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 June 30, 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: 001-40612

(Exact name of registrant as specified in its charter)

Maryland	86-3947794
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

185 E Lincoln Highway

Coatesville, PA 19320

(Address of Principal Executive Offices)

(610) 384-8282

(Registrant’s telephone number)

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

Title of Each Class	Trading symbol	Name of Exchange on which registered
Common Shares, par value $0.01 per share	PBBK	The NASDAQ Stock Market, LLC

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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer ☐
Non-accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☒

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

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

As Common Stock, $0.01 par value – 2,552,315 shares outstanding as of August 13, 2025.

TABLE OF CONTENTS

		Page
Part I	Financial Information
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	51
Item 4.	Controls and Procedures	51
Part II	Other Information
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	52
Exhibit Index
Signatures

2

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

PB BANKSHARES, INC.

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share data)

	June 30,
	2025		December 31,
	(Unaudited)		2024
Assets
Cash and due from banks	$	42,992	$	35,449
Federal funds sold		12,914		2,328
Cash and cash equivalents		55,906		37,777
Debt securities available-for-sale, at fair value		35,600		50,296
Equity securities, at fair value		836		808
Restricted stocks, at cost		2,228		2,125
Loans receivable, net of allowance for credit losses of $4,498 at June 30, 2025 and $4,356 at December 31, 2024		353,324		344,813
Premises and equipment, net		2,052		2,079
Deferred income taxes, net		1,593		1,568
Accrued interest receivable		1,476		1,269
Bank owned life insurance		8,560		8,448
Other assets		2,552		2,134
Total Assets	$	464,127	$	451,317
Liabilities and Stockholders' Equity
Liabilities
Deposits	$	363,421	$	354,190
Borrowings		43,882		42,460
Accrued expenses and other liabilities		6,479		6,009
Total Liabilities		413,782		402,659
Commitments and contingencies - see notes 7 and 8
Stockholders' Equity
Preferred Stock, $0.01 par value, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2025 and December 31, 2024		—		—
Common Stock, $0.01 par value, 40,000,000 shares authorized; 2,552,315 (including 67,251 unvested restricted shares) and 2,552,115 (including 67,846 unvested restricted shares) issued and outstanding at June 30, 2025 and December 31, 2024, respectively		24		24
Additional paid-in capital		23,208		22,927
Retained earnings		29,443		28,330
Unearned ESOP shares, 177,744 shares at June 30, 2025 and December 31, 2024		(2,318)		(2,318)
Accumulated other comprehensive loss		(12)		(305)
Total Stockholders' Equity		50,345		48,658
Total Liabilities and Stockholders' Equity	$	464,127	$	451,317

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

PB BANKSHARES, INC.

Condensed Consolidated Statements of Income

(dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest and Dividend Income
Loans, including fees	$	5,238	$	4,856	$	10,404	$	9,407
Securities		370		267		708		578
Other		650		808		1,113		1,560
Total Interest and Dividend Income		6,258		5,931		12,225		11,545
Interest Expense
Deposits		2,617		2,680		5,149		5,166
Borrowings		368		465		733		961
Total Interest Expense		2,985		3,145		5,882		6,127
Net interest income		3,273		2,786		6,343		5,418
Provision for Credit Losses		40		17		101		(67)
Net interest income after provision for credit losses		3,233		2,769		6,242		5,485
Noninterest Income
Service charges on deposit accounts		51		42		99		87
Gain (loss) on equity securities		3		(4)		15		(12)
Bank owned life insurance income		56		54		112		107
Debit card income		55		53		107		103
Other service charges		14		20		25		37
Other income		102		25		177		55
Total Noninterest Income		281		190		535		377
Noninterest Expenses
Salaries and employee benefits		1,553		1,326		3,023		2,682
Occupancy and equipment		191		158		417		333
Data and item processing		231		300		458		580
Advertising and marketing		39		39		72		90
Professional fees		178		193		382		358
Directors’ fees		106		107		213		214
FDIC insurance premiums		46		70		94		119
Pennsylvania shares tax		87		73		175		152
Debit card expenses		38		39		73		80
Other		233		182		456		377
Total Noninterest Expenses		2,702		2,487		5,363		4,985
Income before income tax expense		812		472		1,414		877
Income Tax Expense		172		102		301		190
Net Income	$	640	$	370	$	1,113	$	687
Earnings per common share - basic	$	0.28	$	0.16	$	0.48	$	0.29
Earnings per common share - diluted	$	0.27	$	0.16	$	0.48	$	0.29

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

PB BANKSHARES, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net Income	$	640	$	370	$	1,113	$	687
Other Comprehensive Income
Unrealized gains on debt securities available-for-sale:
Unrealized holding gains arising during period		60		215		371		211
Tax effect		(13)		(45)		(78)		(44)
Other comprehensive income		47		170		293		167
Total Comprehensive Income	$	687	$	540	$	1,406	$	854

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

PB BANKSHARES, INC.

Condensed Consolidated Statements of Stockholders’ Equity

Three and six months ended June 30, 2025 and 2024

(In thousands)

(Unaudited)

									Accumulated
			Additional					Unearned	Other
	Common		Paid-In		Retained		ESOP		Comprehensive
	Stock		Capital		Earnings		Shares		Loss		Total
Balance, April 1, 2024	$	25	$	23,582	$	26,875	$	(2,463)	$	(1,250)	$	46,769
Net income		—		—		370		—		—		370
Repurchased common stock, 65,827 shares		—		(844)		—		—		—		(844)
Stock based compensation expense		—		135		—		—		—		135
Other comprehensive income		—		—		—		—		170		170
Balance, June 30, 2024	$	25	$	22,873	$	27,245	$	(2,463)	$	(1,080)	$	46,600
Balance, April 1, 2025	$	24	$	23,068	$	28,803	$	(2,318)	$	(59)	$	49,518
Net income		—		—		640		—		—		640
Stock based compensation expense		—		140		—		—		—		140
Other comprehensive income		—		—		—		—		47		47
Balance, June 30, 2025	$	24	$	23,208	$	29,443	$	(2,318)	$	(12)	$	50,345
Balance, January 1, 2024	$	26	$	24,115	$	26,558	$	(2,463)	$	(1,247)	$	46,989
Net income		—		—		687		—		—		687
Repurchased common stock, 115,827 shares		(1)		(1,512)		—		—		—		(1,513)
Stock based compensation expense		—		270		—		—		—		270
Other comprehensive income		—		—		—		—		167		167
Balance, June 30, 2024	$	25	$	22,873	$	27,245	$	(2,463)	$	(1,080)	$	46,600
Balance, January 1, 2025	$	24	$	22,927	$	28,330	$	(2,318)	$	(305)	$	48,658
Net income		—		—		1,113		—		—		1,113
Exercise of incentive stock options		—		3		—		—		—		3
Stock based compensation expense		—		278		—		—		—		278
Other comprehensive income		—		—		—		—		293		293
Balance, June 30, 2025	$	24	$	23,208	$	29,443	$	(2,318)	$	(12)	$	50,345

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

PB BANKSHARES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	1,113	$	687
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses		101		(67)
Depreciation and amortization		222		170
Net accretion of securities premiums and discounts		(159)		(297)
Deferred income tax benefit		(103)		(20)
(Gain) loss on equity securities		(15)		12
Accretion of deferred fees, net		(3)		(28)
Earnings on bank owned life insurance		(112)		(107)
Stock-based compensation expense		278		270
Increase in accrued interest receivable and other assets		(610)		(527)
Decrease in accrued expenses and other liabilities		352		272
Net Cash Provided by Operating Activities		1,064		365
Cash Flows from Investing Activities
Activity in debt securities available-for-sale:
Purchases		(6,557)		(11,752)
Maturities, calls, and principal repayments		21,783		44,307
Dividends on equity securities reinvested		(13)		(11)
(Purchase) redemption of restricted stocks		(103)		75
Net increase in loans receivable		(8,598)		(18,575)
Purchases of premises and equipment		(103)		(27)
Net Cash Provided by Investing Activities		6,409		14,017
Cash Flows from Financing Activities
Net increase in deposits		9,231		13,994
Repurchased common stock		—		(1,513)
Issuance of common stock		3		—
Advances of borrowings		5,000		—
Repayments of borrowings		(3,578)		(4,570)
Net Cash Provided by Financing Activities		10,656		7,911
Increase in cash and cash equivalents		18,129		22,293
Cash and Cash Equivalents, Beginning of Period		37,777		32,438
Cash and Cash Equivalents, End of Period	$	55,906	$	54,731
Supplementary Cash Flows Information
Interest paid	$	5,972	$	5,914
Income taxes paid		230		140
Supplementary Non-Cash Flows Information
Recognition of lease liabilities arising from right-of-use lease assets	$	107	$	43
Unrealized gains on debt securities available-for-sale		371		211

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

1. Basis of Presentation

Organization and Nature of Operations

PB Bankshares, Inc., a Maryland corporation (the “Company”) is the holding company of Presence Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On July 14, 2021, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on July 15, 2021. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”).

The Bank is a state-chartered savings bank established in 1919. The main office is located in Coatesville, Pennsylvania with three other branches located in New Holland, Oxford, and Georgetown, Pennsylvania. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans primarily secured by real estate and, to a lesser extent, consumer loans. The Bank competes with other banking and financial institutions in its primary market communities encompassing Chester, Cumberland, Dauphin, Lancaster, and Lebanon Counties in Pennsylvania. The Bank is regulated by the Federal Deposit Insurance Corporation (the “FDIC”) and the Pennsylvania Department of Banking and Securities (the “PADOB”).

Principles of Consolidation and Reclassifications

The consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank.  The Bank also includes the accounts of CSB Investments, Inc. (“CSB”), a wholly-owned subsidiary of the Bank located in Wilmington, Delaware. The sole purpose of CSB is to maintain and manage the Bank’s investment portfolio. All significant intercompany accounts and transactions have been eliminated in consolidation.

Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Securities and Exchange Commission’s Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

In the opinion of management, all adjustments considered necessary (consisting only of normal recurring accruals) for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or any other interim periods. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 as filed in the annual report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans.

While management uses available information to recognize expected estimated losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions and underlying collateral values, if any. In addition, the FDIC and PADOB, as an integral part of their examination process, periodically review the Bank’s

8

allowance for credit losses. These agencies may require the Bank to recognize additions to the allowance based on their judgments of information available to them at the time of their examinations. 

2. Recent Accounting Pronouncements

This section provides a summary description of recent ASUs issued by the FASB to the ASC that had or that management expects may have an impact on the financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected 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. Effective dates reflect this election.

Recently Issued, But Not Yet Effective Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024, for public business entities. For entities other than public business entities the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

9

3. Debt and Equity Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities available-for-sale and equity securities are as follows (in thousands):

			Gross Unrealized		Gross Unrealized
June 30, 2025	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	17,237	$	—	$	(226)	$	17,011
Corporate bonds		5,811		418		(72)		6,157
Treasury securities		5,912		15		—		5,927
Mortgage-backed securities		3,858		13		—		3,871
Collateralized mortgage obligations		2,797		—		(163)		2,634
Total available-for-sale debt securities	$	35,615	$	446	$	(461)	$	35,600
Equity securities:
Mutual funds (fixed income)							$	836

			Gross Unrealized		Gross Unrealized
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	20,747	$	—	$	(582)	$	20,165
Corporate bonds		4,465		377		(21)		4,821
Treasury securities		21,902		48		—		21,950
Mortgage-backed securities		1,526		—		(30)		1,496
Collateralized mortgage obligations		2,042		—		(178)		1,864
Total available-for-sale debt securities	$	50,682	$	425	$	(811)	$	50,296
Equity securities:
Mutual funds (fixed income)							$	808

10

The tables below indicate the length of time individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	—	$	—	$	17,011	$	(226)	$	17,011	$	(226)
Corporate bonds		1,251		(34)		781		(38)		2,032		(72)
Collateralized mortgage obligations		963		(30)		1,671		(133)		2,634		(163)
Total	$	2,214	$	(64)	$	19,463	$	(397)	$	21,677	$	(461)

December 31, 2024	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	8,736	$	(263)	$	11,429	$	(319)	$	20,165	$	(582)
Corporate bonds		785		(21)		—		—		785		(21)
Mortgage-backed securities		1,445		(30)		—		—		1,445		(30)
Collateralized mortgage obligations		160		(17)		1,704		(161)		1,864		(178)
Total	$	11,126	$	(331)	$	13,133	$	(480)	$	24,259	$	(811)

As of June 30, 2025 and December 31, 2024, the mortgage-backed securities and collateralized mortgage obligations included in the securities portfolio consisted of securities issued by U.S. government sponsored agencies. There were no private label mortgage-backed securities or collateralized mortgage obligations held in the securities portfolio as of June 30, 2025 and December 31, 2024.

At June 30, 2025, 40 agency bonds, two corporate bonds and 34 collateralized mortgage obligations were in an unrealized loss position. In analyzing an issuer’s financial condition, management considers whether downgrades by bond rating agencies have occurred and industry analysts’ reports.

As of June 30, 2025, management believes that the estimated fair value of securities disclosed above is primarily dependent upon the movement in market interest rates particularly given the negligible inherent credit risk associated with these securities. Although the fair value will fluctuate as the market interest rates move, management believes that these fair values will recover as the underlying portfolios mature and are reinvested in market yielding investments. Additionally, all securities remain highly rated and all issuers have continued to make timely payments of interest and principal.

As the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company concluded that a credit loss did not exist in its portfolio at June 30, 2025, and therefore, no allowance for credit losses was recorded.

11

There were no securities sold during the three and six months ended June 30, 2025 and 2024. The amortized cost and fair value of debt securities available-for-sale at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands).

	Available-for-Sale
	Amortized Cost		Fair Value		Yield
Due less than one year	$	23,149	$	22,938	1.65	%
Due one year through five years		—		—	—
Due after five years through ten years		5,811		6,157	8.16
Mortgage-backed securities		3,858		3,871	5.15
Collateralized mortgage obligations		2,797		2,634	3.03
Total available-for-sale debt securities	$	35,615	$	35,600	3.20	%

At June 30, 2025 and December 31, 2024, the Company had securities with fair values totaling $1,907,000 and $1,954,000, respectively, pledged to secure borrowings.

At June 30, 2025 and December 31, 2024, the Company had securities with fair values totaling $20,384,000 and $22,047,000, respectively, pledged primarily for public fund depositors.

At June 30, 2025 and December 31, 2024, the Company had accrued interest receivable on available for sale debt securities totaling $97,000 and $83,000, respectively.

4. Loans Receivable and Allowance for Credit Losses

The Company’s loans are stated at their face amount and consist of the classes of loans included in the table below. The Company has elected to exclude accrued interest receivable, totaling $1.4 million and $1.3 million at June 30, 2025 and December 31, 2024, respectively, from the amortized cost basis of loans.

Major classifications of net loans receivable at June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30,		December 31,
	2025		2024
Real estate:
One-to four-family residential	$	105,309	$	103,573
Commercial		226,801		205,164
Construction		7,287		10,492
Commercial and industrial		16,475		21,278
Consumer and other		2,560		9,257
		358,432		349,764
Deferred loan fees, net		(610)		(595)
Allowance for credit losses		(4,498)		(4,356)
Total loans receivable, net	$	353,324	$	344,813

12

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,072	$	—	$	—	$	(33)	$	1,039
Commercial		2,817		—		14		146		2,977
Construction		79		—		—		(18)		61
Commercial and industrial		279		—		9		(94)		194
Consumer and other		68		—		4		(47)		25
Unallocated		132		—		—		70		202
	$	4,447	$	—	$	27	$	24	$	4,498

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,218	$	—	$	—	$	(19)	$	1,199
Commercial		2,782		—		—		56		2,838
Construction		104		—		—		(35)		69
Commercial and industrial		201		—		1		45		247
Consumer and other		69		—		4		32		105
Unallocated		91		—		—		(49)		42
	$	4,465	$	—	$	5	$	30	$	4,500

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,045	$	—	$	—	$	(6)	$	1,039
Commercial		2,710		—		28		239		2,977
Construction		93		—		—		(32)		61
Commercial and industrial		277		—		18		(101)		194
Consumer and other		100		—		6		(81)		25
Unallocated		131		—		—		71		202
Total	$	4,356	$	—	$	52	$	90	$	4,498

13

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,267	$	—	$	—	$	(68)	$	1,199
Commercial		2,637		—		—		201		2,838
Construction		112		—		—		(43)		69
Commercial and industrial		229		—		3		15		247
Consumer and other		71		(6)		6		34		105
Unallocated		195		—		—		(153)		42
Total	$	4,511	$	(6)	$	9	$	(14)	$	4,500

The following tables present a breakdown of the provision for credit losses for the periods indicated (in thousands):

	Three Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	24	$	30
Provision for unfunded commitments		16		(13)
Total provision for credit losses	$	40	$	17

	Six Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	90	$	(14)
Provision for unfunded commitments		11		(53)
Total provision for credit losses	$	101	$	(67)

14

The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	87	$	87
Commercial		816		349
Total	$	903	$	436

	December 31, 2024
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	99	$	99
Commercial		864		376
Commercial and industrial		159		159
Total	$	1,122	$	634

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of June 30, 2025 (in thousands):

	June 30, 2025
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	304	$	—	$	304	$	—
Commercial		1,401		—		1,401		71
Construction		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer and other		—		—		—		—
Total	$	1,705	$	—	$	1,705	$	71

15

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of December 31, 2024 (in thousands):

	December 31, 2024
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	318	$	—	$	318	$	—
Commercial		1,472		—		1,472		92
Construction		—		—		—		—
Commercial and industrial		159		—		159		—
Consumer and other		—		—		—		—
Total	$	1,949	$	—	$	1,949	$	92

A loan is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” loans include those characterized by the “distinct possibility” that the Company will sustain “some loss” if the deficiencies are not corrected. Loans classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Loans classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific allowance for credit losses is not warranted. Loans that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” by our management. Loans that are performing as agreed are classified as “pass”.

16

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2025 (in thousands); as well as gross charge-offs (in thousands) for the six months ended June 30, 2025:

	Year of Origination
															Revolving
															Loans
													Revolving		Converted to
	2025		2024		2023		2022		2021		Prior		Loans		Term Loans		Total
Real estate: one- to four-family residential
Pass	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	43,902	$	9,815	$	998	$	104,779
Special Mention		—		—		—		—		—		226		—		—		226
Substandard		—		—		—		—		—		304		—		—		304
Total real estate: one- to four-family residential	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	44,432	$	9,815	$	998	$	105,309
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: commercial
Pass	$	26,420	$	33,091	$	42,087	$	37,842	$	41,811	$	40,168	$	3,478	$	—	$	224,897
Special Mention		—		—		—		174		—		329		—		—		503
Substandard		—		—		—		—		—		1,401		—		—		1,401
Total real estate: commercial	$	26,420	$	33,091	$	42,087	$	38,016	$	41,811	$	41,898	$	3,478	$	—	$	226,801
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: construction
Pass	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total real estate: construction	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Pass	$	747	$	4,658	$	133	$	1,582	$	1,819	$	667	$	6,233	$	53	$	15,892
Special Mention		—		—		343		—		—		—		240		—		583
Substandard		—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	747	$	4,658	$	476	$	1,582	$	1,819	$	667	$	6,473	$	53	$	16,475
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total consumer and other	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans, gross
Pass	$	35,043	$	44,452	$	49,769	$	58,858	$	61,347	$	84,810	$	20,085	$	1,051	$	355,415
Special Mention		—		—		343		174		—		555		240		—		1,312
Substandard		—		—		—		—		—		1,705		—		—		1,705
Total loans, gross	$	35,043	$	44,452	$	50,112	$	59,032	$	61,347	$	87,070	$	20,325	$	1,051	$	358,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

17

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2024 (in thousands); as well as gross charge-offs (in thousands) for the year ended December 31, 2024:

	Year of Origination
															Revolving
															Loans
													Revolving		Converted to
	2024		2023		2022		2021		2020			Prior	Loans		Term Loans		Total
Real estate: one- to four-family residential
Pass	$	4,884	$	8,036	$	16,823	$	16,203	$	11,547	$	34,873	$	9,645	$	1,071	$	103,082
Special Mention		—		—		—		—		—		173		—		—		173
Substandard		—		—		—		—		—		318		—		—		318
Total real estate: one- to four-family residential	$	4,884	$	8,036	$	16,823	$	16,203	$	11,547	$	35,364	$	9,645	$	1,071	$	103,573
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: commercial
Pass	$	31,050	$	42,813	$	38,232	$	43,810	$	19,692	$	21,990	$	5,526	$	—	$	203,113
Special Mention		—		—		245		—		334		—		—		—		579
Substandard		—		—		—		—		—		1,472		—		—		1,472
Total real estate: commercial	$	31,050	$	42,813	$	38,477	$	43,810	$	20,026	$	23,462	$	5,526	$	—	$	205,164
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	(223)
Real estate: construction
Pass	$	3,940	$	—	$	2,339	$	3,750	$	77	$	—	$	386	$	—	$	10,492
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total real estate: construction	$	3,940	$	—	$	2,339	$	3,750	$	77	$	—	$	386	$	—	$	10,492
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Pass	$	5,058	$	525	$	2,612	$	1,991	$	416	$	230	$	9,991	$	56	$	20,879
Special Mention		—		—		—		—		—		—		240		—		240
Substandard		—		—		—		—		—		159		—		—		159
Total commercial and industrial	$	5,058	$	525	$	2,612	$	1,991	$	416	$	389	$	10,231	$	56	$	21,278
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	2	$	—	$	2,000	$	2,000	$	—	$	—	$	5,255	$	—	$	9,257
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total consumer and other	$	2	$	—	$	2,000	$	2,000	$	—	$	—	$	5,255	$	—	$	9,257
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(12)	$	—	$	(12)
Total loans, gross
Pass	$	44,934	$	51,374	$	62,006	$	67,754	$	31,732	$	57,093	$	30,803	$	1,127	$	346,823
Special Mention		—		—		245		—		334		173		240		—		992
Substandard		—		—		—		—		—		1,949		—		—		1,949
Total loans, gross	$	44,934	$	51,374	$	62,251	$	67,754	$	32,066	$	59,215	$	31,043	$	1,127	$	349,764
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(223)	$	(12)	$	—	$	(235)

18

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2025 and December 31, 2024 (in thousands):

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
June 30, 2025	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	337	$	20	$	22	$	379	$	104,930	$	105,309	$	—
Commercial		—		—		467		467		226,334		226,801		—
Construction		—		—		—		—		7,287		7,287		—
Commercial and industrial		—		—		—		—		16,475		16,475		—
Consumer and other		—		—		—		—		2,560		2,560		—
Total loans, gross	$	337	$	20	$	489	$	846	$	357,586	$	358,432	$	—

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
December 31, 2024	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	190	$	—	$	24	$	214	$	103,359	$	103,573	$	—
Commercial		376		—		488		864		204,300		205,164		—
Construction		—		—		—		—		10,492		10,492		—
Commercial and industrial		—		50		109		159		21,119		21,278		—
Consumer and other		—		—		—		—		9,257		9,257		—
Total loans, gross	$	566	$	50	$	621	$	1,237	$	348,527	$	349,764	$	—

The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider resulting in a modified loan. The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral.

The Company identifies loans for potential modification primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future.

No loans were modified during the three or six months ended June 30, 2025 and 2024 to borrowers experiencing financial difficulty.

