Companies: 10,838     total market cap: NZ$252.518 T
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Home Bancorp
HBCP
#7271
Rank
NZ$0.87 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$111.03
Share price
-0.29%
Change (1 day)
36.30%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Home Bancorp
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-06

Home Bancorp - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2026
or
☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number: 001-34190
 
HOME BANCORP, INC.
(Exact name of Registrant as specified in its charter)
 
Louisiana71-1051785
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
503 Kaliste Saloom Road, Lafayette, Louisiana
70508
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (337) 237-1960
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common StockHBCP
NASDAQ Stock Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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  ☒
At May 4, 2026, the registrant had 7,842,631 shares of common stock, $0.01 par value, outstanding.


HOME BANCORP, INC. and SUBSIDIARY
TABLE OF CONTENTS
  
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements (unaudited)Page
Consolidated Statements of Financial Condition
1
Consolidated Statements of Income
2
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Shareholders’ Equity
4
Consolidated Statements of Cash Flows
5
Notes to Unaudited Consolidated Financial Statements
6
Item 2.
31
Item 3.
43
Item 4.
43
PART II - OTHER INFORMATION
Item 1.
43
Item 1A.
43
Item 2.
44
Item 3.
44
Item 4.
44
Item 5.
44
Item 6.
45
46

i

HOME BANCORP, INC. and SUBSIDIARY
GLOSSARY OF DEFINED TERMS

Below is a listing of certain acronyms, abbreviations and defined terms, among others, used throughout this Quarterly Report on Form 10-Q, including in "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." The terms "we," "our" or "us" refer to Home Bancorp, Inc. and its consolidated subsidiaries, unless the context otherwise requires.
ACL–Allowance for credit losses
ALL–Allowance for loan losses
AOCI–Accumulated other comprehensive income
ASC–Accounting Standards Codification
ASU–Accounting Standards Update
Bank–Home Bank, N. A., a wholly-owned subsidiary of the Company
BOLI–Bank-owned life insurance
bps–
basis points, 100 basis points being equal to 1.0%
BTFP
–
Bank Term Funding Program
C&D–Construction and land
C&I–Commercial and industrial
CARES Act–Coronavirus Aid, Relief, and Economic Security Act
CECL–Current expected credit losses
Company–Home Bancorp, Inc., a Louisiana corporation and the holding company for Home Bank, N. A.
COVID-19–The novel coronavirus
CRE–Commercial real estate
EPS–Earnings per common share
FASB–Financial Accounting Standards Board
FHLB–Federal Home Loan Bank
GAAP–Generally Accepted Accounting Principles
LTV–Loan-to-value
NPA(s)–Nonperforming asset(s)
OCI–Other comprehensive income
ORE–Other real estate
PCD–Purchased credit deteriorated
PPP–Paycheck Protection Program
SBA–U.S. Small Business Association
SEC–U.S. Securities and Exchange Commission
TE–Taxable equivalent
U.S.–United States

ii

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)(Audited)
(dollars in thousands)March 31, 2026December 31, 2025
Assets
Cash and cash equivalents$223,484 $141,605 
Investment securities available for sale, at fair value (amortized cost $409,716 and $414,884, respectively)
385,729 391,448 
Investment securities held to maturity (fair values of $531 and $1,066, respectively)
530 1,065 
Mortgage loans held for sale1,558 1,558 
Loans, net of unearned income2,728,146 2,744,023 
Allowance for loan losses(33,680)(33,142)
Total loans, net of unearned income and allowance for loan losses2,694,466 2,710,881 
Office properties and equipment, net50,502 48,995 
Cash surrender value of bank-owned life insurance49,842 49,557 
Goodwill and core deposit intangibles83,723 83,957 
Accrued interest receivable and other assets64,809 63,560 
Total Assets$3,554,643 $3,492,626 
Liabilities
Deposits:
Noninterest-bearing$830,030 $792,951 
Interest-bearing2,196,751 2,179,855 
Total Deposits3,026,781 2,972,806 
Subordinated debt, net of issuance cost54,729 54,675 
Long-term Federal Home Loan Bank advances— 3,024 
Accrued interest payable and other liabilities28,723 27,027 
Total Liabilities3,110,233 3,057,532 
Shareholders’ Equity
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued
— — 
Common stock, $0.01 par value - 40,000,000 shares authorized; 7,833,804 and 7,831,342 shares issued and outstanding, respectively
78 78 
Additional paid-in capital
169,995 168,963 
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)(893)(982)
Retained earnings293,554 284,834 
Accumulated other comprehensive loss(18,324)(17,799)
Total Shareholders’ Equity444,410 435,094 
Total Liabilities and Shareholders’ Equity$3,554,643 $3,492,626 
 The accompanying Notes are an integral part of these Consolidated Financial Statements.
1

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
(dollars in thousands, except per share data)20262025
Interest Income
Loans, including fees$43,717 $44,032 
Investment securities:
Taxable interest2,491 2,592 
Tax-exempt interest
69 72 
Other investments and deposits1,463 505 
Total interest income47,740 47,201 
Interest Expense
Deposits12,406 12,622 
Other borrowings — 53 
Subordinated debt expense845 845 
Short-term Federal Home Loan Bank advances— 1,655 
Long-term Federal Home Loan Bank advances7 277 
Total interest expense13,258 15,452 
Net interest income34,482 31,749 
Provision for loan losses
922 394 
Net interest income after provision for loan losses33,560 31,355 
Noninterest Income
Service fees and charges1,437 1,309 
Bank card fees1,594 1,578 
Gain on sale of loans, net230 377 
Income from bank-owned life insurance285 278 
Gain on sale of assets, net— 9 
Other income192 458 
Total noninterest income3,738 4,009 
Noninterest Expense
Compensation and benefits13,714 12,652 
Occupancy2,429 2,561 
Marketing and advertising494 429 
Data processing and communication2,629 2,642 
Professional services401 405 
Forms, printing and supplies219 200 
Franchise and shares tax340 476 
Regulatory fees462 516 
Foreclosed assets and ORE, net54 227 
Amortization of acquisition intangible234 293 
Other expenses1,964 1,178 
Total noninterest expense22,940 21,579 
Income before income tax expense14,358 13,785 
Income tax expense2,998 2,821 
Net Income$11,360 $10,964 
Earnings per share:
Basic$1.47 $1.38 
Diluted$1.45 $1.37 
Cash dividends declared per common share$0.31 $0.27 
 The accompanying Notes are an integral part of these Consolidated Financial Statements.
2

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31,
(dollars in thousands)20262025
Net Income$11,360 $10,964 
Other Comprehensive (Loss) Income
Unrealized (losses) gains on available for sale investment securities(551)7,012 
Unrealized losses on cash flow hedges(114)(814)
Tax effect140 (1,301)
Other comprehensive (loss) income, net of taxes(525)4,897 
Comprehensive Income
$10,835 $15,861 
 The accompanying Notes are an integral part of these Consolidated Financial Statements.
3


HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(dollars in thousands, except per share data)Common stockAdditional Paid-in capitalUnallocated Common Stock Held by ESOPRetained EarningsAccumulated Other Comprehensive LossTotal
Balance, December 31, 2024$81 $168,138 $(1,339)$259,190 $(29,982)$396,088 
Net income10,964 10,964 
Other comprehensive income4,897 4,897 
Purchase of Company’s common stock at cost, 173,497 shares
(2)(1,733)(6,098)(7,833)
Cash dividends declared, $0.27 per share
(2,186)(2,186)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 8,056 shares
— 158 (14)144 
Exercise of stock options— 11 11 
ESOP shares released for allocation366 89 455 
Share-based compensation cost291 291 
Balance, March 31, 2025$79 $167,231 $(1,250)$261,856 $(25,085)$402,831 
Balance, December 31, 2025$78 $168,963 $(982)$284,834 $(17,799)$435,094 
Net income11,360 11,360 
Other comprehensive loss(525)(525)
Purchase of Company’s common stock at cost, 4,332 shares
— (43)(206)(249)
Cash dividends declared, $0.31 per share
(2,429)(2,429)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 6,544 shares
— 209 (5)204 
Exercise of stock options— 11 11 
ESOP shares released for allocation466 89 555 
Share-based compensation cost389 389 
Balance, March 31, 2026$78 $169,995 $(893)$293,554 $(18,324)$444,410 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
4

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Three Months Ended
March 31,
(dollars in thousands)20262025
Cash flows from operating activities:
Net income$11,360 $10,964 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses922 394 
Depreciation847 834 
Amortization and accretion of purchase accounting valuations and intangibles423 651 
Losses on equity investments
9 207 
Federal Home Loan Bank stock dividends(27)(71)
Net (accretion) amortization of discount on investments
(58)54 
Amortization of subordinated debt issuance cost54 54 
Gain on loans sold, net(230)(377)
Proceeds, including principal payments, from loans held for sale29,390 11,201 
Originations of loans held for sale(29,160)(12,157)
Gain on sale of assets, net— (9)
Non-cash compensation944 746 
Deferred income tax benefit(276)(175)
Decrease (increase) in accrued interest receivable and other assets1,207 (226)
Increase in cash surrender value of bank-owned life insurance(285)(278)
Increase in accrued interest payable and other liabilities1,696 764 
Net cash provided by operating activities16,816 12,576 
Cash flows from investing activities:
Purchases of securities available for sale(21,531)(2,908)
Proceeds from maturities, prepayments and calls on securities available for sale26,757 12,105 
Proceeds from maturities, prepayments and calls on securities held to maturity535 — 
Decrease (increase) in loans, net12,726 (29,764)
Proceeds from sale of foreclosed assets442 65 
Purchases of office properties and equipment(2,354)(3,873)
Proceeds from sale of office properties and equipment— 44 
Purchase of Federal Home Loan Bank stock— (1,582)
Proceeds from redemption of Federal Home Loan Bank stock
— 1,093 
Net cash provided by (used in) investing activities16,575 (24,820)
Cash flows from financing activities:
Increase in deposits, net53,975 46,509 
Borrowings of Federal Home Loan Bank advances
— 2,737,425 
Repayments of Federal Home Loan Bank advances(3,024)(2,749,712)
Proceeds from exercise of stock options11 11 
Issuance of stock under incentive plans, net204 144 
Dividends paid to shareholders(2,429)(2,186)
Purchase of Company’s common stock(249)(7,833)
Net cash provided by financing activities48,488 24,358 
Net change in cash and cash equivalents81,879 12,114 
Cash and cash equivalents, beginning141,605 98,548 
Cash and cash equivalents, ending$223,484 $110,662 
Supplementary cash flow information:
Interest paid on deposits and borrowed funds$13,068 $16,370 
Income taxes paid530 1,430 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
5

HOME BANCORP, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Home Bancorp, Inc. (the "Company") were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025.

