—	$	—	$	51
Agricultural real estate
Risk rating 1 to 5	$	5,413	$	3,443	$	6,573	$	16,743	$	9,960	$	21,611	$	910	$	—	$	64,653
Risk rating 6	—		—		—		—		—		138		—		—		138
Risk rating 7	—		—		201		378		4,978		378		—		—		5,935
Total	$	5,413	$	3,443	$	6,774	$	17,121	$	14,938	$	22,127	$	910	$	—	$	70,726
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	2,328	$	16,406	$	10,000	$	27,537	$	12,466	$	11,790	$	20,931	$	—	$	101,458
Risk rating 6	250		817		1,545		2,963		73		169		792		—		6,609
Risk rating 7	—		—		436		33		401		1		541		—		1,412
Total	$	2,578	$	17,223	$	11,981	$	30,533	$	12,940	$	11,960	$	22,264	$	—	$	109,479
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	20
Agricultural operating
Risk rating 1 to 5	$	2,202	$	2,122	$	2,758	$	2,313	$	520	$	1,986	$	16,188	$	—	$	28,089
Risk rating 6	—		—		48		—		35		241		191		—		515
Risk rating 7	—		—		—		473		252		—		—		—		725
Total	$	2,202	$	2,122	$	2,806	$	2,786	$	807	$	2,227	$	16,379	$	—	$	29,329
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Continued	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	1,026	$	12,928	$	27,581	$	29,891	$	7,233	$	29,719	$	17,089	$	—	$	125,467
Risk rating 7	—		7		—		128		—		2,931		100		—		3,166
Total	$	1,026	$	12,935	$	27,581	$	30,019	$	7,233	$	32,650	$	17,189	$	—	$	128,633
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,443	$	—	$	2,443
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,560	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,400	$	—	$	—	$	3,400
Risk rating 7	—		—		—		—		—		34		—		—		34
Total	$	—	$	—	$	—	$	—	$	—	$	3,434	$	—	$	—	$	3,434
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other consumer
Risk rating 1 to 5	$	470	$	1,294	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,676
Risk rating 7	1		2		—		—		—		—		—		—		3
Total	$	471	$	1,296	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,679
Current period gross charge-offs	$	—	$	3	$	6	$	—	$	—	$	—	$	2	$	—	$	11
Total loans receivable	$	41,421	$	112,419	$	157,419	$	272,043	$	341,447	$	359,277	$	68,702	$	—	$	1,352,728
Total current period gross charge-offs	$	—	$	3	$	6	$	51	$	—	$	—	$	22	$	—	$	82

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of December 31, 2024, and gross charge-offs for the twelve months ended December 31, 2024:

	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	49,580	$	76,381	$	123,806	$	207,155	$	89,539	$	141,264	$	7,669	$	—	$	695,394
Risk rating 6	173		1,406		2,238		138		—		—		—		—		3,955
Risk rating 7	—		—		553		2,445		214		4,448		—		—		7,660
Total	$	49,753	$	77,787	$	126,597	$	209,738	$	89,753	$	145,712	$	7,669	$	—	$	707,009
Current period gross charge-offs	$	—	$	—	$	—	$	39	$	—	$	—	$	—	$	—	$	39
Agricultural real estate
Risk rating 1 to 5	$	3,556	$	10,870	$	17,160	$	10,098	$	7,335	$	16,642	$	715	$	—	$	66,376
Risk rating 6	—		—		—		—		—		140		—		—		140
Risk rating 7	—		202		477		5,102		—		441		—		—		6,222
Total	$	3,556	$	11,072	$	17,637	$	15,200	$	7,335	$	17,223	$	715	$	—	$	72,738
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	868	$	16,412	$	—	$	78,043
Risk rating 6	—		—		—		—		—		103		—		—		103
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	971	$	16,412	$	—	$	78,146
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	17,599	$	13,049	$	28,343	$	13,629	$	8,787	$	4,197	$	24,809	$	—	$	110,413
Risk rating 6	—		—		3,062		13		—		—		292		626		3,993
Risk rating 7	—		500		74		401		—		—		154		—		1,129
Total	$	17,599	$	13,549	$	31,479	$	14,043	$	8,787	$	4,197	$	25,255	$	626	$	115,535
Current period gross charge-offs	$	—	$	131	$	7	$	—	$	5	$	—	$	—	$	—	$	143
Agricultural operating
Risk rating 1 to 5	$	3,373	$	3,062	$	3,144	$	563	$	198	$	1,884	$	17,609	$	—	$	29,833
Risk rating 6	—		49		—		37		240		—		65		—		391
Risk rating 7	—		—		473		320		—		—		—		—		793
Total	$	3,373	$	3,111	$	3,617	$	920	$	438	$	1,884	$	17,674	$	—	$	31,017
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Continued	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	13,400	$	28,598	$	30,386	$	7,369	$	2,141	$	30,004	$	17,349	$	—	129,247
Risk rating 7	—		—		130		—		—		2,507		8		—		2,645
Total	$	13,400	$	28,598	$	30,516	$	7,369	$	2,141	$	32,511	$	17,357	$	—	$	131,892
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	4
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,839	$	—	$	2,839
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,956	$	—	$	2,956
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,944	$	—	$	—	$	3,944
Risk rating 7	—		—		—		—		—		26		—		—		26
Total	$	—	$	—	$	—	$	—	$	—	$	3,970	$	—	$	—	$	3,970
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	—	$	17
Other consumer
Risk rating 1 to 5	$	1,519	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,010
Risk rating 7	2		—		—		—		—		—		—		—		2
Total	$	1,521	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,012
Current period gross charge-offs	$	—	$	4	$	3	$	1	$	—	$	—	$	10	$	—	$	18
Total loans receivable	$	121,811	$	168,238	$	261,269	$	349,214	$	153,207	$	225,687	$	88,929	$	626	$	1,368,981
Total current period gross charge-offs	$	—	$	135	$	10	$	40	$	5	$	21	$	10	$	—	$	221

Allowance for Credit Losses - Loans- The ACL is comprised of collectively evaluated and individually evaluated components. The allowance for credit losses (“ACL”) represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies predominantly on a disciplined credit review and approval process that extends to the full range of the Company’s credit exposure. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, the borrowers who might be facing financial difficulty. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and modifications, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. The Company estimates the appropriate level of allowance for credit losses by evaluating loans collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines that a loan does not share similar risk characteristics with other loans.

The following tables present the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2025:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2025
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549
Charge-offs	(51)		(20)		—		(11)		(82)
Recoveries	40		45		1		3		89
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(261)		75		(152)		(13)		(351)
ACL - Loans, at end of period	$	16,244	$	1,430	$	2,338	$	193	$	20,205

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	—		—		—		(5)		(5)
Recoveries	39		15		1		3		58
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(568)		46		20		(23)		(525)
ACL - Loans, at end of period	$	18,255	$	1,166	$	2,765	$	250	$	22,436

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the twelve months ended December 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Twelve months ended December 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	(39)		(143)		(4)		(35)		(221)
Recoveries	56		36		7		22		121
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(2,285)		332		(258)		(48)		(2,259)
ACL - Loans, at end of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549

Allowance for Credit Losses - Unfunded Commitments - In addition to the ACL - Loans, the Company has established an ACL - Unfunded Commitments of $435 at March 31, 2025, and $334 at December 31, 2024, classified in other liabilities on the consolidated balance sheets. The following table presents the balance and activity in the ACL - Unfunded Commitments for the three months ended March 31, 2025, and the twelve months ended December 31, 2024.

	March 31, 2025 and Three Months Ended		December 31, 2024 and Twelve Months Ended
ACL - Unfunded Commitments - beginning of period	$	334	$	1,250
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations	101		(916)
ACL - Unfunded Commitments - End of period	$	435	$	334

Provision for credit losses - The provision for credit losses is determined by the Company as the amount to be added (reversed) to the ACL loss accounts for various types of financial instruments (including loans and off-balance sheet credit exposures) after net charge-offs have been deducted to bring the ACL to a level that, in managements judgement, is necessary to absorb expected credit losses over the lives of the respective financial instruments. The following table presents the components of the negative provision for credit losses.

	March 31, 2025 and Three Months Ended		March 31, 2024 and Three Months Ended
(Negative) provision for credit losses on:
Loans	$	(351)	$	(525)
Unfunded Commitments	101		(275)
Total (negative) provision for credit losses	$	(250)	$	(800)

An aging analysis of the Company’s commercial/agricultural real estate, C&I, agricultural operating, residential mortgage, consumer installment and purchased third party loans as of March 31, 2025, and December 31, 2024, respectively, was as follows:

(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
March 31, 2025
Commercial/Agricultural real estate:
Commercial real estate	$	217	$	224	$	370	$	811	$	707,183	$	707,994
Agricultural real estate	41		61		554		656		70,070		70,726
Multi-family real estate	—		—		—		—		237,736		237,736
Construction and land development	289		—		—		289		57,869		58,158
C&I/Agricultural operating:
Commercial and industrial	50		—		501		551		108,928		109,479
Agricultural operating	—		—		725		725		28,604		29,329
Residential mortgage:
Residential mortgage	1,069		54		830		1,953		126,680		128,633
Purchased HELOC loans	—		—		117		117		2,443		2,560
Consumer installment:
Originated indirect paper	16		1		—		17		3,417		3,434
Other consumer	44		16		—		60		4,619		4,679
Total	$	1,726	$	356	$	3,097	$	5,179	$	1,347,549	$	1,352,728
(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
December 31, 2024
Commercial/Agricultural real estate:
Commercial real estate	$	857	$	322	$	367	$	1,546	$	705,463	$	707,009
Agricultural real estate	26		—		556		582		72,156		72,738
Multi-family real estate	—		—		—		—		220,706		220,706
Construction and land development	—		—		—		—		78,146		78,146
C&I/Agricultural operating:
Commercial and industrial	566		50		564		1,180		114,355		115,535
Agricultural operating	—		—		793		793		30,224		31,017
Residential mortgage:
Residential mortgage	1,873		796		500		3,169		128,723		131,892
Purchased HELOC loans	—		—		117		117		2,839		2,956
Consumer installment:
Originated indirect paper	25		—		—		25		3,945		3,970
Other consumer	27		—		—		27		4,985		5,012
Total	$	3,374	$	1,168	$	2,897	$	7,439	$	1,361,542	$	1,368,981

Nonaccrual Loans - The following tables present the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated at March 31, 2025, December 31, 2024, and March 31, 2024, with no allowance for credit losses:

March 31, 2025	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,948	$	4,737	$	—
Agricultural real estate	5,934		5,734		—
C&I/Agricultural operating:
Commercial and industrial	701		668		—
Agricultural operating	725		725		—
Residential mortgage:
Residential mortgage	665		665		568
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,091	$	12,647	$	568

December 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,594	$	4,374	$	—
Agricultural real estate	6,222		6,020		—
Construction and land development	103		103		—
C&I/Agricultural operating:
Commercial and industrial	597		564		—
Agricultural operating	793		793		—
Residential mortgage:
Residential mortgage	741		548		186
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,168	$	12,520	$	186

March 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	5,340	$	5,125	$	—
Agricultural real estate	382		383		—
C&I/Agricultural operating:
Commercial and industrial	440		289		—
Agricultural operating	1,106		1,106		—
Residential mortgage:
Residential mortgage	1,127		900		324
Consumer installment:
Originated indirect paper	17		17		—
Other consumer	1		1		2
Total	$	8,413	$	7,821	$	326

The Company’s policy is to discontinue the accrual of interest income on all loans for which principal or interest is past due according to the following schedules:

•Commercial/agricultural real estate loans, past due 90 days or more;

•Commercial and industrial/agricultural operating loans past due 90 days or more;

•Closed ended consumer installment loans past due 120 days or more; and

•Residential mortgage and open ended consumer installment loans past due 180 days or more.

The accrual of interest is discontinued earlier when, in the opinion of management, there is reasonable doubt as to the timely collection of interest or principal. Once interest accruals are discontinued, accrued but uncollected interest is charged against current year income. Subsequent receipts on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Interest on loans determined to be modified is recognized on an accrual basis in accordance with the restructured terms if the loan is in compliance with the modified terms. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status.

Collateral Dependent Loans - A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present the amortized cost basis of collateral dependent loans by portfolio segment and collateral type that were individually evaluated to determine expected credit losses and the related allowance for credit losses as of March 31, 2025, and December 31, 2024.

	Collateral Type
March 31, 2025	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,185	$	—	$	9,185	$	5,743	$	3,441	$	482
Agricultural real estate	5,934		—		5,934		5,734		201		99
C&I/Agricultural operating:
Commercial and industrial	—		2,033		2,033		1,288		745		96
Agricultural operating	—		725		725		725		—		—
Residential mortgage:
Residential mortgage	3,244		—		3,244		3,244		—		—
Consumer installment:
Originated indirect paper	—		34		34		34		—		—
Other consumer	—		3		3		3		—		—
Total	$	18,363	$	2,795	$	21,158	$	16,771	$	4,387	$	677

	Collateral Type
December 31, 2024	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,004	$	—	$	9,004	$	6,597	$	2,407	$	258
Agricultural real estate	6,222		—		6,222		6,020		202		99
Construction and land development	103		—		103		103		—		—
C&I/Agricultural operating:
Commercial and industrial	—		1,806		1,806		1,146		660		49
Agricultural operating	—		793		793		793		—		—
Residential mortgage:
Residential mortgage	3,066		—		3,066		2,773		293		49
Consumer installment:
Originated indirect paper	—		25		25		25		—		—
Other consumer	—		2		2		2		—		—
Total	$	18,395	$	2,626	$	21,021	$	17,459	$	3,562	$	455

There was one outstanding commitment to borrowers experiencing financial difficulty as of March 31, 2025. There were unused lines of credit totaling $9 on loans with borrowers experiencing financial difficulties as of March 31, 2025.

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2025:

	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	322	0.05	%
Residential mortgage	$	120	0.09	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025:

Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months

The tables below detail Loan Modifications made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2025:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial and industrial	$	745	0.68	%
Agricultural operating	$	191	0.65	%
Residential mortgage	$	19	0.01	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	1,504	0.21	%
Commercial and industrial	$	801	0.73	%
Residential mortgage	$	275	0.21	%
	Term Extension and Principal Forgiveness
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Other consumer	$	2	0.04	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 12 months was added to the term of the loans
Agricultural operating	A weighted average of 8 months was added to the term of the loans
Residential mortgage	A weighted average of 55 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Commercial and industrial	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months
Term Extension and Principal Forgiveness
Loan Class	Financial Effect
Other consumer	A weighted average of 3 months was added to the term of the loan and a principal balance of $2 was forgiven

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	82	0.06	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential mortgage	Payments were deferred a weighted average of 3 months

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial real estate	$	4,564	0.61	%
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	151	0.12	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial real estate	A weighted average of 20 months was added to the term of the loans
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential Mortgage	Payments were deferred a weighted average of 4 months

The Company closely monitors the performance of loans that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2025.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	1,182	$	98	$	224	$	—
Commercial and industrial	1,496		50		—		—
Agricultural operating	191		—		—		—
Residential mortgage	19		275		—		—
Other consumer	2		—		—		—
Total	$	2,890	$	423	$	224	$	—

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2024.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	4,564	$	—	$	—	$	—
Commercial and industrial	2,300		—		—		—
Residential mortgage	82		—		—		69
Total	$	6,946	$	—	$	—	$	69

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MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS

Mortgage servicing rights--Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid balances of these loans as of March 31, 2025 and December 31, 2024 were $475,763 and $479,578, respectively, and consisted of one to four family residential real estate loans. These loans are serviced primarily for the Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and the Federal National Mortgage Association. Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in deposits were $4,194 and $2,430 at March 31, 2025 and December 31, 2024, respectively.

Mortgage servicing rights activity for the three month periods ended March 31, 2025 and March 31, 2024, were as follows:

	As of and for the Three Months Ended		As of and for the Three Months Ended
	March 31, 2025		March 31, 2024
Mortgage servicing rights:
Mortgage servicing rights, beginning of period	$	3,663	$	3,865
Increase in mortgage servicing rights resulting from transfers of financial assets	60		57
Amortization during the period	(140)		(143)
Mortgage servicing rights, end of period	3,583		3,779
Valuation allowance:
Valuation allowance, beginning of period	—		—
Additions	—		(5)
Recoveries	—		—
Valuation allowance, end of period	—		(5)
Mortgage servicing rights, net	$	3,583	$	3,774
Fair value of mortgage servicing rights; end of period	$	5,090	$	5,442

The current period change in valuation allowance, if applicable, is included in non-interest expense as mortgage servicing rights expense, net on the consolidated statement of operations. Servicing fees totaled $300 and $311 for the three months ended March 31, 2025 and March 31, 2024, respectively. Servicing fees are included in loan servicing income on the consolidated statement of operations. Late fees and ancillary fees related to loan servicing are not material.

To estimate the fair value of the MSR asset, a valuation model is applied at the loan level to calculate the present value of the expected future cash flows. The valuation model incorporates various assumptions that would impact market participants’ estimations of future servicing income. Central to the valuation model is the discount rate. Fair value at March 31, 2025, was determined using discount rates ranging from 9.625% to 12.625%. Fair value at March 31, 2024, was determined using discount rates ranging from 9.75% to 12.75%. Other assumptions utilized in the valuation model include, but are not limited to, prepayment speed, servicing costs, delinquencies, costs of advances, foreclosure costs, ancillary income, and income earned on float and escrow.

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LEASES

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASES

LEASES

We have operating leases for 1 corporate office, 2 bank branch offices, 2 former bank branch offices, and 1 ATM location. Our leases have remaining lease terms ranging from approximately 0.50 to 3.25 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of March 31, 2025, we have no lease commitments that have not yet commenced. The Company also leases a portion of some of its facilities and receives rental income from such lease agreements, all of which are considered operating leases.

	Three Months Ended
	March 31, 2025			March 31, 2024
The components of total lease cost were as follows:
Operating lease cost	$	102		$	127
Variable lease cost	20			16
Total lease cost	$	122		$	143
The components of total lease income were as follows:
Operating lease income	$	21		$	11
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126		$	136
	March 31, 2025			December 31, 2024
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)	$	710		$	815
Operating lease liabilities (2)	$	970		$	1,076
Weighted average remaining lease term in years; operating leases	2.82			3.08
Weighted average discount rate; operating leases	3.19		%	3.15		%

(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.

(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.

Cash obligations and receipts under lease contracts are as follows:

Fiscal years ending December 31,	Payments		Receipts
2025	371		50
2026	416		37
2027	351		17
2028	129		16
2029	—		11
Thereafter	—		—
Total	1,267		$	131
Less: effects of discounting	(297)
Lease liability recognized	$	970

LEASES

LEASES

We have operating leases for 1 corporate office, 2 bank branch offices, 2 former bank branch offices, and 1 ATM location. Our leases have remaining lease terms ranging from approximately 0.50 to 3.25 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of March 31, 2025, we have no lease commitments that have not yet commenced. The Company also leases a portion of some of its facilities and receives rental income from such lease agreements, all of which are considered operating leases.

	Three Months Ended
	March 31, 2025			March 31, 2024
The components of total lease cost were as follows:
Operating lease cost	$	102		$	127
Variable lease cost	20			16
Total lease cost	$	122		$	143
The components of total lease income were as follows:
Operating lease income	$	21		$	11
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126		$	136
	March 31, 2025			December 31, 2024
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)	$	710		$	815
Operating lease liabilities (2)	$	970		$	1,076
Weighted average remaining lease term in years; operating leases	2.82			3.08
Weighted average discount rate; operating leases	3.19		%	3.15		%

(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.

(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.

Cash obligations and receipts under lease contracts are as follows:

Fiscal years ending December 31,	Payments		Receipts
2025	371		50
2026	416		37
2027	351		17
2028	129		16
2029	—		11
Thereafter	—		—
Total	1,267		$	131
Less: effects of discounting	(297)
Lease liability recognized	$	970

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DEPOSITS

3 Months Ended

Mar. 31, 2025

Deposits [Abstract]

DEPOSITS

DEPOSITS

The following is a summary of deposits by type at March 31, 2025 and December 31, 2024, respectively: 

	March 31, 2025		December 31, 2024
Non-interest bearing demand deposits	$	253,343	$	252,656
Interest bearing demand deposits	386,302		355,750
Savings accounts	167,614		159,821
Money market accounts	370,741		369,534
Certificate accounts	345,654		350,387
Total deposits	$	1,523,654	$	1,488,148

At March 31, 2025, the scheduled maturities of certificate accounts were as follows for the year ended, except December 31, 2025, which is the nine months ended:

December 31, 2025	$	305,088
December 31, 2026	32,438
December 31, 2027	1,266
December 31, 2028	6,317
December 31, 2029	418
After December 31, 2029	127
Total	$	345,654

Certificate accounts of $250 or more were $59,438 and $68,977 at March 31, 2025 and December 31, 2024, respectively.