The Company closely monitors the performance of modified loans to understand the effectiveness of its modification efforts. Upon the determination that all or a portion of a modified loan is uncollectible, that amount is charged against the allowance for credit losses. There were no payment defaults during the three or six months ended June 30, 2025 and 2024 of modified loans.

At June 30, 2025 and December 31, 2024, there was no other real estate owned. There was no real estate in process of foreclosure as of June 30, 2025 and December 31, 2024.

19

5. Leases

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable prepaid rent, initial direct costs and any incentives received from the lessor.

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

The following tables present information about the Company’s leases as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		June 30,			December 31,
		2025			2024
Right-of-use assets	$	1,582		$	1,567
Lease liabilities	$	1,560		$	1,536
Weighted average remaining lease term		10.38	years		11.08	years
Weighted average discount rate		4.84	%		4.81	%
		Three Months			Three Months			Six Months		Six Months
		Ended			Ended			Ended		Ended
		June 30,			June 30,			June 30,		June 30,
		2025			2024			2025		2024
Operating lease cost	$	45		$	26		$	88	$	51
Short-term lease cost		-			-			-		4
Total lease costs	$	45		$	26		$	88	$	55
Cash paid for amounts included in the measurement of lease liabilities	$	61		$	35		$	119	$	69

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:

	As of
	June 30,
Lease payments due (in thousands):	2025
Six months ending December 31, 2025	$	121
2026		201
2027		185
2028		186
2029		190
Thereafter		1,111
Total undiscounted cash flows		1,994
Discount		434
Lease Liability	$	1,560

20

6. Borrowings

The Company has an unsecured line of credit with Atlantic Community Bankers Bank (“ACBB”) of up to $7,500,000, expiring on June 30, 2026, which it intends to renew annually. Interest on the line of credit is charged at fed funds rate plus 0.25%. The Company had no outstanding borrowings under the ACBB line of credit at June 30, 2025 and December 31, 2024. The Company has an unsecured line of credit with SouthState Bank, N.A. of up to $5,000,000. There were no borrowings outstanding under the SouthState Bank, N.A. line of credit at June 30, 2025 and December 31, 2024. The Company also has the ability to borrow up to $2,000,000 through the Federal Reserve Bank’s discount window. Funds obtained through the discount window are secured by the Company’s U.S. Government and agency obligations. There were no borrowings outstanding through the discount window at June 30, 2025 and December 31, 2024.

The Company has an open-ended line of credit (short-term borrowing) of $89,400,000 and $89,200,000 at June 30, 2025 and December 31, 2024, respectively, to obtain advances from the Federal Home Loan Bank (“FHLB”). Interest on the line of credit is charged at the FHLB’s overnight rate of 4.69% and 4.71% at June 30, 2025 and December 31, 2024, respectively. The Company had no outstanding borrowings under this line of credit at June 30, 2025 and December 31, 2024.

Maximum borrowing capacity with the FHLB was approximately $185,158,000 and $179,542,000 at June 30, 2025 and December 31, 2024, respectively. The Company had three letters of credit with the FHLB totaling $11,750,000 at June 30, 2025 and three letters of credit with FHLB that totaled $7,000,000 at December 31, 2024 that were pledged to secure public funds.

Borrowings from the FHLB at June 30, 2025 and December 31, 2024 consist of the following (dollars in thousands):

	June 30,				December 31,
	2025				2024
			Weighted				Weighted
Maturity	Amount		Rate		Amount		Rate
2025	$	1,500	5.16	%	$	4,500	5.30	%
2026		1,992	4.08			2,411	3.60
2027		19,500	2.69			19,500	2.69
2028		13,650	4.00			13,650	4.00
2030		5,000	3.95			—	—
2032		2,240	1.83			2,399	1.83
Total borrowings	$	43,882	3.43	%	$	42,460	3.39	%

7. Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

21

The Company had the following off-balance sheet financial instruments whose contract amounts represent credit risk at June 30, 2025 and December 31, 2024 (in thousands):

	June 30,		December 31,
	2025		2024
Commitments to grant loans	$	25,297	$	23,958
Unfunded commitments under lines of credit		13,036		12,409
Standby letters of credit		7,593		6,698
Total off-balance sheet financial instruments	$	45,926	$	43,065

Outstanding loan commitments represent the unused portion of loan commitments available to individuals and companies as long as there is no violation of any condition established in the contract. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based upon management’s credit evaluation of the customer. Various types of collateral may be held, including property and marketable securities. The credit risk involved in these financial instruments is essentially the same as that involved in extending loan facilities to customers.

8. Contingencies

In the normal course of business, the Company is subject to various lawsuits involving matters generally incidental to its business. As of June 30, 2025, management is of the opinion that the ultimate liability, if any, resulting from any pending actions or proceedings will not have a material effect on the consolidated balance sheet or results of operations and cash flows of the Company.

9. Stock-Based Compensation  

The Company’s stockholders approved the PB Bankshares, Inc. 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan”) at the Annual Meeting on September 28, 2022. An aggregate of 388,815 shares of authorized but unissued common stock of the Company was reserved for future grants of incentive and nonqualified stock options and restricted stock awards and restricted stock units under the 2022 Equity Incentive Plan. Of the 388,815 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2022 Equity Incentive Plan pursuant to the exercise of stock options is 277,725 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 111,090 shares.

The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of June 30, 2025 and December 31, 2024, there were -0- shares available for future awards under this plan. The stock options and restricted shares vest over a five-year period.

Stock option expense was $72,000 and $143,000 for the three and six month periods ended June 30, 2025 and $67,000 and $137,000 for the same periods ended June 30, 2024, respectively. At June 30, 2025, total unrecognized compensation cost related to stock options was $816,000.

22

A summary of the Company’s stock option activity and related information for the three and six month periods ended June 30, 2025 was as follows (dollars in thousands, except per share data):

	Three Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, April 1, 2025		277,525	$	12.28		7.69
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585
	Six Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, January 1, 2025		277,725	$	12.28		7.93	$
Granted		—		—		—
Exercised		(200)		12.28		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585

Restricted stock expense was $68,000 and $135,000 for the three and six month periods ended June 30, 2025 and $67,000 and $133,000 for the same periods ended June 30, 2024, respectively. At June 30, 2025, the unrecognized compensation expense relating to non-vested restricted stock outstanding was $765,000.

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A summary of the Company’s restricted stock activity and related information for the three and six month periods ended June 30, 2025 was as follows:

	Three Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, April 1, 2025		67,846	$	12.28
Granted		—		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28
	Six Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, January 1, 2025		67,846		12.28
Granted		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28

10. Regulatory Matters

The Bank is 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. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of June 30, 2025, the Bank met all capital adequacy requirements to which it was subject.

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 June 30, 2025, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital, Tier 1 Capital or Total Capital to risk-weighted assets above the minimum but below the conservation buffer will face limitations on dividends, stock repurchases and certain discretionary bonus payments to management based on the amount of the shortfall. Under the Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The required capital conservation buffer is 2.50%.

On January 1, 2023, the Company adopted ASC 326. Regulatory capital rules permitted the Bank to phase-in the day-one effects of adopting ASC 326 over a three-year transition period. The Bank elected to take the phase-in for the amount of $140,000.

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The following tables present actual and required capital ratios as of June 30, 2025 and December 31, 2024 under the Basel III Capital Rules. Bank capital levels required to be considered well capitalized are based upon prompt corrective action regulations.

Actual and required capital amounts (in thousands) and ratios of the Bank are presented below at quarter-end.

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
June 30, 2025	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	48,466	13.39	%	$	28,966	8.00	%	$	38,017	10.50	%	$	36,207	10.00	%
Tier 1 capital (to risk-weighted assets)	$	43,940	12.14	%	$	21,724	6.00	%	$	30,776	8.50	%	$	28,966	8.00	%
Common equity (to risk-weighted assets)	$	43,940	12.14	%	$	16,293	4.50	%	$	25,345	7.00	%	$	23,535	6.50	%
Tier 1 capital (to average assets)	$	43,940	9.46	%	$	18,580	4.00	%		N/A	N/A		$	23,226	5.00	%

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
December 31, 2024	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	46,961	13.50	%	$	27,820	8.00	%	$	36,514	10.50	%	$	34,775	10.00	%
Tier 1 capital (to risk-weighted assets)	$	42,614	12.25	%	$	20,865	6.00	%	$	29,559	8.50	%	$	27,820	8.00	%
Common equity (to risk-weighted assets)	$	42,614	12.25	%	$	15,649	4.50	%	$	24,342	7.00	%	$	22,604	6.50	%
Tier 1 capital (to average assets)	$	42,614	9.60	%	$	17,753	4.00	%		N/A	N/A		$	22,191	5.00	%

11. Earnings Per Common Share

The factors used in the earnings per common share computation follow (dollars in thousands, except per share data):

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Net income	$	640	$	370	$	1,113	$	687
Weighted average common shares outstanding		2,484,915		2,508,297		2,484,607		2,538,193
Less: Average unearned ESOP shares		(177,744)		(188,853)		(177,744)		(188,853)
Weighted average shares outstanding (basic)		2,307,171		2,319,444		2,306,863		2,349,340
Dilutive common stock equivalents		44,417		35,884		36,091		34,582
Weighted average shares outstanding (diluted)		2,351,588		2,355,328		2,342,954		2,383,922
Basic earnings per common share	$	0.28	$	0.16	$	0.48	$	0.29
Diluted earnings per common share	$	0.27	$	0.16	$	0.48	$	0.29

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12. Fair Value of Financial Instruments

The Company groups its assets and liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 - Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 - Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on 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 for substantially the full term of the asset or liability.

Level 3 - Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation.

Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions.

Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective quarter ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each quarter end.

An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions were used by the Company in estimating fair value disclosures for its financial assets and liabilities:

Debt and Equity Securities (Carried at Fair Value on a Recurring Basis)

The fair value of debt and equity securities (carried at fair value) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt and equity securities without relying exclusively on quoted market prices for the specific debt and equity securities but rather by relying on the securities’ relationship to other benchmark quoted prices.

Individually Evaluated Collateral Dependent Loans (Generally Carried at Fair Value on a Nonrecurring Basis)

The estimated fair value of individually evaluated collateral dependent loans is based on the value of the underlying collateral or the value of the underlying collateral, less estimated cost to sell, as appropriate. Collateral is generally real estate; however, collateral may include vehicles, equipment, inventory, accounts receivable, and/or other assets. The value

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of real estate collateral is generally determined using a market valuation approach based on an appraisal conducted by an independent, licensed appraiser.  The value of other assets may also be based on an appraisal, market quotations, aging schedules or other sources. Any fair value adjustments are recorded in the period incurred as a provision for credit losses on the Consolidated Statements of Income. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. At June 30, 2025, the fair value consisted of the recorded investment in the collateral dependent loans of $396,000, which was net of a valuation allowance of $71,000. At December 31, 2024, the fair value consisted of the recorded investment in the collateral dependent loans of $396,000, which was net of a valuation allowance of $92,000. Collateral dependent individually evaluated loans are included in Loans Receivable in the table below, which details the fair value of all the Company’s financial instruments.

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	17,011	$	—	$	17,011	$	—
Corporate bonds		6,157		—		6,157		—
Treasury securities		5,927		5,927		—		—
Mortgage-backed securities		3,871		—		3,871		—
Collateralized mortgage obligations		2,634		—		2,634		—
Mutual funds		836		836		—		—
Total assets measured at fair value on a recurring basis	$	36,436	$	6,763	$	29,673	$	—

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	20,165	$	—	$	20,165	$	—
Corporate bonds		4,821		—		4,821		—
Treasury securities		21,950		21,950		—		—
Mortgage-backed securities		1,496		—		1,496		—
Collateralized mortgage obligations		1,864		—		1,864		—
Mutual funds		808		808		—		—
Total assets measured at fair value on a recurring basis	$	51,104	$	22,758	$	28,346	$	—

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For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

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The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to measure fair value at June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	15.1% (15.1%) (1)

December 31, 2024
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	18.9% (18.9%) (1)

(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table:

	Fair Value	June 30, 2025				December 31, 2024
	Hierarchy	Carrying		Estimated		Carrying		Estimated
(In thousands)	Level	Amounts		Fair Values		Amounts		Fair Values
Financial assets:
Cash and cash equivalents	1	$	55,906	$	55,906	$	37,777	$	37,777
Debt securities - available-for-sale	1 & 2		35,600		35,600		50,296		50,296
Equity securities	1		836		836		808		808
Restricted stocks	2		2,228		2,228		2,125		2,125
Loans, net	3		353,324		353,324		344,813		334,968
Accrued interest receivable	1		1,476		1,476		1,269		1,269
Bank owned life insurance	2		8,560		8,560		8,448		8,448
Financial liabilities:
Demand deposits, savings, and money market	1		187,403		187,403		180,392		180,392
Certificates of deposit	2		176,018		176,018		173,798		173,262
Borrowings	2		43,882		43,882		42,460		42,015
Accrued interest payable	1		1,051		1,051		1,141		1,141

13. Noninterest Revenues

Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investments. In addition, certain noninterest income streams such as gains on equity investments, income associated with bank owned life insurance, and loan fees are also not in scope of the guidance. Topic 606 is applicable to noninterest revenue streams such as service charges on deposit accounts and gains on sale of other real estate owned. Noninterest revenue streams in-scope of Topic 606 are discussed below.

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Service Charges on Deposit Accounts

Service charges on deposit accounts consist of fees on depository accounts, which includes NSF fees, miscellaneous deposit-based service fees, monthly maintenance fees for consumer and commercial, and account analysis and related fees (commercial).

Service charges and fees charged daily are a result of an event or service being provided on the day with the Company recognizing the revenue on the same day. The Company has determined that all performance obligations for daily service charges and fees are met on the same day as the transaction and, therefore, should be recognized as these occur.

Monthly maintenance/service charges and fees are charged on the last day of the month (i.e. the same month as charges are incurred) after the system has completed its processing. The Company has determined that all performance obligations for monthly fees are typically met during the month or the same day as the customer has not met its obligation. As monthly fees are typically incurred by the customer throughout the month, the fees should be recognized upon completion of the month since the performance obligations have been met for those services.

Account analysis service charges and fees are recorded on a monthly basis on the last day of the month. The Company has determined that all performance obligations for account analysis fees are met during the month.

Debit Card Income

Debit card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur.

Gains on Sale of Other Real Estate Owned

The sale of other real estate owned is currently recognized on the closing date of sale when all performance obligations have been met, and control of the asset has been transferred to the buyer. Any gains are included in noninterest expenses in the consolidated statements of income.

For the Company, there are no other material revenue streams within the scope of Topic 606. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Noninterest income in scope of Topic 606	2025		2024		2025		2024
Service charges on deposit accounts	$	51	$	42	$	99	$	87
Debit card income		55		53		107		103
Other service charges		14		20		25		37
Other noninterest income		102		25		177		55
Noninterest income (in scope for Topic 606)		222		140		408		282
Noninterest income (out of scope for Topic 606)		59		50		127		95
Total noninterest income	$	281	$	190	$	535	$	377

Contract Balances

As of June 30, 2025 and December 31, 2024, the Company did not have any significant contract balances.

Contract Acquisition Costs

As of June 30, 2025 and December 31, 2024, the Company did not have any significant contract acquisition costs.

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14. Subsequent Events

On July 7, 2025, the Company and the Bank entered into an Agreement and Plan of Merger (the ‘Merger Agreement’) with Norwood Financial Corp, a Pennsylvania corporation (“Norwood”) and its wholly owned subsidiary, Wayne Bank.  Pursuant to the terms and conditions set forth in the Merger Agreement, the Company will merge with and into Norwood (the “Merger”), with Norwood surviving, and the Bank will merge with and into Wayne Bank, with Wayne Bank as the surviving bank (the ‘Bank Merger’).

At the effective time of the Merger, each outstanding share of Company common stock will be converted into the right to receive, at the election of such holder, either (i) 0.7850 shares of Norwood common stock, or (ii) $19.75 in cash, together with cash in lieu of fractional shares, if any. All such elections are subject to adjustment on a pro rata basis, so that 80% of the aggregate merger consideration paid to the Company stockholders will be the stock consideration and the remaining 20% will be the cash consideration.

The completion of the Merger and the Bank Merger are subject to customary closing conditions, including approval by the Company’s stockholders and the receipt of any required regulatory approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities. The Merger is expected to close in the fourth quarter of 2025 or early in the first quarter of 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This discussion and analysis reflects our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the accompanying financial statements. You should read the information in this section in conjunction with the business and financial information regarding the Company and Bank provided in this Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 28, 2025.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. These forward-looking statements include, but are not limited to:

• statements of our goals, intentions and expectations;

• statements regarding our business plans, prospects, growth and operating strategies;

• statements regarding the asset quality of our loan and investment portfolios; and

• estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this quarterly report.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

• general economic conditions, either nationally or in our market areas, that are worse than expected;

• changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;

• our ability to access cost-effective funding;

• events involving the failure of financial institutions may adversely affect our business, and the market price of our common stock;

• fluctuations in real estate values and both residential and commercial real estate market conditions;

• demand for loans and deposits in our market area;

• our ability to implement and change our business strategies;

• competition among depository and other financial institutions;

• inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;

• the rate of delinquencies and amounts of loans charged-off;

• adverse changes in the securities markets;

• changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

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• our ability to enter new markets successfully and capitalize on growth opportunities;

•our ability to capitalize on strategic opportunities;

•our ability to successfully introduce new products and services;

• our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;

•our ability to retain our existing customers;

•our ability to prevent or mitigate fraudulent activity;

•changes in consumer spending, borrowing and savings habits;

• changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

•changes in our organization, compensation and benefit plans;

•changes in the quality or composition of our loan or investment portfolios;

• a breach in security of our information systems, including the occurrence of a cyber incident or a deficiency in cyber security;

•political instability or civil unrest;

•acts of war or terrorism;

• acts of public health crises, such as epidemics or pandemics;

• the impact of international trade policies, including tariffs;

• competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional providers, including retail businesses and technology companies;

•the failure to attract and retain skilled people;

• any future FDIC insurance premium increases, or special assessments may adversely affect our earnings;

•the fiscal and monetary policies of the federal government and its agencies; and

• other economic, competitive, governmental, regulatory and operational factors affecting our operations, pricing, products and services described elsewhere in this quarterly report.

• the possibility that the Company's pending merger with Norwood may be more expensive or take longer to complete than anticipated and that the anticipated benefits of the Merger, including anticipated cost savings and strategic gains, may not be realized fully or at all or may take longer to realize than expected;

• the impact of significant transaction and merger-related costs to be incurred in connection with the transactions contemplated by the Merger Agreement entered into by and between the Company and Norwood;

• the possibility that regulatory approvals for the Merger and the Bank Merger may not be received, may take longer than expected or may impose conditions that are not currently anticipated, cannot be met, or that could have an adverse effect on the combined company following the Merger and the Bank Merger;

• reputational risk and the risk of adverse reaction of our, Norwood’s and our respective affiliates’ customers, vendors, employees or other business partners to the Merger;

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• the diversion of management’s attention from ongoing business operations and opportunities as a result of matters relating to the Merger;

• the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Merger Agreement;

• risks related to our business to which we will be subject after the closing of the Merger;

• the possibility that the combined company may not effectively manage its expanded operations following the completion of the Merger;

• business uncertainties and contractual restrictions that we and Norwood are subject to while the Merger is pending;

• the prevention or delay of completion of the Merger by any shareholder litigation that may be instituted against us or Norwood; and

• the possibility that important conditions, including approval of the Merger Agreement by our stockholders and Norwood’s shareholders and of the issuance of shares of common stock by Norwood shareholders are not satisfied or waived.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

Overview

Our business has traditionally focused on originating fixed-rate one- to four-family residential real estate loans and offering retail deposit accounts. In September 2019, we hired our current president and chief executive officer, Janak M. Amin, and under his leadership team we have developed a commercial lending infrastructure, with a particular focus on expanding our commercial real estate and commercial and industrial loan portfolios to diversify our balance sheet, improve our interest rate risk exposure and increase interest income. Our primary market area now consists of Chester and Lancaster Counties and the surrounding Pennsylvania counties of Cumberland, Dauphin, and Lebanon. Management has also emphasized the importance of attracting commercial deposit accounts from its customers. As a result of these initiatives and the completion of our initial public stock offering on July 14, 2021, we were able to grow and strengthen our balance sheet. There was an increase in our consolidated assets of $12.8 million, or 2.8%, from $451.3 million at December 31, 2024 to $464.1 million at June 30, 2025 and an increase in our deposits of $9.2 million, or 2.6%, from $354.2 million at December 31, 2024 to $363.4 million at June 30, 2025.

Our results of operations depend primarily on our net interest income and, to a lesser extent, noninterest income. Net interest income is the difference between the interest income we earn on our interest- earning assets, consisting primarily of loans, debt securities and other interest-earning assets (primarily cash and cash equivalents), and the interest we pay on our interest-bearing liabilities, consisting primarily of savings accounts, demand accounts, money market accounts, certificates of deposit and borrowings. Noninterest income consists primarily of debit card income, service charges on deposit accounts, earnings on bank owned life insurance, other service charges and other income. Our results of operations also are affected by our provision for credit losses and noninterest expenses. Noninterest expenses consist primarily of salaries and employee benefits, occupancy and equipment, data and item processing costs, advertising and marketing, professional fees, directors’ fees, FDIC insurance premiums, Pennsylvania shares tax, debit card expenses, and other expenses. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, government policies and actions of regulatory authorities.

For the three months ended June 30, 2025, we reported net income of $640,000 compared to net income of $370,000 for the three months ended June 30, 2024. The period over period increase in earnings of $270,000 was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, provision for credit losses and income tax expense.

For the six months ended June 30, 2025, we reported net income of $1.1 million compared to net income of $687,000 for the six months ended June 30, 2024. The period over period increase in earnings of $426,000 was attributable to increases

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in net interest income and noninterest income, partially offset by increases in noninterest expense, provision for credit losses and income tax expense.

Critical Accounting Estimates

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting estimates discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

In 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

Allowance for credit losses on loans. We establish the allowance for credit losses through charges to earnings in the form of a provision for credit losses. Loan losses are charged against the allowance for credit losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses (“ACL”) at June 30, 2025 represents the Company’s current estimate of the lifetime credit losses expected from its loan portfolio. Management estimates the ACL by projecting a lifetime loss rate conditional on a forecast of economic parameters and other qualitative adjustments, for the loans’ expected remaining term.

Management’s judgment in determining the level of the allowance is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. In addition, management’s estimate of expected credit losses is based on the cash flows over the remaining life of loans held for investment, and changes in expected prepayment behavior may result in changes in the remaining life of loans and expected credit losses.

The allowance may be affected materially by a variety of qualitative factors that the Company considers to reflect its current judgement of various events and risks that are not measured in our statistical procedures. These qualitative risk factors include: (1) lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; (2) national, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans; (3) nature and volume of the portfolio and terms of loans; (4) volume and severity of past due, classified and nonaccrual loans as well as loan modifications; (5) existence and effect of any concentrations of credit and changes in the level of such concentrations; (6) effect of external factors, such as competition and legal and regulatory requirements; (7) experience, ability, and depth of lending department management and other relevant staff; (8) quality of loan review and board of directors oversight; (9)The effect of other external factors (i.e. competition, legal and regulatory requirements); (10) the level of estimated credit losses change in the inflationary environment; (11) the level of estimated credit losses change in the interest rate environment. This evaluation is inherently subjective because it requires estimates that are susceptible to significant revision as more information becomes available. In evaluating the level of the allowance, we consider a range of possible assumptions and outcomes related to the various factors identified above. The level of the allowance is particularly sensitive to changes in the actual and forecasted probability of default of benchmarked banks and changes in current conditions or reasonably expected future conditions affecting the collectability of loans.