Critical Accounting Policies and Estimates
Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2025.

There have been no material changes from the critical accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. In preparing its financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 

Operating Segments
Generally Accepted Accounting Principles ("GAAP") requires the reporting of operating segment information using a management approach. Reportable segments are defined as revenue-generating components for which discrete financial information is prepared and regularly reviewed by the chief operating decision maker ("CODM") for purposes of resource allocation and performance assessment. The Company operates under a unified banking strategy that delivers a consistent suite of products and services across all market areas and, accordingly, has determined that its banking operations constitute one reportable operating segment. The Company’s senior executive management functions as its CODM. The CODM reviews consolidated financial information to allocate resources and assess performance. As these operations represent substantially all of the Company’s consolidated activities, separate segment financial disclosures are not required.

Reclassifications
Certain reclassifications have been made to prior period balances to conform to the current period presentation.
2. Recent Accounting Pronouncements

Issued but Not Yet Adopted Accounting Standards

Accounting Standards Update ("ASU") 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative" ("ASU 2023-06") related to disclosure or presentation requirements for various subtopics in the FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03") requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after
6

December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.

ASU 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (VIE)" ("ASU 2025-03") clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively to acquisitions after the adoption date. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2025-08, "Financial Instruments—Credit Losses (Topic 326): Purchased Loans" ("ASU 2025-08") amends the guidance in ASC 326 on the accounting for certain purchased loans. The amendments in ASU 2025-08 require that purchased seasoned loans be accounted for using the “gross-up approach,” which will enhance comparability and consistency in the accounting for acquired financial assets. ASU 2025-08 is effective for interim and annual reporting periods beginning after December 15, 2026. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements" ("ASU 2025-09") is related to accounting for hedging activities. The amendments in ASU 2025-09 are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. We do not expect it to have a material effect on our consolidated financial statements.

ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements" ("ASU 2025-11") clarifies the current interim disclosure requirements and creates a comprehensive list of interim disclosures required under GAAP. ASU 2025-11 also incorporates a disclosure principle that requires interim period disclosures of material events or changes that have occurred since the previous year-end. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 with early adoption permitted. We are currently evaluating the impact that this update will have on our disclosures in the consolidated financial statements.

ASU No. 2025-12, "Codification Improvements" ("ASU 2025-12") addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to GAAP. The update represents changes to the Codification that clarify, correct errors, or make minor improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. We do not expect this update to have a material impact on our consolidated financial statements.
3. Investment Securities
The following tables summarize the Company’s available for sale and held to maturity investment securities at March 31, 2026 and December 31, 2025.

7

(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2026   
Available for sale:
U.S. agency mortgage-backed$291,125 $288 $17,673 $273,740 
Collateralized mortgage obligations51,705 1 968 50,738 
Municipal bonds52,911 1 5,147 47,765 
U.S. government agency10,475 — 489 9,986 
Corporate bonds3,500 — — 3,500 
Total available for sale$409,716 $290 $24,277 $385,729 
Held to maturity:
Municipal bonds$530 $1 $— $531 
Total held to maturity$530 $1 $— $531 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2025   
Available for sale:
U.S. agency mortgage-backed$284,749 $402 $17,501 $267,650 
Collateralized mortgage obligations61,185 1 859 60,327 
Municipal bonds53,018 3 4,874 48,147 
U.S. government agency11,441 — 438 11,003 
Corporate bonds4,491 9 179 4,321 
Total available for sale$414,884 $415 $23,851 $391,448 
Held to maturity:
Municipal bonds$1,065 $1 $— $1,066 
Total held to maturity$1,065 $1 $— $1,066 
The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2026 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 3.4 years and 3.3 years at March 31, 2026 and December 31, 2025, respectively.
(dollars in thousands)One Year or LessAfter One Year through Five YearsAfter Five Years through Ten YearsAfter Ten YearsTotal
Fair Value
Available for sale:
U.S. agency mortgage-backed$16,985 $80,896 $85,338 $90,521 $273,740 
Collateralized mortgage obligations6,773 31,286 378 12,301 50,738 
Municipal bonds— 12,591 32,826 2,348 47,765 
U.S. government agency— 1,702 8,284 — 9,986 
Corporate bonds— 3,500 — — 3,500 
Total available for sale$23,758 $129,975 $126,826 $105,170 $385,729 
Held to maturity:
Municipal bonds$531 $— $— $— $531 
Total held to maturity$531 $— $— $— $531 
8

(dollars in thousands)One Year or LessAfter One Year through Five YearsAfter Five Years through Ten YearsAfter Ten YearsTotal
Amortized Cost
Available for sale:
U.S. agency mortgage-backed$17,177 $83,847 $88,702 $101,399 $291,125 
Collateralized mortgage obligations6,811 31,770 383 12,741 51,705 
Municipal bonds— 13,159 37,096 2,656 52,911 
U.S. government agency— 1,816 8,659 — 10,475 
Corporate bonds— 3,500 — — 3,500 
Total available for sale$23,988 $134,092 $134,840 $116,796 $409,716 
Held to maturity:
Municipal bonds$530 $— $— $— $530 
Total held to maturity$530 $— $— $— $530 

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.

(dollars in thousands)Less Than 1 YearOver 1 YearTotal
March 31, 2026Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:
U.S. agency mortgage-backed$47,887 $317 $202,649 $17,356 $250,536 $17,673 
Collateralized mortgage obligations10,363 59 40,368 909 50,731 968 
Municipal bonds1,299 7 45,325 5,140 46,624 5,147 
U.S. government agency3,052 33 6,934 456 9,986 489 
Corporate bonds— — 3,500 — 3,500 — 
Total available for sale$62,601 $416 $298,776 $23,861 $361,377 $24,277 

9

(dollars in thousands)Less Than 1 YearOver 1 YearTotal
December 31, 2025Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:
U.S. agency mortgage-backed$13,590 $51 $220,409 $17,450 $233,999 $17,501 
Collateralized mortgage obligations25 — 60,276 859 60,301 859 
Municipal bonds— — 46,205 4,874 46,205 4,874 
U.S. government agency— — 11,003 438 11,003 438 
Corporate bonds— — 3,320 179 3,320 179 
Total available for sale$13,615 $51 $341,213 $23,800 $354,828 $23,851 

At March 31, 2026, 214 of the Company’s debt securities had unrealized losses totaling 6.3% of the individual securities’ amortized cost basis and 5.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 189 of the 214 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at March 31, 2026.

At March 31, 2026, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at March 31, 2026 and December 31, 2025.
Credit Ratings
(dollars in thousands)AAA/AA/ABBB/BB/BTotal
March 31, 2026
Held to maturity:
Municipal bonds$530 $— $530 
Credit Ratings
(dollars in thousands)AAA/AA/ABBB/BB/BTotal
December 31, 2025
Held to maturity:
Municipal bonds$1,065 $— $1,065 

Accrued interest receivable on the Company's investment securities was $1,121,000 and $1,305,000 at March 31, 2026 and December 31, 2025, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

At March 31, 2026 and December 31, 2025, the Company had $139,863,000 and $140,110,000, respectively, of securities pledged to secure public deposits. In addition, as of March 31, 2026 and December 31, 2025, the Company had no and $2,370,000, respectively, of securities pledged to the Federal Reserve Discount Window and U.S. Bankruptcy Trustee for debtor in possession accounts held at the Bank.
10

4. Earnings Per Share
Earnings per common share was computed based on the following:
Three Months Ended
March 31,
(in thousands, except per share data)20262025
Numerator:
Net income available to common shareholders$11,360 $10,964 
Denominator:
Weighted average common shares outstanding7,741 7,949 
Effect of dilutive securities:
Restricted stock56 48 
Stock options30 30 
Weighted average common shares outstanding – assuming dilution7,827 8,027 
Basic earnings per common share$1.47 $1.38 
Diluted earnings per common share$1.45 $1.37 

Options for 0 and 1,668 shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2026 and 2025, respectively, because the effect of those shares was anti-dilutive.
5. Credit Quality and Allowance for Credit Losses

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.
(dollars in thousands)March 31, 2026December 31, 2025
Real estate loans:
One- to four-family first mortgage
$476,079 $493,446 
Home equity loans and lines91,550 92,574 
Commercial real estate1,182,501 1,190,388 
Construction and land340,057 329,227 
Multi-family residential179,982 177,825 
Total real estate loans2,270,169 2,283,460 
Other loans:
Commercial and industrial428,075 430,517 
Consumer29,902 30,046 
Total other loans457,977 460,563 
Total loans$2,728,146 $2,744,023 

The net discount on the Company’s acquired loans was $998,000 and $1,183,000 at March 31, 2026 and December 31, 2025, respectively. In addition, loan balances as of March 31, 2026 and December 31, 2025 are reported net of unearned income of $4,838,000 and $4,929,000, respectively.