Brokered deposits were $10,542 at March 31, 2025 and consisted of $5,489 of brokered certificate accounts and $5,053 of brokered money market accounts. Brokered Deposits were $19,125 at December 31, 2024 and consisted of $14,123 of brokered certificate accounts and $5,002 of brokered money market accounts.

At March 31, 2025, there was one brokered certificate account, totaling $5,489, maturing in the year ended, December 31, 2028. The Company can call this brokered certificate prior to the maturity date, with 15 calendar days prior written notice to the Payee.

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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

3 Months Ended

Mar. 31, 2025

Federal Home Loan Banks [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

A summary of Federal Home Loan Bank advances and other borrowings at March 31, 2025 and December 31, 2024, is as follows:

	March 31, 2025							December 31, 2024
	Stated Maturity	Amount		Range of Stated Rates				Stated Maturity	Amount		Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3)	2025	$	0	—	%	—	%	2025	$	5,000	1.45	%	1.45	%
Federal Home Loan Bank advances		$	0						$	5,000
Senior Notes (4)	2039	$	12,000	6.75	%	6.75	%	2039	$	12,000	6.75	%	7.75	%
Subordinated Notes (5)	2030	$	15,000	6.00	%	6.00	%	2030	$	15,000	6.00	%	6.00	%
	2032	35,000		4.75	%	4.75	%	2032	35,000		4.75	%	4.75	%
		$	50,000						$	50,000
Unamortized debt issuance costs		(336)							(394)
Total other borrowings		$	61,664						$	61,606
Totals		$	61,664						$	66,606

(1)    The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $1,032,313 and $1,075,001 at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $501,532 compared to $424,658 as of December 31, 2024.

(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $5,000 and $81,000, during the three months ended March 31, 2025 and the twelve months ended December 31, 2024, respectively.

(3) There were no FHLB borrowings outstanding as of March 31, 2025. The weighted-average interest rate on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2024 was 1.45%.     

(4) Senior notes, entered into by the Company in June 2019 consist of the following:

(a) A term note, which was subsequently refinanced in March 2022, modified in February of 2023, and refinanced in May 2024, requiring quarterly interest-only payments through January 2029, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%.

(b) A $5,000 line of credit, maturing August 1, 2025, that remains undrawn upon.

(5) Subordinated notes resulted from the following:

(a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

(b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

Federal Home Loan Bank Letters of Credit

The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit (“LOC”) is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest bearing deposit balances. The letters of credit balances were $110,750 and $209,750 at March 31, 2025 and December 31, 2024, respectively.

Federal Reserve Borrowings

At March 31, 2025 and December 31, 2024, the Bank had the ability to borrow $25,069 and $24,942 from the Federal Reserve Bank of Minneapolis. The ability to borrow is based on mortgage-backed securities pledged with a carrying value of $33,594 and $33,994 as of March 31, 2025, and December 31, 2024, respectively. There were no Federal Reserve borrowings outstanding as of March 31, 2025, and December 31, 2024.

Federal Funds Purchased Lines of Credit

As of March 31, 2025, the Bank maintains two unsecured federal funds purchased lines of credit with its banking partners which total $70,000. As of December 31, 2024, the Bank maintained three unsecured federal funds purchased lines of credit with its banking partners which totaled $70,000. These lines bear interest at the lender bank’s announced daily federal funds rate, mature daily and are revocable at the discretion of the lending institution. There were no borrowings outstanding on these lines of credit as of March 31, 2025 or December 31, 2024.

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CAPITAL MATTERS

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

CAPITAL MATTERS

CAPITAL MATTERS

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Although these terms are not used to represent overall financial condition, if adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2025, the Bank was categorized as “Well Capitalized”, under Prompt Corrective Action Provisions.

The Bank’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025, and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	225,675	15.6	%	$	115,795	> =	8.0	%	$	144,744	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,551		14.3	%	86,846		> =	6.0	%	115,795		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,551		14.3	%	65,135		> =	4.5	%	94,084		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,551		12.0	%	69,020		> =	4.0	%	86,275		> =	5.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	225,432	15.6	%	$	115,755	> =	8.0	%	$	144,693	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,749		14.4	%	86,816		> =	6.0	%	115,755		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,749		14.4	%	65,112		> =	4.5	%	94,051		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,749		11.9	%	69,787		> =	4.0	%	87,234		> =	5.0	%

The Company’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025 and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes
	Amount		Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	231,949	16.0	%	$	115,988	> =	8.0	%
Tier 1 capital (to risk weighted assets)	163,825		11.3	%	86,991		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	163,825		11.3	%	65,243		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	163,825		9.5	%	69,117		> =	4.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	232,926	16.1	%	$	115,914	> =	8.0	%
Tier 1 capital (to risk weighted assets)	165,243		11.4	%	86,936		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	165,243		11.4	%	65,202		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	165,243		9.5	%	69,867		> =	4.0	%

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STOCK-BASED AND OTHER COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED AND OTHER COMPENSATION

STOCK-BASED AND OTHER COMPENSATION

On March 27, 2018, the stockholders of Citizens Community Bancorp, Inc. approved the 2018 Equity Incentive Plan. The aggregate number of shares of common stock initially reserved and available for issuance under the 2018 Equity Incentive Plan was 350,000 shares. As of March 31, 2025, 331,968 restricted shares had been granted under this plan. This amount includes 16,021 shares of performance based restricted stock granted in 2022 and issued in January 2025 upon achievement of the performance criteria and completion of the three-year performance period beginning in January 2022 and ending December 31, 2024. The amount also includes 8,805 shares of performance based restricted stock granted in 2021 and issued in January 2024 upon achievement of the performance criteria and completion of the three year performance period beginning in January 2021 and ending December 31, 2023. As of March 31, 2025, no stock options had been granted under this plan.

In February 2008, the Company’s stockholders approved the Company’s 2008 Equity Incentive Plan for a term of 10 years. Due to the plan’s expiration, no new awards can be granted under this plan. As of March 31, 2025, there are no awarded unvested restricted shares, and 49,000 awarded unexercised vested options remaining from the plan. Options granted under this plan vested pro rata over a five-year period from the grant date and were fully vested as of October 2022. Unexercised incentive stock options expire within 10 years of the grant date.

Stock based compensation expense related to restricted stock awards from these plans was $68 for the three months ended March 31, 2025, compared to $158 for three months ended March 31, 2024.

Restricted Common Stock Award

	March 31, 2025			December 31, 2024
	Number of Shares	Weighted Average Grant Price		Number of Shares	Weighted Average Grant Price
Restricted Shares
Unvested and outstanding at beginning of year	39,171	$	12.48	75,601	$	12.41
Granted	—	—		16,955	11.88
Vested	(31,562)	12.43		(53,139)	12.19
Forfeited	—	—		(246)	11.88
Unvested and outstanding at end of period	7,609	$	12.68	39,171	$	12.48

	March 31, 2025
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	33,188	$	13.09
2022 performance shares awarded above target	1,154	14.00
Vested and issued 2022 performance shares	(16,021)	14.00
Unvested at end of period	18,321	$	12.36

	December 31, 2024
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	41,993	$	12.61
Granted	—	—
Vested and issued	(8,805)	10.78
Forfeited	—	—
Unvested at end of period	33,188	$	13.09

Common Stock Option Awards

	Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
March 31, 2025
Outstanding at beginning of year	52,000	$	11.62
Exercised	(3,000)	9.20
Outstanding at end of period	49,000	$	11.77	1.71	$	128
Exercisable at end of period	49,000	$	11.77	1.71	$	128
December 31, 2024
Outstanding at beginning of year	54,000	$	11.59
Exercised	(2,000)	11.00
Outstanding at end of year	52,000	$	11.62	1.85	$	243
Exercisable at end of year	52,000	$	11.62	1.85	$	243

Information related to the 2008 Equity Incentive Plan for the respective periods follows:

	Three months ended March 31, 2025		Twelve months ended December 31, 2024
Intrinsic value of options exercised	$	19	$	12
Cash received from options exercised	$	28	$	22
Tax benefit realized from options exercised	$	—	$	—

Other Compensation

On January 23, 2025, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 23, 2025 through December 31, 2027, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2027, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 23, 2025, time based awards were based on 15,044 shares and performance based awards were based on 15,049 shares.

On January 25, 2024, the Company’s board of directors approved a phantom stock plan as part of the Company’s long-term incentive plan. The Plan allows certain employees to earn future cash awards linked to the company’s future common share price for time and performance based cash awards. The performance based cash awards vest based on a combination of a three-year time period from January 25, 2024 through December 31, 2026, and performance targets based on the Company’s return on equity. For performance based awards, the ultimate cash payout of these awards will be paid within 60 days of December 31, 2026, based on the closing share price of the Company’s common stock as of the performance achievement approval date from the Compensation Committee. The time based cash awards vest ratably over a three-year time period. For time based awards, the ultimate cash payout of these awards will be based on the closing share price of the Company’s common stock on the anniversary of the award date each year. On January 25, 2024, time based awards were based on 18,509 shares and performance based awards were based on 18,505 shares.

At the end of each reporting period, the Company estimates its potential liability related to the Plan and records any change to this liability as compensation expense in the consolidated statement of operations. At March 31, 2025 and December 31, 2024, the related liability was $150 and $190, respectively, which is included in other liabilities on the consolidated balance sheet. For the three months ended March 31, 2025 and March 31, 2024, the Company recorded related expense of $59 and $26, respectively, which is included in compensation and related benefits/non-interest expense on the Company’s consolidated statement of operations.

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FAIR VALUE ACCOUNTING

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING

ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value:

Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement.

The fair value of securities available-for-sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs).

Assets Measured on a Recurring Basis

The following tables present the financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

	Fair Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Investment securities:
U.S. government agency obligations	$	12,986	$	—	$	12,986	$	—
Mortgage-backed securities	68,704		—		68,704		—
Corporate debt securities	39,591		—		39,591		—
Asset-backed securities	18,361		—		18,361		—
Total investment securities	139,642		—		139,642		—
Equity Investments:
Farmer Mac equity securities	539		539		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	3,561		—		—		—
Total equity investments	5,462		539		—		1,362
Total	$	145,104	$	539	$	139,642	$	1,362
December 31, 2024
Investment securities:
U.S. government agency obligations	$	13,753	$	—	$	13,753	$	—
Mortgage-backed securities	68,386		—		68,386		—
Corporate debt securities	41,716		—		41,716		—
Corporate asset backed securities	18,996		—		18,996		—
Total investment securities	142,851		—		142,851		—
Equity Investments:
Farmer Mac equity securities	569		569		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	2,771		—		—		—
Total equity investments	4,702		569		—		1,362
Total	$	147,553	$	569	$	142,851	$	1,362

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

During the three months ended June 30, 2024, senior debt of a community development financial institution, classified as available-for-sale securities was exchanged for preferred equity of the financial institution’s operating subsidiary. At March 31, 2025, the Company owned $1,362 preferred equity investments for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value. At December 31, 2024, the Company owned $1,362 preferred equity investments for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value.

There were no transfers in or out of Level 1, Level 2 or Level 3 fair value measurements relating to the available-for-sale securities above during the three months ended March 31, 2025 and March 31, 2024, respectively.. There were no losses included in earnings attributable to the change in unrealized gains or losses relating to the available-for-sale securities above with fair value measurements utilizing significant unobservable inputs for the three months ended March 31, 2025 and March 31, 2024, respectively.

Assets Measured on Nonrecurring Basis

The following tables present the financial instruments measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:

	Carrying Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Foreclosed and repossessed assets, net	$	876	$	—	$	—	$	876
Collateral dependent loans	3,710		—		—		3,710
Total	$	4,586	$	—	$	—	$	4,586
December 31, 2024
Foreclosed and repossessed assets, net	$	915	$	—	$	—	$	915
Collateral dependent loans	3,107		—		—		3,107
Total	$	4,022	$	—	$	—	$	4,022

The fair value of collateral dependent loans with allowances was determined by obtaining independent third party appraisals and/or internally developed collateral valuations to support the Company’s estimates and judgments in determining the fair value of the underlying collateral supporting impaired loans.

The fair value of foreclosed and repossessed assets was determined by obtaining market price valuations from independent third parties wherever such quotes were available for other collateral owned. The Company utilized independent third party appraisals to support the Company’s estimates and judgments in determining fair value for other real estate owned.

The fair value of mortgage servicing rights was estimated using discounted cash flows based on current market rates and other factors.

The following table represents additional quantitative information about assets measured at fair value on a

recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine their fair value at

March 31, 2025 and December 31, 2024.

	Fair Value		Valuation Techniques (1)	Significant Unobservable Inputs (2)	Range
March 31, 2025
Foreclosed and repossessed assets, net	$	876	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,710	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%
December 31, 2024
Foreclosed and repossessed assets, net	$	915	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,107	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%

(1)     Fair value is generally determined through independent third-party appraisals of the underlying

collateral, which generally includes various level 3 inputs which are not observable.

(2)     The fair value basis of collateral depended loans, and real estate owned may be adjusted to reflect management                                                                                             estimates of disposal costs including, but not limited to, real estate brokerage commissions, legal fees, and delinquent property taxes.

The table below represents what we would receive to sell an asset or what we would have to pay to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows:

		March 31, 2025				December 31, 2024
	Valuation Method Used	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(Level I)	$	100,199	$	100,199	$	50,172	$	50,172
Securities available for sale “AFS”	(Level II)	139,642		139,642		142,851		142,851
Securities held to maturity “HTM”	(Level II)	84,301		66,141		85,504		65,622
Farmer Mac equity securities	(Level I)	539		539		569		569
Preferred equity	(Level III)	1,362		1,362		1,362		1,362
Equity investments valued at NAV(1)	N/A	3,561		N/A		2,771		N/A
Other investments	(Level II)	12,496		12,496		12,500		12,500
Loans receivable, net	(Level III)	1,332,523		1,292,183		1,348,432		1,315,657
Loans held for sale - Residential mortgage	(Level I)	328		328		441		441
Loans held for sale - SBA /FSA	(Level II)	2,968		2,968		888		888
Mortgage servicing rights	(Level III)	3,583		5,090		3,663		5,227
Accrued interest receivable	(Level I)	5,926		5,926		5,653		5,653
Financial liabilities:
Deposits	(Level III)	$	1,523,654	$	1,523,290	$	1,488,148	$	1,487,492
FHLB advances	(Level II)	—		—		5,000		4,979
Other borrowings	(Level II)	61,664		59,139		61,606		58,625
Accrued interest payable	(Level I)	6,369		6,369		5,842		5,842

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Earnings per share is based on the weighted average number of shares outstanding for the period. A reconciliation of the basic and diluted earnings per share is as follows:

	Three Months Ended
(Share count in thousands)	March 31, 2025		March 31, 2024
Basic
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Basic earnings per share	$	0.32	$	0.39
Diluted
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Add: Dilutive stock options outstanding	12		4
Average shares and dilutive potential common shares	10,001		10,443
Diluted earnings per share	$	0.32	$	0.39
Additional common stock option shares that have not been included due to their antidilutive effect	—		20

Dilutive shares outstanding consist of exercisable stock options whose strike prices were less than the quarterly average closing price of the Company’s common stock. At March 31, 2025 and March 31, 2024, there were 0 and 20 exercisable stock options, respectively, with a potentially dilutive effect. However their strike prices were higher than the quarterly average closing prices of the Company’s common stock and thus, excluded from diluted shares outstanding.

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OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

The following tables show the tax effects allocated to each component of other comprehensive income (loss) for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31, 2025						March 31, 2024
	Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount
Unrealized gains (losses) on securities:
Net unrealized gains (losses) arising during the period	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)
Other comprehensive income (loss)	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)

The changes in the accumulated balances for each component of other comprehensive income (loss), net of tax for the twelve months ended December 31, 2024 and the three months ended March 31, 2025 were as follows:

	Unrealized Gains (Losses) on AFS Securities		Other Accumulated Comprehensive Income (Loss), net of tax
Ending Balance, December 31, 2023	$	(24,001)	$	(17,328)
Current year-to-date other comprehensive income	1,248		908
Ending balance, December 31, 2024	$	(22,753)	$	(16,420)
Current year-to-date other comprehensive income	1,891		1,455
Ending balance, March 31, 2025	$	(20,862)	$	(14,965)

There were no reclassifications out of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2025 and March 31, 2024.

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s reportable segment is determined by the Chief Financial Officer, who is the designated chief operating decision maker, based upon information provided about the performance of products and services offered in its banking operations. Banking operations consist primarily of lending, deposit and investment activities. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review the performance of various components of the business. Components of the Company’s business include various lending and deposit product offerings, the Company’s investment portfolio, banking branches and market geographies. The chief operating decision maker will evaluate the financial performance of the Company’s business components, such as by evaluating revenue, interest margins, significant expenses, and budget to actual operating results in assessing the Company’s segment and in determining the allocation of resources. The chief operating decision maker uses consolidated net income to benchmark the Company against competitors. Loans, investments, and deposits provide the revenue streams of the banking operation. Interest expense, provisions for credit losses, and compensation costs provide the significant expenses of the operation. All operations are domestic.

	Three Months Ended
	March 31, 2025		March 31, 2024
Interest and dividend income	$	21,103	$	22,679
Reconciliation of revenue
Other Revenue	2,593		3,264
Total consolidated revenues	23,696		25,943
Less:
Interest expense	9,509		10,774
Segment net interest income and non-interest income	14,187		15,169
Less:
(Negative) provision for credit losses	(250)		(800)
Compensation and related benefits (expense)	5,597		5,483
Other expenses	4,866		5,294
Provision for income taxes (expense)	777		1,104
Segment net income/consolidated net income	$	3,197	$	4,088
Other segment disclosures:
Interest income	$	21,103	$	22,679
Interest expense	$	9,509	$	10,774
Depreciation	$	526	$	561
Amortization	$	179	$	179
Other significant noncash items:
(Negative) provision for credit losses	$	(250)	$	(800)
Reconciliation of assets:	March 31, 2025		December 31, 2024
Total assets for reportable segments	$	1,779,963	$	1,748,519
Other assets	—		—
Total consolidated assets	$	1,779,963	$	1,748,519

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 3,197	$ 2,702	$ 3,286	$ 3,675	$ 4,088

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

Use of Estimates –Preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, fair value of financial instruments, the allowance for credit losses, mortgage servicing rights, foreclosed and repossessed assets, valuation of intangible assets arising from acquisitions, useful lives for depreciation and amortization, valuation of goodwill and long-lived assets, stock based compensation, deferred tax assets, uncertain income tax positions and contingencies. Management does not anticipate any material changes to estimates made herein in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: those items described under the caption “Risk Factors” in Item 1A of the annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025; the matters described in Forward-Looking Statements in Part 1, Item 2 of this Form 10-Q; and external market factors such as market interest rates and unemployment rates; changes to operating policies and procedures, and changes in applicable banking regulations. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period.

Cash and Cash Equivalents

Cash and Cash Equivalents—For purposes of reporting cash flows in the consolidated financial statements, cash and cash equivalents include cash, due from banks, and interest bearing deposits with original maturities of three months or less.

Investment Securities; Available for Sale and Held to Maturity

Investment Securities; Available for Sale and Held to Maturity – Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of the date of each balance sheet. Securities

are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Investment securities not classified as held to maturity are classified as available for sale. Available for sale securities are stated at fair value, with unrealized holding gains and losses being reported in other comprehensive income (loss), net of tax. Realized gains or losses on sales of available for sale securities are calculated with the specific identification method and are included in the consolidated statements of operations under net gains on investment securities. Interest income includes amortization of purchase premium or accretion of purchase discount. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the estimated lives of the securities.

Allowance for Credit Losses – Available for Sale Securities and Held to Maturity Securities

Allowance for Credit Losses – Available for Sale Securities - The Company measures the allowance for credit losses on available for sale debt securities by evaluating securities in an unrealized loss position using a two-step process. First, the Company assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost. If it is determined that the Company intends or will be required to sell the security, it is written down to its fair value as net gains or losses on investment securities in our consolidated statement of operations. For agency mortgage-backed and asset-backed securities that do not meet the criteria in step one, there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other debt securities that do not meet the criteria in step one, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and the allowance for credit losses on available for sale investments is recorded for the credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Allowance for Credit Losses – Held to Maturity Securities -The Company measures expected credit losses on held to maturity debt securities on a collective basis by major security type. For agency mortgage-backed securities there are no expected credit losses as they are guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. For other securities, the estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

The Company has elected to not measure an ACL on accrued interest on available for sale and held to maturity securities, as it would write off accrued interest in a timely manner if the related security was determined to have a credit loss.