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Management of the Company considers the accounting policy relating to the allowance for credit losses to be a critical accounting estimate given the uncertainty in evaluating the level of the allowance required to cover management’s estimate of all expected credit losses over the expected contractual life of our loan portfolios. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain, including making significant estimates of current credit risks and trends using existing quantitative and qualitative information, and reasonable and supportable forecasts of future economic conditions, which may undergo frequent and material changes. Subsequent evaluations of the then-existing loan portfolios, in light of changes in economic conditions, new information regarding existing loans and other factors, may result in significant changes in the allowance for credit losses in those future periods. For example, changes to the Federal Open Market Committee’s (FOMC) forecasted civilian unemployment rate and year-over-year U.S. GDP growth could have a material impact on the model’s estimation of the allowance for credit losses on loans. An immediate increase of 150 basis points in the FOMC’s projected rate of civilian unemployment and a decrease of 100 basis points in the FOMC’s projected rate of U.S. GDP growth would increase the model’s total calculated allowance for credit losses on loans by $43,000, or 1.0% as of June 30, 2025, assuming all other qualitative adjustments are kept at current levels. While management’s current evaluation of the allowance for credit losses indicates the allowance is appropriate, the allowance may need to be increased under different conditions or assumptions. Additionally, changes in those factors and inputs may not occur at the same rate and inputs may be directionally inconsistent, such that improvements in one factor may offset deterioration in others. The impact of utilizing an expected credit losses approach to estimate the allowance for credit losses can and will be significantly influenced by the composition, characteristics and quality of our loan portfolios, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to our reported earnings.

Although we believe that we use the best information available to establish the allowance for credit losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the FDIC and the PADOB, as an integral part of their examination process, periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management. A large loss could deplete the allowance and require increased provisions to replenish the allowance, which would adversely affect earnings.

Comparison of Financial Condition at June 30, 2025 and December 31, 2024

Total assets. Total assets increased $12.8 million to $464.1 million at June 30, 2025 from $451.3 million at December 31, 2024. The increase in assets was primarily due to increases in cash and cash equivalents and net loans receivable, partially offset by a decrease in debt securities available-for-sale. Growth in total assets was funded by the increase in deposits while growth in loans and cash and cash equivalents were primarily the result of maturities of short-term treasury securities that were not reinvested in additional securities and instead used to enhance commercial loan growth and our cash position. Cash and cash equivalents increased $18.1 million to $55.9 million at June 30, 2025 from $37.8 million at December 31, 2024. Gross loans increased $8.7 million, or 2.5%, to $358.4 million at June 30, 2025 from $349.8 million at December 31, 2024, primarily due to growth in the commercial real estate loan portfolio and one-to four-family residential real estate portfolio. Debt securities available-for-sale decreased $14.7 million to $35.6 million at June 30, 2025 from $50.3 million at December 31, 2024, primarily due to the maturity of short-term treasury securities.

Net loans receivable increased $8.5 million, or 2.5%, to $353.3 million at June 30, 2025 from $344.8 million at December 31, 2024 primarily due to the increase in the commercial real estate loan portfolio and one-to four-family residential real estate portfolio. Commercial real estate loans increased $21.6 million, or 10.5%, to $226.8 million at June 30, 2025 from $205.2 million at December 31, 2024. The increase in commercial real estate loans was primarily due to the continued implementation of our strategy to expand our commercial loan portfolio to enhance revenue. One- to four-family residential loans increased $1.7 million, or 1.7%, to $105.3 million at June 30, 2025 from $103.6 million at December 31, 2024 primarily due to a focus on Community Reinvestment Act loans. Consumer and other loans decreased $6.7 million, or 72.3%, to $2.6 million at June 30, 2025 from $9.3 million at December 31, 2024 primarily due to prepayment of one larger loan in that category and payoff of a revolving line of credit to zero which remains open. Commercial and industrial loans decreased $4.8 million, or 22.6%, to $16.5 million at June 30, 2025 from $21.3 million at December 31, 2024 primarily due to the requested payoff of a large relationship in the portfolio as part of prudent portfolio management.

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Construction real estate loans decreased $3.2 million, or 30.5%, to $7.3 million at June 30, 2025 from $10.5 million at December 31, 2024 primarily due to construction completion and conversion to commercial real estate loans.

Management is monitoring the commercial real estate portfolio and concentration, assessing its associated risks. As part of its risk management process, the Bank segments and stress tests its commercial real estate loan portfolio.

Cash and cash equivalents increased $18.1 million, or 48.0%, to $55.9 million at June 30, 2025 from $37.8 million at December 31, 2024 due to increases in cash and due from banks and fed funds sold. The increase was due to the maturities and paydowns of $21.8 million of debt securities available-for-sale with $6.6 million that were reinvested in debt securities available-for-sale and the remainder utilized for liquidity within cash and cash equivalents or to fund loan growth.

Debt securities available-for-sale decreased $14.7 million, or 29.2%, to $35.6 million at June 30, 2025 from $50.3 million at December 31, 2024 due to the maturity and paydowns of $21.8 million of securities, primarily short term treasury securities and $159,000 of accretion on our debt securities available for sale, partially offset by purchases of $6.6 million of corporate bonds, treasury securities and mortgage backed securities and a $371,000 year to date increase in the fair market value of debt securities available for sale.

Deposits and borrowings. Total deposits increased $9.2 million, or 2.6%, to $363.4 million at June 30, 2025 from $354.2 million at December 31, 2024. The increase in our deposits reflected a $4.0 million increase in interest-bearing demand deposit accounts, a $2.3 million increase in certificates of deposit, a $2.8 million increase in money market deposits and an $879,000 increase in savings deposits, partially offset by a $737,000 decrease in noninterest-bearing demand deposit accounts, due to customers utilizing their deposits or moving deposits to higher yielding deposit products. Demand deposits increased primarily due to management’s continuing focus on increasing the commercial deposit accounts of its customers. The increase in certificates of deposit was due to offering deposit specials to maintain current certificate of deposit customers. Uninsured deposits, excluding public deposits, which are secured with pledged investments and FHLB Letters of Credit, were approximately $39.1 million and $38.1 million, or 10.8% and 11.0% of total deposits at June 30, 2025 and December 31, 2024, respectively.

Total borrowings from the FHLB increased $1.4 million, or 3.3%, to $43.9 million at June 30, 2025 from $42.5 million at December 31, 2024 due to $5.0 million of new advances in the first half of 2025, partially offset by $3.6 million of repayments.

Stockholders’ Equity. Stockholders’ equity increased $1.7 million, or 3.5%, to $50.3 million at June 30, 2025 from $48.7 million at December 31, 2024. The increase was due to net income of $1.1 million and the reduction in accumulated other comprehensive loss of $293,000, stock based compensation expenses of $278,000 and exercise of incentive stock options of $3,000.

Comparison of Operating Results for the Three Months Ended June 30, 2025 and June 30, 2024

General. Net income increased $270,000, or 73.0%, to $640,000 for the three months ended June 30, 2025 from $370,000 for the three months ended June 30, 2024. The $270,000 period over period increase in earnings was attributable to a $327,000 increase in interest and dividend income, a $160,000 decrease in interest expense and a $91,000 increase in noninterest income, partially offset by a $215,000 increase in noninterest expenses, a $70,000 increase in income tax expense and a $23,000 increase in the provision for credit losses.

Interest and dividend income. Total interest and dividend income increased $327,000, or 5.5%, to $6.3 million for the three months ended June 30, 2025 from $5.9 million for the three months ended June 30, 2024. The increase in interest and dividend income was primarily the result of a $15.4 million increase period over period in the average balance of interest-earning assets, driven by a $7.7 million increase in average loan balances, a $5.1 million increase in the average balance of debt and equity securities available for sale and a $2.8 million increase in the average balance of cash and cash equivalents, partially offset by a $333,000 decrease in the average balance of restricted stocks. The increase was also due to a nine basis points increase in the average yield on interest-earning assets. The average yield on average interest-earning assets increased to 5.50% for the three months ended June 30, 2025 from 5.41% for the three months ended June 30, 2024.

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Interest income on loans, including fees, increased $382,000, or 7.9%, to $5.2 million for the three months ended June 30, 2025 as compared to $4.9 million for the three months ended June 30, 2024, reflecting a 30 basis points increase in the average yield on loans to 5.97% for the three months ended June 30, 2025 from 5.67% for the three months ended June 30, 2024 and an increase in the average balance of loans to $352.1 million for the three months ended June 30, 2025 from $344.4 million for the three months ended June 30, 2024. The average yield on loans increased as a result of the higher interest rate environment. The increase in the average balance of loans was due primarily to an increase in the average balance of commercial real estate loans reflecting our strategy to grow commercial lending.

Interest income on securities and restricted stocks increased $103,000, or 38.6%, to $370,000 for the three months ended June 30, 2025 from $267,000 for the three months ended June 30, 2024. The increase in interest income on debt and equity securities of $113,000 for the three months ended June 30, 2025 from the three months ended June 30, 2024 was due to a 79 basis points increase in the average yield on debt and equity securities to 3.17% for the three months ended June 30, 2025 from 2.38% for the three months ended June 30, 2024 and an increase in the average balance of debt and equity securities of $5.1 million, or 14.2%, to $41.4 million for the three months ended June 30, 2025 from $36.2 million for the three months ended June 30, 2024. The increases in the average yield and average balance of debt and equity securities were primarily due to the purchase of higher yielding securities during 2024 and year to date 2025. Restricted stock dividends are also included in the interest income on securities. Restricted stock dividends decreased $10,000 for the three months ended June 30, 2025 from the three months ended June 30, 2024 due to a decrease in the average balance of restricted stocks of $333,000, or 13.6%, to $2.1 million for the three months ended June 30, 2025 as compared to $2.5 million for the three months ended June 30, 2024 and due to a 56 basis points decrease in the average yield on restricted stocks to 8.12% for the three months ended June 30, 2025 from 8.68% for the three months ended June 30, 2024. The average balance in restricted stocks decreased due to decreases in average Federal Home Loan Bank borrowings that require a decrease in our ownership of Federal Home Loan Bank stock.

Interest income on cash and cash equivalents decreased $158,000, or 19.6%, to $650,000 for the three months ended June 30, 2025, from $808,000 for the three months ended June 30, 2024. The decrease in interest income on cash and cash equivalents was attributable to a decrease in the average yield on cash and cash equivalents of 132 basis points to 4.30% for the three months ended June 30, 2025 from 5.62% for the three months ended June 30, 2024, as a result of the Federal Reserve rate cuts in the third and fourth quarters of 2024. Offsetting the decrease in interest income on cash and cash equivalents was an increase in the average balance of cash and cash equivalents of $2.8 million, or 4.9%, to $60.6 million for the three months ended June 30, 2025 from $57.8 million for the three months ended June 30, 2024

Interest expense. Interest expense decreased $160,000, or 5.1%, to $3.0 million for the three months ended June 30, 2025 20from $3.1 million for the three months ended June 30, 2024 as a result of a decrease in interest expense on borrowings and deposits. The decrease was due to a 27 basis points decrease in the average cost of interest-bearing liabilities from 3.37% for the three months ended June 30, 2024 to 3.10% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest-bearing liabilities of $10.9 million to $386.7 million for the three months ended June 30, 2025 from $375.8 million for the three months ended June 30, 2024.

Interest expense on deposits decreased $63,000, or 2.4%, to $2.6 million for the three months ended June 30, 2025 as compared to $2.7 million for the three months ended June 30, 2024 as a result of a 26 basis points decrease in the average cost of interest-bearing deposits, partially offset by an increase of $18.1 million in the average balance of our interest-bearing deposits. The decrease in the average cost of deposits was primarily due to a 40 basis points decrease in the average cost of certificates of deposit, to 4.07% for the three months ended June 30, 2025 from 4.47% for the three months ended June 30, 2024 as a result of certificates of deposit repricing at a lower rate. The average cost of transaction accounts decreased 22 basis points to 1.97% for the three months ended June 30, 2025 from 2.19% for the three months ended June 30, 2024. The decrease in rates was due to the Federal Reserve rate cuts in the third and fourth quarters of 2024. The increase in the average balances of deposits was primarily due to an increase of $17.0 million in the average balance of certificates of deposit, traditionally our higher costing deposits, to $177.8 million for the three months ended June 30, 2025 from $160.8 million for the three months ended June 30, 2024. The increase in the average balance of our certificate of deposits was due to promotional specials to increase deposits to fund loan growth. The average balance of our lower costing deposit accounts, consisting of demand, savings, and money market accounts, increased by $1.1 million to $165.4 million for the three months ended June 30, 2025 from $164.3 million for the three months ended June 30, 2024 due to consistent efforts by the sales team to increase these accounts.

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Interest expense on Federal Home Loan Bank borrowings decreased $97,000, or 20.9%, to $368,000 for the three months ended June 30, 2025 from $465,000 for the three months ended June 30, 2024. The decrease in interest expense on Federal Home Loan Bank borrowings resulted from a decrease of $7.2 million in the average balance of Federal Home Loan Bank borrowings to $43.5 million for the three months ended June 30, 2025 from $50.7 million for the three months ended June 30, 2024 as a result of maturing Federal Home Loan Bank borrowings that were not replaced. The decrease in the average cost of these funds of 30 basis points to 3.39% for the three months ended June 30, 2025 from 3.69% for the three months ended June 30, 2024 was due to higher cost Federal Home Loan Bank borrowings which matured during 2025 and 2024 being replaced at a lower cost.

Net interest income. Net interest income increased $487,000, or 17.5%, to $3.3 million for the three months ended June 30, 2025 as compared to $2.8 million for the three months ended June 30, 2024. The increase in net interest income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to the increases in interest income on loans and debt securities available-for-sale and a decrease in interest expense on borrowings and deposits, partially offset by a decrease in interest income on cash and cash equivalents. Average net interest-earning assets increased by $4.4 million to $69.5 million for the three months ended June 30, 2025 from $65.1 million for the three months ended June 30, 2024. Our net interest margin increased 34 basis points to 2.88% for the three months ended June 30, 2025 from 2.54% for the three months ended June 30, 2024. Our net interest rate spread increased 36 basis points to 2.40% for the three months ended June 30, 2025 from 2.04% for the three months ended June 30, 2024.

Provision for credit losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current and forecasted economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a $40,000 provision for credit losses for the three months ended June 30, 2025 compared to $17,000 for the three months ended June 30, 2024. The increase in provision for credit losses was primarily due to a provision of $16,000 for unfunded commitments for the three months ended June 30, 2025 as compared to a recovery of $13,000 for the three months ended June 30, 2024. The allowance for credit losses on loans was $4.5 million, or 1.25%, of loans outstanding at June 30, 2025 and $4.4 million, or 1.25%, of loans outstanding at December 31, 2024.

To the best of our knowledge, we have recorded our best estimate of expected losses in the loan portfolio and for unfunded commitments at June 30, 2025.  However, future changes in the factors described above, including, but not limited to, actual loss experience with respect to our loan portfolio could result in material increases in our provision for credit losses. In addition, the PADOB and the FDIC, as an integral part of their examination process, will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

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Noninterest income. Noninterest income information is as follows.

	Three Months Ended
	June 30,				Change
	2025		2024		Amount		Percent
	(Dollars in thousands)
Service charges on deposit accounts	$	51	$	42	$	9	21.4	%
Gain (loss) on equity securities		3		(4)		7	175.0
Bank owned life insurance income		56		54		2	3.7
Debit card income		55		53		2	3.8
Other service charges		14		20		(6)	(30.0)
Other income		102		25		77	308.0
Total noninterest income	$	281	$	190	$	91	47.9	%

Noninterest income increased by $91,000, or 47.9%, to $281,000 for the three months ended June 30, 2025 from $190,000 for the three months ended June 30, 2024. The increase in noninterest income resulted primarily from an increase in other income of $77,000. Other income increased $77,000 primarily due to loan related fee income of $89,000 and $14,000 for the three months ended June 30, 2025 and 2024, respectively, earned for brokering interest rate swap agreements between the Bank’s customers and counterparties unrelated to the Bank.

Noninterest Expenses. Noninterest expenses information is as follows.

	Three Months Ended
	June 30,				Change
	2025		2024		Amount		Percent
	(Dollars in thousands)
Salaries and employee benefits	$	1,553	$	1,326	$	227	17.1	%
Occupancy and equipment		191		158		33	20.9
Data and item processing		231		300		(69)	(23.0)
Advertising and marketing		39		39		—	—
Professional fees		178		193		(15)	(7.8)
Directors’ fees		106		107		(1)	(0.9)
FDIC insurance premiums		46		70		(24)	(34.3)
Pennsylvania shares tax		87		73		14	19.2
Debit card expenses		38		39		(1)	(2.6)
Other		233		182		51	28.0
Total noninterest expenses	$	2,702	$	2,487	$	215	8.6	%

Noninterest expenses increased $215,000, or 8.6%, to $2.7 million for the three months ended June 30, 2025 from $2.5 million for the three months ended June 30, 2024. The increase in noninterest expenses was primarily the result of increases in salaries and employee benefits of $227,000, an increase in other expense of $51,000 and an increase in occupancy and equipment expense of $33,000, partially offset by a decrease in data and item processing of $69,000. Salaries and employee benefits increased $227,000 primarily due to the hiring of additional full-time equivalent employees, annual salary increases and additional bonus accruals. Other expenses increased $51,000 primarily as the result of increases in stationery & supplies purchases and dues and subscriptions increases. Occupancy and equipment increased $33,000 primarily as the result of our new administrative office lease. Data and item processing decreased $69,000 primarily as the result of our investment in our information technology infrastructure in 2024.

Income tax expense. Income tax expense increased $70,000, or 68.6%, to $172,000 for the three months ended June 30, 2025 from $102,000 for the three months ended June 30, 2024. The effective tax rates were 21.2% and 21.6% for the three month periods ended June 30, 2025 and 2024, respectively. The increase in income tax expense for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily due to an increase in income before income taxes and relatively consistent levels of nondeductible expenses and income not subject to taxes.

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Average balances and yields. The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances. Nonaccrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or interest expense.

	For the Three Months Ended June 30,
	2025							2024
	Average							Average
	Outstanding					Average		Outstanding					Average
	Balance			Interest		Yield/Rate (4)		Balance			Interest		Yield/Rate (4)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	352,106		$	5,238	5.97	%	$	344,387		$	4,856	5.67	%
Debt and equity securities		41,375			327	3.17	%		36,238			214	2.38	%
Restricted stocks		2,124			43	8.12	%		2,457			53	8.68	%
Cash and cash equivalents		60,610			650	4.30	%		57,782			808	5.62	%
Total interest-earning assets		456,215			6,258	5.50	%		440,864			5,931	5.41	%
Noninterest-earning assets		11,980							10,218
Total assets	$	468,195						$	451,082
Interest-bearing liabilities:
Interest-bearing demand deposits	$	104,358			468	1.80	%	$	100,461			527	2.11	%
Savings deposits		12,268			7	0.23	%		12,654			8	0.25	%
Money market deposits		48,757			336	2.76	%		51,165			360	2.83	%
Certificates of deposit		177,790			1,806	4.07	%		160,782			1,785	4.47	%
Total interest-bearing deposits		343,173			2,617	3.06	%		325,062			2,680	3.32	%
Borrowings		43,539			368	3.39	%		50,715			465	3.69	%
Total interest-bearing liabilities		386,712			2,985	3.10	%		375,777			3,145	3.37	%
Noninterest-bearing demand deposits		25,542							23,925
Other noninterest-bearing liabilities		5,819							4,527
Total liabilities		418,073							404,229
Stockholders' equity		50,122							46,853
Total liabilities and stockholders' equity	$	468,195						$	451,082
Net interest income				$	3,273						$	2,786
Net interest rate spread (1)						2.40	%						2.04	%
Net interest-earning assets (2)	$	69,503						$	65,087
Net interest margin (3)						2.88	%						2.54	%
Average interest-earning assets to interest-bearing liabilities		117.97	%						117.32	%

(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.

(4) Annualized.

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Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total increase (decrease) column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

	Three Months Ended
	June 30, 2025 vs. 2024
	Increase (Decrease) Due to				Total
					Increase
	Volume		Rate		(Decrease)
	(In thousands)
Interest-earning assets:
Loans	$	109	$	273	$	382
Debt and equity securities		30		83		113
Restricted stocks		(7)		(3)		(10)
Cash and cash equivalents		40		(198)		(158)
Total interest-earning assets		172		155		327
Interest-bearing liabilities:
Interest-bearing demand deposits		20		(79)		(59)
Savings deposits		—		(1)		(1)
Money market deposits		(17)		(7)		(24)
Certificates of deposit		189		(168)		21
Total deposits		192		(255)		(63)
Borrowings		(66)		(31)		(97)
Total interest-bearing liabilities		126		(286)		(160)
Change in net interest income	$	46	$	441	$	487

Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024

General. Net income increased $426,000, or 62.0%, to $1.1 million for the six months ended June 30, 2025 from $687,000 for the six months ended June 30, 2024. The $426,000 period over period increase in earnings was attributable to a $680,000 increase in interest and dividend income, a $245,000 decrease in interest expense and a $158,000 increase in noninterest income, partially offset by a $378,000 increase in noninterest expenses, an $168,000 increase in the provision for credit losses and an $111,000 increase in income tax expense.

Interest and dividend income. Total interest and dividend income increased $680,000, or 5.9%, to $12.2 million for the six months ended June 30, 2025 from $11.5 million for the six months ended June 30, 2024. The increase in interest and dividend income was primarily due to a 21 basis points increase in the average yield on interest-earning assets. The average yield on average interest-earning assets increased to 5.52% for the six months ended June 30, 2025 from 5.31% for the six months ended June 30, 2024. The increase was also the result of a $11.5 million increase period over period in the average balance of interest-earning assets, driven by an $13.1 million increase in average loan balance and a $3.7 million increase in the average balance of debt and equity securities available for sale, partially offset by a $7.5 million decrease in the average balance of cash and cash equivalents and a $389,000 decrease in the average balance of restricted stocks.

Interest income on loans, including fees, increased $997,000, or 10.6%, to $10.4 million for the six months ended June 30, 2025 as compared to $9.4 million for the six months ended June 30, 2024, reflecting a 38 basis points increase in the average yield on loans to 5.98% for the six months ended June 30, 2025 from 5.60% for the six months ended June 30, 2024 and an increase in the average balance of loans to $350.8 million for the six months ended June 30, 2025 from $337.7 million for the six months ended June 30, 2024. The average yield on loans increased as a result of the higher interest rate environment. The increase in the average balance of loans was due primarily to an increase in the average balance of commercial real estate loans reflecting our strategy to grow commercial lending.

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Interest income on securities and restricted stocks increased $130,000, or 22.5%, to $708,000 for the six months ended June 30, 2025 from $578,000 for the six months ended June 30, 2024. The increase in interest income on debt and equity securities of $148,000 for the six months ended June 30, 2025 from the six months ended June 30, 2024 was due to a 50 basis points increase in the average yield on debt and equity securities to 3.02% for the six months ended June 30, 2025 from 2.52% for the six months ended June 30, 2024 and an increase in the average balance of debt and equity securities of $3.7 million, or 9.8%, to $41.4 million for the six months ended June 30, 2025 from $37.7 million for the six months ended June 30, 2024. The increases in the average yield and average balance of debt and equity securities were primarily due to the purchase of higher yielding securities during 2024 and year to date 2025. Restricted stock dividends are also included in the interest income on securities. Restricted stock dividends decreased $18,000 for the six months ended June 30, 2025 from the six months ended June 30, 2024 due to a decrease in the average balance of restricted stocks of $389,000, or 15.6%, to $2.1 million for the six months ended June 30, 2025 as compared to $2.5 million for the six months ended June 30, 2024 and due to a 13 basis points decrease in the average yield on restricted stocks to 8.35% for the six months ended June 30, 2025 from 8.48% for the six months ended June 30, 2024. The average balance in restricted stocks decreased due to decreases in the average Federal Home Loan Bank borrowings that require a decrease in our ownership of Federal Home Loan Bank stock.