Accrued interest receivable on the Company's loans was $12,818,000 and $13,000,000 at March 31, 2026 and December 31, 2025, respectively, and is excluded from the estimate of the ACL. Those amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

11

Allowance for Credit Losses
The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows.
 March 31, 2026
(dollars in thousands)Collectively EvaluatedIndividually EvaluatedTotal
Allowance for credit losses:
One- to four-family first mortgage
$4,451 $411 $4,862 
Home equity loans and lines1,333 — 1,333 
Commercial real estate13,799 522 14,321 
Construction and land3,099 170 3,269 
Multi-family residential1,335 136 1,471 
Commercial and industrial6,620 985 7,605 
Consumer819 — 819 
Total allowance for loan losses$31,456 $2,224 $33,680 
Unfunded lending commitments(1)
$1,625 $— $1,625 
Total allowance for credit losses$33,081 $2,224 $35,305 
 March 31, 2026
(dollars in thousands)Collectively Evaluated
Individually Evaluated(2)
Total
Loans:
One- to four-family first mortgage
$473,203 $2,876 $476,079 
Home equity loans and lines91,550 — 91,550 
Commercial real estate1,180,347 2,154 1,182,501 
Construction and land337,075 2,982 340,057 
Multi-family residential179,379 603 179,982 
Commercial and industrial426,666 1,409 428,075 
Consumer29,902 — 29,902 
Total loans$2,718,122 $10,024 $2,728,146 

 December 31, 2025
(dollars in thousands)Collectively EvaluatedIndividually EvaluatedTotal
Allowance for credit losses:
One- to four-family first mortgage
$4,651 $411 $5,062 
Home equity loans and lines1,335 — 1,335 
Commercial real estate14,141 362 14,503 
Construction and land2,813 — 2,813 
Multi-family residential1,363 136 1,499 
Commercial and industrial6,782 356 7,138 
Consumer792 — 792 
Total allowance for loan losses$31,877 $1,265 $33,142 
Unfunded lending commitments(1)
$1,625 $— $1,625 
Total allowance for credit losses$33,502 $1,265 $34,767 
12

 December 31, 2025
(dollars in thousands)Collectively Evaluated
Individually Evaluated(2)
Total
Loans:
One- to four-family first mortgage
$491,142 $2,304 $493,446 
Home equity loans and lines92,574 — 92,574 
Commercial real estate1,188,226 2,162 1,190,388 
Construction and land328,707 520 329,227 
Multi-family residential177,222 603 177,825 
Commercial and industrial429,900 617 430,517 
Consumer30,046 — 30,046 
Total loans$2,737,817 $6,206 $2,744,023 
(1)The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.
(2)One PCD loan was individually evaluated at March 31, 2026 and December 31, 2025, respectively.

A summary of activity in the ACL for the three months ended March 31, 2026 and March 31, 2025 follows.
 
 Three Months Ended March 31, 2026
(dollars in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (Reversal)Ending
Balance
Allowance for credit losses:
One- to four-family first mortgage
$5,062 $— $3 $(203)$4,862 
Home equity loans and lines1,335 — — (2)1,333 
Commercial real estate14,503 — — (182)14,321 
Construction and land2,813 — — 456 3,269 
Multi-family residential1,499 — — (28)1,471 
Commercial and industrial7,138 (233)21 679 7,605 
Consumer792 (180)5 202 819 
Total allowance for loan losses$33,142 $(413)$29 $922 $33,680 
Unfunded lending commitments$1,625 $— $— $— $1,625 
Total allowance for credit losses$34,767 $(413)$29 $922 $35,305 

13

 Three Months Ended March 31, 2025
(dollars in thousands)Beginning BalanceCharge-offsRecoveriesProvision (Reversal)Ending Balance
Allowance for credit losses:
One- to four-family first mortgage
$4,430 $— $7 $22 $4,459 
Home equity loans and lines801 — — (6)795 
Commercial real estate13,521 — — 396 13,917 
Construction and land5,484 — — (101)5,383 
Multi-family residential1,090 — — (2)1,088 
Commercial and industrial6,861 (195)153 (80)6,739 
Consumer729 (31)34 165 897 
Total allowance for loan losses$32,916 $(226)$194 $394 $33,278 
Unfunded lending commitments$2,700 $— $— $— $2,700 
Total allowance for credit losses$35,616 $(226)$194 $394 $35,978 

14

Credit Quality
The following tables present the Company’s loan portfolio by credit quality classification and origination year as of March 31, 2026 and December 31, 2025. The gross charge-offs presented in the tables that follow are for the three months ended March 31, 2026 and the year ended December 31, 2025.
March 31, 2026
Term Loans by Origination Year
(dollars in thousands)20262025202420232022PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
One- to four-family first mortgage:
Pass$9,417 $62,635 $57,051 $79,199 $87,219 $143,557 $26,243 $1,367 $466,688 
Special Mention— — — — — — — — — 
Substandard— 625 309 2,128 3,072 3,219 — 38 9,391 
Doubtful— — — — — — — — — 
Total one- to four-family first mortgages$9,417 $63,260 $57,360 $81,327 $90,291 $146,776 $26,243 $1,405 $476,079 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Home equity loans and lines:
Pass$207 $1,494 $1,288 $1,082 $1,939 $4,675 $76,347 $3,169 $90,201 
Special Mention— — — 144 481 182 — — 807 
Substandard— — — — — 342 50 150 542 
Doubtful— — — — — — — — — 
Total home equity loans and lines$207 $1,494 $1,288 $1,226 $2,420 $5,199 $76,397 $3,319 $91,550 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Pass$42,154 $194,571 $168,342 $130,601 $247,412 $328,656 $21,682 $5,927 $1,139,345 
Special Mention— — 6,598 — 1,025 1,855 — — 9,478 
Substandard— 394 1,669 363 7,554 22,938 760 — 33,678 
Doubtful— — — — — — — — — 
Total commercial real estate loans$42,154 $194,965 $176,609 $130,964 $255,991 $353,449 $22,442 $5,927 $1,182,501 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction and land:
Pass$15,230 $126,203 $72,766 $79,512 $9,707 $7,089 $15,693 $182 $326,382 
Special Mention— — — 727 136 — — — 863 
Substandard— — 2,623 8,075 2,114 — — — 12,812 
Doubtful— — — — — — — — — 
Total construction and land loans$15,230 $126,203 $75,389 $88,314 $11,957 $7,089 $15,693 $182 $340,057 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
15

March 31, 2026
Term Loans by Origination Year
(dollars in thousands)20262025202420232022PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Multi-family residential:
Pass$4,087 $27,271 $39,538 $18,970 $47,010 $39,922 $1,590 $— $178,388 
Special Mention— — — — — — — — — 
Substandard— 308 — — 312 603 371 — 1,594 
Doubtful— — — — — — — — — 
Total multi-family residential loans$4,087 $27,579 $39,538 $18,970 $47,322 $40,525 $1,961 $— $179,982 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial and industrial:
Pass$19,328 $55,937 $60,437 $40,200 $38,258 $11,670 $194,364 $4,439 $424,633 
Special Mention— — — — — — — — — 
Substandard— 1,566 448 203 272 346 161 446 3,442 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$19,328 $57,503 $60,885 $40,403 $38,530 $12,016 $194,525 $4,885 $428,075 
Current period gross charge-offs$— $— $— $15 $— $— $218 $— $233 
Consumer:
Pass$2,655 $4,925 $1,661 $1,198 $1,105 $7,535 $10,713 $69 $29,861 
Special Mention— — — — — — — — — 
Substandard— 11 4 — 7 18 — 1 41 
Doubtful— — — — — — — — — 
Total consumer loans$2,655 $4,936 $1,665 $1,198 $1,112 $7,553 $10,713 $70 $29,902 
Current period gross charge-offs$— $4 $2 $10 $— $5 $159 $— $180 
Total loans:
Pass$93,078 $473,036 $401,083 $350,762 $432,650 $543,104 $346,632 $15,153 $2,655,498 
Special Mention— — 6,598 871 1,642 2,037 — — 11,148 
Substandard— 2,904 5,053 10,769 13,331 27,466 1,342 635 61,500 
Doubtful— — — — — — — — — 
Total loans$93,078 $475,940 $412,734 $362,402 $447,623 $572,607 $347,974 $15,788 $2,728,146 
Current period gross charge-offs$— $4 $2 $25 $— $5 $377 $— $413 

16

December 31, 2025
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
One- to four-family first mortgage:
Pass$65,510 $61,353 $85,573 $90,946 $68,713 $87,020 $26,173 $1,165 $486,453 
Special Mention— — — — — — — — — 
Substandard20 245 1,534 2,625 409 1,999 — 161 6,993 
Doubtful— — — — — — — — — 
Total one- to four-family first mortgages$65,530 $61,598 $87,107 $93,571 $69,122 $89,019 $26,173 $1,326 $493,446 
Current period gross charge-offs$— $— $— $— $— $14 $— $— $14 
Home equity loans and lines:
Pass$1,652 $1,526 $1,257 $1,937 $1,395 $3,756 $76,230 $3,479 $91,232 
Special Mention— — 145 483 183 — — — 811 
Substandard— — — 59 — 343 29 100 531 
Doubtful— — — — — — — — — 
Total home equity loans and lines$1,652 $1,526 $1,402 $2,479 $1,578 $4,099 $76,259 $3,579 $92,574 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Pass$184,225 $178,055 $141,348 $259,605 $175,380 $191,197 $19,545 $5,742 $1,155,097 
Special Mention— — — 1,043 796 1,108 — — 2,947 
Substandard398 146 363 7,559 8,414 14,704 760 — 32,344 
Doubtful— — — — — — — — — 
Total commercial real estate loans$184,623 $178,201 $141,711 $268,207 $184,590 $207,009 $20,305 $5,742 $1,190,388 
Current period gross charge-offs$— $— $— $— $— $21 $— $— $21 
Construction and land:
Pass$118,753 $83,534 $81,356 $10,442 $2,741 $5,219 $10,765 $184 $312,994 
Special Mention— — 727 139 — — — — 866 
Substandard— 2,626 10,626 2,115 — — — — 15,367 
Doubtful— — — — — — — — — 
Total construction and land loans$118,753 $86,160 $92,709 $12,696 $2,741 $5,219 $10,765 $184 $329,227 
Current period gross charge-offs$— $100 $— $— $1 $— $— $— $101 
Multi-family residential:
Pass$26,530 $38,459 $19,871 $47,438 $21,613 $21,085 $1,231 $— $176,227 
Special Mention— — — — — — — — — 
Substandard308 — — 317 — 602 371 — 1,598 
17