Equity investments

Equity investments - The Company is required to maintain an investment in Federal Agricultural Mortgage Corporation (“Farmer Mac”) equity securities. Farmer Mac equity securities are carried at their fair market value, which is readily determinable. Changes in fair value are recognized as net gains or losses on investment securities in our consolidated statement of operations.

Included in equity investments are preferred shares of a community development financial institution, which are carried at their fair market value. As no ready market exists for this investment, the Company utilizes significant unobservable inputs (Level 3 inputs) to determine fair value.We record the unrealized gains and losses resulting from changes in the fair value of this investment as net gains or losses on investment securities in our consolidated statements of operations.

Also included in equity investments are the Company’s investments in a Volker Rule-compliant Small Business Investment Company ("SBIC") and an investment fund. The SBIC and investment fund meet the definition of investment companies, as defined in ASC 946, Financial Services - Investment Companies. These investments seek returns by investing in various small businesses and do not have redemption rights. Distributions from the investments will be received as the underlying investments, which generally have a life of 10 years, are liquidated or earlier distributions are made. We elected the practical expedient available in Topic 820, Fair Value Measurements, which permits the use of net asset value ("NAV") per share or equivalent to value investments in entities that are or are similar to investment companies. SBICs and investment funds report their investments at estimated fair value. We record the unrealized gains and losses resulting from changes in the fair value of these investments as net gains or losses on equity securities in our consolidated statements of operations. The carrying value of these investments is equal to the capital account balance as provided by the investee and adjusted as necessary.

Other Investments

Other Investments - As a member of the Federal Reserve Bank (“FRB”) System and the Federal Home Loan Bank (“FHLB”) System, the Bank is required to maintain an investment in the capital stock of these entities. These securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost and periodically evaluated for impairment based on the ultimate recovery of par value. Cash dividends are reported as interest on investments in the consolidated statements of operations.

Also included in other investments is stock of our correspondent bank, Bankers’ Bank, without readily determinable fair value. This stock is carried at cost plus or minus changes resulting from observable price changes in orderly transactions for this stock, less impairment charges, if any.

Management’s evaluation for impairment of these other investments, includes consideration of the financial condition and other available relevant information of the issuer. Based on management’s quarterly evaluation, no impairment has been recorded on these securities.

Loans Receivable, Allowance for Credit Losses – Loans and Allowance for Credit Losses - Unfunded Commitments

Loans Receivable – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance of these loans and is presented as a separate line item on the consolidated balance sheets. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method over the contractual life of the loan with no prepayments assumed. If the loan is prepaid, any unamortized net fee is recognized at this time. Late charge fees are recognized into income when collected.

Interest income on commercial, mortgage and consumer loans is discontinued according to the following schedules:

•Commercial/agricultural real estate loans past due 90 days or more;

•Commercial and industrial/agricultural operating loans past due 90 days or more;

•Closed end consumer installment loans past due 120 days or more; and

•Residential mortgage loans and open ended consumer installment loans past due 180 days or more.

Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for a loan placed on nonaccrual status is reversed against interest income. Interest received on such loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual status. Loans are returned to accrual status when the collectability of principal and interest is probable including when payments are made that bring the loan account current with the contractual term of the loan and a six month payment history has been established.

Residential mortgage loans and open ended consumer installment loans are either charged off or a specific reserve is established to estimated net realizable value less estimated selling costs at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 180 days or more. Closed ended consumer installment loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 120 days or more. Commercial/agricultural real estate, commercial and industrial and agricultural operating loans are charged off to net realizable value at the earlier of when (a) the loan is deemed by management to be uncollectible, or (b) the loan becomes past due 90 days or more.

Allowance for Credit Losses – Loans The allowance for credit losses (“ACL”) on loans is a valuation allowance for current expected credit losses in the Company’s loan portfolio. Loan losses are charged against the ACL when management believes that the collectability of a loan balance is unlikely. Subsequent recoveries, if any, are credited to the ACL. In determining the allowance, the company estimates credit losses over the loan’s entire contractual term, adjusted for expected prepayments when appropriate. The allowance estimate considers relevant available information from internal and external sources relating to historical loss experience; known and inherent risks in our portfolio; information about specific borrowers’ ability to repay; estimated collateral values; current economic conditions; reasonable and supportable forecasts for future conditions; and other relevant factors determined by management. To ensure that the ACL is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The entire ACL balance is available for any loan that, in management’s judgment, should be charged off.

The determination of the ACL requires significant judgement to estimate credit losses. The ACL on loans is measured collectively on a pooled basis when similar risk characteristics exist, and on an individual basis when management determines

that the loan does not share similar risk characteristics with other loans. The ACL on loans collectively evaluated is measured using the loss rate model. The Company categorizes its loan portfolio into four segments based on similar risk characteristics. Loans within each segment are pooled based on individual loan characteristics. Aggregated risk drivers are then calculated at a pool level. Risk drivers are identified attributes that have proven to be predictive of loan loss rates and vary based on loan segment and type. A loss rate is calculated and applied to the pool utilizing a model that combines the pool’s risk drivers, historical loss experience, and reasonable and supportable future economic forecasts to project lifetime losses. For commercial/agricultural real estate loans, the loss rate is then combined with the loans balance and contractual maturity, adjusted for expected prepayments, to determine expected future losses. Future and supportable economic forecasts are based on national economic conditions and their reversion to the mean is implicit in the model and generally occurs over a period of two years. For commercial and industrial/agricultural operating, residential, and consumer loans, the loss rate is then combined with the loans balance and contractual maturity, to determine expected future losses.

Qualitative adjustments are made to the allowance calculated on collectively evaluated loans to incorporate factors not included in the model. Qualitative factors include but are not limited to, lending policies and procedures, the experience and ability of lending and other staff, the volume and severity of problem credits, quality of the loan review system, and other external factors.

Loans that exhibit different risk characteristics from the pool are individually evaluated and not included in the collective evaluation. Loans can be identified for individual evaluation for a variety of reasons including delinquency, nonaccrual status, risk rating and loan modification. Accruing loans that exhibit different risk characteristics from their pool may also be within scope. On these loans, an allowance may be established so that the loan is reported, net, at the lower of (a) its amortized cost; (b) the present value of the loan’s estimated future cash flows using the loan’s existing rate; or (c) at the fair value of any loan collateral, less estimated disposal costs, if the loan is collateral dependent. Collateral dependency is determined using the practical expedient when: 1) the borrower is experiencing financial difficulty; and 2) repayment is expected to be provided substantially through the sale or operation of the collateral. However, if it is probable that the Company will foreclose on the collateral, the use of the fair value of the collateral to calculate the allowance for credit loss is required.

The Company has elected to not measure an ACL on accrued interest as it writes off accrued interest in a timely manner. Accrued interest receivable on loans was $4,554 and $4,467 at March 31, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses - Unfunded Commitments - The ACL on unfunded commitments is a liability for credit losses on commitments to originate or fund loans, and standby letters of credit. It is included in “Other liabilities” on the consolidated balance sheets. Expected credit losses are estimated over the contractual period in which the Company is exposed to credit risk via a commitment that cannot be unconditionally canceled, adjusted for projected prepayments when appropriate. In addition, the estimate of the liability considers the likelihood that funding will occur. The ACL on unfunded commitments is adjusted through provision for credit losses on the consolidated statements of operations. Because the business processes and risks associated with unfunded commitments are essentially the same as loans, the Company uses the same process to estimate the liability.

Loans Held for Sale

Loans Held for Sale — Loans held for sale are those loans the Company has the intent to sell in the foreseeable future. They are carried at the lower of aggregate cost or fair value. Gains and losses on sales of loans are recognized at settlement dates, and are determined by the difference between the sales proceeds and the carrying value of the loans after allocating costs to servicing rights retained. Such gains and losses are included as non-interest income in the consolidated statements of operations. All sales are made without recourse. Interest rate lock commitments on mortgage loans to be funded and sold are valued at fair value, and are included in other assets or liabilities, if material.

Transfers of financial assets

Transfers of financial assets—Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the entity, (2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets, and (3) the entity does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity.

Mortgage Servicing Rights

Mortgage Servicing Rights— Mortgage servicing rights (“MSR”) assets result as the Company sells loans to investors in the secondary market and retains the rights to service mortgage loans sold to others. MSR assets are initially measured at fair value; assessed for impairment at least annually; and carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value. MSR assets are amortized in proportion to and over the period of estimated net servicing income, with the amortization recorded as “Mortgage servicing rights expense, net” in non-interest expense in the consolidated statements of operations.

The valuation of MSRs and related amortization, included in mortgage servicing rights expense in the consolidated statements of operations, thereon are based on numerous factors, assumptions and judgments, such as those for: changes in the

mix of loans, interest rates, prepayment speeds, and default rates. Changes in these factors, assumptions and judgments may have a material effect on the valuation and amortization of MSRs. Although management believes that the assumptions used to evaluate the MSRs for impairment are reasonable, future adjustment may be necessary if future economic conditions differ substantially from the economic assumptions used to determine the value of MSRs.

Servicing fee income, which is reported on the consolidated statements of operations in non-interest income as loan servicing income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of outstanding principal; or a fixed amount per loan and are recorded as income when earned.

Office Properties and Equipment

Office Properties and Equipment—Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Maintenance and repair costs are charged to expense as incurred. Gains or losses on disposition of office properties and equipment are reflected in income. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 10 to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Leasehold improvements are depreciated using the straight-line (or accelerated) method with useful lives based on the lesser of (a) the estimated life of the lease, or (b) the estimated useful life of the leasehold improvement. Depreciation expense is included in non-interest expense on the consolidated statements of operations.

Goodwill and other intangible assets

Goodwill and other intangible assets—The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, “Intangibles - Goodwill and Other.” The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company amortizes acquired intangible assets, primarily Core Deposit Intangibles (CDI) with definite useful economic lives over their useful economic lives originally ranging from 72 to 111 months utilizing the straight-line method. On a periodic basis, management assesses whether events or changes in circumstances indicate that the carrying amounts of the intangible assets may be impaired. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. A reporting unit is defined as any distinct, separately identifiable component of the Company’s one operating segment for which complete, discrete financial information is available and reviewed regularly by the segment’s management. The Company has one reporting unit as of March 31, 2025, which is related to its banking activities. The impairment testing process is conducted by assigning net assets and goodwill to the Company’s reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of the Company’s reporting unit is calculated and compared to the recorded book value, “step one.” If the calculated fair value of the Company’s reporting unit exceeds its carrying value, goodwill is not considered impaired and “step two” is not considered necessary. If the carrying value of the Company’s reporting unit exceeds its calculated fair value, the impairment test continues (“step two”) by comparing the carrying value of the Company’s reporting unit’s goodwill to the implied fair value of goodwill. An impairment charge is recognized if the carrying value of goodwill exceeds the implied fair value of goodwill. The Company has performed the required goodwill impairment test and has determined that goodwill was not impaired as of October 31, 2024, and no circumstances arose after October 31, 2024, that indicated impairment existed at December 31, 2024, per the quarterly analysis. The Company has monitored events and conditions since December 31, 2024, and has determined that no triggering event has occurred that would require goodwill to be tested for impairment.

Foreclosed and Repossessed Assets, net

Foreclosed and Repossessed Assets, net – Assets acquired through foreclosure or repossession are initially recorded at fair value, less estimated costs to sell, which establishes a new cost basis. If the fair value declines subsequent to foreclosure or repossession, a write-down is recorded through expense. Costs incurred after acquisition are expensed and are included in non-interest expense, other in the consolidated statements of operations.

Bank Owned Life Insurance (BOLI)

Bank Owned Life Insurance (BOLI)—The Bank invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a select group of employees. The Bank is the owner and beneficiary of the policies. Income from the increase in cash surrender value of the policies as well as the receipt of death benefits is included in non-interest income on the consolidated statements of operations.

New Markets Tax Credits

New Markets Tax Credits - As a part of its commitment to the communities it serves, in the first quarter of 2022 and the third quarter of 2024, the Company made investments in LLC’s that are sponsoring community development projects that have been awarded New Markets Tax Credits (“NMTC”) through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. These investments are Community Reinvestment Act eligible and are designed to generate a return primarily through the realization of the tax credit. These LLC’s are considered a Variable Interest Entity (VIE) as the Company represents the holder of the equity investment at risk. However, the Company does not have the ability to direct the activities that most significantly affect the performance of the LLC. As such, the Company is not the primary beneficiary of the VIE and

the LLC’s have not been consolidated. With the adoption of ASU 2023-02 on January 1, 2023, the investments are accounted for using the proportional amortization method, which requires amortizing the investment in the period of and in proportion to the recognition of the related tax credit. Amortization of the investment is included in provision for income taxes and the utilization of the tax credit is recorded as a reduction in provision for income taxes. Prior to the adoption of ASU 2023-02 the investment was accounted for using the equity method of accounting and was amortized through non-interest expense.

Leases

Leases - We determine if an arrangement is a lease at inception. All of our existing leases have been determined to be operating leases under ASC 842. Right-of-use (“ROU”) assets are included in other assets in our consolidated balance sheets. Operating lease liabilities are included in other liabilities in our consolidated balance sheets. Lease expense is included in non-interest expense, “Occupancy” in the consolidated statements of operations.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date, based on the present value of lease payments over the lease term. As none of our existing leases provide an implicit rate, we use our incremental borrowing rate, based on information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, when it is reasonably certain that we will exercise that option. Lease expense is recognized based on the total contractually required lease payments, over the term of the lease, on a straight-line basis. Some of the Bank’s leases require it to make variable payments for the Bank’s share of property taxes, insurance, common area maintenance and other costs. These variable costs are recognized when incurred and are also included in lease expense.

Debt and equity issuance costs

Debt and equity issuance costs—Debt issuance costs, which consist primarily of fees paid to note lenders, are deferred and included in other borrowings in the consolidated balance sheets. Debt issuance costs that originated in 2020 and thereafter, are amortized through the first Company call option date of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Senior note debt issuance costs, are amortized over the contractual term of the corresponding debt, as a component of interest expense on other borrowed funds in the consolidated statements of operations. Specific costs associated with the issuance of shares of the Company’s common or preferred stock are netted against proceeds and recorded in stockholders’ equity, as additional paid in capital, on the consolidated balance sheets, in the period of the share issuance.

Share-Based Compensation

Share-Based Compensation—The Company may grant restricted stock awards and other stock-based awards to plan participants, subject to forfeiture upon the occurrence of certain events until the dates specified in the participant’s award agreement. The Company accounts for forfeitures as they occur. Forfeited restricted shares are canceled and returned to authorized and unissued shares. While time based restricted shares are subject to forfeiture, time based restricted stock award participants may exercise full voting rights and will receive all dividends and other distributions paid with respect to the restricted shares. The time based restricted shares granted under the 2018 Equity Incentive Plan (the “Plan”) are subject to a three-year vesting period. Compensation expense for time based restricted stock is recognized over the requisite service period of three years for the entire award on a straight-line basis. Performance based restricted shares are earned over a three-year period based on Board approved performance metrics and expense is recorded based on expected shares vesting. The performance based restricted stock award participants do not have voting rights and do not receive dividends or other distributions paid with respect to the performance based restricted shares. Upon vesting of restricted stock, the benefit of tax deductions in excess of recognized compensation expense is reflected as an income tax benefit in the Consolidated Statements of Operations.

Advertising, Marketing and Public Relations Expense

Advertising, Marketing and Public Relations Expense—The Company expenses all advertising, marketing and public relations costs as they are incurred.

Income Taxes

Income Taxes – The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” Under this guidance, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.

The Company regularly reviews the carrying amount of its net deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company’s net deferred tax assets will not be realized in future periods, a deferred tax valuation allowance would be established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. In evaluating this available evidence, management considers, among other things, historical performance, expectations of future earnings, the ability to carry back losses to recoup taxes previously paid, the length of statutory carry forward periods, any experience with utilization of operating loss and tax credit carry forwards not expiring, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. Accordingly, the Company’s evaluation is based on current tax laws as well as management’s expectations of future performance.

The Company’s effective tax rates were 19.6% and 21.3% for the three months ended March 31, 2025 and March 31, 2024, respectively.

Revenue Recognition

Revenue Recognition - The Company’s primary source of revenue is interest income from interest earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest earning assets is based upon formulas from underlying loan agreements, securities contracts or other similar contracts.

The Company accounts for revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers.” Topic 606 provides that revenue from contracts with customers be recognized when performance obligations under the terms of a contract are satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing service. The Company does not have any materially significant payment terms as payment is received shortly after the satisfaction of the performance obligation. The statement of operations line items recognized under the scope of Topic 606 are as follows:

Service charges on deposit accounts - Service charges on accounts consist of monthly service fees, transaction-based fees, overdraft fees and other deposit account related fees. The Company’s performance obligation for monthly services fees is generally satisfied over the period in which the service is provided. Revenue for these monthly fees is recognized during the service period. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied at the time the service is provided. Payment for service charges on deposit accounts are primarily received immediately or in the following month through a direct charge to a customer’s account.

Interchange income - The Company earns interchange fees when cardholder debit card transactions are processed through card association networks. The interchange rates are generally set by the card association based upon purchase volumes and other factors. Interchange fees represent a percentage of the underlying transaction value. The Company has a continuous contract, based on customary business practices, with the card association networks to make funds available for settlement of card transactions. The Company’s performance obligation is satisfied over time as it makes funds available, and the related income is recognized when received.

Gain (loss) on repossessed assets - The Company records a gain or loss from the sale of repossessed assets, when control of the property or asset transfers to the buyer, which generally occurs at the time of an executed deed or sales agreement. When the Company finances the sale of repossessed assets to a buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the repossessed asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain on sale or loss on the sale, the Company adjusts the transaction price and related gain or loss on sale if a significant financing component is present.

Non-interest income outside of the scope of Revenue from Contracts with Customers, Topic 606 is recognized on the accrual basis of accounting as services are provided or as transactions occur. Non-interest income outside of the scope of Topic 606 includes mortgage banking activities, loan fees and service charges, net gains (losses) on investment securities, and other, which is primarily made up of BOLI related income.

Earnings Per Share

Earnings Per Share – Basic earnings per common share is net income or loss divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional

potential common shares issuable during the period, consisting of stock options outstanding under the Company’s stock incentive plans that have an exercise price that is less than the Company’s stock price on the reporting date.

Loss Contingencies

Loss Contingencies—Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of loss can be reasonably estimated.

Off-Balance-Sheet Financial Instruments

Off-Balance-Sheet Financial Instruments—In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and commitments under lines of credit arrangements, issued to meet customer financial needs. Such financial instruments are recorded in the financial statements when they become payable.

Derivatives--Rate-lock Commitments and Forward Sale Agreements

Derivatives--Rate-lock Commitments and Forward Sale Agreements —The Company enters into commitments to originate loans, whereby the interest rate on the loan is determined prior to funding (rate-lock commitment). Rate-lock commitments on mortgage loans held for sale are derivative instruments. If material, derivative instruments are carried on the consolidated balance sheets at fair value, and changes in the fair value thereof are recognized in the consolidated statements of operations. The Company originates single-family residential loans for sale, pursuant to programs primarily with the Federal Home Loan Mortgage Corporation (“FHLMC”) and other similar third parties. In connection with these programs, at the time the Company initially issues a loan commitment, it does not lock in a specific interest rate. At the time the interest rate is locked in by the borrower, the Company concurrently enters into a forward loan sale agreement with the prospective loan purchaser, at a specific price, in order to manage the interest rate risk inherent to the rate-lock commitment. The forward sale agreement also meets the definition of a derivative instrument. Any change in the fair value of the loan commitment after the borrower locks in the interest rate is substantially offset by the corresponding change in the fair value of the forward loan sale agreement related to such loan. The period from the time the borrower locks in the interest rate, to the time the Company funds the loan and sells the loan to a third party varies, and could be up to 90 days. The fair value of each instrument will rise and fall in response to changes in market interest rates, subsequent to the dates the interest rate locks and forward sale agreements are entered into. In the event that interest rates rise after the Company enters into an interest rate lock, the fair value of the loan commitment will decline. However, the fair value of the forward loan sale agreement related to such loan commitment should increase by substantially the same amount, effectively eliminating the Company’s interest rate and price risks.