Interest income on cash and cash equivalents decreased $447,000, or 28.7%, to $1.1 million for the six months ended June 30, 2025, from $1.6 million for the six months ended June 30, 2024. The decrease in interest income on cash and cash equivalents was attributable to a decrease in the average yield on cash and cash equivalents of 96 basis points to 4.32% for the six months ended June 30, 2025 from 5.28% for the six months ended June 30, 2024, as a result of the Federal Reserve rate cuts in the third and fourth quarters of 2024. It is also due to a decrease in the average balance of cash and cash equivalents of $7.5 million, or 12.6%, to $52.0 million for the six months ended June 30, 2025 from $59.5 million for the six months ended June 30, 2024.

Interest expense. Interest expense decreased $245,000, or 4.0%, to $5.9 million for the six months ended June 30, 2025 20from $6.1 million for the six months ended June 30, 2024 as a result of a decrease in interest expense on borrowings and deposits. The decrease was due to a 16 basis points decrease in the average cost of interest-bearing liabilities from 3.30% for the six months ended June 30, 2024 to 3.14% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest-bearing liabilities of $4.4 million to $377.5 million for the six months ended June 30, 2025 from $373.1 million for the six months ended June 30, 2024.

Interest expense on deposits decreased $17,000, or 0.3%, to $5.1 million for the six months ended June 30, 2025 as compared to $5.2 million for the six months ended June 30, 2024 as a result of a 12 basis points decrease in the average cost of interest-bearing deposits, partially offset by an increase of $13.1 million in the average balance of our interest-bearing deposits. The decrease in the average cost of deposits was primarily due to an 18 basis points decrease in the average cost of certificates of deposit, to 4.18% for the six months ended June 30, 2025 from 4.36% for the six months ended June 30, 2024 as a result of certificates of deposit repricing at a lower rate. The average cost of transaction accounts decreased 20 basis points to 1.96% for the six months ended June 30, 2025 from 2.16% for the six months ended June 30, 2024. The decrease in rates was due to the Federal Reserve rate cuts in the third and fourth quarters of 2024. The increase in the average balances of deposits was primarily due to an increase of $15.9 million in the average balance of certificates of deposit, traditionally our higher costing deposits, to $172.9 million for the six months ended June 30, 2025 from $157.0 million for the six months ended June 30, 2024. The increase in the average balance of our certificate of deposits was due to promotional specials to increase deposits to fund loan growth and the use of brokered deposits to fund loan growth when necessary. The average balance of our lower costing deposit accounts, consisting of demand, savings, and money market accounts, decreased by $2.8 million to $161.4 million for the six months ended June 30, 2025 from $164.2 million for the six months ended June 30, 2024.

Interest expense on Federal Home Loan Bank borrowings decreased $228,000, or 23.7%, to $733,000 for the six months ended June 30, 2025 from $961,000 for the six months ended June 30, 2024. The decrease in interest expense on Federal Home Loan Bank borrowings resulted from a decrease of $8.7 million in the average balance of Federal Home Loan Bank borrowings to $43.2 million for the six months ended June 30, 2025 from $51.9 million for the six months ended June 30, 2024 as a result of maturing Federal Home Loan Bank borrowings that were not replaced. The decrease in the average cost of these funds of 30 basis points to 3.42% for the six months ended June 30, 2025 from 3.72% for the six months ended June 30, 2024 was due to higher cost Federal Home Loan Bank borrowings which matured during 2025 and 2024 being replaced at a lower cost.

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Net interest income. Net interest income increased $925,000, or 17.1%, to $6.3 million for the six months ended June 30, 2025 as compared to $5.4 million for the six months ended June 30, 2024. The increase in net interest income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to the increases in interest income on loans and debt securities available-for-sale and a decrease in interest expense on borrowings and deposits, partially offset by a decrease in interest income on cash and cash equivalents. Average net interest-earning assets increased by $4.6 million to $68.8 million for the six months ended June 30, 2025 from $64.3 million for the six months ended June 30, 2024. Our net interest margin increased 38 basis points to 2.87% for the six months ended June 30, 2025 from 2.49% for the six months ended June 30, 2024. Our net interest rate spread increased 37 basis points to 2.38% for the six months ended June 30, 2025 from 2.01% for the six months ended June 30, 2024.

Provision for credit losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans and reserve for unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and expected losses on commitments to grant loans that are expected to be advanced at the consolidated balance sheet date. In determining the level of the allowance for credit losses, we consider our past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current and forecasted economic conditions, and the levels of non-performing and other classified loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. We assess the allowance for credit losses on a quarterly basis and make provisions for credit losses in order to maintain the allowance.

Based on our evaluation of the above factors, we recorded a $101,000 provision for credit losses for the six months ended June 30, 2025 compared to a reversal of provision for credit losses of $67,000 for the six months ended June 30, 2024. The increase in provision for credit losses was primarily due to a provision for loans of $90,000 for the six months ended June 30, 2025 as compared to a recovery for loans of $14,000 for the six months ended June 30, 2024. It is also due to a  provision of $11,000 for unfunded commitments for the six months ended June 30, 2025 as compared to a recovery of $53,000 for the six months ended June 30, 2024. The allowance for credit losses on loans was $4.5 million, or 1.25%, of loans outstanding at June 30, 2025 and $4.4 million, or 1.25%, of loans outstanding at December 31, 2024.

To the best of our knowledge, we have recorded our best estimate of expected losses in the loan portfolio and for unfunded commitments at June 30, 2025.  However, future changes in the factors described above, including, but not limited to, actual loss experience with respect to our loan portfolio could result in material increases in our provision for credit losses. In addition, the PADOB and the FDIC, as an integral part of their examination process, will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses. However, regulatory agencies are not directly involved in establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.

Noninterest income. Noninterest income information is as follows.

	Six Months Ended
	June 30,				Change
	2025		2024		Amount		Percent
	(Dollars in thousands)
Service charges on deposit accounts	$	99	$	87	$	12	13.8	%
Gain (loss) on equity securities		15		(12)		27	225.0
Bank owned life insurance income		112		107		5	4.7
Debit card income		107		103		4	3.9
Other service charges		25		37		(12)	(32.4)
Other income		177		55		122	221.8
Total noninterest income	$	535	$	377	$	158	41.9	%

Noninterest income increased by $158,000, or 41.9%, to $535,000 for the six months ended June 30, 2025 from $377,000 for the six months ended June 30, 2024. The increase in noninterest income resulted primarily from increases in other income of $122,000 and gain (loss) on equity securities of $27,000. Other income increased $122,000 primarily due to loan related fee income of $128,000 and $24,000 for the six months ended June 30, 2025 and 2024, respectively, earned for brokering interest rate swap agreements between the Bank’s customers and counterparties unrelated to the Bank. The

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gain (loss) on equity securities increased $27,000 due to $15,000 of gain for the six months ended June 30, 2025, compared to $12,000 of loss for the six months ended June 30, 2024.

Noninterest Expenses. Noninterest expenses information is as follows.

	Six Months Ended
	June 30,				Change
	2025		2024		Amount		Percent
	(Dollars in thousands)
Salaries and employee benefits	$	3,023	$	2,682	$	341	12.7	%
Occupancy and equipment		417		333		84	25.2
Data and item processing		458		580		(122)	(21.0)
Advertising and marketing		72		90		(18)	(20.0)
Professional fees		382		358		24	6.7
Directors’ fees		213		214		(1)	(0.5)
FDIC insurance premiums		94		119		(25)	(21.0)
Pennsylvania shares tax		175		152		23	15.1
Debit card expenses		73		80		(7)	(8.8)
Other		456		377		79	21.0
Total noninterest expenses	$	5,363	$	4,985	$	378	7.6	%

Noninterest expenses increased $378,000, or 7.6%, to $5.4 million for the six months ended June 30, 2025 from $5.0 million for the six months ended June 30, 2024. The increase in noninterest expenses was primarily the result of increases in salaries and employee benefits of $341,000, an increase in occupancy and equipment expense of $84,000 and an increase in other expenses of $79,000, partially offset by a decrease in data and item processing of $122,000. Salaries and employee benefits increased $341,000 primarily due to the hiring of additional full-time equivalent employees, annual salary increases and additional bonus accrual. Occupancy and equipment increased $84,000 primarily as the result of our new administrative office lease. Other expenses increased $79,000 primarily as the result of increases in stationery & supplies purchases and dues and subscriptions increases. Data and item processing decreased $122,000 primarily as the result of our investment in our information technology infrastructure in 2024.

Income tax expense. Income tax expense increased $111,000, or 58.4%, to $301,000 for the six months ended June 30, 2025 from $190,000 for the six months ended June 30, 2024. The effective tax rates were 21.3% and 21.7% for the six month periods ended June 30, 2025 and 2024, respectively. The increase in income tax expense for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily due to an increase in income before income taxes and relatively consistent levels of nondeductible expenses and income not subject to taxes.

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Average balances and yields. The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances. Nonaccrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or interest expense.

	For the Six Months Ended June 30,
	2025							2024
	Average							Average
	Outstanding					Average		Outstanding					Average
	Balance			Interest		Yield/Rate (4)		Balance			Interest		Yield/Rate (4)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	350,847		$	10,404	5.98	%	$	337,728		$	9,407	5.60	%
Debt and equity securities		41,415			621	3.02	%		37,731			473	2.52	%
Restricted stocks		2,101			87	8.35	%		2,490			105	8.48	%
Cash and cash equivalents		51,958			1,113	4.32	%		59,450			1,560	5.28	%
Total interest-earning assets		446,321			12,225	5.52	%		437,399			11,545	5.31	%
Noninterest-earning assets		11,821							10,095
Total assets	$	458,142						$	447,494
Interest-bearing liabilities:
Interest-bearing demand deposits	$	102,155			918	1.81	%	$	100,882			1,050	2.09	%
Savings deposits		12,219			13	0.21	%		13,005			17	0.26	%
Money market deposits		47,012			638	2.74	%		50,304			696	2.78	%
Certificates of deposit		172,859			3,580	4.18	%		156,987			3,403	4.36	%
Total interest-bearing deposits		334,245			5,149	3.11	%		321,178			5,166	3.23	%
Borrowings		43,228			733	3.42	%		51,934			961	3.72	%
Total interest-bearing liabilities		377,473			5,882	3.14	%		373,112			6,127	3.30	%
Noninterest-bearing demand deposits		25,187							22,977
Other noninterest-bearing liabilities		5,757							4,456
Total liabilities		408,417							400,545
Stockholders' equity		49,725							46,949
Total liabilities and stockholders' equity	$	458,142						$	447,494
Net interest income				$	6,343						$	5,418
Net interest rate spread (1)						2.38	%						2.01	%
Net interest-earning assets (2)	$	68,848						$	64,287
Net interest margin (3)						2.87	%						2.49	%
Average interest-earning assets to average interest-bearing liabilities		118.24	%						117.23	%

(1)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(2)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(3)Net interest margin represents net interest income divided by average total interest-earning assets.

(4)Annualized.

46

Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total increase (decrease) column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

	Six Months Ended
	June 30, 2025 vs. 2024
	Increase (Decrease) Due to				Total
					Increase
	Volume		Rate		(Decrease)
	(In thousands)
Interest-earning assets:
Loans	$	364	$	633	$	997
Debt and equity securities		46		102		148
Restricted stocks		(16)		(2)		(18)
Cash and cash equivalents		(196)		(251)		(447)
Total interest-earning assets		198		482		680
Interest-bearing liabilities:
Interest-bearing demand deposits		13		(145)		(132)
Savings deposits		(1)		(3)		(4)
Money market deposits		(45)		(13)		(58)
Certificates of deposit		343		(166)		177
Total deposits		310		(327)		(17)
Borrowings		(161)		(67)		(228)
Total interest-bearing liabilities		149		(394)		(245)
Change in net interest income	$	49	$	876	$	925

Non-Performing Assets and Allowance for Credit Losses

Non-performing loans. Non-performing loans are reviewed on a weekly basis by management and again by our credit committee on a monthly basis.  Nonaccrual loans are loans for which collectability is questionable and, therefore, interest on such loans will no longer be recognized on an accrual basis. All loans that become 90 days or more delinquent are placed on nonaccrual status unless the loan is well secured and in the process of collection. When loans are placed on nonaccrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received on a cash basis or cost recovery method. 

Real estate owned. When we acquire real estate as a result of foreclosure, the real estate is classified as real estate owned.  The real estate owned is recorded at the lower of carrying amount or fair value, less estimated costs to sell. Soon after acquisition, we order a new appraisal to determine the current market value of the property. Any excess of the recorded value of the loan satisfied over the market value of the property is charged against the allowance for credit losses. After acquisition, all costs incurred in maintaining the property are expensed.  Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. We had no real estate owned at June 30, 2025 or as of December 31, 2024.

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Non-Performing Assets. The following table sets forth information regarding our non-performing assets.

		June 30,			December 31,
	2025			2024
	(Dollars in thousands)
Nonaccrual loans:
Real estate:
One- to four-family residential	$	87		$	99
Commercial		816			864
Construction		—			—
Commercial and industrial		—			159
Consumer and other		—			—
Total nonaccrual loans		903			1,122
Accruing loans past due 90 days or more
Real estate:
One- to four-family residential		—			—
Commercial		—			—
Construction		—			—
Commercial and industrial		—			—
Consumer and other		—			—
Total accruing loans past due 90 days or more		—			—
Total non-performing loans	$	903		$	1,122
Foreclosed assets		—			—
Total non-performing assets	$	903		$	1,122
Total non-performing loans to total loans		0.25	%		0.32	%
Total nonaccrual loans to total loans		0.25	%		0.32	%
Total non-performing assets to total assets		0.19	%		0.25	%

Non-performing loans were $903,000, or 0.25% of total loans, at June 30, 2025 and $1.1 million, or 0.32% of total loans, at December 31, 2024. During the three and six months ended June 30, 2025, the payments and payoffs on nonaccrual loans resulted in the decrease in overall nonaccrual loans.

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Allowance for credit losses on loans. The following table sets forth activity in our allowance for credit losses on loans for the periods indicated.

	At or For the Three Months Ended June 30,						At or For the Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)						(Dollars in thousands)
Allowance for credit losses at beginning of year	$	4,447		$	4,465		$	4,356		$	4,511
Provision for credit losses - on loans		24			30			90			(14)
Charge-offs:
Real estate:
One- to four-family residential		—			—			—			—
Commercial		—			—			—			—
Construction		—			—			—			—
Commercial and industrial		—			—			—			—
Consumer and other		—			—			—			(6)
Total charge-offs		—			—			—			(6)
Recoveries:
Real estate:
One- to four-family residential		—			—			—			—
Commercial		14			—			28			—
Construction		—			—			—			—
Commercial and industrial		9			1			18			3
Consumer and other		4			4			6			6
Total recoveries		27			5			52			9
Net charge-offs (recoveries)		27			5			52			3
Allowance for credit losses at end of the period	$	4,498		$	4,500		$	4,498		$	4,500
Allowance to nonaccrual loans		498.12	%		353.77	%		498.12	%		353.77	%
Allowance to total loans outstanding at the end of the period		1.25	%		1.30	%		1.25	%		1.30	%
Net charge-offs to average loans outstanding during the period (annualized)		—	%		—	%		—	%		—	%

The provision for credit losses – on loans decreased $6,000, or 20.0%, to $24,000 for the three months ended June 30, 2025 from $30,000 for the three months ended June 30, 2024. The provision for credit losses – on loans increased $104,000, or 742.9%, to $90,000 for the six months ended June 30, 2025 from a reversal of provision of $14,000 for the six months ended June 30, 2024. The change in the provision for credit losses on loans was primarily due to changes in the mix of loans and growth during the periods. There were no loan charge-offs during the three or six months ended June 30, 2025. There were no charge-offs during the three months ended June 30, 2024 and $6,000 of charge-offs during the six months ended June 30, 2024. Delinquencies remain benign, reserve levels are deemed to be adequate and the allowance coverage ratio has remained strong at June 30, 2025. The allowance to total loans outstanding was 1.25% at June 30, 2025, consistent with 1.25% at December 31, 2024.

Liquidity and Capital Resources

Liquidity management. Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments

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on loans and securities, and proceeds from sales, maturities and calls of securities. We also have the ability to borrow from the Federal Home Loan Bank of Pittsburgh. At June 30, 2025, we had the ability to borrow approximately $185.2 million from the Federal Home Loan Bank of Pittsburgh, of which $43.9 million had been advanced in addition to $11.8 million held in reserve to secure three letters of credit to collateralize municipal deposits. Additionally, at June 30, 2025, we had the ability to borrow $7.5 million from the Atlantic Community Bankers Bank, $5.0 million from SouthState Bank, N.A. and we also maintained a line of credit of $2.0 million with the Federal Reserve Bank of Philadelphia. We did not borrow against the credit line with the Atlantic Community Bankers Bank, SouthState Bank, N.A., or the Federal Reserve Bank of Philadelphia during the six months ended June 30, 2025.

The board of directors is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs and deposit withdrawals of our customers as well as unanticipated contingencies. We seek to maintain a liquidity ratio of 5.0% or greater. For the six months ended June 30, 2025 and 2024, our liquidity ratio averaged 14.8% and 16.7%, respectively. We believe that we had enough sources of liquidity to satisfy our short and long-term liquidity needs as of June 30, 2025.

We monitor and adjust our investments in liquid assets based upon our assessment of: (1) expected loan demand; (2) expected deposit flows; (3) yields available on cash and cash equivalents and securities; and (4) the objectives of our asset/liability management program. Excess liquid assets are invested generally in cash and cash equivalents and short-and intermediate-term securities.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and cash equivalents, which include federal funds sold. The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period. At June 30, 2025, cash and cash equivalents totaled $55.9 million. Unpledged debt securities classified as available-for-sale, which provide additional sources of liquidity, totaled $12.4 million at June 30, 2025.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Certificates of deposit due within one year of June 30, 2025, totaled $95.9 million, or 54.5% of our certificates of deposit, and 26.4% of total deposits. If these deposits do not remain with us, we will be required to seek other sources of funds, including other deposits and Federal Home Loan Bank advances. Depending on market conditions, we may be required to pay higher rates on such deposits or borrowings than we currently pay. We believe, however, based on past experience that a significant portion of such deposits will remain with us. We have the ability to attract and retain deposits by adjusting the interest rates offered.

Capital management. At June 30, 2025, Presence Bank exceeded all regulatory capital requirements and was considered “well capitalized” under regulatory guidelines. See Note 10 of the Notes to the Financial Statements for more information regarding our capital resources.

Off-Balance Sheet Arrangements and Aggregate Contractual Obligations

Commitments. As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans we make. At June 30, 2025, we had outstanding commitments to originate loans of $25.3 million, unused lines of credit totaling $13.0 million and $7.6 million in stand-by letters of credit outstanding. We anticipate that we will have sufficient funds available to meet our current lending commitments. Certificates of deposit that are scheduled to mature in less than one year from June 30, 2025 totaled $95.9 million. Management expects that a substantial portion of the maturing certificates of deposit will be renewed. However, if a substantial portion of these deposits is not retained, we may utilize Federal Home Loan Bank advances or raise interest rates on deposits to attract new deposits, which may result in higher levels of interest expense.

50

Contractual obligations. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating leases for equipment, agreements with respect to borrowed funds and deposit liabilities.

Impact of Inflation and Changing Prices

The financial statements and related data presented herein have been prepared in accordance with generally accepted accounting principles in the United States of America, which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates generally have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services. Higher inflation and its impacts, nationally or in the markets that the Company serves could adversely affect, among other things, real estate valuations, unemployment levels, the ability of businesses to remain viable, and consumer and business confidence, which could lead to decreases in demand for loans and deposits and increases in loan delinquencies and defaults.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information related to this item.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures.

As of the end of the period covered by this Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. In designing and evaluating the disclosure controls and procedures, management recognizes 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 was required to apply judgment in evaluating its controls and procedures. Based on their evaluation of the Company’s disclosure controls and procedures as of June 30, 2025, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and regulations are operating in an effective manner.

Internal control over financial reporting.

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

As of June 30, 2025, the Company is not currently a named party in a legal proceeding, the outcome of which would have a material effect on the financial condition or results of operations of the Company.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information related to this item.

51

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered securities during the quarter ended June 30, 2025.  

The following table reports information regarding repurchases by the Company of its common stock in each month of the quarter ended June 30, 2025:

						Total Number
						of Shares		Maximum
						Purchased as		Number of
						Part of		Shares that
						Publicly		May Yet Be
		Total Number		Average Price		Announced		Purchased
		of Shares		Paid Per		Plans or		Under Plans or
Period		Purchased		Share		Programs		Programs (1)
	April 1 through April 30, 2025		—	$	—		—		71,882
	May 1 through May 31, 2025		—		—		—		71,882
	June 1 through June 30, 2025		—		—		—		71,882
	Total		—	$	—		—		71,882

(1) On May 6, 2024, the Company announced it has adopted a second stock repurchase program for up to approximately 5% of its outstanding stock, or 130,382 shares of its common stock. The repurchase programs permit shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the second quarter of 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

Item 6. Exhibits

See Exhibit Index.

52

EXHIBIT INDEX

Exhibit No.	Description
2.1	Agreement and Plan of Merger (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on July 7, 2025).
31.1†	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2†	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1†	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2†	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS†	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH†	XBRL Taxonomy Extension Schema Document
101.CAL†	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF†	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB†	XBRL Taxonomy Extension Label Linkbase Document
101.PRE†	XBRL Taxonomy Extension Presentation Linkbase Document
104†	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

†  Filed herewith.

53

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, duly authorized.