December 31, 2025
Term Loans by Origination Year
(dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Doubtful— — — — — — — — — 
Total multi-family residential loans$26,838 $38,459 $19,871 $47,755 $21,613 $21,687 $1,602 $— $177,825 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial and industrial:
Pass$59,909 $63,421 $45,067 $42,544 $9,457 $6,239 $198,975 $653 $426,265 
Special Mention— — — — — — — — — 
Substandard1,565 92 204 316 347 18 1,567 143 4,252 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$61,474 $63,513 $45,271 $42,860 $9,804 $6,257 $200,542 $796 $430,517 
Current period gross charge-offs$— $18 $247 $19 $— $115 $466 $— $865 
Consumer:
Pass$7,087 $2,423 $1,366 $1,164 $207 $7,703 $9,964 $86 $30,000 
Special Mention— — — — — — — — — 
Substandard5 — — 13 — 28 — — 46 
Doubtful— — — — — — — — — 
Total consumer loans$7,092 $2,423 $1,366 $1,177 $207 $7,731 $9,964 $86 $30,046 
Current period gross charge-offs$— $30 $8 $— $141 $2 $181 $— $362 
Total loans:
Pass$463,666 $428,771 $375,838 $454,076 $279,506 $322,219 $342,883 $11,309 $2,678,268 
Special Mention— — 872 1,665 979 1,108 — — 4,624 
Substandard2,296 3,109 12,727 13,004 9,170 17,694 2,727 404 61,131 
Doubtful— — — — — — — — — 
Total loans$465,962 $431,880 $389,437 $468,745 $289,655 $341,021 $345,610 $11,713 $2,744,023 
Current period gross charge-offs$— $148 $255 $19 $142 $152 $647 $— $1,363 

18

The above classifications follow regulatory guidelines and can generally be described as follows:
 
•Pass loans are of satisfactory quality.
•Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.
•Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.
•Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.

In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter.
Age analysis of past due loans as of the dates indicated are as follows.
 March 31, 2026
(dollars in thousands)30-59 Days Past Due60-89 Days Past DueGreater Than 90 Days Past DueTotal Past DueCurrent LoansTotal Loans
Real estate loans:
One- to four-family first mortgage
$4,150 $111 $5,584 $9,845 $466,234 $476,079 
Home equity loans and lines459 — 463 922 90,628 91,550 
Commercial real estate4,810 5,501 5,061 15,372 1,167,129 1,182,501 
Construction and land4,828 132 11,904 16,864 323,193 340,057 
Multi-family residential— — 1,281 1,281 178,701 179,982 
Total real estate loans14,247 5,744 24,293 44,284 2,225,885 2,270,169 
Other loans:
Commercial and industrial2,390 679 775 3,844 424,231 428,075 
Consumer247 57 30 334 29,568 29,902 
Total other loans2,637 736 805 4,178 453,799 457,977 
Total loans$16,884 $6,480 $25,098 $48,462 $2,679,684 $2,728,146 
 December 31, 2025
(dollars in thousands)30-59 Days Past Due60-89 Days Past DueGreater Than 90 Days Past DueTotal Past DueCurrent LoansTotal Loans
Real estate loans:
One- to four-family first mortgage
$3,562 $1,508 $4,874 $9,944 $483,502 $493,446 
Home equity loans and lines90 69 354 513 92,061 92,574 
Commercial real estate2,771 1,459 2,662 6,892 1,183,496 1,190,388 
Construction and land1,322 134 11,980 13,436 315,791 329,227 
Multi-family residential57 — 1,281 1,338 176,487 177,825 
Total real estate loans7,802 3,170 21,151 32,123 2,251,337 2,283,460 
Other loans:
Commercial and industrial156 177 1,089 1,422 429,095 430,517 
Consumer414 67 10 491 29,555 30,046 
Total other loans570 244 1,099 1,913 458,650 460,563 
Total loans$8,372 $3,414 $22,250 $34,036 $2,709,987 $2,744,023 
19

There were $14,000 and $65,000 of loans greater than 90 days past due and accruing at March 31, 2026 and December 31, 2025, respectively.
The following tables summarize information pertaining to nonaccrual loans as of dates indicated.

March 31, 2026
(dollars in thousands)With Related AllowanceWithout Related AllowanceTotal
Nonaccrual loans(1):
One- to four-family first mortgage
$8,337 $— $8,337 
Home equity loans and lines542 — 542 
Commercial real estate10,837 — 10,837 
Construction and land12,812 — 12,812 
Multi-family residential1,281 — 1,281 
Commercial and industrial1,945 — 1,945 
Consumer41 — 41 
Total$35,795 $— $35,795 
December 31, 2025
(dollars in thousands)With Related AllowanceWithout Related AllowanceTotal
Nonaccrual loans(1):
One- to four-family first mortgage
$6,531 $— $6,531 
Home equity loans and lines531 — 531 
Commercial real estate9,011 — 9,011 
Construction and land15,367 — 15,367 
Multi-family residential1,281 — 1,281 
Commercial and industrial1,344 — 1,344 
Consumer46 — 46 
Total$34,111 $— $34,111 
(1)Nonaccrual acquired loans include PCD loans of $1,145,000 and $1,153,000 at March 31, 2026 and December 31, 2025, respectively.

All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. All payments received while on nonaccrual status are applied against the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status.
Collateral Dependent Loans
The Company held loans that were individually evaluated for credit losses at March 31, 2026 and December 31, 2025 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans:
20

•One- to four-family first mortgages are primarily secured by first liens on residential real estate.
•Home equity loans and lines are primarily secured by first and junior liens on residential real estate.
•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.
•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.
•Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment.
The tables below summarize collateral dependent loans and the related ACL at March 31, 2026 and December 31, 2025.

March 31, 2026
(dollars in thousands)LoansACL
One- to four-family first mortgage
$2,876 $411 
Home equity loans and lines— — 
Commercial real estate2,154 522 
Construction and land2,982 170 
Multi-family residential603 136 
Commercial and industrial1,409 985 
Consumer— — 
Total$10,024 $2,224 
December 31, 2025
(dollars in thousands)LoansACL
One- to four-family first mortgage
$2,304 $411 
Home equity loans and lines— — 
Commercial real estate2,162 362 
Construction and land520 — 
Multi-family residential603 136 
Commercial and industrial617 356 
Consumer— — 
Total$6,206 $1,265 

Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. The balance of loan modifications, segregated by type of modification, to borrowers experiencing financial difficulty are set forth in the tables below for the periods indicated.
21

Three Months Ended March 31, 2026
(dollars in thousands)
Payment Deferral
Principal Forgiveness
Term Extension
Interest Rate Reduction
Combination Term Extension and Principal Forgiveness
Combination Term Extension and Interest Rate Reduction
Percent of Total Class of Loans
One-to four-family first mortgage$— $— $— $— $— $— — %
Home equity loans and lines— — — — — — — 
Commercial real estate— — 4,850 — — — 0.4 
Construction and land— — — — — — — 
Multi-family residential— — — — — — — 
Commercial and industrial— — 92 185 — — 0.1 
Consumer— — — — — — — 
Total$— $— $4,942 $185 $— $— 0.2 %

Three Months Ended March 31, 2025
(dollars in thousands)
Payment Deferral
Principal Forgiveness
Term Extension
Interest Rate Reduction
Combination Term Extension and Principal Forgiveness
Combination Term Extension and Interest Rate Reduction
Percent of Total Class of Loans
One-to four-family first mortgage$— $— $23 $— $— $— — %
Home equity loans and lines— — — — — — — 
Commercial real estate— — 957 — — — 0.1 
Construction and land— — 2 — — — — 
Multi-family residential— — — — — — — 
Commercial and industrial— — 2,190 — — — 0.5 
Consumer— — — — — — — 
Total$— $— $3,172 $— $— $— 0.1 %

During the three months ended March 31, 2026, the Company had one commercial real estate loan with a balance total of $1.1 million that defaulted during the period that had previously been modified within the last 12 months. During the three months ended March 31, 2025, the Company had one construction and land loan with a balance total of $215,000 that defaulted during the period that had previously been modified within the last 12 months. Default is defined as movement to past due 90 days, foreclosure or charge-off, whichever occurs first.
22

The following table details the financial impacts of loan modifications made to borrowers experiencing financial difficulty for the periods presented.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Payment Deferral (dollars in thousands)
Weighted-Average Term Extension (in months)
Weighted-Average Interest Rate Reduction
Payment Deferral (dollars in thousands)
Weighted-Average Term Extension (in months)
Weighted-Average Interest Rate Reduction
One-to four-family first mortgage$— 0—%$— 60— %
Home equity loans and lines— 0—%— 0— %
Commercial real estate— 5—%— 12— %
Construction and land— 0—%— 3— %
Multi-family residential— 0—%— 0— %
Commercial and industrial— 31.5%— 3— %
Consumer— 0—%— 0— %
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The table below reflects the performance of such loans that have been modified in the last 12 months as of March 31, 2026.
(dollars in thousands)30-89 Days Past Due
90+ Days Past Due and Accruing
NonaccrualCurrentTotal
March 31, 2026
One-to four-family first mortgage$— $— $— $— $— 
Home equity loans and lines— — — 808 $808 
Commercial real estate1,069 — 3,536 22,570 $27,175 
Construction and land727 — 3,725 — $4,452 
Multi-family residential— — 371 — $371 
Commercial and industrial— — 277 4,039 $4,316 
Consumer— — — — $— 
Total$1,796 $— $7,909 $27,417 $37,122 
The loan modifications reported in the table above did not significantly impact the Company's allowance for loan losses during 2026.
Foreclosed Assets and ORE
Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled $4,093,000 and $1,929,000 at March 31, 2026 and December 31, 2025, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

The carrying amount of foreclosed residential real estate properties held at March 31, 2026 and December 31, 2025 totaled $1,372,000 and $1,786,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at March 31, 2026 and December 31, 2025 totaled $3,645,000 and $3,425,000, respectively.
6. Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the
23

Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions.

Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $768,000 will be reclassified as additional interest expense.

Non-designated Hedges

Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings through other income.

Fair Values of Derivative Instruments

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of March 31, 2026 and December 31, 2025.
March 31, 2026
Derivative Assets(1)
Derivative Liabilities(1)
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities$80,000 $911 $— $— 
Derivatives not designated as hedging instruments:
Interest rate contracts
$9,000 $190 $9,000 $211 
Risk participation agreements— — 11,228 — 
Netting adjustments— — 
Net derivative amounts$1,101 $211 
24

December 31, 2025
Derivative Assets(1)
Derivative Liabilities(1)
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities$60,000 $1,056 $20,000 $19 
Derivatives not designated as hedging instruments:
Interest rate contracts
9,000 255 9,000 275 
Risk participation agreements— — 11,293 — 
Netting adjustments— — 
Net derivative amounts$1,311 $294 

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

At March 31, 2026 and December 31, 2025, accumulated unrealized gains, net of taxes, on derivative instruments totaled $625,000 and $715,000, respectively.
Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income
The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of March 31, 2026 and March 31, 2025.

Three Months Ended March 31, 2026
Amount of Gain Recognized in OCILocation of Gain Reclassified from AOCI into IncomeAmount of Gain Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$245 $245 Interest income$359 $359 


Three Months Ended March 31, 2025
Amount of Loss Recognized in OCILocation of Gain Reclassified from AOCI into IncomeAmount of Gain Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$(307)$(307)Interest income$507 $507 


25

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of March 31, 2026 and March 31, 2025.
(dollars in thousands)Location of Loss Recognized on Non-designated Hedges Three Months Ended March 31, 2026
Effects of non-designated hedges
Interest rate contracts
Other noninterest expense$(1)
Risk participation agreementsOther noninterest expense$— 
(dollars in thousands)Location of Income Recognized on Non-designated Hedges Three Months Ended March 31, 2025
Effects of non-designated hedges
Interest rate contracts
Other noninterest expense$(11)
Risk participation agreementsOther noninterest expense$— 

Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company has agreements with certain of its derivative counterparties that contain a provision to the effect that, if the Company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral.

As of March 31, 2026, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at March 31, 2026, it would not have been required to settle any obligations under the agreements since the termination value was $0.

7. Long-term Debt and Borrowings
Subordinated Debt

On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of the Notes was $54,729,000 and $54,675,000 at March 31, 2026 and December 31, 2025, respectively. The Notes were recorded net of issuance costs which is being amortized using the straight-line method over five years.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $1,908,000 for the first quarter of 2026, a decrease of $178,750,000 compared to the first quarter of 2025.

The Company had no short-term FHLB advances as of March 31, 2026 or December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had $0 and $3,024,000 in long-term FHLB advances, respectively, and $1,260,533,000 and $1,256,621,000 in additional FHLB advances available, respectively.
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The following table summarizes long-term FHLB advances as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(dollars in thousands)AmountWeighted Average RateAmountWeighted Average Rate
Fixed rate advances maturing in:
2026$— — %$3,024 1.53 %
Total FHLB advances
$— — %$3,024 1.53 %

8. Fair Value Measurements and Disclosures
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures. Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows:
 
•Level 1 – Quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly.
Recurring Basis
Investment Securities Available for Sale
Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities bids, offers and other reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values are estimated primarily by the use of pricing models. Level 2 investment securities are primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value.

Management primarily identifies investment securities which may have traded in illiquid or inactive markets, by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of March 31, 2026, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets.
Derivative Assets and Liabilities
Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual
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terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy.

The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2026 and December 31, 2025.

(dollars in thousands)March 31, 2026Level 1Level 2Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed$273,740 $— $273,740 $— 
Collateralized mortgage obligations50,738 — 50,738 — 
Municipal bonds47,765 — 47,765 — 
U.S. government agency9,986 — 9,986 — 
Corporate bonds3,500 — 3,500 — 
Total$385,729 $— $385,729 $— 
Derivative assets$1,101 $— $1,101 $— 
Total$386,830 $— $386,830 $— 
Liabilities
Derivative liabilities$211 $— $211 $— 


(dollars in thousands)December 31, 2025Level 1Level 2Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed$267,650 $— $267,650 $— 
Collateralized mortgage obligations60,327 — 60,327 — 
Municipal bonds48,147 — 48,147 — 
U.S. government agency11,003 — 11,003 — 
Corporate bonds4,321 — 4,321 — 
Total$391,448 $— $391,448 $— 
Derivative assets$1,311 $— $1,311 $— 
Total$392,759 $— $392,759 $— 
Liabilities
Derivative liabilities$294 $— $294 $— 

Nonrecurring Basis
The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price.

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Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets.

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.

  Fair Value Measurements Using
(dollars in thousands)March 31, 2026Level 1Level 2Level 3
Assets
Loans individually evaluated$7,800 $— $— $7,800 
Foreclosed assets and ORE4,093 — — 4,093 
Total$11,893 $— $— $11,893 
  Fair Value Measurements Using
(dollars in thousands)December 31, 2025Level 1Level 2Level 3
Assets
Loans individually evaluated$4,941 $— $— $4,941 
Foreclosed assets and ORE1,929 — — 1,929 
Total$6,870 $— $— $6,870 


The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)Fair ValueValuation TechniqueUnobservable InputsRange of DiscountsWeighted Average Discount
March 31, 2026
Loans individually evaluated$7,800 Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
0% - 100%
22%
Foreclosed assets and ORE$4,093 Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
6% - 30%
15%
(dollars in thousands)Fair ValueValuation TechniqueUnobservable InputsRange of
Discounts		Weighted Average Discount
December 31, 2025
Loans individually evaluated$4,941 Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
0% - 100%
20%
Foreclosed assets and ORE$1,929 Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
0% - 43%
22%
ASC 820, Fair Value Measurements and Disclosures, requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes
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certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statements. These estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The fair value of subordinated debt is estimated based on current market rates on similar debt in the market. The Company classifies this debt in Level 2 of the fair value table. There have been no other material changes from the fair value estimate methods and assumptions previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.
  Fair Value Measurements at March 31, 2026
(dollars in thousands)Carrying AmountTotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$223,484 $223,484 $223,484 $— $— 
Investment securities available for sale385,729 385,729 — 385,729 — 
Investment securities held to maturity530 531 — 531 — 
Mortgage loans held for sale1,558 1,558 — 1,558 — 
Loans, net2,694,466 2,715,880 — 2,708,080 7,800 
Cash surrender value of BOLI49,842 49,842 49,842 — — 
Derivative assets(1)
1,101 1,101 — 1,101 — 
Financial Liabilities
Deposits$3,026,781 $3,024,455 $2,285,279 $739,176 $— 
Subordinated debt, net of issuance cost54,729 54,415 — 54,415 — 
Derivative liabilities(1)
211 211 — 211 — 
  Fair Value Measurements at December 31, 2025
(dollars in thousands)Carrying AmountTotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$141,605 $141,605 $141,605 $— $— 
Investment securities available for sale391,448 391,448 — 391,448 — 
Investment securities held to maturity1,065 1,066 — 1,066 — 
Mortgage loans held for sale1,558 1,558 — 1,558 — 
Loans, net2,710,881 2,728,477 — 2,723,536 4,941 
Cash surrender value of BOLI49,557 49,557 49,557 — — 
Derivative assets(1)
1,311 1,311 — 1,311 — 
Financial Liabilities
Deposits$2,972,806 $2,971,389 $2,167,183 $804,206 $— 
Subordinated debt, net of issuance cost54,675 54,520 — 54,520 — 
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Long-term FHLB advances3,024 3,012 — 3,012 — 
Derivative liabilities(1)
294 294 — 294 — 
(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The purpose of this discussion and analysis is to focus on significant changes in the financial condition of the Company and the Bank from December 31, 2025 through March 31, 2026 and on its results of operations for the three months ended March 31, 2026 and 2025. This discussion and analysis is intended to highlight and supplement information presented elsewhere in this quarterly report on Form 10-Q, particularly the consolidated financial statements and related notes appearing in Item 1.

Forward-Looking Statements
To the extent that statements in this Form 10-Q relate to future plans, objectives, financial results or performance of the Company or Bank, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management’s current information, estimates and assumptions and the current economic environment, are generally identified by the use of words such as “plan”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions, or by future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly”. The Company’s or the Bank’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Certain risks, uncertainties and other factors, including those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025 and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis and may include factors such as, but not limited to, our lending activities, our use of municipal deposits as a source of funds, credit quality and risk, industry and technological changes, cyber incidents or other failures, disruptions or security breaches, interest rates, commercial and residential real estate values, economic and market conditions in the markets we operate in or generally in the United States, funds availability, accounting estimates and risk management processes, legislative and regulatory changes, the fair values of our acquired assets and our investment securities portfolio, business strategy execution, key personnel, competition, mortgage markets, fraud, environmental liability and severe weather, natural disasters, acts of war or terrorism or other external events. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
EXECUTIVE OVERVIEW
The Company reported net income for the first quarter of 2026 of $11.4 million, or $1.45 diluted EPS, up $396,000, or 3.6%, compared to the first quarter of 2025. Net income for the first quarter of 2025 totaled $11.0 million, or $1.37 diluted EPS.