Common Stock Repurchased

Common Stock Repurchased-The Company is incorporated in Maryland. Under Maryland Law, shares repurchased are canceled and returned to authorized and unissued shares and recorded as a reduction of each of the applicable captions within stockholders’ equity on the consolidated balance sheets and consolidated statement of changes in stockholders’ equity.

Other Comprehensive Income

Other Comprehensive Income —Accumulated and other comprehensive income or loss is comprised of the unrealized and realized gains and losses on securities available for sale, net of tax, and is shown on the accompanying consolidated statements of comprehensive income.

Operating Segments

Operating Segments—The Chief Operating Decision Maker regularly reviews consolidated financial statements, as well as detailed revenue and net interest income and expense results in order to assess the Company’s performance and allocate resources. While the Chief Operating Decision Maker monitors the revenue streams of the various banking products and services, financial performance is evaluated and resource allocation decisions are made on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by the Chief Operating Decision Maker to be the Company’s sole reportable operating segment.

Reclassifications

Reclassifications – Certain items previously reported were reclassified for consistency with the current presentation.

Recent Accounting Pronouncements, Recent Accounting Pronouncements—Adopted and Recently Issued, But Not Yet Effective Accounting Pronouncements

Recent Accounting Pronouncements—The Financial Accounting Standards Board (FASB) issues Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). This section provides a summary description of recent ASUs that have potentially significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future.

Recent Accounting Pronouncements—Adopted

ASU 2020-04 and ASU 2021-01, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting--These ASUs provide optional and temporary relief, in the form of optional expedients and exceptions, for applying GAAP to modifications of contacts, hedging relationships and other transactions affected by reference

rate (e.g. LIBOR) reforms. ASU 2020-04 and ASU 2021-01 was effective immediately upon issuance and remained in effect through December 31, 2024. The Company utilizes LIBOR, among other indexes, as a reference rate for underwriting variable rate loans. Reference rate reform has not had, nor does the Company expect it to have, a material effect on the Company’s consolidated balance sheet, operations or cash flows.

ASU 2023-06, Disclosure Improvements – Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative – This ASU, issued in October 2023, provides for changes to clarify or improve consistency of disclosure and presentation requirements on a variety of topics. This ASU has various effective dates, coinciding with the SEC’s removal of each specific change from Regs X-S and S-K, with early adoption permitted. The Company has adopted all applicable disclosure requirements set forth in this update with no material impact on the Company’s financial condition or results of operations.

ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures—This ASU, issued in November 2023, requires all public entities to provide enhanced disclosures about significant segment expenses. This update has been applied retrospectively, and is effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. Adoptions of ASU 2023-07 had no material effect on the Company’s consolidated balance sheet, operations or cash flows.

Recently Issued, But Not Yet Effective Accounting Pronouncements

ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures – This ASU, issued in December 2023, is effective for fiscal years beginning after December 15, 2024, and interim periods therein, with early adoption permitted. This ASU requires expanded income tax-related note disclosures. The Company is currently evaluating the impact of these new disclosure requirements.

ASU 2024-03, Income Statement, Reporting of Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses—This ASU, issued in November 2024, is effective for fiscal years beginning after December 15, 2027, and interim periods therein, with early adoption permitted. This ASU requires more detailed note disclosure about the types of expenses in commonly presented expense captions. The Company is currently evaluating the impact of these new disclosure requirements.

Fair Value Accounting

ASC Topic 820-10, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value:

Level 1- Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2- Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3- Significant unobservable inputs that reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the fair value measurement.

The fair value of securities available-for-sale is determined by obtaining market price quotes from independent third parties wherever such quotes are available (Level 1 inputs); or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Where such quotes are not available, we utilize independent third party valuation analysis to support our own estimates and judgments in determining fair value (Level 3 inputs).

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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Securities Reconciliation

The amortized cost and fair value of securities available for sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2025
U.S. government agency obligations	$	13,062	$	24	$	100	$	12,986
Mortgage-backed securities	86,510		—		17,806		68,704
Corporate debt securities	42,436		88		2,933		39,591
Asset-backed securities	18,496		28		163		18,361
Total available-for-sale securities	$	160,504	$	140	$	21,002	$	139,642
December 31, 2024
U.S. government agency obligations	$	13,853	$	28	$	128	$	13,753
Mortgage-backed securities	87,762		—		19,376		68,386
Corporate debt securities	44,931		111		3,326		41,716
Asset-backed securities	19,058		43		105		18,996
Total available-for-sale securities	$	165,604	$	182	$	22,935	$	142,851

Schedule of Held to Maturity Securities

The amortized cost and fair value of securities held to maturity and the corresponding amounts of gross unrecognized gains and losses as of March 31, 2025 and December 31, 2024, respectively, were as follows:

Held-to-maturity securities	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
March 31, 2025
Obligations of states and political subdivisions	$	400	$	—	$	21	$	379
Mortgage-backed securities	83,901		5		18,094		65,812
Total held-to-maturity securities	$	84,301	$	5	$	18,115	$	66,191
December 31, 2024
Obligations of states and political subdivisions	$	500	$	—	$	22	$	478
Mortgage-backed securities	85,004		4		19,864		65,144
Total held-to-maturity securities	$	85,504	$	4	$	19,886	$	65,622

Schedule of Maturity of Securities

The estimated fair value of securities at March 31, 2025 and December 31, 2024, by contractual maturity, is shown below.

	March 31, 2025				December 31, 2024
Available-for-sale securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,158	$	2,129	$	4,526	$	4,487
Due after one year through five years	8,341		8,401		8,652		8,715
Due after five years through ten years	41,018		38,061		41,380		38,033
Due after ten years	22,477		22,347		23,284		23,230
Total securities with contractual maturities	73,994		70,938		77,842		74,465
Mortgage-backed securities	86,510		68,704		87,762		68,386
Total available for sale securities	$	160,504	$	139,642	$	165,604	$	142,851

	March 31, 2025				December 31, 2024
Held-to-maturity securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	100	$	97	$	100	$	100
Due after one year through five years	300		282		400		378
Due after five years through ten years	—		—		—		—
Total securities with contractual maturities	400		379		500		478
Mortgage-backed securities	83,901		65,812		85,004		65,144
Total held to maturity securities	$	84,301	$	66,191	$	85,504	$	65,622

Schedule of Available for Sale Securities with Unrealized Losses

Securities with unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	Less than 12 Months				12 Months or More				Total
Available-for-sale securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2025
U.S. government agency obligations	$	3,207	$	11	$	5,914	$	89	$	9,121	$	100
Mortgage-backed securities	2,722		68		65,982		17,738		68,704		17,806
Corporate debt securities	—		—		34,688		2,933		34,688		2,933
Asset-backed securities	3,061		13		11,767		150		14,828		163
Total	$	8,990	$	92	$	118,351	$	20,910	$	127,341	$	21,002
December 31, 2024
U.S. government agency obligations	$	5,472	$	25	$	3,334	$	103	$	8,806	$	128
Mortgage-backed securities	2,732		112		65,654		19,264		68,386		19,376
Corporate debt securities	—		—		36,806		3,326		36,806		3,326
Asset-backed securities	939		1		12,210		104		13,149		105
Total	$	9,143	$	138	$	118,004	$	22,797	$	127,147	$	22,935

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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans

A summary of loans at March 31, 2025, and December 31, 2024, follows:

	March 31, 2025					December 31, 2024
		Amortized Cost		% of Total		Amortized Cost		% of Total
Commercial/Agricultural real estate:
Commercial real estate		$	707,994	52.3	%	$	707,009	51.7	%
Agricultural real estate		70,726		5.2	%	72,738		5.3	%
Multi-family real estate		237,736		17.6	%	220,706		16.1	%
Construction and land development		58,158		4.3	%	78,146		5.7	%
C&I/Agricultural operating:
Commercial and industrial		109,479		8.1	%	115,535		8.4	%
Agricultural operating		29,329		2.2	%	31,017		2.3	%
Residential mortgage:
Residential mortgage		128,633		9.5	%	131,892		9.6	%
Purchased HELOC loans		2,560		0.2	%	2,956		0.2	%
Consumer installment:
Originated indirect paper		3,434		0.3	%	3,970		0.3	%
Other consumer		4,679		0.3	%	5,012		0.4	%
Total loans receivable		$	1,352,728	100	%	$	1,368,981	100	%
Less: Allowance for credit losses		(20,205)				(20,549)
Net loans receivable		$	1,332,523			$	1,348,432

Schedule of Financing Receivable Credit Quality Indicators

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of March 31, 2025, and gross charge-offs for the three months ended March 31, 2025:

	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	15,610	$	49,839	$	75,320	$	120,536	$	203,782	$	218,775	$	8,410	$	—	$	692,272
Risk rating 6	—		—		1,301		2,844		40		3,535		—		—		7,720
Risk rating 7	—		172		697		496		2,114		4,523		—		—		8,002
Total	$	15,610	$	50,011	$	77,318	$	123,876	$	205,936	$	226,833	$	8,410	$	—	$	707,994
Current period gross charge-offs	$	—	$	—	$	—	$	51	$	—	$	—	$	—	$	—	$	51
Agricultural real estate
Risk rating 1 to 5	$	5,413	$	3,443	$	6,573	$	16,743	$	9,960	$	21,611	$	910	$	—	$	64,653
Risk rating 6	—		—		—		—		—		138		—		—		138
Risk rating 7	—		—		201		378		4,978		378		—		—		5,935
Total	$	5,413	$	3,443	$	6,774	$	17,121	$	14,938	$	22,127	$	910	$	—	$	70,726
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	7,376	$	8,729	$	7,749	$	57,058	$	98,946	$	57,437	$	441	$	—	$	237,736
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	6,745	$	16,660	$	22,145	$	10,033	$	342	$	2,144	$	89	$	—	$	58,158
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	2,328	$	16,406	$	10,000	$	27,537	$	12,466	$	11,790	$	20,931	$	—	$	101,458
Risk rating 6	250		817		1,545		2,963		73		169		792		—		6,609
Risk rating 7	—		—		436		33		401		1		541		—		1,412
Total	$	2,578	$	17,223	$	11,981	$	30,533	$	12,940	$	11,960	$	22,264	$	—	$	109,479
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	20	$	—	$	20
Agricultural operating
Risk rating 1 to 5	$	2,202	$	2,122	$	2,758	$	2,313	$	520	$	1,986	$	16,188	$	—	$	28,089
Risk rating 6	—		—		48		—		35		241		191		—		515
Risk rating 7	—		—		—		473		252		—		—		—		725
Total	$	2,202	$	2,122	$	2,806	$	2,786	$	807	$	2,227	$	16,379	$	—	$	29,329
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Continued	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	1,026	$	12,928	$	27,581	$	29,891	$	7,233	$	29,719	$	17,089	$	—	$	125,467
Risk rating 7	—		7		—		128		—		2,931		100		—		3,166
Total	$	1,026	$	12,935	$	27,581	$	30,019	$	7,233	$	32,650	$	17,189	$	—	$	128,633
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,443	$	—	$	2,443
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,560	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,400	$	—	$	—	$	3,400
Risk rating 7	—		—		—		—		—		34		—		—		34
Total	$	—	$	—	$	—	$	—	$	—	$	3,434	$	—	$	—	$	3,434
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other consumer
Risk rating 1 to 5	$	470	$	1,294	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,676
Risk rating 7	1		2		—		—		—		—		—		—		3
Total	$	471	$	1,296	$	1,065	$	617	$	305	$	465	$	460	$	—	$	4,679
Current period gross charge-offs	$	—	$	3	$	6	$	—	$	—	$	—	$	2	$	—	$	11
Total loans receivable	$	41,421	$	112,419	$	157,419	$	272,043	$	341,447	$	359,277	$	68,702	$	—	$	1,352,728
Total current period gross charge-offs	$	—	$	3	$	6	$	51	$	—	$	—	$	22	$	—	$	82

Below is a summary of the amortized cost of loans summarized by class, credit quality risk rating and year of origination as of December 31, 2024, and gross charge-offs for the twelve months ended December 31, 2024:

	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Commercial/Agricultural real estate:
Commercial real estate
Risk rating 1 to 5	$	49,580	$	76,381	$	123,806	$	207,155	$	89,539	$	141,264	$	7,669	$	—	$	695,394
Risk rating 6	173		1,406		2,238		138		—		—		—		—		3,955
Risk rating 7	—		—		553		2,445		214		4,448		—		—		7,660
Total	$	49,753	$	77,787	$	126,597	$	209,738	$	89,753	$	145,712	$	7,669	$	—	$	707,009
Current period gross charge-offs	$	—	$	—	$	—	$	39	$	—	$	—	$	—	$	—	$	39
Agricultural real estate
Risk rating 1 to 5	$	3,556	$	10,870	$	17,160	$	10,098	$	7,335	$	16,642	$	715	$	—	$	66,376
Risk rating 6	—		—		—		—		—		140		—		—		140
Risk rating 7	—		202		477		5,102		—		441		—		—		6,222
Total	$	3,556	$	11,072	$	17,637	$	15,200	$	7,335	$	17,223	$	715	$	—	$	72,738
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family real estate
Risk rating 1 to 5	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Risk rating 6	—		—		—		—		—		—		—		—		—
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	8,777	$	7,790	$	40,426	$	101,213	$	43,115	$	19,005	$	380	$	—	$	220,706
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development
Risk rating 1 to 5	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	868	$	16,412	$	—	$	78,043
Risk rating 6	—		—		—		—		—		103		—		—		103
Risk rating 7	—		—		—		—		—		—		—		—		—
Total	$	23,832	$	25,102	$	10,186	$	346	$	1,297	$	971	$	16,412	$	—	$	78,146
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial/Agricultural operating:
Commercial and industrial
Risk rating 1 to 5	$	17,599	$	13,049	$	28,343	$	13,629	$	8,787	$	4,197	$	24,809	$	—	$	110,413
Risk rating 6	—		—		3,062		13		—		—		292		626		3,993
Risk rating 7	—		500		74		401		—		—		154		—		1,129
Total	$	17,599	$	13,549	$	31,479	$	14,043	$	8,787	$	4,197	$	25,255	$	626	$	115,535
Current period gross charge-offs	$	—	$	131	$	7	$	—	$	5	$	—	$	—	$	—	$	143
Agricultural operating
Risk rating 1 to 5	$	3,373	$	3,062	$	3,144	$	563	$	198	$	1,884	$	17,609	$	—	$	29,833
Risk rating 6	—		49		—		37		240		—		65		—		391
Risk rating 7	—		—		473		320		—		—		—		—		793
Total	$	3,373	$	3,111	$	3,617	$	920	$	438	$	1,884	$	17,674	$	—	$	31,017
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Continued	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		Total
Residential mortgage:
Residential mortgage
Risk rating 1 to 5	$	13,400	$	28,598	$	30,386	$	7,369	$	2,141	$	30,004	$	17,349	$	—	129,247
Risk rating 7	—		—		130		—		—		2,507		8		—		2,645
Total	$	13,400	$	28,598	$	30,516	$	7,369	$	2,141	$	32,511	$	17,357	$	—	$	131,892
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	4
Purchased HELOC loans
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	—	$	2,839	$	—	$	2,839
Risk rating 7	—		—		—		—		—		—		117		—		117
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	2,956	$	—	$	2,956
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer installment:
Originated indirect paper
Risk rating 1 to 5	$	—	$	—	$	—	$	—	$	—	$	3,944	$	—	$	—	$	3,944
Risk rating 7	—		—		—		—		—		26		—		—		26
Total	$	—	$	—	$	—	$	—	$	—	$	3,970	$	—	$	—	$	3,970
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	—	$	17
Other consumer
Risk rating 1 to 5	$	1,519	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,010
Risk rating 7	2		—		—		—		—		—		—		—		2
Total	$	1,521	$	1,229	$	811	$	385	$	341	$	214	$	511	$	—	$	5,012
Current period gross charge-offs	$	—	$	4	$	3	$	1	$	—	$	—	$	10	$	—	$	18
Total loans receivable	$	121,811	$	168,238	$	261,269	$	349,214	$	153,207	$	225,687	$	88,929	$	626	$	1,368,981
Total current period gross charge-offs	$	—	$	135	$	10	$	40	$	5	$	21	$	10	$	—	$	221

Schedule of Allowance for Credit Losses

The following tables present the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2025:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2025
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549
Charge-offs	(51)		(20)		—		(11)		(82)
Recoveries	40		45		1		3		89
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(261)		75		(152)		(13)		(351)
ACL - Loans, at end of period	$	16,244	$	1,430	$	2,338	$	193	$	20,205

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the three months ended March 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Three months ended March 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	—		—		—		(5)		(5)
Recoveries	39		15		1		3		58
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(568)		46		20		(23)		(525)
ACL - Loans, at end of period	$	18,255	$	1,166	$	2,765	$	250	$	22,436

The following table presents the balance and activity in the allowance for credit losses (“ACL”) - loans by portfolio segment for the twelve months ended December 31, 2024:

	Commercial/Agricultural Real Estate		C&I/Agricultural operating		Residential Mortgage		Consumer Installment		Total
Twelve months ended December 31, 2024
Allowance for Credit Losses - Loans:
ACL - Loans, at beginning of period	$	18,784	$	1,105	$	2,744	$	275	$	22,908
Charge-offs	(39)		(143)		(4)		(35)		(221)
Recoveries	56		36		7		22		121
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(2,285)		332		(258)		(48)		(2,259)
ACL - Loans, at end of period	$	16,516	$	1,330	$	2,489	$	214	$	20,549

The following table presents the balance and activity in the ACL - Unfunded Commitments for the three months ended March 31, 2025, and the twelve months ended December 31, 2024.

	March 31, 2025 and Three Months Ended		December 31, 2024 and Twelve Months Ended
ACL - Unfunded Commitments - beginning of period	$	334	$	1,250
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations	101		(916)
ACL - Unfunded Commitments - End of period	$	435	$	334

Schedule of Provision for Credit Losses

The following table presents the components of the negative provision for credit losses.

	March 31, 2025 and Three Months Ended		March 31, 2024 and Three Months Ended
(Negative) provision for credit losses on:
Loans	$	(351)	$	(525)
Unfunded Commitments	101		(275)
Total (negative) provision for credit losses	$	(250)	$	(800)

Schedule of Aging Analysis of the Bank Real Estate and Consumer Loans

An aging analysis of the Company’s commercial/agricultural real estate, C&I, agricultural operating, residential mortgage, consumer installment and purchased third party loans as of March 31, 2025, and December 31, 2024, respectively, was as follows:

(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
March 31, 2025
Commercial/Agricultural real estate:
Commercial real estate	$	217	$	224	$	370	$	811	$	707,183	$	707,994
Agricultural real estate	41		61		554		656		70,070		70,726
Multi-family real estate	—		—		—		—		237,736		237,736
Construction and land development	289		—		—		289		57,869		58,158
C&I/Agricultural operating:
Commercial and industrial	50		—		501		551		108,928		109,479
Agricultural operating	—		—		725		725		28,604		29,329
Residential mortgage:
Residential mortgage	1,069		54		830		1,953		126,680		128,633
Purchased HELOC loans	—		—		117		117		2,443		2,560
Consumer installment:
Originated indirect paper	16		1		—		17		3,417		3,434
Other consumer	44		16		—		60		4,619		4,679
Total	$	1,726	$	356	$	3,097	$	5,179	$	1,347,549	$	1,352,728
(Loan balances at amortized cost)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Current		Total Loans
December 31, 2024
Commercial/Agricultural real estate:
Commercial real estate	$	857	$	322	$	367	$	1,546	$	705,463	$	707,009
Agricultural real estate	26		—		556		582		72,156		72,738
Multi-family real estate	—		—		—		—		220,706		220,706
Construction and land development	—		—		—		—		78,146		78,146
C&I/Agricultural operating:
Commercial and industrial	566		50		564		1,180		114,355		115,535
Agricultural operating	—		—		793		793		30,224		31,017
Residential mortgage:
Residential mortgage	1,873		796		500		3,169		128,723		131,892
Purchased HELOC loans	—		—		117		117		2,839		2,956
Consumer installment:
Originated indirect paper	25		—		—		25		3,945		3,970
Other consumer	27		—		—		27		4,985		5,012
Total	$	3,374	$	1,168	$	2,897	$	7,439	$	1,361,542	$	1,368,981

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2025.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	1,182	$	98	$	224	$	—
Commercial and industrial	1,496		50		—		—
Agricultural operating	191		—		—		—
Residential mortgage	19		275		—		—
Other consumer	2		—		—		—
Total	$	2,890	$	423	$	224	$	—

The following table shows the performance of such loans that have been modified during the twelve months ended March 31, 2024.