Date: August 14, 2025

PB BANKSHARES, INC.
By:	/s/ Janak M. Amin
Name:	Janak M. Amin
Title:	President and Chief Executive Officer
	(Principal Executive Officer)
By:	/s/ Lindsay S. Bixler
Name:	Lindsay S. Bixler
Title:	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

54

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Janak M. Amin, certify that:

1.            I have reviewed this quarterly report on Form 10-Q of PB Bankshares, 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 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 consolidated 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 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: August 14, 2025

By:	/s/ Janak M. Amin
Name:	Janak M. Amin
Title:	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Lindsay S. Bixler, certify that:

1.            I have reviewed this quarterly report on Form 10-Q of PB Bankshares, 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 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 consolidated 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 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: August 14, 2025

By:	/s/ Lindsay S. Bixler
Name:	Lindsay S. Bixler
Title:	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of PB Bankshares, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2025 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)          The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)          The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2025

By:	/s/ Janak M. Amin
Name:	Janak M. Amin
Title:	President & Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of PB Bankshares, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2025 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1)          The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)          The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2025

By:	/s/ Lindsay S. Bixler
Name:	Lindsay S. Bixler
Title:	Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2025	Aug. 13, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Securities Act File Number	001-40612
Entity Registrant Name	PB BANKSHARES, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3947794
Entity Address, Address Line One	185 E Lincoln Highway
Entity Address, City or Town	Coatesville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19320
City Area Code	610
Local Phone Number	384-8282
Title of 12(b) Security	Common Shares, par value $0.01 per share
Trading Symbol	PBBK
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,552,315
Entity Central Index Key	0001849670
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and due from banks	$ 42,992	$ 35,449
Federal funds sold	12,914	2,328
Cash and cash equivalents	55,906	37,777
Debt securities available-for-sale, at fair value	35,600	50,296
Equity securities, at fair value	836	808
Restricted stocks, at cost	2,228	2,125
Loans receivable, net of allowance for credit losses of $4,498 at June 30, 2025 and $4,356 at December 31, 2024	353,324	344,813
Premises and equipment, net	2,052	2,079
Deferred income taxes, net	1,593	1,568
Accrued interest receivable	1,476	1,269
Bank owned life insurance	8,560	8,448
Other assets	2,552	2,134
Total Assets	464,127	451,317
Liabilities
Deposits	363,421	354,190
Borrowings	43,882	42,460
Accrued expenses and other liabilities	6,479	6,009
Total Liabilities	413,782	402,659
Commitments and contingencies - see notes 7 and 8
Stockholders' Equity
Preferred Stock, $0.01 par value, 10,000,000 shares authorized; -0- issued and outstanding at June 30, 2025 and December 31, 2024	0	0
Common Stock, $0.01 par value, 40,000,000 shares authorized; 2,552,315 (including 67,251 unvested restricted shares) and 2,552,115 (including 67,846 unvested restricted shares) issued and outstanding at June 30, 2025 and December 31, 2024, respectively	24	24
Additional paid-in capital	23,208	22,927
Retained earnings	29,443	28,330
Unearned ESOP shares, 177,744 shares at June 30, 2025 and December 31, 2024	(2,318)	(2,318)
Accumulated other comprehensive loss	(12)	(305)
Total Stockholders' Equity	50,345	48,658
Total Liabilities and Stockholders' Equity	$ 464,127	$ 451,317

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Allowance for credit losses	$ 4,498	$ 4,356
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	2,552,315	2,552,115
Common stock, shares outstanding	2,552,315	2,552,115
Unearned ESOP shares	177,744	177,744
Restricted stock
Common stock, shares issued	67,251	67,846

XML

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Interest and Dividend Income
Loans, including fees	$ 5,238	$ 4,856	$ 10,404	$ 9,407
Securities	370	267	708	578
Other	650	808	1,113	1,560
Total Interest and Dividend Income	6,258	5,931	12,225	11,545
Interest Expense
Deposits	2,617	2,680	5,149	5,166
Borrowings	368	465	733	961
Total Interest Expense	2,985	3,145	5,882	6,127
Net interest income	3,273	2,786	6,343	5,418
Provision for Credit Losses	40	17	101	(67)
Net interest income after provision for credit losses	3,233	2,769	6,242	5,485
Noninterest Income
Revenue under 606	222	140	408	282
Gain (loss) on equity securities	3	(4)	15	(12)
Bank owned life insurance income	56	54	112	107
Total Noninterest Income	281	190	535	377
Noninterest Expenses
Salaries and employee benefits	1,553	1,326	3,023	2,682
Occupancy and equipment	191	158	417	333
Data and item processing	231	300	458	580
Advertising and marketing	39	39	72	90
Professional fees	178	193	382	358
Directors' fees	106	107	213	214
FDIC insurance premiums	46	70	94	119
Pennsylvania shares tax	87	73	175	152
Debit card expenses	38	39	73	80
Other	233	182	456	377
Total Noninterest Expenses	2,702	2,487	5,363	4,985
Income before income tax expense	812	472	1,414	877
Income Tax Expense	172	102	301	190
Net Income	$ 640	$ 370	$ 1,113	$ 687
Earnings per common share - basic	$ 0.28	$ 0.16	$ 0.48	$ 0.29
Earnings per common share - diluted	$ 0.27	$ 0.16	$ 0.48	$ 0.29
Service charges on deposit accounts
Noninterest Income
Revenue under 606	$ 51	$ 42	$ 99	$ 87
Debit card income
Noninterest Income
Revenue under 606	55	53	107	103
Other service charges
Noninterest Income
Revenue under 606	14	20	25	37
Other income
Noninterest Income
Revenue under 606	$ 102	$ 25	$ 177	$ 55

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 640	$ 370	$ 1,113	$ 687
Unrealized gains on debt securities available-for-sale:
Unrealized holding gains arising during period	60	215	371	211
Tax effect	(13)	(45)	(78)	(44)
Other comprehensive income	47	170	293	167
Total Comprehensive Income	$ 687	$ 540	$ 1,406	$ 854

XML

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Unearned ESOP Shares	Accumulated Other Comprehensive Loss	Total
Beginning Balance at Dec. 31, 2023	$ 26	$ 24,115	$ 26,558	$ (2,463)	$ (1,247)	$ 46,989
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			687			687
Repurchased common stock, value	(1)	(1,512)				(1,513)
Stock based compensation expense		270				270
Other comprehensive income					167	167
Ending Balance at Jun. 30, 2024	25	22,873	27,245	(2,463)	(1,080)	46,600
Beginning Balance at Mar. 31, 2024	25	23,582	26,875	(2,463)	(1,250)	46,769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			370			370
Repurchased common stock, value		(844)				(844)
Stock based compensation expense		135				135
Other comprehensive income					170	170
Ending Balance at Jun. 30, 2024	25	22,873	27,245	(2,463)	(1,080)	46,600
Beginning Balance at Dec. 31, 2024	24	22,927	28,330	(2,318)	(305)	48,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			1,113			1,113
Stock based compensation shares issued		3				3
Stock based compensation expense		278				278
Other comprehensive income					293	293
Ending Balance at Jun. 30, 2025	24	23,208	29,443	(2,318)	(12)	50,345
Beginning Balance at Mar. 31, 2025	24	23,068	28,803	(2,318)	(59)	49,518
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			640			640
Stock based compensation expense		140				140
Other comprehensive income					47	47
Ending Balance at Jun. 30, 2025	$ 24	$ 23,208	$ 29,443	$ (2,318)	$ (12)	$ 50,345

XML

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Repurchased common stock, shares	65,827	115,827

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities
Net income	$ 1,113	$ 687
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	101	(67)
Depreciation and amortization	222	170
Net accretion of securities premiums and discounts	(159)	(297)
Deferred income tax benefit	(103)	(20)
(Gain) loss on equity securities	(15)	12
Accretion of deferred fees, net	(3)	(28)
Earnings on bank owned life insurance	(112)	(107)
Stock-based compensation expense	278	270
Increase in accrued interest receivable and other assets	(610)	(527)
Decrease in accrued expenses and other liabilities	352	272
Net Cash Provided by Operating Activities	1,064	365
Cash Flows from Investing Activities
Purchases	(6,557)	(11,752)
Maturities, calls, and principal repayments	21,783	44,307
Dividends on equity securities reinvested	(13)	(11)
(Purchase) redemption of restricted stocks	(103)	75
Net increase in loans receivable	(8,598)	(18,575)
Purchases of premises and equipment	(103)	(27)
Net Cash Provided by Investing Activities	6,409	14,017
Cash Flows from Financing Activities
Net increase in deposits	9,231	13,994
Repurchased common stock	0	(1,513)
Issuance of common stock	3	0
Advances of borrowings	5,000	0
Repayments of borrowings	(3,578)	(4,570)
Net Cash Provided by Financing Activities	10,656	7,911
Increase in cash and cash equivalents	18,129	22,293
Cash and Cash Equivalents, Beginning of Period	37,777	32,438
Cash and Cash Equivalents, End of Period	55,906	54,731
Supplementary Cash Flows Information
Interest paid	5,972	5,914
Income taxes paid	230	140
Supplementary Non-Cash Flows Information
Recognition of lease liabilities arising from right-of-use lease assets	107	43
Unrealized gains on debt securities available-for-sale	$ 371	$ 211

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

Organization and Nature of Operations

PB Bankshares, Inc., a Maryland corporation (the “Company”) is the holding company of Presence Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On July 14, 2021, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on July 15, 2021. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”).

The Bank is a state-chartered savings bank established in 1919. The main office is located in Coatesville, Pennsylvania with three other branches located in New Holland, Oxford, and Georgetown, Pennsylvania. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans primarily secured by real estate and, to a lesser extent, consumer loans. The Bank competes with other banking and financial institutions in its primary market communities encompassing Chester, Cumberland, Dauphin, Lancaster, and Lebanon Counties in Pennsylvania. The Bank is regulated by the Federal Deposit Insurance Corporation (the “FDIC”) and the Pennsylvania Department of Banking and Securities (the “PADOB”).

Principles of Consolidation and Reclassifications

The consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank.  The Bank also includes the accounts of CSB Investments, Inc. (“CSB”), a wholly-owned subsidiary of the Bank located in Wilmington, Delaware. The sole purpose of CSB is to maintain and manage the Bank’s investment portfolio. All significant intercompany accounts and transactions have been eliminated in consolidation.

Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity.

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Securities and Exchange Commission’s Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

In the opinion of management, all adjustments considered necessary (consisting only of normal recurring accruals) for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or any other interim periods. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 as filed in the annual report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans.

While management uses available information to recognize expected estimated losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions and underlying collateral values, if any. In addition, the FDIC and PADOB, as an integral part of their examination process, periodically review the Bank’s

allowance for credit losses. These agencies may require the Bank to recognize additions to the allowance based on their judgments of information available to them at the time of their examinations. 

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Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2025

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

This section provides a summary description of recent ASUs issued by the FASB to the ASC that had or that management expects may have an impact on the financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected 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. Effective dates reflect this election.

Recently Issued, But Not Yet Effective Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024, for public business entities. For entities other than public business entities the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

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Debt and Equity Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Debt and Equity Securities

3. Debt and Equity Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities available-for-sale and equity securities are as follows (in thousands):

			Gross Unrealized		Gross Unrealized
June 30, 2025	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	17,237	$	—	$	(226)	$	17,011
Corporate bonds		5,811		418		(72)		6,157
Treasury securities		5,912		15		—		5,927
Mortgage-backed securities		3,858		13		—		3,871
Collateralized mortgage obligations		2,797		—		(163)		2,634
Total available-for-sale debt securities	$	35,615	$	446	$	(461)	$	35,600
Equity securities:
Mutual funds (fixed income)							$	836

			Gross Unrealized		Gross Unrealized
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	20,747	$	—	$	(582)	$	20,165
Corporate bonds		4,465		377		(21)		4,821
Treasury securities		21,902		48		—		21,950
Mortgage-backed securities		1,526		—		(30)		1,496
Collateralized mortgage obligations		2,042		—		(178)		1,864
Total available-for-sale debt securities	$	50,682	$	425	$	(811)	$	50,296
Equity securities:
Mutual funds (fixed income)							$	808

The tables below indicate the length of time individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	—	$	—	$	17,011	$	(226)	$	17,011	$	(226)
Corporate bonds		1,251		(34)		781		(38)		2,032		(72)
Collateralized mortgage obligations		963		(30)		1,671		(133)		2,634		(163)
Total	$	2,214	$	(64)	$	19,463	$	(397)	$	21,677	$	(461)

December 31, 2024	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	8,736	$	(263)	$	11,429	$	(319)	$	20,165	$	(582)
Corporate bonds		785		(21)		—		—		785		(21)
Mortgage-backed securities		1,445		(30)		—		—		1,445		(30)
Collateralized mortgage obligations		160		(17)		1,704		(161)		1,864		(178)
Total	$	11,126	$	(331)	$	13,133	$	(480)	$	24,259	$	(811)

As of June 30, 2025 and December 31, 2024, the mortgage-backed securities and collateralized mortgage obligations included in the securities portfolio consisted of securities issued by U.S. government sponsored agencies. There were no private label mortgage-backed securities or collateralized mortgage obligations held in the securities portfolio as of June 30, 2025 and December 31, 2024.

At June 30, 2025, 40 agency bonds, two corporate bonds and 34 collateralized mortgage obligations were in an unrealized loss position. In analyzing an issuer’s financial condition, management considers whether downgrades by bond rating agencies have occurred and industry analysts’ reports.

As of June 30, 2025, management believes that the estimated fair value of securities disclosed above is primarily dependent upon the movement in market interest rates particularly given the negligible inherent credit risk associated with these securities. Although the fair value will fluctuate as the market interest rates move, management believes that these fair values will recover as the underlying portfolios mature and are reinvested in market yielding investments. Additionally, all securities remain highly rated and all issuers have continued to make timely payments of interest and principal.

As the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company concluded that a credit loss did not exist in its portfolio at June 30, 2025, and therefore, no allowance for credit losses was recorded.

There were no securities sold during the three and six months ended June 30, 2025 and 2024. The amortized cost and fair value of debt securities available-for-sale at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands).

	Available-for-Sale
	Amortized Cost		Fair Value		Yield
Due less than one year	$	23,149	$	22,938	1.65	%
Due one year through five years		—		—	—
Due after five years through ten years		5,811		6,157	8.16
Mortgage-backed securities		3,858		3,871	5.15
Collateralized mortgage obligations		2,797		2,634	3.03
Total available-for-sale debt securities	$	35,615	$	35,600	3.20	%

At June 30, 2025 and December 31, 2024, the Company had securities with fair values totaling $1,907,000 and $1,954,000, respectively, pledged to secure borrowings.

At June 30, 2025 and December 31, 2024, the Company had securities with fair values totaling $20,384,000 and $22,047,000, respectively, pledged primarily for public fund depositors.

At June 30, 2025 and December 31, 2024, the Company had accrued interest receivable on available for sale debt securities totaling $97,000 and $83,000, respectively.

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Loans Receivable and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Loans Receivable and Allowance for Credit Losses

4. Loans Receivable and Allowance for Credit Losses

The Company’s loans are stated at their face amount and consist of the classes of loans included in the table below. The Company has elected to exclude accrued interest receivable, totaling $1.4 million and $1.3 million at June 30, 2025 and December 31, 2024, respectively, from the amortized cost basis of loans.

Major classifications of net loans receivable at June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30,		December 31,
	2025		2024
Real estate:
One-to four-family residential	$	105,309	$	103,573
Commercial		226,801		205,164
Construction		7,287		10,492
Commercial and industrial		16,475		21,278
Consumer and other		2,560		9,257
		358,432		349,764
Deferred loan fees, net		(610)		(595)
Allowance for credit losses		(4,498)		(4,356)
Total loans receivable, net	$	353,324	$	344,813

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,072	$	—	$	—	$	(33)	$	1,039
Commercial		2,817		—		14		146		2,977
Construction		79		—		—		(18)		61
Commercial and industrial		279		—		9		(94)		194
Consumer and other		68		—		4		(47)		25
Unallocated		132		—		—		70		202
	$	4,447	$	—	$	27	$	24	$	4,498

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,218	$	—	$	—	$	(19)	$	1,199
Commercial		2,782		—		—		56		2,838
Construction		104		—		—		(35)		69
Commercial and industrial		201		—		1		45		247
Consumer and other		69		—		4		32		105
Unallocated		91		—		—		(49)		42
	$	4,465	$	—	$	5	$	30	$	4,500

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,045	$	—	$	—	$	(6)	$	1,039
Commercial		2,710		—		28		239		2,977
Construction		93		—		—		(32)		61
Commercial and industrial		277		—		18		(101)		194
Consumer and other		100		—		6		(81)		25
Unallocated		131		—		—		71		202
Total	$	4,356	$	—	$	52	$	90	$	4,498

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,267	$	—	$	—	$	(68)	$	1,199
Commercial		2,637		—		—		201		2,838
Construction		112		—		—		(43)		69
Commercial and industrial		229		—		3		15		247
Consumer and other		71		(6)		6		34		105
Unallocated		195		—		—		(153)		42
Total	$	4,511	$	(6)	$	9	$	(14)	$	4,500

The following tables present a breakdown of the provision for credit losses for the periods indicated (in thousands):

	Three Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	24	$	30
Provision for unfunded commitments		16		(13)
Total provision for credit losses	$	40	$	17

	Six Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	90	$	(14)
Provision for unfunded commitments		11		(53)
Total provision for credit losses	$	101	$	(67)

The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	87	$	87
Commercial		816		349
Total	$	903	$	436

	December 31, 2024
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	99	$	99
Commercial		864		376
Commercial and industrial		159		159
Total	$	1,122	$	634

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of June 30, 2025 (in thousands):

	June 30, 2025
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	304	$	—	$	304	$	—
Commercial		1,401		—		1,401		71
Construction		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer and other		—		—		—		—
Total	$	1,705	$	—	$	1,705	$	71

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of December 31, 2024 (in thousands):

	December 31, 2024
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	318	$	—	$	318	$	—
Commercial		1,472		—		1,472		92
Construction		—		—		—		—
Commercial and industrial		159		—		159		—
Consumer and other		—		—		—		—
Total	$	1,949	$	—	$	1,949	$	92

A loan is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” loans include those characterized by the “distinct possibility” that the Company will sustain “some loss” if the deficiencies are not corrected. Loans classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Loans classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific allowance for credit losses is not warranted. Loans that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” by our management. Loans that are performing as agreed are classified as “pass”.

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2025 (in thousands); as well as gross charge-offs (in thousands) for the six months ended June 30, 2025:

	Year of Origination
															Revolving
															Loans
													Revolving		Converted to
	2025		2024		2023		2022		2021		Prior		Loans		Term Loans		Total
Real estate: one- to four-family residential
Pass	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	43,902	$	9,815	$	998	$	104,779
Special Mention		—		—		—		—		—		226		—		—		226
Substandard		—		—		—		—		—		304		—		—		304
Total real estate: one- to four-family residential	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	44,432	$	9,815	$	998	$	105,309
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: commercial
Pass	$	26,420	$	33,091	$	42,087	$	37,842	$	41,811	$	40,168	$	3,478	$	—	$	224,897
Special Mention		—		—		—		174		—		329		—		—		503
Substandard		—		—		—		—		—		1,401		—		—		1,401
Total real estate: commercial	$	26,420	$	33,091	$	42,087	$	38,016	$	41,811	$	41,898	$	3,478	$	—	$	226,801
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: construction
Pass	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total real estate: construction	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Pass	$	747	$	4,658	$	133	$	1,582	$	1,819	$	667	$	6,233	$	53	$	15,892
Special Mention		—		—		343		—		—		—		240		—		583
Substandard		—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	747	$	4,658	$	476	$	1,582	$	1,819	$	667	$	6,473	$	53	$	16,475
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total consumer and other	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans, gross
Pass	$	35,043	$	44,452	$	49,769	$	58,858	$	61,347	$	84,810	$	20,085	$	1,051	$	355,415
Special Mention		—		—		343		174		—		555		240		—		1,312
Substandard		—		—		—		—		—		1,705		—		—		1,705
Total loans, gross	$	35,043	$	44,452	$	50,112	$	59,032	$	61,347	$	87,070	$	20,325	$	1,051	$	358,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2024 (in thousands); as well as gross charge-offs (in thousands) for the year ended December 31, 2024:

	Year of Origination
															Revolving
															Loans
													Revolving		Converted to
	2024		2023		2022		2021		2020			Prior	Loans		Term Loans		Total
Real estate: one- to four-family residential
Pass	$	4,884	$	8,036	$	16,823	$	16,203	$	11,547	$	34,873	$	9,645	$	1,071	$	103,082
Special Mention		—		—		—		—		—		173		—		—		173
Substandard		—		—		—		—		—		318		—		—		318
Total real estate: one- to four-family residential	$	4,884	$	8,036	$	16,823	$	16,203	$	11,547	$	35,364	$	9,645	$	1,071	$	103,573
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: commercial
Pass	$	31,050	$	42,813	$	38,232	$	43,810	$	19,692	$	21,990	$	5,526	$	—	$	203,113
Special Mention		—		—		245		—		334		—		—		—		579
Substandard		—		—		—		—		—		1,472		—		—		1,472
Total real estate: commercial	$	31,050	$	42,813	$	38,477	$	43,810	$	20,026	$	23,462	$	5,526	$	—	$	205,164
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(223)	$	—	$	—	$	(223)
Real estate: construction
Pass	$	3,940	$	—	$	2,339	$	3,750	$	77	$	—	$	386	$	—	$	10,492
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total real estate: construction	$	3,940	$	—	$	2,339	$	3,750	$	77	$	—	$	386	$	—	$	10,492
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Pass	$	5,058	$	525	$	2,612	$	1,991	$	416	$	230	$	9,991	$	56	$	20,879
Special Mention		—		—		—		—		—		—		240		—		240
Substandard		—		—		—		—		—		159		—		—		159
Total commercial and industrial	$	5,058	$	525	$	2,612	$	1,991	$	416	$	389	$	10,231	$	56	$	21,278
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	2	$	—	$	2,000	$	2,000	$	—	$	—	$	5,255	$	—	$	9,257
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total consumer and other	$	2	$	—	$	2,000	$	2,000	$	—	$	—	$	5,255	$	—	$	9,257
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(12)	$	—	$	(12)
Total loans, gross
Pass	$	44,934	$	51,374	$	62,006	$	67,754	$	31,732	$	57,093	$	30,803	$	1,127	$	346,823
Special Mention		—		—		245		—		334		173		240		—		992
Substandard		—		—		—		—		—		1,949		—		—		1,949
Total loans, gross	$	44,934	$	51,374	$	62,251	$	67,754	$	32,066	$	59,215	$	31,043	$	1,127	$	349,764
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(223)	$	(12)	$	—	$	(235)

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2025 and December 31, 2024 (in thousands):

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
June 30, 2025	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	337	$	20	$	22	$	379	$	104,930	$	105,309	$	—
Commercial		—		—		467		467		226,334		226,801		—
Construction		—		—		—		—		7,287		7,287		—
Commercial and industrial		—		—		—		—		16,475		16,475		—
Consumer and other		—		—		—		—		2,560		2,560		—
Total loans, gross	$	337	$	20	$	489	$	846	$	357,586	$	358,432	$	—

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
December 31, 2024	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	190	$	—	$	24	$	214	$	103,359	$	103,573	$	—
Commercial		376		—		488		864		204,300		205,164		—
Construction		—		—		—		—		10,492		10,492		—
Commercial and industrial		—		50		109		159		21,119		21,278		—
Consumer and other		—		—		—		—		9,257		9,257		—
Total loans, gross	$	566	$	50	$	621	$	1,237	$	348,527	$	349,764	$	—

The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider resulting in a modified loan. The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral.

The Company identifies loans for potential modification primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future.

No loans were modified during the three or six months ended June 30, 2025 and 2024 to borrowers experiencing financial difficulty.

The Company closely monitors the performance of modified loans to understand the effectiveness of its modification efforts. Upon the determination that all or a portion of a modified loan is uncollectible, that amount is charged against the allowance for credit losses. There were no payment defaults during the three or six months ended June 30, 2025 and 2024 of modified loans.

At June 30, 2025 and December 31, 2024, there was no other real estate owned. There was no real estate in process of foreclosure as of June 30, 2025 and December 31, 2024.

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Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

5. Leases

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable prepaid rent, initial direct costs and any incentives received from the lessor.