Key components of the Company’s performance during the three months ended March 31, 2026 include:

•Assets increased $62.0 million, or 1.8%, from December 31, 2025 to $3.6 billion at March 31, 2026.
•Total loans were $2.7 billion at March 31, 2026, down $15.9 million, or 0.6%, from December 31, 2025.
•During the three months ended March 31, 2026, the Company provisioned $922,000 to the allowance for loan losses, primarily due an increase in individually impaired loan reserves, partially offset by loan reduction. During the three months ended March 31, 2025, the Company provisioned $394,000 to the allowance for loan losses.
•The ALL totaled $33.7 million, or 1.23% of total loans, at March 31, 2026 compared to $33.1 million, or 1.21% of total loans, at December 31, 2025. The ACL, which is comprised of the allowance for loan losses plus the allowance for unfunded lending commitments, totaled $35.3 million, or 1.29% of total loans, at March 31, 2026 compared to $34.8 million, or 1.27% of total loans, at December 31, 2025.
•Nonperforming assets increased $3.8 million, or 10.5%, from $36.1 million, or 1.03% of total assets, at December 31, 2025 to $39.9 million, or 1.12% of total assets, at March 31, 2026. The increase in nonperforming assets during the first quarter of 2026 was primarily attributable to several loan relationships, including one relationship with an outstanding balance of $1.4 million, which were placed on nonaccrual status during the quarter, partially offset by loan paydowns and payoffs.
•Total deposits amounted to $3.0 billion at March 31, 2026, an increase of $54.0 million, or 1.8%, from December 31, 2025.
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•The net interest margin was 4.16% for the three months ended March 31, 2026, up 25 bps from the three months ended March 31, 2025. The increase was primarily due to a decline in the average cost of interest-bearing liabilities.
•The average rate paid on total interest-bearing deposits was 2.29% for the first quarter of 2026, which was down 22 bps from the first quarter of 2025.
•Total interest expense for the first quarter of 2026 was $13.3 million, down $2.2 million, or 14.2%, compared to the first quarter of 2025, primarily due to a decrease in FHLB borrowing interest.
•Noninterest income for the first quarter of 2026 was $3.7 million, down $271,000, or 6.8%, compared to the first quarter of 2025, primarily due to decreases in other income (down $266,000) and gain on sale of loans (down $147,000), which were partially offset by an increase in service fees and charges (up $128,000).
•Noninterest expense for the first quarter of 2026 was $22.9 million, up $1.4 million, or 6.3%, compared to the first quarter of 2025, primarily due to increases in compensation and benefits (up $1.1 million) and other expenses (up $786,000), which were partially offset by decreases in foreclosed assets (down $173,000), franchise and shares tax (down $136,000), and occupancy expense (down $132,000).

FINANCIAL CONDITION

Loans, Allowance for Credit Losses and Asset Quality

Loans
Total loans at March 31, 2026 were $2.7 billion, down $15.9 million, or 0.6%, from December 31, 2025.
The following table summarizes the composition of the Company’s loan portfolio as of the dates indicated.

(dollars in thousands)March 31, 2026December 31, 2025Increase/(Decrease)
Real estate loans:
One-to four-family first mortgage
$476,079 $493,446 $(17,367)(3.5)%
Home equity loans and lines91,550 92,574 (1,024)(1.1)
Commercial real estate1,182,501 1,190,388 (7,887)(0.7)
Construction and land340,057 329,227 10,830 3.3 
Multi-family residential179,982 177,825 2,157 1.2 
Total real estate loans2,270,169 2,283,460 (13,291)(0.6)%
Other loans:
Commercial and industrial428,075 430,517 (2,442)(0.6)
Consumer29,902 30,046 (144)(0.5)
Total other loans457,977 460,563 (2,586)(0.6)
Total loans$2,728,146 $2,744,023 $(15,877)(0.6)%
Allowance for Credit Losses
The ACL which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of NPAs, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis.

The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically
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review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management.

We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the assumptions used by management to determine the current level of the ACL.

At March 31, 2026, the ALL totaled $33.7 million, or 1.23% of total loans, up $538,000 from $33.1 million, or 1.21% of total loans, at December 31, 2025. During the three months ended March 31, 2026, the Company provisioned $922,000 to the allowance loan losses primarily due to an increase in individually impaired loan reserves, partially offset by loan reduction. Net loan charge-offs totaled $384,000 for the three months ended March 31, 2026.
Asset Quality
One of management’s key objectives has been, and continues to be, maintaining a high level of asset quality. In addition to maintaining credit standards for new loan originations, we proactively monitor loans and collection and workout processes of delinquent or problem loans. When a borrower fails to make a scheduled payment, we attempt to cure the deficiency by making personal contact with the borrower. Initial contacts are generally made within 10 days after the date payment is due. In most cases, deficiencies are promptly resolved. If the delinquency continues, late charges are assessed and additional efforts are made to collect the deficiency. All loans which are designated as “special mention,” classified or which are delinquent 90 days or more are reported to the Board of Directors of the Bank monthly. For loans where the collection of principal or interest payments is doubtful, the accrual of interest income ceases. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. On occasion, this action may be taken earlier if the financial condition of the borrower raises significant concern with regard to their ability to service the debt in accordance with the terms of the loan agreement. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt.

Under our allowance policy, credit losses are measured on a pool basis when similar risk characteristics exist. Loans that do not share similar risk characteristics are individually evaluated for credit losses and are excluded from the pooled loan analysis. At least quarterly, management evaluates the loan portfolio to determine which loans should be individually evaluated for credit losses. Management's evaluation involves an analysis of larger (i.e., credit relationships with aggregate balances of $500,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans and commercial and industrial loans. Third party property valuations are obtained at the time of origination for real estate secured loans. When a determination is made that a loan has deteriorated to the point of becoming a problem loan, updated valuations may be ordered to determine if a short-fall exists, which may lead to a recommendation for partial charge off or appropriate allowance allocation. Property valuations are ordered through, and are reviewed by, an appraisal officer at the Bank. The Company typically orders an “as is” valuation for collateral property if a loan is in a criticized loan classification. Loans individually evaluated for credit losses are reported to the Board of Directors monthly.

At March 31, 2026 and December 31, 2025, loans identified as credit deteriorated loans and individually evaluated for expected losses were $10.0 million and $6.2 million, respectively. The following tables provide a summary of loans individually evaluated for credit losses as of the dates indicated.
March 31, 2026
(dollars in thousands)
Recorded Investment
Allowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage
$2,876 $411 14.29 %
Home equity loans and lines— — — 
Commercial real estate2,154 522 24.23 
Construction and land2,982 170 5.70 
Multi-family residential603 136 22.55 
Commercial and industrial1,409 985 69.91 
Consumer— — — 
Total$10,024 $2,224 22.19 %
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December 31, 2025
(dollars in thousands)
Recorded Investment
Allowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage
$2,304 $411 17.84 %
Home equity loans and lines— — — 
Commercial real estate2,162 362 16.74 
Construction and land520 — — 
Multi-family residential603 136 22.55 
Commercial and industrial617 356 57.70 
Consumer— — — 
Total$6,206 $1,265 20.38 %

Federal regulations and our policies require that we utilize an internal asset classification system as a means of reporting problem and potential problem assets. We have incorporated an internal asset classification system, substantially consistent with Federal banking regulations, as a part of our credit monitoring system. Federal banking regulations set forth a classification scheme for problem and potential problem assets as “substandard,” “doubtful” or “loss” assets. An asset 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” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets 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.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.

At March 31, 2026 and December 31, 2025, loans classified as substandard totaled $61.5 million and $61.1 million, respectively. There were no assets classified as doubtful at either date. For additional information, refer to Note 5 to the Consolidated Financial Statements.

The following tables provide a summary of loans classified as special mention and substandard as of the dates indicated.

(dollars in thousands)March 31, 2026December 31, 2025Increase/(Decrease)
Special Mention Loans
One- to four-family first mortgage
$— $— $— — %
Home equity loans and lines807 811 (4)(0.5)
Commercial real estate9,478 2,947 6,531 221.6 
Construction and land863 866 (3)(0.3)
Multi-family residential— — — — 
Commercial and industrial— — — — 
Consumer— — — — 
Total special mention loans$11,148 $4,624 $6,524 141.1 %
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(dollars in thousands)March 31, 2026December 31, 2025Increase/(Decrease)
Substandard Loans
One- to four-family first mortgage
$9,391 $6,993 $2,398 34.3 %
Home equity loans and lines542 531 11 2.1 
Commercial real estate33,678 32,344 1,334 4.1 
Construction and land12,812 15,367 (2,555)(16.6)
Multi-family residential1,594 1,598 (4)(0.3)
Commercial and industrial3,442 4,252 (810)(19.0)
Consumer41 46 (5)(10.9)
Total substandard loans$61,500 $61,131 $369 0.6 %
Total nonperforming loans increased by $1.6 million, or 4.8%, to $35.8 million at March 31, 2026, compared to $34.2 million at December 31, 2025. The increase was primarily attributable to several loan relationships, including one relationship with an outstanding balance of $1.4 million, which were placed on nonaccrual status during the quarter, partially offset by loan paydowns and payoffs. Based on the underlying collateral position and ongoing monitoring, management does not anticipate any material losses.

A bank’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by Federal bank regulators which can order the establishment of additional general or specific loss allowances. The Federal banking agencies have adopted an interagency policy statement on the allowance for loan and lease losses. The policy statement provides guidance for financial institutions on both the responsibilities of management for the assessment and establishment of allowances and guidance for banking agency examiners to use in determining the adequacy of general valuation guidelines. Generally, the policy statement recommends that institutions have effective systems and controls to identify, monitor and address asset quality problems; that management analyze all significant factors that affect the collectability of the portfolio in a reasonable manner; and that management establish acceptable allowance evaluation processes that meet the objectives set forth in the policy statement. Management maintains, based on current and forecasted information, an ACL that reflects a current estimate of expected credit losses for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. For all reporting periods, actual losses are uncertain and dependent upon future events and, as such, further additions to the level of ACL may become necessary.