	Current		30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due
Commercial real estate	$	4,564	$	—	$	—	$	—
Commercial and industrial	2,300		—		—		—
Residential mortgage	82		—		—		69
Total	$	6,946	$	—	$	—	$	69

Schedule of Nonaccrual Loans

The following tables present the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated at March 31, 2025, December 31, 2024, and March 31, 2024, with no allowance for credit losses:

March 31, 2025	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,948	$	4,737	$	—
Agricultural real estate	5,934		5,734		—
C&I/Agricultural operating:
Commercial and industrial	701		668		—
Agricultural operating	725		725		—
Residential mortgage:
Residential mortgage	665		665		568
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,091	$	12,647	$	568

December 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	4,594	$	4,374	$	—
Agricultural real estate	6,222		6,020		—
Construction and land development	103		103		—
C&I/Agricultural operating:
Commercial and industrial	597		564		—
Agricultural operating	793		793		—
Residential mortgage:
Residential mortgage	741		548		186
Purchased HELOC loans	117		117		—
Consumer installment:
Originated indirect paper	1		1		—
Total	$	13,168	$	12,520	$	186

March 31, 2024	Total Nonaccrual Loans		Nonaccrual with no Allowance for Credit Losses		Loans Past Due over 89 Days Still Accruing
Commercial/Agricultural real estate:
Commercial real estate	$	5,340	$	5,125	$	—
Agricultural real estate	382		383		—
C&I/Agricultural operating:
Commercial and industrial	440		289		—
Agricultural operating	1,106		1,106		—
Residential mortgage:
Residential mortgage	1,127		900		324
Consumer installment:
Originated indirect paper	17		17		—
Other consumer	1		1		2
Total	$	8,413	$	7,821	$	326

Schedule of Collateral Dependent Loans by Portfolio Segment

The following tables present the amortized cost basis of collateral dependent loans by portfolio segment and collateral type that were individually evaluated to determine expected credit losses and the related allowance for credit losses as of March 31, 2025, and December 31, 2024.

	Collateral Type
March 31, 2025	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,185	$	—	$	9,185	$	5,743	$	3,441	$	482
Agricultural real estate	5,934		—		5,934		5,734		201		99
C&I/Agricultural operating:
Commercial and industrial	—		2,033		2,033		1,288		745		96
Agricultural operating	—		725		725		725		—		—
Residential mortgage:
Residential mortgage	3,244		—		3,244		3,244		—		—
Consumer installment:
Originated indirect paper	—		34		34		34		—		—
Other consumer	—		3		3		3		—		—
Total	$	18,363	$	2,795	$	21,158	$	16,771	$	4,387	$	677

	Collateral Type
December 31, 2024	Real Estate		Other Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial/Agricultural real estate:
Commercial real estate	$	9,004	$	—	$	9,004	$	6,597	$	2,407	$	258
Agricultural real estate	6,222		—		6,222		6,020		202		99
Construction and land development	103		—		103		103		—		—
C&I/Agricultural operating:
Commercial and industrial	—		1,806		1,806		1,146		660		49
Agricultural operating	—		793		793		793		—		—
Residential mortgage:
Residential mortgage	3,066		—		3,066		2,773		293		49
Consumer installment:
Originated indirect paper	—		25		25		25		—		—
Other consumer	—		2		2		2		—		—
Total	$	18,395	$	2,626	$	21,021	$	17,459	$	3,562	$	455

Schedule of Loan Modifications

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2025:

	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	322	0.05	%
Residential mortgage	$	120	0.09	%

The tables below detail Loan Modifications made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2025:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial and industrial	$	745	0.68	%
Agricultural operating	$	191	0.65	%
Residential mortgage	$	19	0.01	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Commercial real estate	$	1,504	0.21	%
Commercial and industrial	$	801	0.73	%
Residential mortgage	$	275	0.21	%
	Term Extension and Principal Forgiveness
Loan Class	Amortized Cost Basis at March 31, 2025		% of Total Class of Financing Receivables
Other consumer	$	2	0.04	%

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the three months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	82	0.06	%

Schedule of Financial Effect of the Modifications Made to Borrowers

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025:

Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 12 months was added to the term of the loans
Agricultural operating	A weighted average of 8 months was added to the term of the loans
Residential mortgage	A weighted average of 55 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Commercial real estate	Payments were deferred a weighted average of 3 months
Commercial and industrial	Payments were deferred a weighted average of 3 months
Residential mortgage	Payments were deferred a weighted average of 3 months
Term Extension and Principal Forgiveness
Loan Class	Financial Effect
Other consumer	A weighted average of 3 months was added to the term of the loan and a principal balance of $2 was forgiven

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential mortgage	Payments were deferred a weighted average of 3 months

The tables below detail Loan Modifications Made to Borrowers Experiencing Financial Difficulty during the twelve months ended March 31, 2024:

	Term Extension
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Commercial real estate	$	4,564	0.61	%
Commercial and industrial	$	2,300	1.80	%
	Other-Than-Insignificant Payment Delay
Loan Class	Amortized Cost Basis at March 31, 2024		% of Total Class of Financing Receivables
Residential mortgage	$	151	0.12	%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2024:

Term Extension
Loan Class	Financial Effect
Commercial real estate	A weighted average of 20 months was added to the term of the loans
Commercial and industrial	A weighted average of 11 months was added to the term of the loans
Other-Than-Insignificant Payment Delay
Loan Class	Financial Effect
Residential Mortgage	Payments were deferred a weighted average of 4 months

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MORTGAGE SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Mortgage Servicing Rights Activity

Mortgage servicing rights activity for the three month periods ended March 31, 2025 and March 31, 2024, were as follows:

	As of and for the Three Months Ended		As of and for the Three Months Ended
	March 31, 2025		March 31, 2024
Mortgage servicing rights:
Mortgage servicing rights, beginning of period	$	3,663	$	3,865
Increase in mortgage servicing rights resulting from transfers of financial assets	60		57
Amortization during the period	(140)		(143)
Mortgage servicing rights, end of period	3,583		3,779
Valuation allowance:
Valuation allowance, beginning of period	—		—
Additions	—		(5)
Recoveries	—		—
Valuation allowance, end of period	—		(5)
Mortgage servicing rights, net	$	3,583	$	3,774
Fair value of mortgage servicing rights; end of period	$	5,090	$	5,442

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LEASES (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

	Three Months Ended
	March 31, 2025			March 31, 2024
The components of total lease cost were as follows:
Operating lease cost	$	102		$	127
Variable lease cost	20			16
Total lease cost	$	122		$	143
The components of total lease income were as follows:
Operating lease income	$	21		$	11
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126		$	136
	March 31, 2025			December 31, 2024
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)	$	710		$	815
Operating lease liabilities (2)	$	970		$	1,076
Weighted average remaining lease term in years; operating leases	2.82			3.08
Weighted average discount rate; operating leases	3.19		%	3.15		%

(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.

(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.

Schedule of Maturities of Operating Lease Liabilities

Cash obligations and receipts under lease contracts are as follows:

Fiscal years ending December 31,	Payments		Receipts
2025	371		50
2026	416		37
2027	351		17
2028	129		16
2029	—		11
Thereafter	—		—
Total	1,267		$	131
Less: effects of discounting	(297)
Lease liability recognized	$	970

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DEPOSITS (Tables)

3 Months Ended

Mar. 31, 2025

Deposits [Abstract]

Schedule of Deposits by Type

The following is a summary of deposits by type at March 31, 2025 and December 31, 2024, respectively: 

	March 31, 2025		December 31, 2024
Non-interest bearing demand deposits	$	253,343	$	252,656
Interest bearing demand deposits	386,302		355,750
Savings accounts	167,614		159,821
Money market accounts	370,741		369,534
Certificate accounts	345,654		350,387
Total deposits	$	1,523,654	$	1,488,148

Schedule of Maturities of Certificate Accounts

At March 31, 2025, the scheduled maturities of certificate accounts were as follows for the year ended, except December 31, 2025, which is the nine months ended:

December 31, 2025	$	305,088
December 31, 2026	32,438
December 31, 2027	1,266
December 31, 2028	6,317
December 31, 2029	418
After December 31, 2029	127
Total	$	345,654

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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2025

Federal Home Loan Banks [Abstract]

Schedule of Federal Home Loan Bank Advances

A summary of Federal Home Loan Bank advances and other borrowings at March 31, 2025 and December 31, 2024, is as follows:

	March 31, 2025							December 31, 2024
	Stated Maturity	Amount		Range of Stated Rates				Stated Maturity	Amount		Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3)	2025	$	0	—	%	—	%	2025	$	5,000	1.45	%	1.45	%
Federal Home Loan Bank advances		$	0						$	5,000
Senior Notes (4)	2039	$	12,000	6.75	%	6.75	%	2039	$	12,000	6.75	%	7.75	%
Subordinated Notes (5)	2030	$	15,000	6.00	%	6.00	%	2030	$	15,000	6.00	%	6.00	%
	2032	35,000		4.75	%	4.75	%	2032	35,000		4.75	%	4.75	%
		$	50,000						$	50,000
Unamortized debt issuance costs		(336)							(394)
Total other borrowings		$	61,664						$	61,606
Totals		$	61,664						$	66,606

(1)    The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $1,032,313 and $1,075,001 at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $501,532 compared to $424,658 as of December 31, 2024.

(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $5,000 and $81,000, during the three months ended March 31, 2025 and the twelve months ended December 31, 2024, respectively.

(3) There were no FHLB borrowings outstanding as of March 31, 2025. The weighted-average interest rate on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2024 was 1.45%.     

(4) Senior notes, entered into by the Company in June 2019 consist of the following:

(a) A term note, which was subsequently refinanced in March 2022, modified in February of 2023, and refinanced in May 2024, requiring quarterly interest-only payments through January 2029, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%.

(b) A $5,000 line of credit, maturing August 1, 2025, that remains undrawn upon.

(5) Subordinated notes resulted from the following:

(a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

(b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

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CAPITAL MATTERS (Tables)

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Bank’s Tier 1 (Leverage) and Risk-Based Capital Ratios

The Bank’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025, and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio		Amount			Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	225,675	15.6	%	$	115,795	> =	8.0	%	$	144,744	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,551		14.3	%	86,846		> =	6.0	%	115,795		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,551		14.3	%	65,135		> =	4.5	%	94,084		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,551		12.0	%	69,020		> =	4.0	%	86,275		> =	5.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	225,432	15.6	%	$	115,755	> =	8.0	%	$	144,693	> =	10.0	%
Tier 1 capital (to risk weighted assets)	207,749		14.4	%	86,816		> =	6.0	%	115,755		> =	8.0	%
Common equity tier 1 capital (to risk weighted assets)	207,749		14.4	%	65,112		> =	4.5	%	94,051		> =	6.5	%
Tier 1 leverage ratio (to adjusted total assets)	207,749		11.9	%	69,787		> =	4.0	%	87,234		> =	5.0	%

The Company’s Tier 1 (leverage) and risk-based capital ratios at March 31, 2025 and December 31, 2024, respectively, are presented below:

	Actual				For Capital Adequacy Purposes
	Amount		Ratio		Amount			Ratio
As of March 31, 2025
Total capital (to risk weighted assets)	$	231,949	16.0	%	$	115,988	> =	8.0	%
Tier 1 capital (to risk weighted assets)	163,825		11.3	%	86,991		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	163,825		11.3	%	65,243		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	163,825		9.5	%	69,117		> =	4.0	%
As of December 31, 2024
Total capital (to risk weighted assets)	$	232,926	16.1	%	$	115,914	> =	8.0	%
Tier 1 capital (to risk weighted assets)	165,243		11.4	%	86,936		> =	6.0	%
Common equity tier 1 capital (to risk weighted assets)	165,243		11.4	%	65,202		> =	4.5	%
Tier 1 leverage ratio (to adjusted total assets)	165,243		9.5	%	69,867		> =	4.0	%

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STOCK-BASED AND OTHER COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Common Stock Award

	March 31, 2025			December 31, 2024
	Number of Shares	Weighted Average Grant Price		Number of Shares	Weighted Average Grant Price
Restricted Shares
Unvested and outstanding at beginning of year	39,171	$	12.48	75,601	$	12.41
Granted	—	—		16,955	11.88
Vested	(31,562)	12.43		(53,139)	12.19
Forfeited	—	—		(246)	11.88
Unvested and outstanding at end of period	7,609	$	12.68	39,171	$	12.48

	March 31, 2025
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	33,188	$	13.09
2022 performance shares awarded above target	1,154	14.00
Vested and issued 2022 performance shares	(16,021)	14.00
Unvested at end of period	18,321	$	12.36

	December 31, 2024
	Number of Shares	Weighted Average Grant Price
Performance Based Restricted Shares
Unvested at beginning of year	41,993	$	12.61
Granted	—	—
Vested and issued	(8,805)	10.78
Forfeited	—	—
Unvested at end of period	33,188	$	13.09

Schedule of Common Stock Option Awards

	Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
March 31, 2025
Outstanding at beginning of year	52,000	$	11.62
Exercised	(3,000)	9.20
Outstanding at end of period	49,000	$	11.77	1.71	$	128
Exercisable at end of period	49,000	$	11.77	1.71	$	128
December 31, 2024
Outstanding at beginning of year	54,000	$	11.59
Exercised	(2,000)	11.00
Outstanding at end of year	52,000	$	11.62	1.85	$	243
Exercisable at end of year	52,000	$	11.62	1.85	$	243

Schedule of Information Related to Stock Option Plan

Information related to the 2008 Equity Incentive Plan for the respective periods follows:

	Three months ended March 31, 2025		Twelve months ended December 31, 2024
Intrinsic value of options exercised	$	19	$	12
Cash received from options exercised	$	28	$	22
Tax benefit realized from options exercised	$	—	$	—

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FAIR VALUE ACCOUNTING (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following tables present the financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

	Fair Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Investment securities:
U.S. government agency obligations	$	12,986	$	—	$	12,986	$	—
Mortgage-backed securities	68,704		—		68,704		—
Corporate debt securities	39,591		—		39,591		—
Asset-backed securities	18,361		—		18,361		—
Total investment securities	139,642		—		139,642		—
Equity Investments:
Farmer Mac equity securities	539		539		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	3,561		—		—		—
Total equity investments	5,462		539		—		1,362
Total	$	145,104	$	539	$	139,642	$	1,362
December 31, 2024
Investment securities:
U.S. government agency obligations	$	13,753	$	—	$	13,753	$	—
Mortgage-backed securities	68,386		—		68,386		—
Corporate debt securities	41,716		—		41,716		—
Corporate asset backed securities	18,996		—		18,996		—
Total investment securities	142,851		—		142,851		—
Equity Investments:
Farmer Mac equity securities	569		569		—		—
Preferred equity	1,362		—		—		1,362
Equity investments measured at NAV(1)	2,771		—		—		—
Total equity investments	4,702		569		—		1,362
Total	$	147,553	$	569	$	142,851	$	1,362

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

Schedule of Assets Measured on Nonrecurring Basis

The following tables present the financial instruments measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:

	Carrying Value		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2025
Foreclosed and repossessed assets, net	$	876	$	—	$	—	$	876
Collateral dependent loans	3,710		—		—		3,710
Total	$	4,586	$	—	$	—	$	4,586
December 31, 2024
Foreclosed and repossessed assets, net	$	915	$	—	$	—	$	915
Collateral dependent loans	3,107		—		—		3,107
Total	$	4,022	$	—	$	—	$	4,022

Schedule of Fair Value of Assets

The following table represents additional quantitative information about assets measured at fair value on a

recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine their fair value at

March 31, 2025 and December 31, 2024.

	Fair Value		Valuation Techniques (1)	Significant Unobservable Inputs (2)	Range
March 31, 2025
Foreclosed and repossessed assets, net	$	876	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,710	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%
December 31, 2024
Foreclosed and repossessed assets, net	$	915	Appraisal value	Estimated costs to sell	10% - 15%
Collateral dependent loans	$	3,107	Appraisal value / Internal Collateral valuations	Estimated costs to sell	10% - 15%

(1)     Fair value is generally determined through independent third-party appraisals of the underlying

collateral, which generally includes various level 3 inputs which are not observable.

(2)     The fair value basis of collateral depended loans, and real estate owned may be adjusted to reflect management                                                                                             estimates of disposal costs including, but not limited to, real estate brokerage commissions, legal fees, and delinquent property taxes.

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of the Company’s financial instruments as of the dates indicated below were as follows:

		March 31, 2025				December 31, 2024
	Valuation Method Used	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(Level I)	$	100,199	$	100,199	$	50,172	$	50,172
Securities available for sale “AFS”	(Level II)	139,642		139,642		142,851		142,851
Securities held to maturity “HTM”	(Level II)	84,301		66,141		85,504		65,622
Farmer Mac equity securities	(Level I)	539		539		569		569
Preferred equity	(Level III)	1,362		1,362		1,362		1,362
Equity investments valued at NAV(1)	N/A	3,561		N/A		2,771		N/A
Other investments	(Level II)	12,496		12,496		12,500		12,500
Loans receivable, net	(Level III)	1,332,523		1,292,183		1,348,432		1,315,657
Loans held for sale - Residential mortgage	(Level I)	328		328		441		441
Loans held for sale - SBA /FSA	(Level II)	2,968		2,968		888		888
Mortgage servicing rights	(Level III)	3,583		5,090		3,663		5,227
Accrued interest receivable	(Level I)	5,926		5,926		5,653		5,653
Financial liabilities:
Deposits	(Level III)	$	1,523,654	$	1,523,290	$	1,488,148	$	1,487,492
FHLB advances	(Level II)	—		—		5,000		4,979
Other borrowings	(Level II)	61,664		59,139		61,606		58,625
Accrued interest payable	(Level I)	6,369		6,369		5,842		5,842

(1) Investments valued at NAV are excluded from being reported under the fair value hierarchy but are presented to permit reconciliation with the balance sheet in accordance with ASC 820-10-35-54B.