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

The following tables present information about the Company’s leases as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		June 30,			December 31,
		2025			2024
Right-of-use assets	$	1,582		$	1,567
Lease liabilities	$	1,560		$	1,536
Weighted average remaining lease term		10.38	years		11.08	years
Weighted average discount rate		4.84	%		4.81	%
		Three Months			Three Months			Six Months		Six Months
		Ended			Ended			Ended		Ended
		June 30,			June 30,			June 30,		June 30,
		2025			2024			2025		2024
Operating lease cost	$	45		$	26		$	88	$	51
Short-term lease cost		-			-			-		4
Total lease costs	$	45		$	26		$	88	$	55
Cash paid for amounts included in the measurement of lease liabilities	$	61		$	35		$	119	$	69

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:

	As of
	June 30,
Lease payments due (in thousands):	2025
Six months ending December 31, 2025	$	121
2026		201
2027		185
2028		186
2029		190
Thereafter		1,111
Total undiscounted cash flows		1,994
Discount		434
Lease Liability	$	1,560

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Borrowings

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Borrowings

6. Borrowings

The Company has an unsecured line of credit with Atlantic Community Bankers Bank (“ACBB”) of up to $7,500,000, expiring on June 30, 2026, which it intends to renew annually. Interest on the line of credit is charged at fed funds rate plus 0.25%. The Company had no outstanding borrowings under the ACBB line of credit at June 30, 2025 and December 31, 2024. The Company has an unsecured line of credit with SouthState Bank, N.A. of up to $5,000,000. There were no borrowings outstanding under the SouthState Bank, N.A. line of credit at June 30, 2025 and December 31, 2024. The Company also has the ability to borrow up to $2,000,000 through the Federal Reserve Bank’s discount window. Funds obtained through the discount window are secured by the Company’s U.S. Government and agency obligations. There were no borrowings outstanding through the discount window at June 30, 2025 and December 31, 2024.

The Company has an open-ended line of credit (short-term borrowing) of $89,400,000 and $89,200,000 at June 30, 2025 and December 31, 2024, respectively, to obtain advances from the Federal Home Loan Bank (“FHLB”). Interest on the line of credit is charged at the FHLB’s overnight rate of 4.69% and 4.71% at June 30, 2025 and December 31, 2024, respectively. The Company had no outstanding borrowings under this line of credit at June 30, 2025 and December 31, 2024.

Maximum borrowing capacity with the FHLB was approximately $185,158,000 and $179,542,000 at June 30, 2025 and December 31, 2024, respectively. The Company had three letters of credit with the FHLB totaling $11,750,000 at June 30, 2025 and three letters of credit with FHLB that totaled $7,000,000 at December 31, 2024 that were pledged to secure public funds.

Borrowings from the FHLB at June 30, 2025 and December 31, 2024 consist of the following (dollars in thousands):

	June 30,				December 31,
	2025				2024
			Weighted				Weighted
Maturity	Amount		Rate		Amount		Rate
2025	$	1,500	5.16	%	$	4,500	5.30	%
2026		1,992	4.08			2,411	3.60
2027		19,500	2.69			19,500	2.69
2028		13,650	4.00			13,650	4.00
2030		5,000	3.95			—	—
2032		2,240	1.83			2,399	1.83
Total borrowings	$	43,882	3.43	%	$	42,460	3.39	%

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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

6 Months Ended

Jun. 30, 2025

Risks and Uncertainties [Abstract]

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

7. Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

The Company had the following off-balance sheet financial instruments whose contract amounts represent credit risk at June 30, 2025 and December 31, 2024 (in thousands):

	June 30,		December 31,
	2025		2024
Commitments to grant loans	$	25,297	$	23,958
Unfunded commitments under lines of credit		13,036		12,409
Standby letters of credit		7,593		6,698
Total off-balance sheet financial instruments	$	45,926	$	43,065

Outstanding loan commitments represent the unused portion of loan commitments available to individuals and companies as long as there is no violation of any condition established in the contract. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based upon management’s credit evaluation of the customer. Various types of collateral may be held, including property and marketable securities. The credit risk involved in these financial instruments is essentially the same as that involved in extending loan facilities to customers.

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Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Contingencies

8. Contingencies

In the normal course of business, the Company is subject to various lawsuits involving matters generally incidental to its business. As of June 30, 2025, management is of the opinion that the ultimate liability, if any, resulting from any pending actions or proceedings will not have a material effect on the consolidated balance sheet or results of operations and cash flows of the Company.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation  

The Company’s stockholders approved the PB Bankshares, Inc. 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan”) at the Annual Meeting on September 28, 2022. An aggregate of 388,815 shares of authorized but unissued common stock of the Company was reserved for future grants of incentive and nonqualified stock options and restricted stock awards and restricted stock units under the 2022 Equity Incentive Plan. Of the 388,815 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2022 Equity Incentive Plan pursuant to the exercise of stock options is 277,725 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 111,090 shares.

The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of June 30, 2025 and December 31, 2024, there were -0- shares available for future awards under this plan. The stock options and restricted shares vest over a five-year period.

Stock option expense was $72,000 and $143,000 for the three and six month periods ended June 30, 2025 and $67,000 and $137,000 for the same periods ended June 30, 2024, respectively. At June 30, 2025, total unrecognized compensation cost related to stock options was $816,000.

A summary of the Company’s stock option activity and related information for the three and six month periods ended June 30, 2025 was as follows (dollars in thousands, except per share data):

	Three Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, April 1, 2025		277,525	$	12.28		7.69
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585
	Six Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, January 1, 2025		277,725	$	12.28		7.93	$
Granted		—		—		—
Exercised		(200)		12.28		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585

Restricted stock expense was $68,000 and $135,000 for the three and six month periods ended June 30, 2025 and $67,000 and $133,000 for the same periods ended June 30, 2024, respectively. At June 30, 2025, the unrecognized compensation expense relating to non-vested restricted stock outstanding was $765,000.

A summary of the Company’s restricted stock activity and related information for the three and six month periods ended June 30, 2025 was as follows:

	Three Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, April 1, 2025		67,846	$	12.28
Granted		—		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28
	Six Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, January 1, 2025		67,846		12.28
Granted		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28

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Regulatory Matters

6 Months Ended

Jun. 30, 2025

Regulatory Capital Requirements Under Banking Regulations [Abstract]

Regulatory Matters

10. Regulatory Matters

The Bank is 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. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of June 30, 2025, the Bank met all capital adequacy requirements to which it was subject.

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 June 30, 2025, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital, Tier 1 Capital or Total Capital to risk-weighted assets above the minimum but below the conservation buffer will face limitations on dividends, stock repurchases and certain discretionary bonus payments to management based on the amount of the shortfall. Under the Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The required capital conservation buffer is 2.50%.

On January 1, 2023, the Company adopted ASC 326. Regulatory capital rules permitted the Bank to phase-in the day-one effects of adopting ASC 326 over a three-year transition period. The Bank elected to take the phase-in for the amount of $140,000.

The following tables present actual and required capital ratios as of June 30, 2025 and December 31, 2024 under the Basel III Capital Rules. Bank capital levels required to be considered well capitalized are based upon prompt corrective action regulations.

Actual and required capital amounts (in thousands) and ratios of the Bank are presented below at quarter-end.

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
June 30, 2025	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	48,466	13.39	%	$	28,966	8.00	%	$	38,017	10.50	%	$	36,207	10.00	%
Tier 1 capital (to risk-weighted assets)	$	43,940	12.14	%	$	21,724	6.00	%	$	30,776	8.50	%	$	28,966	8.00	%
Common equity (to risk-weighted assets)	$	43,940	12.14	%	$	16,293	4.50	%	$	25,345	7.00	%	$	23,535	6.50	%
Tier 1 capital (to average assets)	$	43,940	9.46	%	$	18,580	4.00	%		N/A	N/A		$	23,226	5.00	%

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
December 31, 2024	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	46,961	13.50	%	$	27,820	8.00	%	$	36,514	10.50	%	$	34,775	10.00	%
Tier 1 capital (to risk-weighted assets)	$	42,614	12.25	%	$	20,865	6.00	%	$	29,559	8.50	%	$	27,820	8.00	%
Common equity (to risk-weighted assets)	$	42,614	12.25	%	$	15,649	4.50	%	$	24,342	7.00	%	$	22,604	6.50	%
Tier 1 capital (to average assets)	$	42,614	9.60	%	$	17,753	4.00	%		N/A	N/A		$	22,191	5.00	%

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

11. Earnings Per Common Share

The factors used in the earnings per common share computation follow (dollars in thousands, except per share data):

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Net income	$	640	$	370	$	1,113	$	687
Weighted average common shares outstanding		2,484,915		2,508,297		2,484,607		2,538,193
Less: Average unearned ESOP shares		(177,744)		(188,853)		(177,744)		(188,853)
Weighted average shares outstanding (basic)		2,307,171		2,319,444		2,306,863		2,349,340
Dilutive common stock equivalents		44,417		35,884		36,091		34,582
Weighted average shares outstanding (diluted)		2,351,588		2,355,328		2,342,954		2,383,922
Basic earnings per common share	$	0.28	$	0.16	$	0.48	$	0.29
Diluted earnings per common share	$	0.27	$	0.16	$	0.48	$	0.29

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

12. Fair Value of Financial Instruments

The Company groups its assets and liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 - Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 - Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on 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 for substantially the full term of the asset or liability.

Level 3 - Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation.

Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions.

Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective quarter ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each quarter end.

An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions were used by the Company in estimating fair value disclosures for its financial assets and liabilities:

Debt and Equity Securities (Carried at Fair Value on a Recurring Basis)

The fair value of debt and equity securities (carried at fair value) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt and equity securities without relying exclusively on quoted market prices for the specific debt and equity securities but rather by relying on the securities’ relationship to other benchmark quoted prices.

Individually Evaluated Collateral Dependent Loans (Generally Carried at Fair Value on a Nonrecurring Basis)

The estimated fair value of individually evaluated collateral dependent loans is based on the value of the underlying collateral or the value of the underlying collateral, less estimated cost to sell, as appropriate. Collateral is generally real estate; however, collateral may include vehicles, equipment, inventory, accounts receivable, and/or other assets. The value

of real estate collateral is generally determined using a market valuation approach based on an appraisal conducted by an independent, licensed appraiser.  The value of other assets may also be based on an appraisal, market quotations, aging schedules or other sources. Any fair value adjustments are recorded in the period incurred as a provision for credit losses on the Consolidated Statements of Income. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. At June 30, 2025, the fair value consisted of the recorded investment in the collateral dependent loans of $396,000, which was net of a valuation allowance of $71,000. At December 31, 2024, the fair value consisted of the recorded investment in the collateral dependent loans of $396,000, which was net of a valuation allowance of $92,000. Collateral dependent individually evaluated loans are included in Loans Receivable in the table below, which details the fair value of all the Company’s financial instruments.

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	17,011	$	—	$	17,011	$	—
Corporate bonds		6,157		—		6,157		—
Treasury securities		5,927		5,927		—		—
Mortgage-backed securities		3,871		—		3,871		—
Collateralized mortgage obligations		2,634		—		2,634		—
Mutual funds		836		836		—		—
Total assets measured at fair value on a recurring basis	$	36,436	$	6,763	$	29,673	$	—

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	20,165	$	—	$	20,165	$	—
Corporate bonds		4,821		—		4,821		—
Treasury securities		21,950		21,950		—		—
Mortgage-backed securities		1,496		—		1,496		—
Collateralized mortgage obligations		1,864		—		1,864		—
Mutual funds		808		808		—		—
Total assets measured at fair value on a recurring basis	$	51,104	$	22,758	$	28,346	$	—

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to measure fair value at June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	15.1% (15.1%) (1)

December 31, 2024
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	18.9% (18.9%) (1)

(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table:

	Fair Value	June 30, 2025				December 31, 2024
	Hierarchy	Carrying		Estimated		Carrying		Estimated
(In thousands)	Level	Amounts		Fair Values		Amounts		Fair Values
Financial assets:
Cash and cash equivalents	1	$	55,906	$	55,906	$	37,777	$	37,777
Debt securities - available-for-sale	1 & 2		35,600		35,600		50,296		50,296
Equity securities	1		836		836		808		808
Restricted stocks	2		2,228		2,228		2,125		2,125
Loans, net	3		353,324		353,324		344,813		334,968
Accrued interest receivable	1		1,476		1,476		1,269		1,269
Bank owned life insurance	2		8,560		8,560		8,448		8,448
Financial liabilities:
Demand deposits, savings, and money market	1		187,403		187,403		180,392		180,392
Certificates of deposit	2		176,018		176,018		173,798		173,262
Borrowings	2		43,882		43,882		42,460		42,015
Accrued interest payable	1		1,051		1,051		1,141		1,141

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Noninterest Revenues

6 Months Ended

Jun. 30, 2025

Noninterest Income [Abstract]

Noninterest Revenues

13. Noninterest Revenues

Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investments. In addition, certain noninterest income streams such as gains on equity investments, income associated with bank owned life insurance, and loan fees are also not in scope of the guidance. Topic 606 is applicable to noninterest revenue streams such as service charges on deposit accounts and gains on sale of other real estate owned. Noninterest revenue streams in-scope of Topic 606 are discussed below.

Service Charges on Deposit Accounts

Service charges on deposit accounts consist of fees on depository accounts, which includes NSF fees, miscellaneous deposit-based service fees, monthly maintenance fees for consumer and commercial, and account analysis and related fees (commercial).

Service charges and fees charged daily are a result of an event or service being provided on the day with the Company recognizing the revenue on the same day. The Company has determined that all performance obligations for daily service charges and fees are met on the same day as the transaction and, therefore, should be recognized as these occur.

Monthly maintenance/service charges and fees are charged on the last day of the month (i.e. the same month as charges are incurred) after the system has completed its processing. The Company has determined that all performance obligations for monthly fees are typically met during the month or the same day as the customer has not met its obligation. As monthly fees are typically incurred by the customer throughout the month, the fees should be recognized upon completion of the month since the performance obligations have been met for those services.

Account analysis service charges and fees are recorded on a monthly basis on the last day of the month. The Company has determined that all performance obligations for account analysis fees are met during the month.

Debit Card Income

Debit card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur.

Gains on Sale of Other Real Estate Owned

The sale of other real estate owned is currently recognized on the closing date of sale when all performance obligations have been met, and control of the asset has been transferred to the buyer. Any gains are included in noninterest expenses in the consolidated statements of income.

For the Company, there are no other material revenue streams within the scope of Topic 606. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Noninterest income in scope of Topic 606	2025		2024		2025		2024
Service charges on deposit accounts	$	51	$	42	$	99	$	87
Debit card income		55		53		107		103
Other service charges		14		20		25		37
Other noninterest income		102		25		177		55
Noninterest income (in scope for Topic 606)		222		140		408		282
Noninterest income (out of scope for Topic 606)		59		50		127		95
Total noninterest income	$	281	$	190	$	535	$	377

Contract Balances

As of June 30, 2025 and December 31, 2024, the Company did not have any significant contract balances.

Contract Acquisition Costs

As of June 30, 2025 and December 31, 2024, the Company did not have any significant contract acquisition costs.

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Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On July 7, 2025, the Company and the Bank entered into an Agreement and Plan of Merger (the ‘Merger Agreement’) with Norwood Financial Corp, a Pennsylvania corporation (“Norwood”) and its wholly owned subsidiary, Wayne Bank.  Pursuant to the terms and conditions set forth in the Merger Agreement, the Company will merge with and into Norwood (the “Merger”), with Norwood surviving, and the Bank will merge with and into Wayne Bank, with Wayne Bank as the surviving bank (the ‘Bank Merger’).

At the effective time of the Merger, each outstanding share of Company common stock will be converted into the right to receive, at the election of such holder, either (i) 0.7850 shares of Norwood common stock, or (ii) $19.75 in cash, together with cash in lieu of fractional shares, if any. All such elections are subject to adjustment on a pro rata basis, so that 80% of the aggregate merger consideration paid to the Company stockholders will be the stock consideration and the remaining 20% will be the cash consideration.

The completion of the Merger and the Bank Merger are subject to customary closing conditions, including approval by the Company’s stockholders and the receipt of any required regulatory approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities. The Merger is expected to close in the fourth quarter of 2025 or early in the first quarter of 2026.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 640	$ 370	$ 1,113	$ 687

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

Organization and Nature of Operations

PB Bankshares, Inc., a Maryland corporation (the “Company”) is the holding company of Presence Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On July 14, 2021, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on July 15, 2021. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”).

The Bank is a state-chartered savings bank established in 1919. The main office is located in Coatesville, Pennsylvania with three other branches located in New Holland, Oxford, and Georgetown, Pennsylvania. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans primarily secured by real estate and, to a lesser extent, consumer loans. The Bank competes with other banking and financial institutions in its primary market communities encompassing Chester, Cumberland, Dauphin, Lancaster, and Lebanon Counties in Pennsylvania. The Bank is regulated by the Federal Deposit Insurance Corporation (the “FDIC”) and the Pennsylvania Department of Banking and Securities (the “PADOB”).

Principles of Consolidation and Reclassifications

Principles of Consolidation and Reclassifications

The consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank.  The Bank also includes the accounts of CSB Investments, Inc. (“CSB”), a wholly-owned subsidiary of the Bank located in Wilmington, Delaware. The sole purpose of CSB is to maintain and manage the Bank’s investment portfolio. All significant intercompany accounts and transactions have been eliminated in consolidation.

Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity.

Interim Financial Information

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Securities and Exchange Commission’s Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

In the opinion of management, all adjustments considered necessary (consisting only of normal recurring accruals) for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or any other interim periods. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 as filed in the annual report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2025.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans.

While management uses available information to recognize expected estimated losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions and underlying collateral values, if any. In addition, the FDIC and PADOB, as an integral part of their examination process, periodically review the Bank’s

allowance for credit losses. These agencies may require the Bank to recognize additions to the allowance based on their judgments of information available to them at the time of their examinations. 

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Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2025

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

This section provides a summary description of recent ASUs issued by the FASB to the ASC that had or that management expects may have an impact on the financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected 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. Effective dates reflect this election.

Recently Issued, But Not Yet Effective Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024, for public business entities. For entities other than public business entities the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

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Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains and losses and fair value securities available-for-sale and equity securities

The amortized cost, gross unrealized gains and losses, and fair value of securities available-for-sale and equity securities are as follows (in thousands):

			Gross Unrealized		Gross Unrealized
June 30, 2025	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	17,237	$	—	$	(226)	$	17,011
Corporate bonds		5,811		418		(72)		6,157
Treasury securities		5,912		15		—		5,927
Mortgage-backed securities		3,858		13		—		3,871
Collateralized mortgage obligations		2,797		—		(163)		2,634
Total available-for-sale debt securities	$	35,615	$	446	$	(461)	$	35,600
Equity securities:
Mutual funds (fixed income)							$	836

			Gross Unrealized		Gross Unrealized
December 31, 2024	Amortized Cost		Gains		Losses		Fair Value
Debt securities:
Agency bonds	$	20,747	$	—	$	(582)	$	20,165
Corporate bonds		4,465		377		(21)		4,821
Treasury securities		21,902		48		—		21,950
Mortgage-backed securities		1,526		—		(30)		1,496
Collateralized mortgage obligations		2,042		—		(178)		1,864
Total available-for-sale debt securities	$	50,682	$	425	$	(811)	$	50,296
Equity securities:
Mutual funds (fixed income)							$	808

Schedule of length of time individual available-for-sale securities in a continuous unrealized loss position

The tables below indicate the length of time individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	—	$	—	$	17,011	$	(226)	$	17,011	$	(226)
Corporate bonds		1,251		(34)		781		(38)		2,032		(72)
Collateralized mortgage obligations		963		(30)		1,671		(133)		2,634		(163)
Total	$	2,214	$	(64)	$	19,463	$	(397)	$	21,677	$	(461)

December 31, 2024	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Agency bonds	$	8,736	$	(263)	$	11,429	$	(319)	$	20,165	$	(582)
Corporate bonds		785		(21)		—		—		785		(21)
Mortgage-backed securities		1,445		(30)		—		—		1,445		(30)
Collateralized mortgage obligations		160		(17)		1,704		(161)		1,864		(178)
Total	$	11,126	$	(331)	$	13,133	$	(480)	$	24,259	$	(811)

Schedule of debt securities by contractual maturity

The amortized cost and fair value of debt securities available-for-sale at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands).

	Available-for-Sale
	Amortized Cost		Fair Value		Yield
Due less than one year	$	23,149	$	22,938	1.65	%
Due one year through five years		—		—	—
Due after five years through ten years		5,811		6,157	8.16
Mortgage-backed securities		3,858		3,871	5.15
Collateralized mortgage obligations		2,797		2,634	3.03
Total available-for-sale debt securities	$	35,615	$	35,600	3.20	%

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Loans Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Summary of major classifications of net loans receivable

Major classifications of net loans receivable at June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30,		December 31,
	2025		2024
Real estate:
One-to four-family residential	$	105,309	$	103,573
Commercial		226,801		205,164
Construction		7,287		10,492
Commercial and industrial		16,475		21,278
Consumer and other		2,560		9,257
		358,432		349,764
Deferred loan fees, net		(610)		(595)
Allowance for credit losses		(4,498)		(4,356)
Total loans receivable, net	$	353,324	$	344,813

Schedule of activity in the allowance for credit losses by loan class

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,072	$	—	$	—	$	(33)	$	1,039
Commercial		2,817		—		14		146		2,977
Construction		79		—		—		(18)		61
Commercial and industrial		279		—		9		(94)		194
Consumer and other		68		—		4		(47)		25
Unallocated		132		—		—		70		202
	$	4,447	$	—	$	27	$	24	$	4,498

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,218	$	—	$	—	$	(19)	$	1,199
Commercial		2,782		—		—		56		2,838
Construction		104		—		—		(35)		69
Commercial and industrial		201		—		1		45		247
Consumer and other		69		—		4		32		105
Unallocated		91		—		—		(49)		42
	$	4,465	$	—	$	5	$	30	$	4,500

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2025 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,045	$	—	$	—	$	(6)	$	1,039
Commercial		2,710		—		28		239		2,977
Construction		93		—		—		(32)		61
Commercial and industrial		277		—		18		(101)		194
Consumer and other		100		—		6		(81)		25
Unallocated		131		—		—		71		202
Total	$	4,356	$	—	$	52	$	90	$	4,498

The following table summarizes the activity in the allowance for credit losses - loans by loan class for the six months ended June 30, 2024 (in thousands):

	Allowance for Credit Losses - Loans
							Provisions
							for Credit
	Beginning						Losses -		Ending
	Balance		Charge-offs		Recoveries		Loans		Balance
Real Estate:
One- to four-family residential	$	1,267	$	—	$	—	$	(68)	$	1,199
Commercial		2,637		—		—		201		2,838
Construction		112		—		—		(43)		69
Commercial and industrial		229		—		3		15		247
Consumer and other		71		(6)		6		34		105
Unallocated		195		—		—		(153)		42
Total	$	4,511	$	(6)	$	9	$	(14)	$	4,500

Schedule of provision for credit losses

The following tables present a breakdown of the provision for credit losses for the periods indicated (in thousands):

	Three Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	24	$	30
Provision for unfunded commitments		16		(13)
Total provision for credit losses	$	40	$	17

	Six Months Ended June 30,
	2025		2024
Provision for credit losses:
Provision for loans	$	90	$	(14)
Provision for unfunded commitments		11		(53)
Total provision for credit losses	$	101	$	(67)

Schedule of nonaccrual loans by classes of the loan portfolio

The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	87	$	87
Commercial		816		349
Total	$	903	$	436

	December 31, 2024
			Nonaccrual
	Nonaccrual		With No ACL
Real estate:
One- to four-family residential	$	99	$	99
Commercial		864		376
Commercial and industrial		159		159
Total	$	1,122	$	634

Schedule of amortized cost basis of collateral-dependent loans by loan class

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of June 30, 2025 (in thousands):