The following table sets forth the composition of the Company’s nonperforming assets as of the dates indicated.

(dollars in thousands)March 31, 2026December 31, 2025
Nonaccrual loans:(1)
Real estate loans:
One- to four-family first mortgage
$8,337 $6,531 
Home equity loans and lines542 531 
Commercial real estate10,837 9,011 
Construction and land12,812 15,367 
Multi-family residential1,281 1,281 
Other loans:
Commercial and industrial1,945 1,344 
Consumer41 46 
Total nonaccrual loans35,795 34,111 
Accruing loans 90 days or more past due14 65 
Total nonperforming loans 
35,809 34,176 
Foreclosed assets and ORE4,093 1,929 
Total nonperforming assets39,902 36,105 
35

(dollars in thousands)March 31, 2026December 31, 2025
Nonperforming loans to total loans1.31 %1.25 %
Nonperforming loans to total assets1.01 %0.98 %
Nonperforming assets to total assets1.12 %1.03 %
(1)Nonaccrual acquired loans include PCD loans of $1.1 million and $1.2 million at March 31, 2026 and December 31, 2025, respectively.

Foreclosed assets and ORE includes real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE are classified as such until sold or disposed. Foreclosed assets are recorded at fair value less estimated selling costs based on third party property valuations which are obtained at the time the asset is repossessed and periodically until the property is liquidated. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. Foreclosed assets and ORE holding costs are charged to expense. Gains and losses on the sale of foreclosed assets and ORE are charged to operations, as incurred. Costs associated with acquiring and improving a foreclosed property or ORE are capitalized to the extent that the carrying value does not exceed fair value less estimated selling costs.
Investment Securities

The Company’s investment securities portfolio totaled $386.3 million as of March 31, 2026, a decrease of $6.3 million, or 1.6%, from December 31, 2025. During the first quarters of 2026 and 2025, the Company had no gains or losses related to the sale of available for sale investment securities. At March 31, 2026, the Company had a net unrealized loss on its available for sale investment securities portfolio of $24.0 million, compared to a net unrealized loss of $23.4 million at December 31, 2025. The Company’s investment securities portfolio had an effective duration of 3.4 years and 3.3 years at March 31, 2026 and December 31, 2025, respectively.

The following table summarizes activity in the Company’s investment securities portfolio during the three months ended March 31, 2026.

(dollars in thousands)Available for SaleHeld to Maturity
Balance, December 31, 2025$391,448 $1,065 
Purchases21,531 — 
Sales— — 
Principal maturities, prepayments and calls(26,757)(535)
Amortization of premiums and accretion of discounts58 — 
Decrease in market value(551)— 
Balance, March 31, 2026$385,729 $530 

Funding Sources

Deposits
Deposits totaled $3.0 billion at March 31, 2026, an increase of $54.0 million, or 1.8%, compared to December 31, 2025. The following table summarizes the changes in the Company’s deposits from December 31, 2025 to March 31, 2026.

(dollars in thousands)March 31, 2026December 31, 2025Increase/(Decrease)
Demand deposit$830,030 $792,951 $37,079 4.7 %
Savings202,058 201,265 793 0.4 
Money market543,120 518,740 24,380 4.7 
NOW710,071 654,227 55,844 8.5 
Certificates of deposit741,502 805,623 (64,121)(8.0)
Total deposits$3,026,781 $2,972,806 $53,975 1.8 %

36

The average rate paid on interest-bearing deposits was 2.29% for the first quarter of 2026, down 22 bps compared to the first quarter of 2025. At March 31, 2026, certificates of deposit maturing within the next 12 months totaled $715.3 million.

We obtain most of our deposits from individuals, small businesses and public funds in our market areas. The following table presents our deposits per customer type for the periods indicated.

March 31, 2026December 31, 2025
Individuals50%52%
Small businesses3939
Public funds86
Broker 33
Total100%100%

The total amounts of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) were $919.7 million at March 31, 2026 and $885.4 million at December 31, 2025. Public funds in excess of the FDIC insurance limits are fully collateralized.

Subordinated Debt

On June 30, 2022, the Company issued $55.0 million in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Notes"). The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of the Notes was $54.7 million and $54.7 million at March 31, 2026 and December 31, 2025, respectively. The subordinated debt was recorded net of issuance costs and amortized using the straight-line method over five years.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $1.9 million for the first quarter of 2026, down $178.8 million compared to the first quarter of 2025.

The Company had no short-term FHLB advances as of March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had $0.0 million and $3.0 million in long-term FHLB advances, respectively, and $1.3 billion and $1.3 billion in additional FHLB advances available, respectively.

Shareholders’ Equity

Total shareholders’ equity increased $9.3 million, or 2.1%, from $435.1 million at December 31, 2025 to $444.4 million at March 31, 2026. Shareholders' equity increased primarily due to net income of $11.4 million, which was partially offset by an increase in the accumulated other comprehensive loss on available for sale investment securities and cash dividends paid on the common stock during the three months ended March 31, 2026.

At March 31, 2026, the Company and the Bank had regulatory capital amounts that were well in excess of regulatory requirements. The following table presents actual and required capital ratios for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of March 31, 2026 based on the required capital levels as of January 1, 2019 when the Basel III Capital Rules were fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.
37

 ActualMinimum Capital Required – Basel III Fully Phased-InTo Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)AmountRatioAmountRatioAmountRatio
Company:
Tier 1 risk-based capital$379,011 13.01 %$247,695 8.50 %N/AN/A
Total risk-based capital468,845 16.09 305,976 10.50 N/AN/A
Tier 1 leverage capital379,011 10.92 138,806 4.00 N/AN/A
Bank:
Common equity Tier 1 capital (to risk-weighted assets)$419,061 14.44 %$203,204 7.00 %$188,689 6.50 %
Tier 1 risk-based capital419,061 14.44 246,747 8.50 232,233 8.00 
Total risk-based capital454,166 15.65 304,805 10.50 290,291 10.00 
Tier 1 leverage capital419,061 12.11 138,379 4.00 172,973 5.00 


LIQUIDITY AND ASSET/LIABILITY MANAGEMENT

Liquidity Management
Liquidity management encompasses our ability to ensure that funds are available to meet the cash flow requirements of depositors and borrowers, while also ensuring adequate cash flow exists to meet the Company’s needs, including operating, strategic and capital. The Company develops its liquidity management strategies as part of its overall asset/liability management process. Our primary sources of funds are from deposits, amortization of loans, loan prepayments and the maturity of loans, investment securities and other investments, and other funds provided from operations. While scheduled payments from the amortization of loans and investment securities and maturing investment securities are relatively predictable sources of funds, deposit flows and loan prepayments can be greatly influenced by general interest rates, economic conditions and competition. The Company also maintains excess funds in short-term, interest-bearing assets that provide additional liquidity.

The Company uses its liquidity to fund existing and future loan commitments, to fund maturing certificates of deposit and demand deposit withdrawals, to invest in other interest-earning assets and to meet operating expenses. At March 31, 2026, certificates of deposit maturing within the next 12 months totaled $715.3 million. Based upon historical experience, the Company anticipates that a significant portion of the maturing certificates of deposit will be redeposited with us.

In addition to cash flow from loan and securities payments and prepayments as well as from sales of securities available for sale, the Company has significant borrowing capacity available to fund liquidity needs. In recent years, the Company has utilized borrowings as a cost efficient addition to deposits as a source of funds. Borrowings consist of advances from the FHLB of Dallas, of which the Company is a member. Under terms of the collateral agreement with the FHLB, the Company pledges residential mortgage loans and investment securities as well as the Company’s stock in the FHLB as collateral for such advances. For the three months ended March 31, 2026, the average balance of outstanding FHLB advances was $1.9 million. At March 31, 2026, the Company had $0.0 million in total outstanding FHLB advances.

Asset/Liability Management
The objective of asset/liability management is to implement strategies for the funding and deployment of the Company’s financial resources that are expected to maximize soundness and profitability over time at acceptable levels of risk. Interest rate sensitivity is the potential impact of changing rate environments on both net interest income and cash flows. The Company measures its interest rate sensitivity over the near term primarily by running net interest income simulations. Our interest rate sensitivity also is monitored by management through the use of a model which generates estimates of the change in its net interest income over a range of interest rate scenarios. Based on the Company’s interest rate risk model, the table below sets forth the results of immediate and sustained changes in interest rates as of March 31, 2026.

38

Shift in Interest Rates (in bps)% Change in Projected Net Interest Income
+2006.8%
+1003.5%
-100(3.8)%
-200(7.2)%

The actual impact of changes in interest rates will depend on many factors. These factors include the Company’s ability to achieve expected growth in earning assets and maintain a desired mix of earning assets and interest-bearing liabilities, the actual timing of asset and liability repricing, the magnitude of interest rate changes and corresponding movement in interest rate spreads and the level of success of asset/liability management strategies.

The Company periodically has entered into interest rate swap agreements as part of its interest rate risk management strategy. The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. During 2026 and 2025, such derivatives were used to hedge the variable cost associated with existing variable rate liabilities. Refer to Note 6 of the Consolidated Financial Statements for more information on the effects of the derivative financial instruments on the consolidated financial statements.

To meet the financing needs of its customers, the Company issues financial instruments which represent conditional obligations that are not recognized, wholly or in part, in the statements of financial condition. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments expose the Company to varying degrees of credit and interest rate risk in much the same way as funded loans. The same credit policies are used in these commitments as for on-balance sheet instruments. At both March 31, 2026 and December 31, 2025, the Company's allowance for credit losses on unfunded commitments totaled $1.6 million and $1.6 million, respectively.