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Earnings Per Share

Earnings per share is based on the weighted average number of shares outstanding for the period. A reconciliation of the basic and diluted earnings per share is as follows:

	Three Months Ended
(Share count in thousands)	March 31, 2025		March 31, 2024
Basic
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Basic earnings per share	$	0.32	$	0.39
Diluted
Net income attributable to common stockholders	$	3,197	$	4,088
Weighted average common shares outstanding	9,989		10,439
Add: Dilutive stock options outstanding	12		4
Average shares and dilutive potential common shares	10,001		10,443
Diluted earnings per share	$	0.32	$	0.39
Additional common stock option shares that have not been included due to their antidilutive effect	—		20

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OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)

The following tables show the tax effects allocated to each component of other comprehensive income (loss) for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31, 2025						March 31, 2024
	Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount
Unrealized gains (losses) on securities:
Net unrealized gains (losses) arising during the period	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)
Other comprehensive income (loss)	$	1,891	$	(436)	$	1,455	$	(891)	$	189	$	(702)

Schedule of Changes in Accumulated Balances for Each Component of Other Comprehensive Income (Loss)

The changes in the accumulated balances for each component of other comprehensive income (loss), net of tax for the twelve months ended December 31, 2024 and the three months ended March 31, 2025 were as follows:

	Unrealized Gains (Losses) on AFS Securities		Other Accumulated Comprehensive Income (Loss), net of tax
Ending Balance, December 31, 2023	$	(24,001)	$	(17,328)
Current year-to-date other comprehensive income	1,248		908
Ending balance, December 31, 2024	$	(22,753)	$	(16,420)
Current year-to-date other comprehensive income	1,891		1,455
Ending balance, March 31, 2025	$	(20,862)	$	(14,965)

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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	Three Months Ended
	March 31, 2025		March 31, 2024
Interest and dividend income	$	21,103	$	22,679
Reconciliation of revenue
Other Revenue	2,593		3,264
Total consolidated revenues	23,696		25,943
Less:
Interest expense	9,509		10,774
Segment net interest income and non-interest income	14,187		15,169
Less:
(Negative) provision for credit losses	(250)		(800)
Compensation and related benefits (expense)	5,597		5,483
Other expenses	4,866		5,294
Provision for income taxes (expense)	777		1,104
Segment net income/consolidated net income	$	3,197	$	4,088
Other segment disclosures:
Interest income	$	21,103	$	22,679
Interest expense	$	9,509	$	10,774
Depreciation	$	526	$	561
Amortization	$	179	$	179
Other significant noncash items:
(Negative) provision for credit losses	$	(250)	$	(800)
Reconciliation of assets:	March 31, 2025		December 31, 2024
Total assets for reportable segments	$	1,779,963	$	1,748,519
Other assets	—		—
Total consolidated assets	$	1,779,963	$	1,748,519

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NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2025 USD ($) segment reporting_unit branch	Mar. 31, 2024	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total number of service offices | branch		21
Accrued interest receivable on available-for-sale and held-to-maturity securities		$ 903		$ 920
Liquidating investment period (in years)		10 years
Other investments		$ 12,496		12,500
Loans charged off past due more than days		180 days
Closed end loan charged off past due more than days		120 days
Interest Receivable		$ 4,554		4,467
Number of operating segments | segment		1
Number of reporting units | reporting_unit		1
Carrying amount of investment		$ 4,220
Effective income tax rate		19.60%	21.30%
Loan commitments outstanding		$ 5,414
2018 Equity Incentive Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vesting period of shares (in years)		3 years
Time Based Restricted Stock | 2018 Equity Incentive Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vesting period of shares (in years)		3 years
Performance-based Restricted Stock | 2018 Equity Incentive Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vesting period of shares (in years)	3 years	3 years
Federal Home Loan Bank Short Term Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advance from FHLB		$ 0		0
Federal Home Loan Bank Long Term Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advance from FHLB		$ 0		5,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of intangible assets		72 months
Minimum | Buildings and Components
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of property and equipment (in years)		10 years
Minimum | Furniture Fixtures and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of property and equipment (in years)		3 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of intangible assets		111 months
Maximum | Buildings and Components
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of property and equipment (in years)		40 years
Maximum | Furniture Fixtures and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Useful life of property and equipment (in years)		10 years
FHLB
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other investments		$ 3,856		3,865
Federal Reserve Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other investments		5,722		5,717
Bankers Bank Stock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other investments		$ 2,918		$ 2,918
Commercial Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days		90 days
Closed Ended Consumer Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days		120 days
Real Estate and Open Ended Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days		180 days

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INVESTMENT SECURITIES - Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Available-for-sale securities
Amortized Cost	$ 160,504	$ 165,604
Gross Unrealized Gains	140	182
Gross Unrealized Losses	21,002	22,935
Estimated Fair Value	139,642	142,851
U.S. government agency obligations
Available-for-sale securities
Amortized Cost	13,062	13,853
Gross Unrealized Gains	24	28
Gross Unrealized Losses	100	128
Estimated Fair Value	12,986	13,753
Mortgage-backed securities
Available-for-sale securities
Amortized Cost	86,510	87,762
Gross Unrealized Gains	0	0
Gross Unrealized Losses	17,806	19,376
Estimated Fair Value	68,704	68,386
Corporate debt securities
Available-for-sale securities
Amortized Cost	42,436	44,931
Gross Unrealized Gains	88	111
Gross Unrealized Losses	2,933	3,326
Estimated Fair Value	39,591	41,716
Asset-backed securities
Available-for-sale securities
Amortized Cost	18,496	19,058
Gross Unrealized Gains	28	43
Gross Unrealized Losses	163	105
Estimated Fair Value	$ 18,361	$ 18,996

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INVESTMENT SECURITIES - Held to Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 84,301	$ 85,504
Gross Unrecognized Gains	5	4
Gross Unrecognized Losses	18,115	19,886
Estimated Fair Value	66,191	65,622
Obligations of states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	400	500
Gross Unrecognized Gains	0	0
Gross Unrecognized Losses	21	22
Estimated Fair Value	379	478
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	83,901	85,004
Gross Unrecognized Gains	5	4
Gross Unrecognized Losses	18,094	19,864
Estimated Fair Value	$ 65,812	$ 65,144

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INVESTMENT SECURITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Proceeds from sales of available for sale securities	$ 0	$ 0
Federal Reserve Bank
Debt Securities, Available-for-Sale [Line Items]
Long-term line of credit	0		$ 0
Mortgage-backed securities | MPF Credit Enhancement Fee
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale security, restricted	480		506
Mortgage-backed securities | Asset Pledged as Collateral | Federal Reserve Bank
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale security, restricted	33,594		33,994
Mortgage-backed securities | Asset Pledged as Collateral | Specific Municipal Deposits
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale security, restricted	2,005		1,766
U.S. government agency obligations | Asset Pledged as Collateral | Specific Municipal Deposits
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale security, restricted	$ 297		$ 339

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INVESTMENT SECURITIES - Maturity of Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 2,158	$ 4,526
Due after one year through five years	8,341	8,652
Due after five years through ten years	41,018	41,380
Due after ten years	22,477	23,284
Total securities with contractual maturities	73,994	77,842
Total available for sale securities	160,504	165,604
Estimated Fair Value
Due in one year or less	2,129	4,487
Due after one year through five years	8,401	8,715
Due after five years through ten years	38,061	38,033
Due after ten years	22,347	23,230
Total securities with contractual maturities	70,938	74,465
Total available for sale securities	139,642	142,851
Mortgage-backed securities
Amortized Cost
Mortgage-backed securities	86,510	87,762
Estimated Fair Value
Mortgage-backed securities	$ 68,704	$ 68,386

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INVESTMENT SECURITIES - Maturity of Held to Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 100	$ 100
Due after one year through five years	300	400
Due after five years through ten years	0	0
Total securities with contractual maturities	400	500
Mortgage-backed securities	83,901	85,004
Amortized Cost	84,301	85,504
Estimated Fair Value
Due in one year or less	97	100
Due after one year through five years	282	378
Due after five years through ten years	0	0
Total securities with contractual maturities	379	478
Mortgage-backed securities	65,812	65,144
Total held to maturity securities	$ 66,191	$ 65,622

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INVESTMENT SECURITIES - Investment Category of Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value
Less than 12 Months	$ 8,990	$ 9,143
12 Months or More	118,351	118,004
Total	127,341	127,147
Unrealized Loss
Less than 12 Months	92	138
12 Months or More	20,910	22,797
Total	21,002	22,935
U.S. government agency obligations
Fair Value
Less than 12 Months	3,207	5,472
12 Months or More	5,914	3,334
Total	9,121	8,806
Unrealized Loss
Less than 12 Months	11	25
12 Months or More	89	103
Total	100	128
Mortgage-backed securities
Fair Value
Less than 12 Months	2,722	2,732
12 Months or More	65,982	65,654
Total	68,704	68,386
Unrealized Loss
Less than 12 Months	68	112
12 Months or More	17,738	19,264
Total	17,806	19,376
Corporate debt securities
Fair Value
Less than 12 Months	0	0
12 Months or More	34,688	36,806
Total	34,688	36,806
Unrealized Loss
Less than 12 Months	0	0
12 Months or More	2,933	3,326
Total	2,933	3,326
Asset-backed securities
Fair Value
Less than 12 Months	3,061	939
12 Months or More	11,767	12,210
Total	14,828	13,149
Unrealized Loss
Less than 12 Months	13	1
12 Months or More	150	104
Total	$ 163	$ 105

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded commitments	$ 20,205	$ 20,549	$ 22,436	$ 22,908
Outstanding commitments | loan	1
Remaining borrowing capacity	$ 9
Commercial Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days	90 days
Closed Ended Consumer Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days	120 days
Real Estate and Open Ended Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income discontinued over delinquent days	180 days
Unfunded Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded commitments	$ 435	334		1,250
Commercial/Agricultural Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded commitments	$ 16,244	$ 16,516	$ 18,255	$ 18,784
Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio (as a percent)	75.00%

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 1,352,728	$ 1,368,981
Allowance for credit losses	(20,205)	(20,549)	$ (22,436)	$ (22,908)
Loans receivable, net	$ 1,332,523	$ 1,348,432
Total, percent	100.00%	100.00%
Commercial/Agricultural Real Estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit losses	$ (16,244)	$ (16,516)	(18,255)	(18,784)
Commercial/Agricultural Real Estate | Commercial real estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 707,994	$ 707,009
Total, percent	52.30%	51.70%
Commercial/Agricultural Real Estate | Agricultural real estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 70,726	$ 72,738
Total, percent	5.20%	5.30%
Commercial/Agricultural Real Estate | Multi-family real estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 237,736	$ 220,706
Total, percent	17.60%	16.10%
Commercial/Agricultural Real Estate | Construction and land development
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 58,158	$ 78,146
Total, percent	4.30%	5.70%
C&I/Agricultural operating:
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit losses	$ (1,430)	$ (1,330)	(1,166)	(1,105)
C&I/Agricultural operating: | Commercial and industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 109,479	$ 115,535
Total, percent	8.10%	8.40%
C&I/Agricultural operating: | Agricultural operating
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 29,329	$ 31,017
Total, percent	2.20%	2.30%
Residential mortgage:
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit losses	$ (2,338)	$ (2,489)	(2,765)	(2,744)
Residential mortgage: | Residential mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 128,633	$ 131,892
Total, percent	9.50%	9.60%
Residential mortgage: | Purchased HELOC loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 2,560	$ 2,956
Total, percent	0.20%	0.20%
Consumer installment:
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for credit losses	$ (193)	$ (214)	$ (250)	$ (275)
Consumer installment: | Originated indirect paper
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 3,434	$ 3,970
Total, percent	0.30%	0.30%
Consumer installment: | Other consumer
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Loans	$ 4,679	$ 5,012
Total, percent	0.30%	0.40%

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LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Risk Rating (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	$ 41,421	$ 121,811
Year two	112,419	168,238
Year three	157,419	261,269
Year four	272,043	349,214
Year five	341,447	153,207
Prior	359,277	225,687
Revolving	68,702	88,929
Revolving to Term	0	626
Total loans receivable	1,352,728	1,368,981
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	3	135
Current period gross charge-offs, Year three	6	10
Current period gross charge-offs, Year four	51	40
Current period gross charge-offs, Year five	0	5
Current period gross charge-offs, Prior	0	21
Current period gross charge-offs, Revolving	22	10
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	82	221
Commercial/Agricultural Real Estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	15,610	49,753
Year two	50,011	77,787
Year three	77,318	126,597
Year four	123,876	209,738
Year five	205,936	89,753
Prior	226,833	145,712
Revolving	8,410	7,669
Revolving to Term	0	0
Total loans receivable	707,994	707,009
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	51	39
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	51	39
Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	5,413	3,556
Year two	3,443	11,072
Year three	6,774	17,637
Year four	17,121	15,200
Year five	14,938	7,335
Prior	22,127	17,223
Revolving	910	715
Revolving to Term	0	0
Total loans receivable	70,726	72,738
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	0
Commercial/Agricultural Real Estate | Multi-family real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	7,376	8,777
Year two	8,729	7,790
Year three	7,749	40,426
Year four	57,058	101,213
Year five	98,946	43,115
Prior	57,437	19,005
Revolving	441	380
Revolving to Term	0	0
Total loans receivable	237,736	220,706
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	0
Commercial/Agricultural Real Estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	6,745	23,832
Year two	16,660	25,102
Year three	22,145	10,186
Year four	10,033	346
Year five	342	1,297
Prior	2,144	971
Revolving	89	16,412
Revolving to Term	0	0
Total loans receivable	58,158	78,146
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	0
C&I/Agricultural operating: | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,578	17,599
Year two	17,223	13,549
Year three	11,981	31,479
Year four	30,533	14,043
Year five	12,940	8,787
Prior	11,960	4,197
Revolving	22,264	25,255
Revolving to Term	0	626
Total loans receivable	109,479	115,535
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	131
Current period gross charge-offs, Year three	0	7
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	5
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	20	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	20	143
C&I/Agricultural operating: | Agricultural operating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,202	3,373
Year two	2,122	3,111
Year three	2,806	3,617
Year four	2,786	920
Year five	807	438
Prior	2,227	1,884
Revolving	16,379	17,674
Revolving to Term	0	0
Total loans receivable	29,329	31,017
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	0
Residential mortgage: | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1,026	13,400
Year two	12,935	28,598
Year three	27,581	30,516
Year four	30,019	7,369
Year five	7,233	2,141
Prior	32,650	32,511
Revolving	17,189	17,357
Revolving to Term	0	0
Total loans receivable	128,633	131,892
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	4
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	4
Residential mortgage: | Purchased HELOC loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	2,560	2,956
Revolving to Term	0	0
Total loans receivable	2,560	2,956
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	0
Consumer installment: | Originated indirect paper
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	3,434	3,970
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	3,434	3,970
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	0	0
Current period gross charge-offs, Year three	0	0
Current period gross charge-offs, Year four	0	0
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	17
Current period gross charge-offs, Revolving	0	0
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	0	17
Consumer installment: | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	471	1,521
Year two	1,296	1,229
Year three	1,065	811
Year four	617	385
Year five	305	341
Prior	465	214
Revolving	460	511
Revolving to Term	0	0
Total loans receivable	4,679	5,012
Current period gross charge-offs, Year one	0	0
Current period gross charge-offs, Year two	3	4
Current period gross charge-offs, Year three	6	3
Current period gross charge-offs, Year four	0	1
Current period gross charge-offs, Year five	0	0
Current period gross charge-offs, Prior	0	0
Current period gross charge-offs, Revolving	2	10
Current period gross charge-offs, Revolving to Term	0	0
Current period gross charge-offs, Total	11	18
Risk rating 1 to 5 | Commercial/Agricultural Real Estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	15,610	49,580
Year two	49,839	76,381
Year three	75,320	123,806
Year four	120,536	207,155
Year five	203,782	89,539
Prior	218,775	141,264
Revolving	8,410	7,669
Revolving to Term	0	0
Total loans receivable	692,272	695,394
Risk rating 1 to 5 | Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	5,413	3,556
Year two	3,443	10,870
Year three	6,573	17,160
Year four	16,743	10,098
Year five	9,960	7,335
Prior	21,611	16,642
Revolving	910	715
Revolving to Term	0	0
Total loans receivable	64,653	66,376
Risk rating 1 to 5 | Commercial/Agricultural Real Estate | Multi-family real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	7,376	8,777
Year two	8,729	7,790
Year three	7,749	40,426
Year four	57,058	101,213
Year five	98,946	43,115
Prior	57,437	19,005
Revolving	441	380
Revolving to Term	0	0
Total loans receivable	237,736	220,706
Risk rating 1 to 5 | Commercial/Agricultural Real Estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	6,745	23,832
Year two	16,660	25,102
Year three	22,145	10,186
Year four	10,033	346
Year five	342	1,297
Prior	2,144	868
Revolving	89	16,412
Revolving to Term	0	0
Total loans receivable	58,158	78,043
Risk rating 1 to 5 | C&I/Agricultural operating: | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,328	17,599
Year two	16,406	13,049
Year three	10,000	28,343
Year four	27,537	13,629
Year five	12,466	8,787
Prior	11,790	4,197
Revolving	20,931	24,809
Revolving to Term	0	0
Total loans receivable	101,458	110,413
Risk rating 1 to 5 | C&I/Agricultural operating: | Agricultural operating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	2,202	3,373
Year two	2,122	3,062
Year three	2,758	3,144
Year four	2,313	563
Year five	520	198
Prior	1,986	1,884
Revolving	16,188	17,609
Revolving to Term	0	0
Total loans receivable	28,089	29,833
Risk rating 1 to 5 | Residential mortgage: | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1,026	13,400
Year two	12,928	28,598
Year three	27,581	30,386
Year four	29,891	7,369
Year five	7,233	2,141
Prior	29,719	30,004
Revolving	17,089	17,349
Revolving to Term	0	0
Total loans receivable	125,467	129,247
Risk rating 1 to 5 | Residential mortgage: | Purchased HELOC loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	2,443	2,839
Revolving to Term	0	0
Total loans receivable	2,443	2,839
Risk rating 1 to 5 | Consumer installment: | Originated indirect paper
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	3,400	3,944
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	3,400	3,944
Risk rating 1 to 5 | Consumer installment: | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	470	1,519
Year two	1,294	1,229
Year three	1,065	811
Year four	617	385
Year five	305	341
Prior	465	214
Revolving	460	511
Revolving to Term	0	0
Total loans receivable	4,676	5,010
Risk rating 6 | Commercial/Agricultural Real Estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	173
Year two	0	1,406
Year three	1,301	2,238
Year four	2,844	138
Year five	40	0
Prior	3,535	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	7,720	3,955
Risk rating 6 | Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	138	140
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	138	140
Risk rating 6 | Commercial/Agricultural Real Estate | Multi-family real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	0	0
Risk rating 6 | Commercial/Agricultural Real Estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	103
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	0	103
Risk rating 6 | C&I/Agricultural operating: | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	250	0
Year two	817	0
Year three	1,545	3,062
Year four	2,963	13
Year five	73	0
Prior	169	0
Revolving	792	292
Revolving to Term	0	626
Total loans receivable	6,609	3,993
Risk rating 6 | C&I/Agricultural operating: | Agricultural operating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	49
Year three	48	0
Year four	0	37
Year five	35	240
Prior	241	0
Revolving	191	65
Revolving to Term	0	0
Total loans receivable	515	391
Risk rating 7 | Commercial/Agricultural Real Estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	172	0
Year three	697	553
Year four	496	2,445
Year five	2,114	214
Prior	4,523	4,448
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	8,002	7,660
Risk rating 7 | Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	202
Year three	201	477
Year four	378	5,102
Year five	4,978	0
Prior	378	441
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	5,935	6,222
Risk rating 7 | Commercial/Agricultural Real Estate | Multi-family real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	0	0
Risk rating 7 | Commercial/Agricultural Real Estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	0	0
Risk rating 7 | C&I/Agricultural operating: | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	500
Year three	436	74
Year four	33	401
Year five	401	0
Prior	1	0
Revolving	541	154
Revolving to Term	0	0
Total loans receivable	1,412	1,129
Risk rating 7 | C&I/Agricultural operating: | Agricultural operating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	473
Year four	473	320
Year five	252	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	725	793
Risk rating 7 | Residential mortgage: | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	7	0
Year three	0	130
Year four	128	0
Year five	0	0
Prior	2,931	2,507
Revolving	100	8
Revolving to Term	0	0
Total loans receivable	3,166	2,645
Risk rating 7 | Residential mortgage: | Purchased HELOC loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	117	117
Revolving to Term	0	0
Total loans receivable	117	117
Risk rating 7 | Consumer installment: | Originated indirect paper
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	34	26
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	34	26
Risk rating 7 | Consumer installment: | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year one	1	2
Year two	2	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans receivable	$ 3	$ 2

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Allowance for Credit Losses - Loans:
Beginning of the period	$ 20,549	$ 22,908	$ 22,908
Charge-offs	(82)	(5)	(221)
Recoveries	89	58	121
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(351)	(525)	(2,259)
Ending of the period	20,205	22,436	20,549
Commercial/Agricultural Real Estate
Allowance for Credit Losses - Loans:
Beginning of the period	16,516	18,784	18,784
Charge-offs	(51)	0	(39)
Recoveries	40	39	56
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(261)	(568)	(2,285)
Ending of the period	16,244	18,255	16,516
C&I/Agricultural operating:
Allowance for Credit Losses - Loans:
Beginning of the period	1,330	1,105	1,105
Charge-offs	(20)	0	(143)
Recoveries	45	15	36
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	75	46	332
Ending of the period	1,430	1,166	1,330
Residential mortgage:
Allowance for Credit Losses - Loans:
Beginning of the period	2,489	2,744	2,744
Charge-offs	0	0	(4)
Recoveries	1	1	7
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(152)	20	(258)
Ending of the period	2,338	2,765	2,489
Consumer installment:
Allowance for Credit Losses - Loans:
Beginning of the period	214	275	275
Charge-offs	(11)	(5)	(35)
Recoveries	3	3	22
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations	(13)	(23)	(48)
Ending of the period	$ 193	$ 250	$ 214

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning of the period	$ 20,549	$ 22,908	$ 22,908
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations	(351)	(525)	(2,259)
Ending of the period	20,205	22,436	20,549
Unfunded Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning of the period	334	$ 1,250	1,250
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations	101		(916)
Ending of the period	$ 435		$ 334

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
(Negative) provision for credit losses on:
Loans	$ (351)	$ (525)
Unfunded Commitments	101	(275)
Total (negative) provision for credit losses	$ (250)	$ (800)