	June 30, 2025
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	304	$	—	$	304	$	—
Commercial		1,401		—		1,401		71
Construction		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer and other		—		—		—		—
Total	$	1,705	$	—	$	1,705	$	71

The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of December 31, 2024 (in thousands):

	December 31, 2024
					Total
	Real Estate		Non-Real Estate		Collateral		Allowance for
	Secured		Secured		Dependent		Credit Losses-
	Loans		Loans		Loans		Loans
Real estate:
One- to four-family residential	$	318	$	—	$	318	$	—
Commercial		1,472		—		1,472		92
Construction		—		—		—		—
Commercial and industrial		159		—		159		—
Consumer and other		—		—		—		—
Total	$	1,949	$	—	$	1,949	$	92

Summary of classes of the loan portfolio by Bank's internal risk rating system

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2025 (in thousands); as well as gross charge-offs (in thousands) for the six months ended June 30, 2025:

	Year of Origination
															Revolving
															Loans
													Revolving		Converted to
	2025		2024		2023		2022		2021		Prior		Loans		Term Loans		Total
Real estate: one- to four-family residential
Pass	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	43,902	$	9,815	$	998	$	104,779
Special Mention		—		—		—		—		—		226		—		—		226
Substandard		—		—		—		—		—		304		—		—		304
Total real estate: one- to four-family residential	$	7,485	$	3,656	$	7,549	$	16,532	$	14,842	$	44,432	$	9,815	$	998	$	105,309
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: commercial
Pass	$	26,420	$	33,091	$	42,087	$	37,842	$	41,811	$	40,168	$	3,478	$	—	$	224,897
Special Mention		—		—		—		174		—		329		—		—		503
Substandard		—		—		—		—		—		1,401		—		—		1,401
Total real estate: commercial	$	26,420	$	33,091	$	42,087	$	38,016	$	41,811	$	41,898	$	3,478	$	—	$	226,801
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate: construction
Pass	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total real estate: construction	$	391	$	3,046	$	—	$	902	$	2,875	$	73	$	—	$	—	$	7,287
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Pass	$	747	$	4,658	$	133	$	1,582	$	1,819	$	667	$	6,233	$	53	$	15,892
Special Mention		—		—		343		—		—		—		240		—		583
Substandard		—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	747	$	4,658	$	476	$	1,582	$	1,819	$	667	$	6,473	$	53	$	16,475
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Total consumer and other	$	—	$	1	$	—	$	2,000	$	—	$	—	$	559	$	—	$	2,560
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans, gross
Pass	$	35,043	$	44,452	$	49,769	$	58,858	$	61,347	$	84,810	$	20,085	$	1,051	$	355,415
Special Mention		—		—		343		174		—		555		240		—		1,312
Substandard		—		—		—		—		—		1,705		—		—		1,705
Total loans, gross	$	35,043	$	44,452	$	50,112	$	59,032	$	61,347	$	87,070	$	20,325	$	1,051	$	358,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2024 (in thousands); as well as gross charge-offs (in thousands) for the year ended December 31, 2024:

Summary of classes of the loan portfolio by the past due status

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2025 and December 31, 2024 (in thousands):

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
June 30, 2025	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	337	$	20	$	22	$	379	$	104,930	$	105,309	$	—
Commercial		—		—		467		467		226,334		226,801		—
Construction		—		—		—		—		7,287		7,287		—
Commercial and industrial		—		—		—		—		16,475		16,475		—
Consumer and other		—		—		—		—		2,560		2,560		—
Total loans, gross	$	337	$	20	$	489	$	846	$	357,586	$	358,432	$	—

													Loans
													Receivable
											Total		90 or More
	30‑59 Days		60‑89 Days		90 or More		Total Past				Loans		Days and
December 31, 2024	Past Due		Past Due		Days Past Due		Due		Current		Receivable		Accruing
Real estate:
One- to four-family residential	$	190	$	—	$	24	$	214	$	103,359	$	103,573	$	—
Commercial		376		—		488		864		204,300		205,164		—
Construction		—		—		—		—		10,492		10,492		—
Commercial and industrial		—		50		109		159		21,119		21,278		—
Consumer and other		—		—		—		—		9,257		9,257		—
Total loans, gross	$	566	$	50	$	621	$	1,237	$	348,527	$	349,764	$	—

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Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of information about leases

The following tables present information about the Company’s leases as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

		June 30,			December 31,
		2025			2024
Right-of-use assets	$	1,582		$	1,567
Lease liabilities	$	1,560		$	1,536
Weighted average remaining lease term		10.38	years		11.08	years
Weighted average discount rate		4.84	%		4.81	%
		Three Months			Three Months			Six Months		Six Months
		Ended			Ended			Ended		Ended
		June 30,			June 30,			June 30,		June 30,
		2025			2024			2025		2024
Operating lease cost	$	45		$	26		$	88	$	51
Short-term lease cost		-			-			-		4
Total lease costs	$	45		$	26		$	88	$	55
Cash paid for amounts included in the measurement of lease liabilities	$	61		$	35		$	119	$	69

Schedule of maturity analysis of operating lease liabilities

	As of
	June 30,
Lease payments due (in thousands):	2025
Six months ending December 31, 2025	$	121
2026		201
2027		185
2028		186
2029		190
Thereafter		1,111
Total undiscounted cash flows		1,994
Discount		434
Lease Liability	$	1,560

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Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of borrowings maturity

Borrowings from the FHLB at June 30, 2025 and December 31, 2024 consist of the following (dollars in thousands):

	June 30,				December 31,
	2025				2024
			Weighted				Weighted
Maturity	Amount		Rate		Amount		Rate
2025	$	1,500	5.16	%	$	4,500	5.30	%
2026		1,992	4.08			2,411	3.60
2027		19,500	2.69			19,500	2.69
2028		13,650	4.00			13,650	4.00
2030		5,000	3.95			—	—
2032		2,240	1.83			2,399	1.83
Total borrowings	$	43,882	3.43	%	$	42,460	3.39	%

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Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2025

Risks and Uncertainties [Abstract]

Schedule of off-balance sheet financial instruments whose contract amounts represent credit risk

The Company had the following off-balance sheet financial instruments whose contract amounts represent credit risk at June 30, 2025 and December 31, 2024 (in thousands):

	June 30,		December 31,
	2025		2024
Commitments to grant loans	$	25,297	$	23,958
Unfunded commitments under lines of credit		13,036		12,409
Standby letters of credit		7,593		6,698
Total off-balance sheet financial instruments	$	45,926	$	43,065

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

A summary of the Company’s stock option activity and related information for the three and six month periods ended June 30, 2025 was as follows (dollars in thousands, except per share data):

	Three Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, April 1, 2025		277,525	$	12.28		7.69
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585
	Six Months Ended June 30, 2025
					Weighted-Average
					Remaining		Aggregate
			Weighted-Average		Contractual Life		Intrinsic
	Options		Exercise Price		(in years)		Value
Outstanding, January 1, 2025		277,725	$	12.28		7.93	$
Granted		—		—		—
Exercised		(200)		12.28		—
Forfeited		—		—		—
Outstanding, June 30, 2025		277,525	$	12.28		7.44	$	1,497
Exercisable, June 30, 2025		108,558	$	12.28		7.41	$	585

Schedule of restricted stock activity

	Three Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, April 1, 2025		67,846	$	12.28
Granted		—		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28
	Six Months Ended June 30, 2025
			Weighted-Average
		Number of	Grant Date
	Shares		Fair Value
Non-vested, January 1, 2025		67,846		12.28
Granted		—
Vested		(595)		12.20
Forfeited		—		—
Non-vested at June 30, 2025		67,251	$	12.28

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Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2025

Regulatory Capital Requirements Under Banking Regulations [Abstract]

Schedule of actual and required capital amounts and ratios

Actual and required capital amounts (in thousands) and ratios of the Bank are presented below at quarter-end.

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
June 30, 2025	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	48,466	13.39	%	$	28,966	8.00	%	$	38,017	10.50	%	$	36,207	10.00	%
Tier 1 capital (to risk-weighted assets)	$	43,940	12.14	%	$	21,724	6.00	%	$	30,776	8.50	%	$	28,966	8.00	%
Common equity (to risk-weighted assets)	$	43,940	12.14	%	$	16,293	4.50	%	$	25,345	7.00	%	$	23,535	6.50	%
Tier 1 capital (to average assets)	$	43,940	9.46	%	$	18,580	4.00	%		N/A	N/A		$	23,226	5.00	%

													To be Well
									For Capital				Capitalized under
					For Capital				Adequacy Purposes				Prompt Corrective
December 31, 2024	Actual				Adequacy Purposes				with Capital Buffer				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk-weighted assets)	$	46,961	13.50	%	$	27,820	8.00	%	$	36,514	10.50	%	$	34,775	10.00	%
Tier 1 capital (to risk-weighted assets)	$	42,614	12.25	%	$	20,865	6.00	%	$	29,559	8.50	%	$	27,820	8.00	%
Common equity (to risk-weighted assets)	$	42,614	12.25	%	$	15,649	4.50	%	$	24,342	7.00	%	$	22,604	6.50	%
Tier 1 capital (to average assets)	$	42,614	9.60	%	$	17,753	4.00	%		N/A	N/A		$	22,191	5.00	%

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of factors used in earning per share computation

The factors used in the earnings per common share computation follow (dollars in thousands, except per share data):

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Net income	$	640	$	370	$	1,113	$	687
Weighted average common shares outstanding		2,484,915		2,508,297		2,484,607		2,538,193
Less: Average unearned ESOP shares		(177,744)		(188,853)		(177,744)		(188,853)
Weighted average shares outstanding (basic)		2,307,171		2,319,444		2,306,863		2,349,340
Dilutive common stock equivalents		44,417		35,884		36,091		34,582
Weighted average shares outstanding (diluted)		2,351,588		2,355,328		2,342,954		2,383,922
Basic earnings per common share	$	0.28	$	0.16	$	0.48	$	0.29
Diluted earnings per common share	$	0.27	$	0.16	$	0.48	$	0.29

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	17,011	$	—	$	17,011	$	—
Corporate bonds		6,157		—		6,157		—
Treasury securities		5,927		5,927		—		—
Mortgage-backed securities		3,871		—		3,871		—
Collateralized mortgage obligations		2,634		—		2,634		—
Mutual funds		836		836		—		—
Total assets measured at fair value on a recurring basis	$	36,436	$	6,763	$	29,673	$	—

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Agency bonds	$	20,165	$	—	$	20,165	$	—
Corporate bonds		4,821		—		4,821		—
Treasury securities		21,950		21,950		—		—
Mortgage-backed securities		1,496		—		1,496		—
Collateralized mortgage obligations		1,864		—		1,864		—
Mutual funds		808		808		—		—
Total assets measured at fair value on a recurring basis	$	51,104	$	22,758	$	28,346	$	—

Schedule of assets measured at fair value on a nonrecurring basis

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2025 and December 31, 2024 are as follows (in thousands):

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
June 30, 2025	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
December 31, 2024	Total		(Level 1)		(Level 2)		(Level 3)
Individually evaluated collateral dependent loans	$	396	$	—	$	—	$	396
Total assets measured at fair value on a nonrecurring basis	$	396	$	—	$	—	$	396

Schedule of quantitative information about assets measured at fair value on a nonrecurring basis

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to measure fair value at June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	15.1% (15.1%) (1)

December 31, 2024
Asset Description	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Individually evaluated collateral dependent loans	$	396	Appraisal of collateral	Selling expenses and discounts (1)	18.9% (18.9%) (1)

Schedule of carrying amounts and fair values of the Bank's financial instruments

	Fair Value	June 30, 2025				December 31, 2024
	Hierarchy	Carrying		Estimated		Carrying		Estimated
(In thousands)	Level	Amounts		Fair Values		Amounts		Fair Values
Financial assets:
Cash and cash equivalents	1	$	55,906	$	55,906	$	37,777	$	37,777
Debt securities - available-for-sale	1 & 2		35,600		35,600		50,296		50,296
Equity securities	1		836		836		808		808
Restricted stocks	2		2,228		2,228		2,125		2,125
Loans, net	3		353,324		353,324		344,813		334,968
Accrued interest receivable	1		1,476		1,476		1,269		1,269
Bank owned life insurance	2		8,560		8,560		8,448		8,448
Financial liabilities:
Demand deposits, savings, and money market	1		187,403		187,403		180,392		180,392
Certificates of deposit	2		176,018		176,018		173,798		173,262
Borrowings	2		43,882		43,882		42,460		42,015
Accrued interest payable	1		1,051		1,051		1,141		1,141

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Noninterest Revenues (Tables)

6 Months Ended

Jun. 30, 2025

Noninterest Income [Abstract]

Schedule of noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606

The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Noninterest income in scope of Topic 606	2025		2024		2025		2024
Service charges on deposit accounts	$	51	$	42	$	99	$	87
Debit card income		55		53		107		103
Other service charges		14		20		25		37
Other noninterest income		102		25		177		55
Noninterest income (in scope for Topic 606)		222		140		408		282
Noninterest income (out of scope for Topic 606)		59		50		127		95
Total noninterest income	$	281	$	190	$	535	$	377

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Basis of Presentation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) item	Jun. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of branches | item	3
Gross proceeds from offering | $	$ 3	$ 0

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Debt and Equity Securities - Schedule of FV of AFS and Equity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	$ 35,615	$ 50,682
Gross Unrealized Gains	446	425
Gross Unrealized Losses	(461)	(811)
Fair Value	35,600	50,296
Equity securities: Mutual funds (fixed income)	836	808
Agency bonds
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	17,237	20,747
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(226)	(582)
Fair Value	17,011	20,165
Corporate bonds
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	5,811	4,465
Gross Unrealized Gains	418	377
Gross Unrealized Losses	(72)	(21)
Fair Value	6,157	4,821
Treasury securities
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	5,912	21,902
Gross Unrealized Gains	15	48
Gross Unrealized Losses	0	0
Fair Value	5,927	21,950
Mortgage-backed securities
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	3,858	1,526
Gross Unrealized Gains	13	0
Gross Unrealized Losses	0	(30)
Fair Value	3,871	1,496
Collateralized mortgage obligations
Debt Securities, Available-for-Sale [Abstract]
Amortized Cost	2,797	2,042
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(163)	(178)
Fair Value	$ 2,634	$ 1,864

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Debt and Equity Securities - Schedule of AFS Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months	$ 2,214	$ 11,126
12 Months or More	19,463	13,133
Total Fair Value	21,677	24,259
Debt and Equity Securities
Less than 12 Months	(64)	(331)
12 Months or More	(397)	(480)
Total Unrealized Losses	(461)	(811)
Agency bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months	0	8,736
12 Months or More	17,011	11,429
Total Fair Value	17,011	20,165
Debt and Equity Securities
Less than 12 Months	0	(263)
12 Months or More	(226)	(319)
Total Unrealized Losses	(226)	(582)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months	1,251	785
12 Months or More	781	0
Total Fair Value	2,032	785
Debt and Equity Securities
Less than 12 Months	(34)	(21)
12 Months or More	(38)	0
Total Unrealized Losses	(72)	(21)
Mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months		1,445
12 Months or More		0
Total Fair Value		1,445
Debt and Equity Securities
Less than 12 Months		(30)
12 Months or More		0
Total Unrealized Losses		(30)
Collateralized mortgage obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months	963	160
12 Months or More	1,671	1,704
Total Fair Value	2,634	1,864
Debt and Equity Securities
Less than 12 Months	(30)	(17)
12 Months or More	(133)	(161)
Total Unrealized Losses	$ (163)	$ (178)

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Debt and Equity Securities - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025 USD ($) security	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) security item	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) item security
Debt and Equity Securities
Allowance for credit losses	$ 0		$ 0
Securities sold	0	$ 0	0	$ 0
Pledged to secure borrowings	1,907,000		1,907,000		$ 1,954,000
Pledged primarily for public fund depositors	20,384,000		20,384,000		22,047,000
Accrued interest receivable on AFS debt securities	$ 97,000		$ 97,000		$ 83,000
Private label mortgage-backed securities
Debt and Equity Securities
Number of debt securities available for sale | security			0		0
Agency bonds
Debt and Equity Securities
Number of unrealized loss positions | security	40		40
Corporate bonds
Debt and Equity Securities
Number of unrealized loss positions | security	2		2
Collateralized mortgage obligations
Debt and Equity Securities
Number of debt securities available for sale | item			0		0
Number of unrealized loss positions | security	34		34

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Debt and Equity Securities - Schedule of debt securities by contractual maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Due less than one year	$ 23,149
Due after five years through ten years	5,811
Total available-for-sale debt securities, Amortized Cost	35,615	$ 50,682
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due less than one year	22,938
Due after five years through ten years	6,157
Total available-for-sale debt securities, Fair Value	$ 35,600	50,296
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract]
Due less than one year - Yield	1.65%
Due after five years through ten years - Yield	8.16%
Total available-for-sale debt securities, Yield	3.20%
Mortgage-backed securities
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost	$ 3,858
Total available-for-sale debt securities, Amortized Cost	3,858	1,526
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	3,871
Total available-for-sale debt securities, Fair Value	$ 3,871	1,496
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract]
Available for sale - Yield	5.15%
Collateralized mortgage obligations
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost	$ 2,797
Total available-for-sale debt securities, Amortized Cost	2,797	2,042
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	2,634
Total available-for-sale debt securities, Fair Value	$ 2,634	$ 1,864
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract]
Available for sale - Yield	3.03%

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Loans Receivable and Allowance for Credit Losses - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025 USD ($) contract loan	Jun. 30, 2024 loan contract	Jun. 30, 2025 USD ($) loan contract	Jun. 30, 2024 loan contract	Dec. 31, 2024 USD ($)
Receivables [Abstract]
Accrued interest receivable	$ 1.4		$ 1.4		$ 1.3
Number of loans modified as TDRs, After adoption of ASC 326 | loan	0	0	0	0
Number of TDR loans in default, After adoption of ASC 326 | contract	0	0	0	0
Other real estate owned that was related to residential real estate	$ 0.0		$ 0.0		0.0
Residential real estate in process of foreclosure	$ 0.0		$ 0.0		$ 0.0

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Loans Receivable and Allowance for Credit Losses - Major classifications of net loans receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	$ 358,432		$ 349,764
Deferred loan fees, net	(610)		(595)
Allowance for credit losses	(4,498)	$ (4,447)	(4,356)	$ (4,500)	$ (4,465)	$ (4,511)
Total loans receivable, net	353,324		344,813
Real Estate | One- to four-family residential
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	105,309		103,573
Allowance for credit losses	(1,039)	(1,072)	(1,045)	(1,199)	(1,218)	(1,267)
Real Estate | Commercial
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	226,801		205,164
Allowance for credit losses	(2,977)	(2,817)	(2,710)	(2,838)	(2,782)	(2,637)
Real Estate | Construction
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	7,287		10,492
Allowance for credit losses	(61)	(79)	(93)	(69)	(104)	(112)
Commercial | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	16,475		21,278
Allowance for credit losses	(194)	(279)	(277)	(247)	(201)	(229)
Consumer
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]
Total loans receivable	2,560		9,257
Allowance for credit losses	$ (25)	$ (68)	$ (100)	$ (105)	$ (69)	$ (71)

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Loans Receivable and Allowance for Credit Losses - Allowance for credit losses by loan class (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 4,447	$ 4,465	$ 4,356	$ 4,511	$ 4,511
Charge-offs	0	0	0	(6)	(235)
Recoveries	27	5	52	9
Provisions for Credit Losses- Loans	24	30	90	(14)
Ending Balance	4,498	4,500	4,498	4,500	4,356
Real Estate | One- to four-family residential
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	1,072	1,218	1,045	1,267	1,267
Charge-offs	0	0	0		0
Recoveries	0	0
Provisions for Credit Losses- Loans	(33)	(19)	(6)	(68)
Ending Balance	1,039	1,199	1,039	1,199	1,045
Real Estate | Commercial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	2,817	2,782	2,710	2,637	2,637
Charge-offs	0	0	0		(223)
Recoveries	14	0	28
Provisions for Credit Losses- Loans	146	56	239	201
Ending Balance	2,977	2,838	2,977	2,838	2,710
Real Estate | Construction
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	79	104	93	112	112
Charge-offs	0	0	0		0
Recoveries	0	0
Provisions for Credit Losses- Loans	(18)	(35)	(32)	(43)
Ending Balance	61	69	61	69	93
Commercial | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	279	201	277	229	229
Charge-offs	0	0	0		0
Recoveries	9	1	18	3
Provisions for Credit Losses- Loans	(94)	45	(101)	15
Ending Balance	194	247	194	247	277
Consumer
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	68	69	100	71	71
Charge-offs	0	0		(6)
Recoveries	4	4	6	6
Provisions for Credit Losses- Loans	(47)	32	(81)	34
Ending Balance	25	105	25	105	100
Unallocated
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	132	91	131	195	195
Charge-offs	0	0
Recoveries	0	0
Provisions for Credit Losses- Loans	70	(49)	71	(153)
Ending Balance	$ 202	$ 42	$ 202	$ 42	$ 131

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Loans Receivable and Allowance for Credit Losses - Provision for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Provision for credit losses:
Provision for loans	$ 24	$ 30	$ 90	$ (14)
Provision for unfunded commitments	16	(13)	11	(53)
Total provision for credit losses	$ 40	$ 17	$ 101	$ (67)

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Loans Receivable and Allowance for Credit Losses - Nonaccrual loans by classes of the loan portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses
Nonaccrual	$ 903	$ 1,122
Nonaccrual With No ACL	436	634
Real Estate | One- to four-family residential
Loans Receivable and Allowance for Credit Losses
Nonaccrual	87	99
Nonaccrual With No ACL	87	99
Real Estate | Commercial
Loans Receivable and Allowance for Credit Losses
Nonaccrual	816	864
Nonaccrual With No ACL	$ 349	376
Commercial | Commercial and industrial
Loans Receivable and Allowance for Credit Losses
Nonaccrual		159
Nonaccrual With No ACL		$ 159

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Loans Receivable and Allowance for Credit Losses - Collateral-dependent loans (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	$ 4,498	$ 4,447	$ 4,356	$ 4,500	$ 4,465	$ 4,511
Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	1,705		1,949
Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	1,705		1,949
Allowance for Credit Losses - Loans	71		92
Real Estate | One- to four-family residential
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	1,039	1,072	1,045	1,199	1,218	1,267
Real Estate | One- to four-family residential | Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	304		318
Real Estate | One- to four-family residential | Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Real Estate | One- to four-family residential | Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	304		318
Allowance for Credit Losses - Loans	0
Real Estate | Commercial
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	2,977	2,817	2,710	2,838	2,782	2,637
Real Estate | Commercial | Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	1,401		1,472
Real Estate | Commercial | Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Real Estate | Commercial | Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	1,401		1,472
Allowance for Credit Losses - Loans	71		92
Real Estate | Construction
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	61	79	93	69	104	112
Real Estate | Construction | Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans			0
Real Estate | Construction | Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Real Estate | Construction | Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Allowance for Credit Losses - Loans	0
Commercial | Commercial and industrial
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	194	279	277	247	201	229
Commercial | Commercial and industrial | Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans			159
Commercial | Commercial and industrial | Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Commercial | Commercial and industrial | Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		159
Allowance for Credit Losses - Loans	0
Consumer
Loans Receivable and Allowance for Credit Losses
Allowance for Credit Losses - Loans	25	$ 68	100	$ 105	$ 69	$ 71
Consumer | Consumer and other | Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans			0
Consumer | Consumer and other | Non-Real Estate Secured Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		0
Consumer | Consumer and other | Total Collateral Dependent Loans
Loans Receivable and Allowance for Credit Losses
Total loans	0		$ 0
Allowance for Credit Losses - Loans	$ 0