The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit and undisbursed construction loans as of the periods indicated.

 Contract Amount
(dollars in thousands)March 31, 2026December 31, 2025
Standby letters of credit$10,021 $8,724 
Available portion of lines of credit505,199 498,442 
Undisbursed portion of loans in process80,905 69,223 
Commitments to originate loans199,377 165,251 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements.

Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.

The Company is subject to certain claims and litigation arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material effect on the financial condition or results of operations of the Company.
RESULTS OF OPERATIONS
Net income for the first quarter of 2026 was $11.4 million, up $396,000, or 3.6%, compared to the first quarter of 2025. Diluted EPS for the first quarter of 2026 was $1.45, up $0.08 compared to the first quarter of 2025.

During the three months ended March 31, 2026, the Company provisioned $922,000 to the allowance for loan losses, primarily due to an increase in individually impaired loan reserves, partially offset by loan reduction. During the three months ended March 31, 2025, the Company provisioned $394,000 to the allowance for loan losses, primarily due to loan growth.
39


Net Interest Income
Net interest income is the difference between the interest income earned on interest-earning assets, such as loans and investment securities, and the interest expense paid on interest-bearing liabilities, such as deposits and borrowings. The Company’s net interest income is largely determined by our net interest spread, which is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities, and the relative amounts of interest-earning assets and interest-bearing liabilities. The Company’s tax-equivalent net interest spread was 3.40% and 3.10% for the quarters ended March 31, 2026 and 2025, respectively.

Net interest income totaled $34.5 million for the first quarter of 2026, up $2.7 million, or 8.6%, compared to the first quarter of 2025.

The Company’s tax-equivalent net interest margin, which is net interest income as a percentage of average interest-earning assets, was 4.16% and 3.91% for the quarters ended March 31, 2026 and 2025, respectively. For the same periods, the average loan yield was 6.41% and 6.43%, respectively.

Acquired loan discount accretion included in interest income totaled $189,000 and $356,000 for the quarters ended March 31, 2026 and 2025, respectively.

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rate; (iii) net interest income; (iv) net interest spread; and (v) net interest margin. Information is based on average monthly balances during the indicated periods. Taxable equivalent yields are calculated using a marginal tax rate of 21%.

40

 Three Months Ended March 31,
 20262025
(dollars in thousands)Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest-earning assets:
Loans receivable(1)
$2,734,651 $43,717 6.41 %$2,745,212 $44,032 6.43 %
Investment securities
Taxable391,705 2,491 2.54 423,412 2,592 2.45 
Tax-exempt (TE)
15,603 69 2.26 16,144 72 2.26 
Total investment securities407,308 2,560 2.53 439,556 2,664 2.44 
Other interest-earning assets168,715 1,463 3.52 55,851 505 3.67 
Total interest-earning assets (TE)
3,310,674 $47,740 5.78 3,240,619 $47,201 5.84 
Noninterest-earning assets221,507 208,853 
Total assets$3,532,181 $3,449,472 
Interest-bearing liabilities:
Deposits:
Savings, checking and money market$1,431,639 $5,809 1.65 %$1,306,602 $5,401 1.68 %
Certificates of deposit764,900 6,597 3.50 732,079 7,221 4.00 
Total interest-bearing deposits2,196,539 12,406 2.29 2,038,681 12,622 2.51 
Other borrowings— — — 5,539 53 3.89 
Subordinated debt54,702 845 6.18 54,485 845 6.20 
Short-term FHLB advances— — — 149,043 1,655 4.44 
Long-term FHLB advances
1,908 7 1.49 31,615 277 3.51 
Total interest-bearing liabilities2,253,149 $13,258 2.38 2,279,363 $15,452 2.74 
Noninterest-bearing liabilities836,422 766,605 
Total liabilities3,089,571 3,045,968 
Shareholders’ equity442,610 403,504 
Total liabilities and shareholders' equity$3,532,181 $3,449,472 
Net interest-earning assets$1,057,525 $961,256 
Net interest spread (TE)
$34,482 3.40 %$31,749 3.10 %
Net interest margin (TE)
4.16 %3.91 %
(1)Nonperforming loans are included in the respective average loan balances, net of deferred fees, discounts and loans in process.

The following table displays the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. The table distinguishes between (i) changes attributable to volume (changes in average volume between periods times prior year rate), (ii) changes attributable to rate (changes in average rate between periods times prior year volume) and (iii) total increase (decrease).
41

Three Months Ended March 31,
2026 Compared to 2025
Change Attributable To
(dollars in thousands)RateVolumeIncrease/ (Decrease)
Interest income:
Loans receivable$(146)$(169)$(315)
Investment securities97 (201)(104)
Other interest-earning assets(42)1,000 958 
Total interest income(91)630 539 
Interest expense:
Savings, checking and money market accounts(272)680 408 
Certificates of deposit(928)304 (624)
Other borrowings(27)(26)(53)
Subordinated debt(3)3 — 
FHLB advances(912)(1,013)(1,925)
Total interest expense(2,142)(52)(2,194)
Increase in net interest income
$2,051 $682 $2,733 

Noninterest Income

Noninterest income for the first quarter of 2026 totaled $3.7 million, down $271,000, or 6.8%, from $4.0 million earned for the same period in 2025. Noninterest income decreased over the comparable period primarily due to decreases in other income (down $266,000) and gain on sale of loans (down $147,000), which were partially offset by an increase in service fees and charges (up $128,000).

Noninterest Expense

Noninterest expense for the first quarter of 2026 totaled $22.9 million, up $1.4 million, or 6.3%, from the first quarter of 2025. Noninterest expense increased over the comparable quarter primarily due to increases in compensation and benefits (up $1.1 million) and other expenses (up $786,000), which were partially offset by decreases in foreclosed assets (down $173,000), franchise and shares tax (down $136,000), and occupancy expense (down $132,000).

Income Taxes

Income tax expense for the three months ended March 31, 2026 totaled $3.0 million, compared to $2.8 million for the three months ended March 31, 2025. Income tax expense increased over the prior comparable quarter primarily due to increased taxable earnings. The Company's effective tax rates for the first quarters of 2026 and 2025 were 20.9% and 20.5%, respectively.
CRITICAL ACCOUNTING ESTIMATES

SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.

We follow financial accounting and reporting policies that are in accordance with accounting principles generally accepted in the United States. Our accounting policies are discussed in detail in Note 1 - Basis of Presentation in the accompanying notes to the consolidated financial statements included elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2025. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, management believes the policy noted below meets the SEC’s definition of a critical accounting policy.
42

Allowance for Credit Losses
Management considers the policies related to the allowance for credit losses as the most critical to the financial statement presentation. The total allowance for credit losses includes activity related to allowances calculated in accordance with Accounting Standards Codification 326, Credit Losses. The allowance for credit losses is established through a provision for credit losses charged to current earnings. The amount maintained in the allowance reflects management’s continuing evaluation of the credit losses expected to be recognized over the life of the loans in our portfolio. The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. For purposes of determining the allowance for credit losses, the loan portfolio is segregated by product types in order to recognize differing risk profiles among categories. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made to incorporate our reasonable and supportable forecast of future losses at the portfolio segment level, as well as any necessary qualitative adjustments, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis.


Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Quantitative and qualitative disclosures about market risk are presented in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asset/Liability Management and Market Risk”. Additional information at March 31, 2026 is included herein under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Asset/Liability Management”.


Item 4.Controls and Procedures.
Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the first quarter of 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings.
Not applicable.

Item 1A.
Risk Factors.
There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission.


43

Item 2.
Unregistered Sales of Equity Securities and the Use of Proceeds.
(a)    Not applicable.
(b)    Not applicable.
(c)    The Company’s purchases of its common stock made during the quarter ended March 31, 2026 consisted of stock repurchases under the Company’s approved plans and are set forth in the following table.
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet be Purchased Under the Plan or Programs(1)
January 1 – January 31, 2026
— $— — 390,222 
February 1 – February 28, 2026
— — — 390,222 
March 1 – March 31, 2026
4,332 58.00 4,332 385,890 
Total4,332 $58.00 4,332 385,890 
(1)On April 21, 2025, the Company announced the approval of a new share repurchase plan (the “2025 Repurchase Plan”). Under the 2025 Repurchase Plan, the Company may purchase up to an additional 400,000 shares, or approximately 5% of the Company’s outstanding common stock.

Item 3.
Defaults Upon Senior Securities.
(a)    Not applicable.
(b)    Not applicable.

Item 4.
Mine Safety Disclosures.
Not applicable.

Item 5.
Other Information.
(a)    Not applicable.
(b)    Not applicable.
(c)    During the fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

44

Item 6.
Exhibits and Financial Statement Schedules.
No.    DescriptionLocation
4.1
Indenture, dated June 30, 2022, by and between Home Bancorp, Inc. and UMB Bank, National Association, as trustee for the 5.75% Fixed-to-Floating Rate Subordinated Notes Due 2032.
(incorporated by reference from the like-numbered exhibit included in Home Bancorp’s Current Report on Form 8-K, dated as of June 30, 2022 and filed July 1, 2022 (SEC File No. 001-34190))
31.1
Filed herewith
31.2
Filed herewith
32.1
Filed herewith
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definitions Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover page Interactive Data File (embedded within the Inline XBRL document)

45

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
HOME BANCORP, INC.
May 6, 2026By:/s/ John W. Bordelon
John W. Bordelon
Chairman of the Board, President and Chief Executive Officer
May 6, 2026By:/s/ David T. Kirkley
David T. Kirkley
Senior Executive Vice President and Chief Financial Officer
May 6, 2026By:/s/ Mary H. Hopkins
Mary H. Hopkins
Home Bank, N. A. Senior Vice President and Director of Financial Management

46

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