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	$ 1,352,728	$ 1,368,981
Total Loans	1,352,728	1,368,981
Financial Asset, Past Due
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	5,179	7,439
30-59 Days Past Due
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	1,726	3,374
60-89 Days Past Due
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	356	1,168
Greater Than 89 Days Past Due
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	3,097	2,897
Current
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	1,347,549	1,361,542
Commercial/Agricultural real estate: | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	707,994	707,009
Total Loans	707,994	707,009
Commercial/Agricultural real estate: | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	70,726	72,738
Total Loans	70,726	72,738
Commercial/Agricultural real estate: | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	237,736	220,706
Total Loans	237,736	220,706
Commercial/Agricultural real estate: | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	58,158	78,146
Total Loans	58,158	78,146
Commercial/Agricultural real estate: | Financial Asset, Past Due | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	811	1,546
Commercial/Agricultural real estate: | Financial Asset, Past Due | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	656	582
Commercial/Agricultural real estate: | Financial Asset, Past Due | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | Financial Asset, Past Due | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	289	0
Commercial/Agricultural real estate: | 30-59 Days Past Due | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	217	857
Commercial/Agricultural real estate: | 30-59 Days Past Due | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	41	26
Commercial/Agricultural real estate: | 30-59 Days Past Due | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | 30-59 Days Past Due | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	289	0
Commercial/Agricultural real estate: | 60-89 Days Past Due | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	224	322
Commercial/Agricultural real estate: | 60-89 Days Past Due | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	61	0
Commercial/Agricultural real estate: | 60-89 Days Past Due | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | 60-89 Days Past Due | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | Greater Than 89 Days Past Due | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	370	367
Commercial/Agricultural real estate: | Greater Than 89 Days Past Due | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	554	556
Commercial/Agricultural real estate: | Greater Than 89 Days Past Due | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | Greater Than 89 Days Past Due | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Commercial/Agricultural real estate: | Current | Commercial real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	707,183	705,463
Commercial/Agricultural real estate: | Current | Agricultural real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	70,070	72,156
Commercial/Agricultural real estate: | Current | Multi-family real estate
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	237,736	220,706
Commercial/Agricultural real estate: | Current | Construction and land development
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	57,869	78,146
C&I/Agricultural operating: | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	109,479	115,535
Total Loans	109,479	115,535
C&I/Agricultural operating: | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	29,329	31,017
Total Loans	29,329	31,017
C&I/Agricultural operating: | Financial Asset, Past Due | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	551	1,180
C&I/Agricultural operating: | Financial Asset, Past Due | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	725	793
C&I/Agricultural operating: | 30-59 Days Past Due | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	50	566
C&I/Agricultural operating: | 30-59 Days Past Due | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
C&I/Agricultural operating: | 60-89 Days Past Due | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	50
C&I/Agricultural operating: | 60-89 Days Past Due | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
C&I/Agricultural operating: | Greater Than 89 Days Past Due | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	501	564
C&I/Agricultural operating: | Greater Than 89 Days Past Due | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	725	793
C&I/Agricultural operating: | Current | Commercial and industrial
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	108,928	114,355
C&I/Agricultural operating: | Current | Agricultural operating
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	28,604	30,224
Residential mortgage: | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	128,633	131,892
Total Loans	128,633	131,892
Residential mortgage: | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	2,560	2,956
Total Loans	2,560	2,956
Residential mortgage: | Financial Asset, Past Due | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	1,953	3,169
Residential mortgage: | Financial Asset, Past Due | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	117	117
Residential mortgage: | 30-59 Days Past Due | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	1,069	1,873
Residential mortgage: | 30-59 Days Past Due | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Residential mortgage: | 60-89 Days Past Due | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	54	796
Residential mortgage: | 60-89 Days Past Due | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Residential mortgage: | Greater Than 89 Days Past Due | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	830	500
Residential mortgage: | Greater Than 89 Days Past Due | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	117	117
Residential mortgage: | Current | Residential mortgage
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	126,680	128,723
Residential mortgage: | Current | Purchased HELOC loans
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	2,443	2,839
Consumer installment: | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	3,434	3,970
Total Loans	3,434	3,970
Consumer installment: | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	4,679	5,012
Total Loans	4,679	5,012
Consumer installment: | Financial Asset, Past Due | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	17	25
Consumer installment: | Financial Asset, Past Due | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	60	27
Consumer installment: | 30-59 Days Past Due | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	16	25
Consumer installment: | 30-59 Days Past Due | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	44	27
Consumer installment: | 60-89 Days Past Due | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	1	0
Consumer installment: | 60-89 Days Past Due | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	16	0
Consumer installment: | Greater Than 89 Days Past Due | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Consumer installment: | Greater Than 89 Days Past Due | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	0	0
Consumer installment: | Current | Originated indirect paper
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	3,417	3,945
Consumer installment: | Current | Other consumer
Aging analysis of the Bank's real estate and consumer loans
Loans receivable	$ 4,619	$ 4,985

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	$ 13,091	$ 13,168	$ 8,413
Nonaccrual with no Allowance for Credit Losses	12,647	12,520	7,821
Loans Past Due over 89 Days Still Accruing	568	186	326
Commercial/Agricultural Real Estate | Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	4,948	4,594	5,340
Nonaccrual with no Allowance for Credit Losses	4,737	4,374	5,125
Loans Past Due over 89 Days Still Accruing	0	0	0
Commercial/Agricultural Real Estate | Agricultural real estate
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	5,934	6,222	382
Nonaccrual with no Allowance for Credit Losses	5,734	6,020	383
Loans Past Due over 89 Days Still Accruing	0	0	0
Commercial/Agricultural Real Estate | Construction and land development
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans		103
Nonaccrual with no Allowance for Credit Losses		103
Loans Past Due over 89 Days Still Accruing		0
C&I/Agricultural operating: | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	701	597	440
Nonaccrual with no Allowance for Credit Losses	668	564	289
Loans Past Due over 89 Days Still Accruing	0	0	0
C&I/Agricultural operating: | Agricultural operating
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	725	793	1,106
Nonaccrual with no Allowance for Credit Losses	725	793	1,106
Loans Past Due over 89 Days Still Accruing	0	0	0
Residential mortgage: | Residential mortgage
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	665	741	1,127
Nonaccrual with no Allowance for Credit Losses	665	548	900
Loans Past Due over 89 Days Still Accruing	568	186	324
Residential mortgage: | Purchased HELOC loans
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	117	117
Nonaccrual with no Allowance for Credit Losses	117	117
Loans Past Due over 89 Days Still Accruing	0	0
Consumer installment: | Originated indirect paper
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans	1	1	17
Nonaccrual with no Allowance for Credit Losses	1	1	17
Loans Past Due over 89 Days Still Accruing	$ 0	$ 0	0
Consumer installment: | Other consumer
Financing Receivable, Past Due [Line Items]
Total Nonaccrual Loans			1
Nonaccrual with no Allowance for Credit Losses			1
Loans Past Due over 89 Days Still Accruing			$ 2

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	$ 12,647	$ 12,520	$ 7,821
Allowance Allocation	13,091	13,168	8,413
Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	21,158	21,021
Without an Allowance	16,771	17,459
With an Allowance	4,387	3,562
Allowance Allocation	677	455
Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	18,363	18,395
Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	2,795	2,626
Commercial/Agricultural Real Estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	4,737	4,374	5,125
Allowance Allocation	4,948	4,594	5,340
Commercial/Agricultural Real Estate | Commercial real estate | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	9,185	9,004
Without an Allowance	5,743	6,597
With an Allowance	3,441	2,407
Allowance Allocation	482	258
Commercial/Agricultural Real Estate | Commercial real estate | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	9,185	9,004
Commercial/Agricultural Real Estate | Commercial real estate | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
Commercial/Agricultural Real Estate | Agricultural real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	5,734	6,020	383
Allowance Allocation	5,934	6,222	382
Commercial/Agricultural Real Estate | Agricultural real estate | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	5,934	6,222
Without an Allowance	5,734	6,020
With an Allowance	201	202
Allowance Allocation	99	99
Commercial/Agricultural Real Estate | Agricultural real estate | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	5,934	6,222
Commercial/Agricultural Real Estate | Agricultural real estate | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
Commercial/Agricultural Real Estate | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance		103
Allowance Allocation		103
Commercial/Agricultural Real Estate | Construction and land development | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type		103
Without an Allowance		103
With an Allowance		0
Allowance Allocation		0
Commercial/Agricultural Real Estate | Construction and land development | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type		103
Commercial/Agricultural Real Estate | Construction and land development | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type		0
C&I/Agricultural operating: | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	668	564	289
Allowance Allocation	701	597	440
C&I/Agricultural operating: | Commercial and industrial | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	2,033	1,806
Without an Allowance	1,288	1,146
With an Allowance	745	660
Allowance Allocation	96	49
C&I/Agricultural operating: | Commercial and industrial | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
C&I/Agricultural operating: | Commercial and industrial | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	2,033	1,806
C&I/Agricultural operating: | Agricultural operating
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	725	793	1,106
Allowance Allocation	725	793	1,106
C&I/Agricultural operating: | Agricultural operating | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	725	793
Without an Allowance	725	793
With an Allowance	0	0
Allowance Allocation	0	0
C&I/Agricultural operating: | Agricultural operating | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
C&I/Agricultural operating: | Agricultural operating | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	725	793
Residential mortgage: | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	665	548	900
Allowance Allocation	665	741	1,127
Residential mortgage: | Residential mortgage | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	3,244	3,066
Without an Allowance	3,244	2,773
With an Allowance	0	293
Allowance Allocation	0	49
Residential mortgage: | Residential mortgage | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	3,244	3,066
Residential mortgage: | Residential mortgage | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
Consumer installment: | Originated indirect paper
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance	1	1	17
Allowance Allocation	1	1	17
Consumer installment: | Originated indirect paper | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	34	25
Without an Allowance	34	25
With an Allowance	0	0
Allowance Allocation	0	0
Consumer installment: | Originated indirect paper | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
Consumer installment: | Originated indirect paper | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	34	25
Consumer installment: | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Without an Allowance			1
Allowance Allocation			$ 1
Consumer installment: | Other consumer | Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	3	2
Without an Allowance	3	2
With an Allowance	0	0
Allowance Allocation	0	0
Consumer installment: | Other consumer | Collateralized Loan Obligations | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	0	0
Consumer installment: | Other consumer | Collateralized Loan Obligations | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral Type	$ 3	$ 2

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Other-Than-Insignificant Payment Delay | Commercial real estate
Financing Receivable, Modified [Line Items]
Amortized cost basis	$ 322		$ 1,504
% of Total Class of Financing Receivables	0.05%		0.21%
Other-Than-Insignificant Payment Delay | Residential mortgage
Financing Receivable, Modified [Line Items]
Amortized cost basis	$ 120	$ 82	$ 275	$ 151
% of Total Class of Financing Receivables	0.09%	0.06%	0.21%	0.12%
Other-Than-Insignificant Payment Delay | Commercial and industrial
Financing Receivable, Modified [Line Items]
Amortized cost basis			$ 801
% of Total Class of Financing Receivables			0.73%
Other-Than-Insignificant Payment Delay | Other consumer
Financing Receivable, Modified [Line Items]
Amortized cost basis			$ 2
% of Total Class of Financing Receivables			0.04%
Term Extension | Commercial real estate
Financing Receivable, Modified [Line Items]
Amortized cost basis		$ 2,300		$ 4,564
% of Total Class of Financing Receivables		1.80%		0.61%
Term Extension | Residential mortgage
Financing Receivable, Modified [Line Items]
Amortized cost basis			$ 19
% of Total Class of Financing Receivables			0.01%
Term Extension | Commercial and industrial
Financing Receivable, Modified [Line Items]
Amortized cost basis			$ 745	$ 2,300
% of Total Class of Financing Receivables			0.68%	1.80%
Term Extension | Agricultural operating
Financing Receivable, Modified [Line Items]
Amortized cost basis			$ 191
% of Total Class of Financing Receivables			0.65%

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Term Extensions (Details) - Extended Maturity - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Other-Than-Insignificant Payment Delay | Commercial real estate
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	3 months		3 months
Other-Than-Insignificant Payment Delay | Residential mortgage
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	3 months	4 months	3 months	3 months
Other-Than-Insignificant Payment Delay | Commercial and industrial
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification			3 months
Term Extension | Commercial real estate
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification		20 months
Term Extension | Residential mortgage
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification			55 months
Term Extension | Commercial and industrial
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification		11 months	12 months	11 months
Term Extension | Agricultural operating
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification			8 months
Term Extension And Principal Forgiveness | Other consumer
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification			3 months
Decrease from modification			$ 2

XML

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Past Due (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Past Due [Line Items]
Loans receivable	$ 1,352,728	$ 1,368,981
Current
Financing Receivable, Past Due [Line Items]
Loans receivable	1,347,549	1,361,542
Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	2,890		$ 6,946
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable	1,726	3,374
30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	423		0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable	356	1,168
60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	224		0
Greater Than 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable	3,097	$ 2,897
Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		69
Commercial real estate | Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	1,182		4,564
Commercial real estate | 30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	98		0
Commercial real estate | 60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	224		0
Commercial real estate | Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		0
Commercial and industrial | Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	1,496		2,300
Commercial and industrial | 30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	50		0
Commercial and industrial | 60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		0
Commercial and industrial | Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		0
Agricultural operating | Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	191
Agricultural operating | 30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0
Agricultural operating | 60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0
Agricultural operating | Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0
Residential mortgage | Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	19		82
Residential mortgage | 30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	275		0
Residential mortgage | 60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		0
Residential mortgage | Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0		$ 69
Other consumer | Current | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	2
Other consumer | 30-59 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0
Other consumer | 60-89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	0
Other consumer | Greater Than 89 Days Past Due | Entity Loan Modification Program
Financing Receivable, Past Due [Line Items]
Loans receivable	$ 0

XML

MORTGAGE SERVICING RIGHTS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Deposits	$ 1,523,654		$ 1,488,148
Servicing fees	$ 300	$ 311
Discounted rates | Minimum
Finite-Lived Intangible Assets [Line Items]
Servicing asset, measurement input	0.09625	0.0975
Discounted rates | Maximum
Finite-Lived Intangible Assets [Line Items]
Servicing asset, measurement input	0.12625	0.1275
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Deposits	$ 4,194		2,430
Mortgage servicing rights
Finite-Lived Intangible Assets [Line Items]
Residential mortgage loans serviced for others	$ 475,763		$ 479,578

XML

MORTGAGE SERVICING RIGHTS - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Mortgage servicing rights:
Increase in mortgage servicing rights resulting from transfers of financial assets	$ (60)	$ (57)
Valuation allowance:
Mortgage servicing rights, net	3,583		$ 3,663
Mortgage servicing rights
Mortgage servicing rights:
Mortgage servicing rights, beginning of period	3,663	3,865
Increase in mortgage servicing rights resulting from transfers of financial assets	60	57
Amortization during the period	(140)	(143)
Mortgage servicing rights, end of period	3,583	3,779
Valuation allowance:
Valuation allowance, beginning of period	0	0
Additions	0	(5)
Recoveries	0	0
Valuation allowance, end of period	0	(5)
Mortgage servicing rights, net	3,583	3,774
Fair value of mortgage servicing rights; end of period	$ 5,090	$ 5,442

XML

LEASES - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 lease renewal_option
Lessee, Lease, Description [Line Items]
Number of renewal options | renewal_option	2
Operating lease renewal term (in years)	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	6 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	3 years 3 months
Corporate Offices
Lessee, Lease, Description [Line Items]
Number of properties subject to operating leases	1
Bank Branch Offices
Lessee, Lease, Description [Line Items]
Number of properties subject to operating leases	2
Former Bank Branch Office
Lessee, Lease, Description [Line Items]
Number of properties subject to operating leases	2
ATM Location
Lessee, Lease, Description [Line Items]
Number of properties subject to operating leases	1

XML

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
The components of total lease cost were as follows:
Operating lease cost	$ 102	$ 127
Variable lease cost	20	16
Total lease cost	122	143
The components of total lease income were as follows:
Operating lease income	$ 21	$ 11
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Occupancy, Net	Occupancy, Net
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 126	$ 136
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets	710		$ 815
Operating lease liabilities	$ 970		$ 1,076
Weighted average remaining lease term in years; operating leases	2 years 9 months 25 days		3 years 29 days
Weighted average discount rate; operating leases (as a percent)	3.19%		3.15%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities		Other Liabilities

XML

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payments
2025	$ 371
2026	416
2027	351
2028	129
2029	0
Thereafter	0
Total	1,267
Less: effects of discounting	(297)
Lease liability recognized	970	$ 1,076
Receipts
2025	50
2026	37
2027	17
2028	16
2029	11
Thereafter	0
Total	$ 131

XML

DEPOSITS - Deposits by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Deposits [Abstract]
Non-interest bearing demand deposits	$ 253,343	$ 252,656
Interest bearing demand deposits	386,302	355,750
Savings accounts	167,614	159,821
Money market accounts	370,741	369,534
Certificate accounts	345,654	350,387
Total deposits	$ 1,523,654	$ 1,488,148

XML

DEPOSITS - Maturities of Certificate Accounts (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Deposits [Abstract]
December 31, 2025	$ 305,088
December 31, 2026	32,438
December 31, 2027	1,266
December 31, 2028	6,317
December 31, 2029	418
After December 31, 2029	127
Total	$ 345,654

XML

DEPOSITS - Narrative (Details) $ in Thousands	Mar. 31, 2025 USD ($) account	Dec. 31, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Time deposits at or above FDIC insurance limit	$ 59,438	$ 68,977
Brokered deposits	10,542	19,125
Brokered certificate accounts	$ 345,654	350,387
Number of brokered certificate account | account	1
Certificates of deposit maturing, December 31, 2028	$ 5,489
Certificates of Deposit
Assets Sold under Agreements to Repurchase [Line Items]
Brokered certificate accounts	5,489	14,123
Money Market Funds
Assets Sold under Agreements to Repurchase [Line Items]
Brokered money market accounts	$ 5,053	$ 5,002

XML

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Federal Home Loan Bank Advances (Details) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended	60 Months Ended
	Apr. 30, 2027	Sep. 30, 2025	Mar. 31, 2022	Aug. 31, 2020	Mar. 31, 2025	Dec. 31, 2024	May 31, 2024	Aug. 30, 2020
Summary of Federal Home Loan Bank advances
Federal Home Loan Bank advances					$ 0	$ 5,000,000
Long-term debt, gross					61,664,000	66,606,000
Banks available and unused portion of borrowing agreement					501,532,000	424,658,000
Maximum month-end amounts outstanding					5,000,000	81,000,000
Senior Notes - Variable Rate due June 2031 | Revolving Credit Facility
Summary of Federal Home Loan Bank advances
Maximum borrowing capacity					5,000,000
Advances from FHLB
Summary of Federal Home Loan Bank advances
Federal Home Loan Bank advances 2025					0	5,000,000
Federal Home Loan Bank advances					0	5,000,000
FHLB advances					$ 1,032,313,000	$ 1,075,001,000
Weighted-average interest rate (as a percent)					0.00%	1.45%
Advances from FHLB | Minimum
Summary of Federal Home Loan Bank advances
Range of Stated Rates, 2025 (as a percent)					0.00%	1.45%
Advances from FHLB | Maximum
Summary of Federal Home Loan Bank advances
Range of Stated Rates, 2025 (as a percent)					0.00%	1.45%
Senior Notes
Summary of Federal Home Loan Bank advances
Long-term debt, gross					$ 61,664,000	$ 61,606,000
Unamortized debt issuance costs					(336,000)	(394,000)
Senior Notes | Senior Notes due 2039
Summary of Federal Home Loan Bank advances
Long-term debt, gross					$ 12,000,000	$ 12,000,000
Senior Notes | Senior Notes due 2039 | Prime Rate
Summary of Federal Home Loan Bank advances
Basis spread on variable rate (as a percent)							0.75%
Senior Notes | Senior Notes due 2039 | Minimum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					6.75%	6.75%	3.00%
Senior Notes | Senior Notes due 2039 | Maximum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					6.75%	7.75%
Subordinated Notes
Summary of Federal Home Loan Bank advances
Long-term debt, gross					$ 50,000,000	$ 50,000,000
Subordinated Notes | Subordinated Notes due 2030
Summary of Federal Home Loan Bank advances
Long-term debt, gross					$ 15,000,000	$ 15,000,000
Subordinated Notes | Subordinated Notes due 2030 | Minimum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					6.00%	6.00%
Subordinated Notes | Subordinated Notes due 2030 | Maximum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					6.00%	6.00%
Subordinated Notes | Subordinated Notes due 2032
Summary of Federal Home Loan Bank advances
Long-term debt, gross					$ 35,000,000	$ 35,000,000
Subordinated Notes | Subordinated Notes due 2032 | Minimum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					4.75%	4.75%
Subordinated Notes | Subordinated Notes due 2032 | Maximum
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)					4.75%	4.75%
Subordinated Notes | Subordinated Notes due 2030
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)								6.00%
Debt instrument, term (in years)				5 years
Subordinated Notes | Subordinated Notes due 2030 | Secured Overnight Financing Rate (SOFR) | Forecast
Summary of Federal Home Loan Bank advances
Basis spread on variable rate (as a percent)		5.91%
Subordinated Notes | Subordinated Notes due 2032
Summary of Federal Home Loan Bank advances
Stated interest rate (as a percent)			4.75%
Debt instrument, term (in years)			5 years
Subordinated Notes | Subordinated Notes due 2032 | Secured Overnight Financing Rate (SOFR) | Forecast
Summary of Federal Home Loan Bank advances
Basis spread on variable rate (as a percent)	3.29%