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Loans Receivable and Allowance for Credit Losses - Loan Internal Risk Rating System (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	$ 358,432		$ 358,432		$ 349,764
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	35,043		35,043		44,934
2024/2023	44,452		44,452		51,374
2023/2022	50,112		50,112		62,251
2022/2021	59,032		59,032		67,754
2021/2020	61,347		61,347		32,066
Prior	87,070		87,070		59,215
Revolving Loans	20,325		20,325		31,043
Revolving Loans Converted to Term Loans	1,051		1,051		1,127
Total loans	358,432		358,432		349,764
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		(223)
Revolving Loans			0		(12)
Revolving Loans Converted to Term Loans			0		0
Total	0	$ 0	0	$ (6)	(235)
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	355,415		355,415		346,823
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	35,043		35,043		44,934
2024/2023	44,452		44,452		51,374
2023/2022	49,769		49,769		62,006
2022/2021	58,858		58,858		67,754
2021/2020	61,347		61,347		31,732
Prior	84,810		84,810		57,093
Revolving Loans	20,085		20,085		30,803
Revolving Loans Converted to Term Loans	1,051		1,051		1,127
Total loans	355,415		355,415		346,823
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,312		1,312		992
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	343		343		245
2022/2021	174		174		0
2021/2020	0		0		334
Prior	555		555		173
Revolving Loans	240		240		240
Revolving Loans Converted to Term Loans	0		0		0
Total loans	1,312		1,312		992
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,705		1,705		1,949
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	1,705		1,705		1,949
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	1,705		1,705		1,949
Real Estate | One- to four-family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	105,309		105,309		103,573
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	7,485		7,485		4,884
2024/2023	3,656		3,656		8,036
2023/2022	7,549		7,549		16,823
2022/2021	16,532		16,532		16,203
2021/2020	14,842		14,842		11,547
Prior	44,432		44,432		35,364
Revolving Loans	9,815		9,815		9,645
Revolving Loans Converted to Term Loans	998		998		1,071
Total loans	105,309		105,309		103,573
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		0
Revolving Loans			0		0
Revolving Loans Converted to Term Loans			0		0
Total	0	0	0		0
Real Estate | One- to four-family residential | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	104,779		104,779		103,082
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	7,485		7,485		4,884
2024/2023	3,656		3,656		8,036
2023/2022	7,549		7,549		16,823
2022/2021	16,532		16,532		16,203
2021/2020	14,842		14,842		11,547
Prior	43,902		43,902		34,873
Revolving Loans	9,815		9,815		9,645
Revolving Loans Converted to Term Loans	998		998		1,071
Total loans	104,779		104,779		103,082
Real Estate | One- to four-family residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	226		226		173
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	226		226		173
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	226		226		173
Real Estate | One- to four-family residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	304		304		318
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	304		304		318
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	304		304		318
Real Estate | Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	226,801		226,801		205,164
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	26,420		26,420		31,050
2024/2023	33,091		33,091		42,813
2023/2022	42,087		42,087		38,477
2022/2021	38,016		38,016		43,810
2021/2020	41,811		41,811		20,026
Prior	41,898		41,898		23,462
Revolving Loans	3,478		3,478		5,526
Revolving Loans Converted to Term Loans	0		0		0
Total loans	226,801		226,801		205,164
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		(223)
Revolving Loans			0		0
Revolving Loans Converted to Term Loans			0		0
Total	0	0	0		(223)
Real Estate | Commercial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	224,897		224,897		203,113
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	26,420		26,420		31,050
2024/2023	33,091		33,091		42,813
2023/2022	42,087		42,087		38,232
2022/2021	37,842		37,842		43,810
2021/2020	41,811		41,811		19,692
Prior	40,168		40,168		21,990
Revolving Loans	3,478		3,478		5,526
Revolving Loans Converted to Term Loans	0		0		0
Total loans	224,897		224,897		203,113
Real Estate | Commercial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	503		503		579
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		245
2022/2021	174		174		0
2021/2020	0		0		334
Prior	329		329		0
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	503		503		579
Real Estate | Commercial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	1,401		1,401		1,472
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	1,401		1,401		1,472
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	1,401		1,401		1,472
Real Estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	7,287		7,287		10,492
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	391		391		3,940
2024/2023	3,046		3,046		0
2023/2022	0		0		2,339
2022/2021	902		902		3,750
2021/2020	2,875		2,875		77
Prior	73		73		0
Revolving Loans	0		0		386
Revolving Loans Converted to Term Loans	0		0		0
Total loans	7,287		7,287		10,492
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		0
Revolving Loans			0		0
Revolving Loans Converted to Term Loans			0		0
Total	0	0	0		0
Real Estate | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	7,287		7,287		10,492
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	391		391		3,940
2024/2023	3,046		3,046		0
2023/2022	0		0		2,339
2022/2021	902		902		3,750
2021/2020	2,875		2,875		77
Prior	73		73		0
Revolving Loans	0		0		386
Revolving Loans Converted to Term Loans	0		0		0
Total loans	7,287		7,287		10,492
Real Estate | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0		0		0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	0		0		0
Real Estate | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0		0		0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	0		0		0
Commercial | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	16,475		16,475		21,278
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	747		747		5,058
2024/2023	4,658		4,658		525
2023/2022	476		476		2,612
2022/2021	1,582		1,582		1,991
2021/2020	1,819		1,819		416
Prior	667		667		389
Revolving Loans	6,473		6,473		10,231
Revolving Loans Converted to Term Loans	53		53		56
Total loans	16,475		16,475		21,278
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		0
Revolving Loans			0		0
Revolving Loans Converted to Term Loans			0		0
Total	0	0	0		0
Commercial | Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	15,892		15,892		20,879
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	747		747		5,058
2024/2023	4,658		4,658		525
2023/2022	133		133		2,612
2022/2021	1,582		1,582		1,991
2021/2020	1,819		1,819		416
Prior	667		667		230
Revolving Loans	6,233		6,233		9,991
Revolving Loans Converted to Term Loans	53		53		56
Total loans	15,892		15,892		20,879
Commercial | Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	583		583		240
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	343		343		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	240		240		240
Revolving Loans Converted to Term Loans	0		0		0
Total loans	583		583		240
Commercial | Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0		0		159
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		159
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	0		0		159
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,560		2,560		9,257
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Total loans	2,560		2,560		9,257
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	0	$ 0		$ (6)
Consumer | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,560		2,560		9,257
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		2
2024/2023	1		1		0
2023/2022	0		0		2,000
2022/2021	2,000		2,000		2,000
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	559		559		5,255
Revolving Loans Converted to Term Loans	0		0		0
Total loans	2,560		2,560		9,257
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2025/2024			0		0
2024/2023			0		0
2023/2022			0		0
2022/2021			0		0
2021/2020			0		0
Prior			0		0
Revolving Loans			0		(12)
Revolving Loans Converted to Term Loans			0		0
Total			0		(12)
Consumer | Consumer and other | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	2,560		2,560		9,257
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		2
2024/2023	1		1		0
2023/2022	0		0		2,000
2022/2021	2,000		2,000		2,000
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	559		559		5,255
Revolving Loans Converted to Term Loans	0		0		0
Total loans	2,560		2,560		9,257
Consumer | Consumer and other | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0		0		0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	0		0		0
Consumer | Consumer and other | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans receivable	0		0		0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2025/2024	0		0		0
2024/2023	0		0		0
2023/2022	0		0		0
2022/2021	0		0		0
2021/2020	0		0		0
Prior	0		0		0
Revolving Loans	0		0		0
Revolving Loans Converted to Term Loans	0		0		0
Total loans	$ 0		$ 0		$ 0

XML

Loans Receivable and Allowance for Credit Losses - Loan portfolio by the past due status (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	$ 358,432	$ 349,764
Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	846	1,237
30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	337	566
60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	20	50
90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	489	621
Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	357,586	348,527
Real Estate | One- to four-family residential
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	105,309	103,573
Real Estate | One- to four-family residential | Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	379	214
Real Estate | One- to four-family residential | 30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	337	190
Real Estate | One- to four-family residential | 60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	20	0
Real Estate | One- to four-family residential | 90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	22	24
Real Estate | One- to four-family residential | Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Real Estate | One- to four-family residential | Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	104,930	103,359
Real Estate | Commercial
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	226,801	205,164
Real Estate | Commercial | Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	467	864
Real Estate | Commercial | 30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	376
Real Estate | Commercial | 60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Real Estate | Commercial | 90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	467	488
Real Estate | Commercial | Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Real Estate | Commercial | Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	226,334	204,300
Real Estate | Construction
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	7,287	10,492
Real Estate | Construction | Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Real Estate | Construction | 30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Real Estate | Construction | 60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Real Estate | Construction | 90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Real Estate | Construction | Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Real Estate | Construction | Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	7,287	10,492
Commercial | Commercial and industrial
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	16,475	21,278
Commercial | Commercial and industrial | Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	159
Commercial | Commercial and industrial | 30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Commercial | Commercial and industrial | 60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	50
Commercial | Commercial and industrial | 90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	109
Commercial | Commercial and industrial | Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Commercial | Commercial and industrial | Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	16,475	21,119
Consumer
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	2,560	9,257
Consumer | Consumer and other
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	2,560	9,257
Consumer | Consumer and other | Total Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Consumer | Consumer and other | 30-59 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Consumer | Consumer and other | 60-89 Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Consumer | Consumer and other | 90 or More Days Past Due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	0	0
Consumer | Consumer and other | Loans Receivable 90 or More Days and Accruing
Loans Receivable and Allowance for Credit Losses
Loans Receivable 90 or More Days and Accruing	0	0
Consumer | Consumer and other | Not past due
Loans Receivable and Allowance for Credit Losses
Total Loans Receivable	$ 2,560	$ 9,257

XML

Leases (Details)	6 Months Ended
	Jun. 30, 2025
Leases [Abstract]
Lessee, Operating Lease, Existence of Option to Extend [true false]	true

XML

Leases - Schedule of information about leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Lease, Cost [Abstract]
Right-of-use assets	$ 1,582		$ 1,582		$ 1,567
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net		Property, Plant and Equipment, Net		Property, Plant and Equipment, Net
Lease liabilities	$ 1,560		$ 1,560		$ 1,536
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities		Accrued Liabilities and Other Liabilities		Accrued Liabilities and Other Liabilities
Weighted average remaining lease term	10 years 4 months 17 days		10 years 4 months 17 days		11 years 29 days
Weighted average discount rate	4.84%		4.84%		4.81%
Operating lease cost	$ 45	$ 26	$ 88	$ 51
Short-term lease cost				4
Total lease costs	45	26	88	55
Cash paid for amounts included in the measurement of lease liabilities	$ 61	$ 35	$ 119	$ 69

XML

Leases - Schedule of maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Nine months ending December 31, 2025	$ 121
2026	201
2027	185
2028	186
2029	190
Thereafter	1,111
Total undiscounted cash flows	1,994
Discount	434
Lease Liability	$ 1,560	$ 1,536

XML

Borrowings (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2025 USD ($) item	Dec. 31, 2024 USD ($) item
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 185,158,000	$ 179,542,000
Loans to secure FHLB borrowing	353,324,000	344,813,000
FHLB Advances
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 89,400,000	$ 89,200,000
Interest on line of credit	4.69%	4.71%
Line of credit	$ 0	$ 0
Number of letters of credit | item		3
Number of unfunded letters of credit | item	3
Letters of credit outstanding	$ 11,750,000	$ 7,000,000
Federal Reserve Bank Advances
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	2,000,000
Line of credit	0	0
Atlantic Community Bankers Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 7,500,000
Interest on line of credit	0.25%
Line of credit	$ 0	$ 0
SouthState Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000
Line of credit	$ 0

XML

Borrowings - Schedule of maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]
Amount, Total	$ 43,882	$ 42,460
FHLB
Maturities of Long-Term Debt [Abstract]
2025, Amount	1,500
2026/2025, Amount	1,992	4,500
2027/2026, Amount	19,500	2,411
2028/2027, Amount	13,650	19,500
2028, Amount		13,650
2030, Amount	5,000
2030, Amount		0
2032, Amount	2,240
2032, Amount		2,399
Amount, Total	$ 43,882	$ 42,460
2025 Weighted Rate	5.16%
2026/2025, Weighted Rate	4.08%	5.30%
2027/2026, Weighted Rate	2.69%	3.60%
2028/2027, Weighted Rate	4.00%	2.69%
2028, Weighted Rate		4.00%
2030, Weighted Rate	3.95%
2030, Weighted Rate		0.00%
2032, Weighted Rate	1.83%
2032, Weighted Rate		1.83%
Weighted Rate, Total	3.43%	3.39%

XML

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, face amount	$ 45,926	$ 43,065
Commitments to grant loans
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, face amount	25,297	23,958
Unfunded commitments under lines of credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, face amount	13,036	12,409
Standby letters of credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, face amount	$ 7,593	$ 6,698

XML

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Sep. 28, 2022
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense		$ 67,000
2022 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of common shares authorized to be issued under plan						388,815
Shares available for future award	0		0		0
Vesting period			5 years
2022 Equity Incentive Plan | Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance						277,725
Stock based compensation expense	$ 72,000		$ 143,000	$ 137,000
Unrecognized compensation cost	816,000		816,000
2022 Equity Incentive Plan | Restricted Stock and Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance						111,090
2022 Equity Incentive Plan | Restricted stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	68,000	$ 67,000	135,000	$ 133,000
Unrecognized compensation cost	$ 765,000		$ 765,000

XML

Stock-Based Compensation - Stock Option Activity (Details) - 2022 Equity Incentive Plan - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Dec. 31, 2023
Options
Outstanding, number of shares	277,525
Granted, number of shares	0		0
Exercised, number of shares	0		(200)
Forfeited, number of shares	0		0
Outstanding, number of shares	277,525	277,525	277,525	277,725
Exercisable, number of shares	108,558		108,558
Weighted Average Exercise Price
Outstanding, weighted average exercise price, (in dollars per share)	$ 12.28
Granted, weighted average exercise price, (in dollars per share)	0		$ 0
Exercised, weighted average exercise price, (in dollars per share)	0		(12.28)
Forfeited, weighted average exercise price, (in dollars per share)	0		0
Outstanding, weighted average exercise price, (in dollars per share)	12.28	$ 12.28	12.28	$ 12.28
Exercisable, weighted average exercise price (in dollars per share)	$ 12.28		$ 12.28
Weighted-Average Remaining Contractual Life, (in years)
Outstanding, weighted-average remaining contractual life (in years)	7 years 5 months 8 days	7 years 8 months 8 days	7 years 5 months 8 days	7 years 11 months 4 days
Exercisable, weighted-average remaining contractual life (in years)	7 years 4 months 28 days		7 years 4 months 28 days
Average Intrinsic Value
Outstanding, average intrinsic value	$ 1,497		$ 1,497
Exercisable, average intrinsic value	$ 585		$ 585

XML

Stock-Based Compensation - Restricted Stock Activity (Details) - 2022 Equity Incentive Plan - Restricted stock - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Number of Shares
Non-vested, number of shares	67,846	67,846
Granted, number of shares	0	0
Vested, number of shares	(595)	(595)
Forfeited, number of shares	0	0
Non-vested, number of shares	67,251	67,251
Weighted-Average Grant Date Fair Value
Non-vested, Weighted-average grant date fair value (in dollars per share)	$ 12.28	$ 12.28
Granted, Weighted-average grant date fair value (in dollars per share)	0
Vested, Weighted-average grant date fair value (in dollars per share)	12.2	12.2
Forfeited, Weighted-average grant date fair value (in dollars per share)	0	0
Non-vested, Weighted-average grant date fair value (in dollars per share)	$ 12.28	$ 12.28

XML

Regulatory Matters (Details)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 01, 2023 USD ($)
Banking Regulation, Total Capital [Abstract]
Actual, Amount	$ 48,466,000	$ 46,961,000
Actual, Ratio	0.1339	0.135
For Capital Adequacy Purposes, Amount	$ 28,966,000	$ 27,820,000
For Capital Adequacy Purposes, Ratio	0.08	0.08
For Capital Adequacy Purposes with Capital Buffer, Amount	$ 38,017,000	$ 36,514,000
For Capital Adequacy Purposes with Capital Buffer, Ratio	0.105	0.105
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 36,207,000	$ 34,775,000
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.10	0.10
Banking Regulation, Tier 1 Risk-Based Capital [Abstract]
Actual, Amount	$ 43,940,000	$ 42,614,000
Actual, Ratio	0.1214	0.1225
For Capital Adequacy Purposes, Amount	$ 21,724,000	$ 20,865,000
For Capital Adequacy Purposes, Ratio	0.06	0.06
For Capital Adequacy Purposes with Capital Buffer, Amount	$ 30,776,000	$ 29,559,000
For Capital Adequacy Purposes with Capital Buffer, Ratio	0.085	0.085
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 28,966,000	$ 27,820,000
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.08	0.08
Banking Regulation, Common Equity Tier 1 Risk-Based Capital [Abstract]
Actual, Amount	$ 43,940,000	$ 42,614,000
Actual, Ratio	0.1214	0.1225
For Capital Adequacy Purposes, Amount	$ 16,293,000	$ 15,649,000
For Capital Adequacy Purposes, Ratio	0.045	0.045
For Capital Adequacy Purposes with Capital Buffer, Amount	$ 25,345,000	$ 24,342,000
For Capital Adequacy Purposes with Capital Buffer, Ratio	0.07	0.07
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 23,535,000	$ 22,604,000
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Banking Regulation, Tier 1 Leverage Capital [Abstract]
Actual, Amount	$ 43,940,000	$ 42,614,000
Actual, Ratio	0.0946	0.096
For Capital Adequacy Purposes, Amount	$ 18,580,000	$ 17,753,000
For Capital Adequacy Purposes, Ratio	0.04	0.04
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 23,226,000	$ 22,191,000
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.05	0.05
Percentage of capital conversion buffer	0.025
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13
Banking Regulation, Total Capital [Abstract]
Actual, Amount			$ 140,000

XML

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Net income	$ 640	$ 370	$ 1,113	$ 687
Weighted average common shares outstanding	2,484,915	2,508,297	2,484,607	2,538,193
Less: Average unearned ESOP shares	(177,744)	(188,853)	(177,744)	(188,853)
Weighted average shares outstanding (basic)	2,307,171	2,319,444	2,306,863	2,349,340
Dilutive common stock equivalents	44,417	35,884	36,091	34,582
Weighted average shares outstanding (diluted)	2,351,588	2,355,328	2,342,954	2,383,922
Basic earnings per common share	$ 0.28	$ 0.16	$ 0.48	$ 0.29
Diluted earnings per common share	$ 0.27	$ 0.16	$ 0.48	$ 0.29

XML

Fair Value of Financial Instruments - Narrative (Details) - Significant Unobservable Inputs (Level 3) - Individually evaluated collateral dependent loans - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of recorded investment in loans	$ 396,000	$ 396,000
Valuation allowance on recorded investment in loans	$ 71,000	$ 92,000

XML

Fair Value of Financial Instruments - Assets measured at fair value on a recurring basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 36,436	$ 51,104
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	17,011	20,165
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	6,157	4,821
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	5,927	21,950
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,871	1,496
Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	2,634	1,864
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	836	808
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	6,763	22,758
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	5,927	21,950
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	836	808
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	29,673	28,346
Significant Other Observable Inputs (Level 2) | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	17,011	20,165
Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	6,157	4,821
Significant Other Observable Inputs (Level 2) | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,871	1,496
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	2,634	1,864
Significant Other Observable Inputs (Level 2) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0
Significant Unobservable Inputs (Level 3) | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 0	$ 0

XML

Fair Value of Financial Instruments - Assets measured at fair value on a nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 396	$ 396
Individually evaluated collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	396	396
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Individually evaluated collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) | Individually evaluated collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	396	396
Significant Unobservable Inputs (Level 3) | Individually evaluated collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 396	$ 396

XML

Fair Value of Financial Instruments - Quantitative Inputs for L3 Assets Measured at FV, Non-Recurring Basis (Details) - Nonrecurring $ in Thousands	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value disclosure	$ 396	$ 396
Individually evaluated collateral dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value disclosure	396	396
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value disclosure	396	396
Significant Unobservable Inputs (Level 3) | Individually evaluated collateral dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value disclosure	$ 396	$ 396
Range (Weighted Average)	0.151	0.189
Significant Unobservable Inputs (Level 3) | Weighted Average | Individually evaluated collateral dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	(0.151)	(0.189)

XML

Fair Value of Financial Instruments - Carrying amounts and fair values of the Bank's financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Financial assets:
Cash and cash equivalents	$ 55,906	$ 37,777
Debt securities available-for-sale	35,600	50,296
Equity securities: Mutual funds (fixed income)	836	808
Bank owned life insurance	8,560	8,448
Carrying Amounts
Financial assets:
Cash and cash equivalents	55,906	37,777
Debt securities available-for-sale	35,600	50,296
Equity securities: Mutual funds (fixed income)	836	808
Restricted stocks	2,228	2,125
Loans, net	353,324	344,813
Accrued interest receivable	1,476	1,269
Bank owned life insurance	8,560	8,448
Financial liabilities:
Demand deposits, savings, and money market	187,403	180,392
Certificates of deposit	176,018	173,798
Borrowings	43,882	42,460
Accrued interest payable	1,051	1,141
Estimated Fair Values | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	55,906	37,777
Equity securities: Mutual funds (fixed income)	836	808
Accrued interest receivable	1,476	1,269
Financial liabilities:
Demand deposits, savings, and money market	187,403	180,392
Accrued interest payable	1,051	1,141
Estimated Fair Values | Quoted Prices in Active Markets for Identical Assets (Level 1) & Significant Other Observable Inputs (Level 2)
Financial assets:
Debt securities available-for-sale	35,600	50,296
Estimated Fair Values | Significant Other Observable Inputs (Level 2)
Financial assets:
Restricted stocks	2,228	2,125
Bank owned life insurance	8,560	8,448
Financial liabilities:
Certificates of deposit	176,018	173,262
Borrowings	43,882	42,015
Estimated Fair Values | Significant Unobservable Inputs (Level 3)
Financial assets:
Loans, net	$ 353,324	$ 334,968

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Noninterest Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Noninterest income (in scope for Topic 606)	$ 222	$ 140	$ 408	$ 282
Noninterest income (out of scope for Topic 606)	59	50	127	95
Total Noninterest Income	281	190	535	377
Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Noninterest income (in scope for Topic 606)	51	42	99	87
Debit card income
Disaggregation of Revenue [Line Items]
Noninterest income (in scope for Topic 606)	55	53	107	103
Other service charges
Disaggregation of Revenue [Line Items]
Noninterest income (in scope for Topic 606)	14	20	25	37
Other Noninterest income
Disaggregation of Revenue [Line Items]
Noninterest income (in scope for Topic 606)	$ 102	$ 25	$ 177	$ 55

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Subsequent Events (Details) - Subsequent Event - PB Bankshares and its subsidiary Presence Bank - Norwood Financial Corp and its subsidiary Wayne Bank	Jul. 07, 2025 USD ($) shares
Subsequent Event [Line Items]
Business combination, equity interest issued or issuable | shares	0.785
Business combination, cash paid or payable | $	$ 19.75
Business combination, percentage of aggregate consideration	80.00%
Business combination, percentage of cash consideration	20.00%