XML

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) fund	Dec. 31, 2024 USD ($)
Advances from FHLB
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,069	$ 24,942
Long-term line of credit	33,594	33,994
Federal reserve borrowings outstanding	0	0
Unsecured Federal Funds Purchased
Debt Instrument [Line Items]
Long-term line of credit	$ 70,000	70,000
Number of unsecured federal funds | fund	2
Unsecured Federal Funds Purchased | Line of Credit
Debt Instrument [Line Items]
Outstanding balances of debt instrument	$ 0	0
Advances from FHLB | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 110,750	$ 209,750

XML

CAPITAL MATTERS (Details) $ in Thousands	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total capital (to risk weighted assets), Actual, Amount	$ 225,675	$ 225,432
Total capital (to risk weighted assets), Actual, Ratio	0.156	0.156
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 115,795	$ 115,755
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio	0.080	0.080
Total capital (to risk weighted assets), To Be Well Capitalized, Amount	$ 144,744	$ 144,693
Total capital (to risk weighted assets), To Be Well Capitalized, Ratio	0.100	0.100
Tier 1 capital (to risk weighted assets), Actual, Amount	$ 207,551	$ 207,749
Tier 1 capital (to risk weighted assets), Actual, Ratio	0.143	0.144
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 86,846	$ 86,816
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio	0.060	0.060
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Amount	$ 115,795	$ 115,755
Tier 1 capital (to risk weighted assets), To Be Well Capitalized, Ratio	0.080	0.080
Common equity tier 1 (to risk weighted assets), Actual, Amount	$ 207,551	$ 207,749
Common equity tier 1 (to risk weighted assets), Actual, Ratio	14.30%	14.40%
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 65,135	$ 65,112
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Ratio	4.50%	4.50%
Common equity tier 1 (to risk weighted assets), To Be Well Capitalized, Amount	$ 94,084	$ 94,051
Common equity tier 1 (to risk weighted assets), To Be Well Capitalized, Ratio	6.50%	6.50%
Tier 1 leverage ratio (to adjusted total assets), Actual, Amount	$ 207,551	$ 207,749
Tier 1 leverage ratio (to adjusted total assets), Actual, Ratio	0.120	0.119
Tier 1 leverage ratio (to adjusted total assets), For Capital Adequacy Purposes, Amount	$ 69,020	$ 69,787
Tier 1 leverage ratio (to adjusted total assets), For Capital Adequacy Purposes, Ratio	0.040	0.040
Tier 1 leverage ratio (to adjusted total assets), To Be Well Capitalized, Amount	$ 86,275	$ 87,234
Tier 1 leverage ratio (to adjusted total assets), To Be Well Capitalized, Ratio	0.050	0.050
Citizens Community Bancorp, Inc.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total capital (to risk weighted assets), Actual, Amount	$ 231,949	$ 232,926
Total capital (to risk weighted assets), Actual, Ratio	0.160	0.161
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 115,988	$ 115,914
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio	0.080	0.080
Tier 1 capital (to risk weighted assets), Actual, Amount	$ 163,825	$ 165,243
Tier 1 capital (to risk weighted assets), Actual, Ratio	0.113	0.114
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 86,991	$ 86,936
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio	0.060	0.060
Common equity tier 1 (to risk weighted assets), Actual, Amount	$ 163,825	$ 165,243
Common equity tier 1 (to risk weighted assets), Actual, Ratio	11.30%	11.40%
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Amount	$ 65,243	$ 65,202
Common equity tier 1 (to risk weighted assets), For Capital Adequacy Purposes, Ratio	4.50%	4.50%
Tier 1 leverage ratio (to adjusted total assets), Actual, Amount	$ 163,825	$ 165,243
Tier 1 leverage ratio (to adjusted total assets), Actual, Ratio	0.095	0.095
Tier 1 leverage ratio (to adjusted total assets), For Capital Adequacy Purposes, Amount	$ 69,117	$ 69,867
Tier 1 leverage ratio (to adjusted total assets), For Capital Adequacy Purposes, Ratio	0.040	0.040

XML

STOCK-BASED AND OTHER COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2024	Jan. 31, 2021	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 27, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)			49,000		52,000	54,000
Compensation expense related to awards			$ 59	$ 26
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved and available for issuance (shares)							350,000
Options outstanding (shares)			0
Vesting period of shares (in years)			3 years
2018 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)			331,968
2018 Equity Incentive Plan | Performance-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award (shares)			16,021
Vesting period of shares (in years)		3 years	3 years
Number of shares issued (shares)	8,805
2008 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of equity incentive plan (in years)			10 years
Options granted (shares)			49,000
Expiry period of unexercised incentive stock options (in years)			10 years
2008 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option instruments granted (shares)			0
2008 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of shares (in years)			5 years
2008 Equity Incentive Plan and 2018 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to awards			$ 68	$ 158

XML

STOCK-BASED AND OTHER COMPENSATION - Restricted Common Stock Award (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Restricted Stock
Number of Shares
Unvested and outstanding at beginning of year (shares)	39,171	75,601
Granted (shares)	0	16,955
Vested (shares)	(31,562)	(53,139)
Forfeited (shares)	0	(246)
Unvested and outstanding at end of period (shares)	7,609	39,171
Weighted Average Grant Price
Unvested and outstanding at beginning of year (USD per share)	$ 12.48	$ 12.41
Granted (USD per share)	0	11.88
Vested (USD per share)	12.43	12.19
Forfeited (USD per share)	0	11.88
Unvested and outstanding at end of period (USD per share)	$ 12.68	$ 12.48
Performance-based Restricted Stock
Number of Shares
Unvested and outstanding at beginning of year (shares)	33,188	41,993
Granted (shares)	1,154	0
Vested (shares)	(16,021)	(8,805)
Forfeited (shares)		0
Unvested and outstanding at end of period (shares)	18,321	33,188
Weighted Average Grant Price
Unvested and outstanding at beginning of year (USD per share)	$ 13.09	$ 12.61
Granted (USD per share)	14.00	0
Vested (USD per share)	14.00	10.78
Forfeited (USD per share)		0
Unvested and outstanding at end of period (USD per share)	$ 12.36	$ 13.09

XML

STOCK-BASED AND OTHER COMPENSATION - Common Stock Options Awards (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Option Shares
Outstanding at beginning of period (shares) | shares	52,000	54,000
Exercised (shares) | shares	(3,000)	(2,000)
Outstanding at end of period (shares) | shares	49,000	52,000
Option Share, Exercisable at end of period (shares) | shares	49,000	52,000
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 11.62	$ 11.59
Exercised (USD per share) | $ / shares	9.20	11.00
Outstanding at end of period (USD per share) | $ / shares	11.77	11.62
Weighted Average Exercise Price, Exercisable at end of period (USD per share) | $ / shares	$ 11.77	$ 11.62
Weighted Average Remaining Contractual Term in Years, Outstanding at end of period	1 year 8 months 15 days	1 year 10 months 6 days
Weighted Average Remaining Contractual Term in Years, Exercisable at end of period	1 year 8 months 15 days	1 year 10 months 6 days
Aggregate intrinsic value, outstanding at end of period | $	$ 128	$ 243
Aggregate intrinsic value, exercisable at end of period | $	$ 128	$ 243

XML

STOCK-BASED AND OTHER COMPENSATION - Information Related to the 2008 Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 19		$ 12
Cash received from options exercised	28	$ 0	22
Tax benefit realized from options exercised	$ 0		$ 0

XML

STOCK-BASED AND OTHER COMPENSATION - Other Compensation Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jan. 23, 2025	Dec. 31, 2024	Jan. 25, 2024
Share-Based Payment Arrangement [Abstract]
Vesting period (in years)			3 years		3 years
Time based cash awards (in years)			3 years		3 years
Time based awards (shares)			15,044		18,509
Performance based awards (shares)			15,049		18,505
Liabilities	$ 150			$ 190
Compensation expense related to awards	$ 59	$ 26

XML

FAIR VALUE ACCOUNTING - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets Measured on a Recurring Basis
Total available for sale securities	$ 139,642	$ 142,851
U.S. government agency obligations
Assets Measured on a Recurring Basis
Total available for sale securities	12,986	13,753
Mortgage-backed securities
Assets Measured on a Recurring Basis
Total available for sale securities	68,704	68,386
Corporate debt securities
Assets Measured on a Recurring Basis
Total available for sale securities	39,591	41,716
Recurring
Assets Measured on a Recurring Basis
Total available for sale securities	139,642	142,851
Total equity investments	5,462	4,702
Total	145,104	147,553
Recurring | Farmer Mac equity securities
Assets Measured on a Recurring Basis
Total equity investments	539	569
Recurring | Preferred Stock
Assets Measured on a Recurring Basis
Total equity investments	1,362	1,362
Recurring | Equity investments measured at NAV | Farmer Mac equity securities
Assets Measured on a Recurring Basis
Total equity investments	3,561	2,771
Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Total equity investments	539	569
Total	539	569
Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Farmer Mac equity securities
Assets Measured on a Recurring Basis
Total equity investments	539	569
Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Preferred Stock
Assets Measured on a Recurring Basis
Total equity investments	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Assets Measured on a Recurring Basis
Total available for sale securities	139,642	142,851
Total equity investments	0	0
Total	139,642	142,851
Recurring | Significant Other Observable Inputs (Level 2) | Farmer Mac equity securities
Assets Measured on a Recurring Basis
Total equity investments	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stock
Assets Measured on a Recurring Basis
Total equity investments	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Total equity investments	1,362	1,362
Total	1,362	1,362
Recurring | Significant Unobservable Inputs (Level 3) | Farmer Mac equity securities
Assets Measured on a Recurring Basis
Total equity investments	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stock
Assets Measured on a Recurring Basis
Total equity investments	1,362	1,362
Recurring | U.S. government agency obligations
Assets Measured on a Recurring Basis
Total available for sale securities	12,986	13,753
Recurring | U.S. government agency obligations | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | U.S. government agency obligations | Significant Other Observable Inputs (Level 2)
Assets Measured on a Recurring Basis
Total available for sale securities	12,986	13,753
Recurring | U.S. government agency obligations | Significant Unobservable Inputs (Level 3)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Mortgage-backed securities
Assets Measured on a Recurring Basis
Total available for sale securities	68,704	68,386
Recurring | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Mortgage-backed securities | Significant Other Observable Inputs (Level 2)
Assets Measured on a Recurring Basis
Total available for sale securities	68,704	68,386
Recurring | Mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Corporate debt securities
Assets Measured on a Recurring Basis
Total available for sale securities	39,591	41,716
Recurring | Corporate debt securities | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Corporate debt securities | Significant Other Observable Inputs (Level 2)
Assets Measured on a Recurring Basis
Total available for sale securities	39,591	41,716
Recurring | Corporate debt securities | Significant Unobservable Inputs (Level 3)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Asset-backed securities
Assets Measured on a Recurring Basis
Total available for sale securities	18,361	18,996
Recurring | Asset-backed securities | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Recurring Basis
Total available for sale securities	0	0
Recurring | Asset-backed securities | Significant Other Observable Inputs (Level 2)
Assets Measured on a Recurring Basis
Total available for sale securities	18,361	18,996
Recurring | Asset-backed securities | Significant Unobservable Inputs (Level 3)
Assets Measured on a Recurring Basis
Total available for sale securities	$ 0	$ 0

XML

FAIR VALUE ACCOUNTING - Narrative (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity investments	$ 5,462	$ 4,702
Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total equity investments	$ 1,362	$ 1,362

XML

FAIR VALUE ACCOUNTING - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets Measured on a Nonrecurring Basis
Carrying Value	$ 4,586	$ 4,022
Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Significant Other Observable Inputs (Level 2)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Significant Unobservable Inputs (Level 3)
Assets Measured on a Nonrecurring Basis
Carrying Value	4,586	4,022
Foreclosed and repossessed assets, net
Assets Measured on a Nonrecurring Basis
Carrying Value	876	915
Foreclosed and repossessed assets, net | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Foreclosed and repossessed assets, net | Significant Other Observable Inputs (Level 2)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Foreclosed and repossessed assets, net | Significant Unobservable Inputs (Level 3)
Assets Measured on a Nonrecurring Basis
Carrying Value	876	915
Collateral dependent loans
Assets Measured on a Nonrecurring Basis
Carrying Value	3,710	3,107
Collateral dependent loans | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Collateral dependent loans | Significant Other Observable Inputs (Level 2)
Assets Measured on a Nonrecurring Basis
Carrying Value	0	0
Collateral dependent loans | Significant Unobservable Inputs (Level 3)
Assets Measured on a Nonrecurring Basis
Carrying Value	$ 3,710	$ 3,107

XML

FAIR VALUE ACCOUNTING - Level 3 Fair Value Inputs (Details) - Fair Value, Inputs, Level 3 $ in Thousands	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Foreclosed and repossessed assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of loans receivable	$ 876	$ 915
Foreclosed and repossessed assets, net | Estimated costs to sell | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets, impaired loans, measurement input	0.10	0.10
Foreclosed and repossessed assets, net | Estimated costs to sell | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets, impaired loans, measurement input	0.15	0.15
Collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of loans receivable	$ 3,710	$ 3,107
Collateral dependent loans | Estimated costs to sell | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets, impaired loans, measurement input	0.10	0.10
Collateral dependent loans | Estimated costs to sell | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets, impaired loans, measurement input	0.15	0.15

XML

FAIR VALUE ACCOUNTING - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Financial assets:
Total available for sale securities	$ 139,642	$ 142,851
Securities held to maturity “HTM”	66,191	65,622
Equity securities	5,462	4,702
Carrying Amount | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Financial assets:
Cash and cash equivalents	100,199	50,172
Equity securities	539	569
Accrued interest receivable	5,926	5,653
Financial liabilities:
Accrued interest payable	6,369	5,842
Carrying Amount | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Residential mortgage
Financial assets:
Loans held for sale - Residential mortgage and SBA /FSA	328	441
Carrying Amount | Significant Other Observable Inputs (Level 2)
Financial assets:
Total available for sale securities	139,642	142,851
Securities held to maturity “HTM”	84,301	85,504
Other investments	12,496	12,500
Financial liabilities:
FHLB advances	0	5,000
Other borrowings	61,664	61,606
Carrying Amount | Significant Other Observable Inputs (Level 2) | SBA /FSA
Financial assets:
Loans held for sale - Residential mortgage and SBA /FSA	2,968	888
Carrying Amount | Significant Unobservable Inputs (Level 3)
Financial assets:
Equity securities	1,362	1,362
Loans receivable, net	1,332,523	1,348,432
Mortgage servicing rights	3,583	3,663
Financial liabilities:
Deposits	1,523,654	1,488,148
Carrying Amount | Equity investments measured at NAV
Financial assets:
Equity securities	3,561	2,771
Estimated Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Financial assets:
Cash and cash equivalents	100,199	50,172
Equity securities	539	569
Accrued interest receivable	5,926	5,653
Financial liabilities:
Accrued interest payable	6,369	5,842
Estimated Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Residential mortgage
Financial assets:
Loans held for sale - Residential mortgage and SBA /FSA	328	441
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Financial assets:
Total available for sale securities	139,642	142,851
Securities held to maturity “HTM”	66,141	65,622
Other investments	12,496	12,500
Financial liabilities:
FHLB advances	0	4,979
Other borrowings	59,139	58,625
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | SBA /FSA
Financial assets:
Loans held for sale - Residential mortgage and SBA /FSA	2,968	888
Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Financial assets:
Equity securities	1,362	1,362
Loans receivable, net	1,292,183	1,315,657
Mortgage servicing rights	5,090	5,227
Financial liabilities:
Deposits	$ 1,523,290	$ 1,487,492

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EARNINGS PER SHARE - Schedule of Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Basic
Net income attributable to common stockholders	$ 3,197	$ 2,702	$ 3,286	$ 3,675	$ 4,088
Weighted average common shares outstanding (shares)	9,989,000				10,439,000
Basic earnings per share (USD per share)	$ 0.32				$ 0.39
Diluted
Net income attributable to common stockholders	$ 3,197	$ 2,702	$ 3,286	$ 3,675	$ 4,088
Weighted average common shares outstanding (shares)	9,989,000				10,439,000
Add: Dilutive stock options outstanding (shares)	12,000				4,000
Average shares and dilutive potential common shares (shares)	10,001,000				10,443,000
Diluted earnings per share (USD per share)	$ 0.32				$ 0.39
Additional common stock option shares that have not been included due to their antidilutive effect (shares)	0				20,000

XML

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Exercisable stock options (shares)	0	20

XML

OTHER COMPREHENSIVE INCOME (LOSS) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Before-Tax Amount
Other comprehensive income (loss)	$ 1,891	$ (891)
Tax Benefit (Expense)
Other comprehensive income (loss)	(436)	189
Net-of-Tax Amount
Other comprehensive income (loss)	1,455	(702)
Unrealized Gains (Losses) on Securities
Before-Tax Amount
Net unrealized gains (losses) arising during the period	1,891	(891)
Tax Benefit (Expense)
Net unrealized gains (losses) arising during the period	(436)	189
Net-of-Tax Amount
Net unrealized gains (losses) arising during the period	$ 1,455	$ (702)

XML

OTHER COMPREHENSIVE INCOME (LOSS) - Changes in the Accumulated Balances (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Changes in the accumulated balances for each component of other comprehensive income
Balance at beginning of period	$ 179,084	$ 173,334	$ 173,334
Current year-to-date other comprehensive income	1,455	(702)
Balance at end of period	180,051	172,821	179,084
Unrealized Gains (Losses) on AFS Securities
Changes in the accumulated balances for each component of other comprehensive income
Balance at beginning of period	(22,753)	(24,001)	(24,001)
Current year-to-date other comprehensive income	1,891		1,248
Balance at end of period	(20,862)		(22,753)
Other Accumulated Comprehensive Income (Loss), net of tax
Changes in the accumulated balances for each component of other comprehensive income
Balance at beginning of period	(16,420)	(17,328)	(17,328)
Current year-to-date other comprehensive income	1,455		908
Balance at end of period	$ (14,965)	$ (18,030)	$ (16,420)

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SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Interest and dividend income	$ 21,103				$ 22,679
Reconciliation of revenue
Other Revenue	2,593				3,264
Interest expense	9,509				10,774
(Negative) provision for credit losses	(351)				(525)	$ (2,259)
Compensation and related benefits (expense)	5,597				5,483
Provision for income taxes (expense)	777				1,104
Net income attributable to common stockholders	3,197	$ 2,702	$ 3,286	$ 3,675	4,088
Depreciation	526				561
Amortization	179				179
Total consolidated assets	1,779,963	1,748,519				1,748,519
Other assets	16,416	17,144				17,144
Reportable Segment
Reconciliation of revenue
Total consolidated revenues	23,696				25,943
Operating Segments | Reportable Segment
Segment Reporting Information [Line Items]
Interest and dividend income	21,103				22,679
Reconciliation of revenue
Interest expense	9,509				10,774
Segment net interest income and non-interest income	14,187				15,169
(Negative) provision for credit losses	(250)				(800)
Compensation and related benefits (expense)	5,597				5,483
Other expenses	4,866				5,294
Provision for income taxes (expense)	777				1,104
Net income attributable to common stockholders	3,197				4,088
Depreciation	526				561
Amortization	179				179
Total consolidated assets	1,779,963	1,748,519				1,748,519
Other assets	0	$ 0				$ 0
Segment Reporting, Reconciling Item, Corporate Nonsegment | Reportable Segment
Reconciliation of revenue
Other Revenue	$ 2,593				$ 3,264