Princeton Bancorp, Inc.

Previous wording

These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the global impact of foreign military conflicts, the potential impact of any future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; the timing and nature of the regulatory response to any applications filed by the Company and the Bank; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025; and…

Excerpt shortened here; the source contains the full paragraph.

Current wording

These forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the global impact of foreign military conflicts in Iran, the Middle East and elsewhere, including substantially higher fuel costs, and the impact of future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; the timing and nature of the regulatory response to any applications filed by the Company and the Bank; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security; other acquisitions; changes in consumer spending and saving habits; those risks under the heading “Risk Factors” set forth in the Compan…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Economic conditions during the second quarter of 2026 remained mixed, characterized by moderating growth, resilient labor markets, and inflation trending downward but still modestly above the target of the Federal Reserve. Consumer spending continued to support economic activity but showed signs of softening amid elevated interest rates and reduced excess savings, while business investment remained constrained by tighter financial conditions. The Federal Reserve maintained a restrictive monetary policy stance during the quarter, contributing to higher borrowing costs, modest tightening in credit availability, and continued pressure on interest-sensitive sectors, including commercial real estate. Looking ahead, economic conditions remain uncertain, with risks dependent on the trajectory of inflation, labor market conditions, and the timing of potential monetary policy adjustments.

Current wording

Economic conditions during the third quarter of 2026 reflected growth, driven by accelerated investment, resilient consumer spending, and an increase in government expenditure, even as increased imports widened the goods trade deficit. Consumer spending continued to support economic activity but showed signs of softening amid elevated interest rates and reduced excess savings, while business investment remained constrained by tighter financial conditions. The Federal Reserve raised its benchmark rate by 25 basis points in September 2026, the first increase since 2023, contributing to higher borrowing costs, modest tightening in credit availability, and continued pressure on interest-sensitive sectors, including commercial real estate. Looking ahead, economic conditions remain uncertain, with risks dependent on the trajectory of inflation, labor market conditions, and the timing of potential monetary policy adjustments. Most economists expect the Federal Reserve to increase rates again in December 2026.

Previous wording

Total assets were $2.25 billion at June 30, 2026, a decrease of $34.1 million, or 1.49% when compared to $2.29 billion at the end of 2025. The primary reasons for the decrease in total assets were related to decreases in cash and cash equivalents of $69.5 million and in loans of $44.9 million, partially offset by an increase in investment securities of $78.9 million.

Current wording

Total assets were $2.31 billion at September 30, 2026, an increase of $23.1 million, or 1.01% when compared to $2.29 billion at the end of 2025. The primary reasons for the increase in total assets were related to increases in investment securities of $60.6 million, and net loans of $35.1 million, partially offset by a decrease in cash and cash equivalents of $77.9 million.

Previous wording

Total available-for-sale investment securities increased $78.9 million, or 43.2%, to $261.5 million at June 30, 2026 compared to December 31, 2025. This increase was related to the purchase of $109.4 million in mortgage-backed securities of U.S. government sponsored enterprises, partially offset by payoffs of mortgage-backed securities of U.S. government sponsored enterprises and U.S government agency securities during the six months ended June 30, 2026.

Current wording

Total available-for-sale investment securities increased $60.6 million, or 33.2%, to $243.2 million at September 30, 2026 compared to December 31, 2025. This increase was related to the purchase of $129.8 million in mortgage-backed securities of U.S. government sponsored enterprises, partially offset by payoffs of mortgage-backed securities of U.S. government sponsored enterprises and U.S government agency securities during the nine months ended September 30, 2026.

Previous wording

Loans, net of deferred loan fees and costs, decreased $44.9 million, or 2.47%, to $1.77 billion at June 30, 2026 compared to December 31, 2025. The decrease in the Company’s net loans consisted of decreases of $69.7 million in commercial real estate loans and $15.3 million in construction loans, partially offset by increases of $25.4 million in home equity and consumer loans and $15.1 million in residential mortgages.

Current wording

Loans, net of deferred loan fees and costs, increased $35.1 million, or 1.93%, to $1.85 billion at September 30, 2026 compared to December 31, 2025. The increase in the Company’s net loans consisted of increases of $37.5 million in home equity and consumer loans, $31.2 million in residential mortgages, $21.8 million in commercial and industrial loans, and $12.8 million in construction loans, partially offset by a decrease of $67.7 million in commercial real estate loans.

Previous wording

The Company’s CRE loan portfolio, which includes multi-family, land, owner-occupied and non-owner-occupied CRE loans, was $1.27 billion or 71.8% of total loans of $1.77 billion at June 30, 2026. There were 705 loans in the Company’s CRE portfolio with an average and median loan size of $1.8 million and $0.6 million, respectively. Loan to Value (“LTV”) estimates are less than 70% for $1.16 billion or 92.1% of the CRE portfolio and less than 80% for $1.26 billion or 99.6% of the CRE portfolio.

Current wording

The Company’s CRE loan portfolio, which includes multi-family, land, owner-occupied and non-owner-occupied CRE loans, was $1.28 billion or 68.8% of total loans of $1.85 billion at September 30, 2026. There were 705 loans in the Company’s CRE portfolio with an average and median loan size of $1.8 million and $0.6 million, respectively. Loan to Value (“LTV”) estimates are less than 70% for $1.17 billion or 90.8% of the CRE portfolio and less than 80% for $1.28 billion or 99.4% of the CRE portfolio.

Previous wording

For the three and six months ended June 30, 2026, charge-offs were $4 thousand and $18 thousand and recoveries were $248 thousand and $261 thousand, respectively. The coverage ratio of the allowance for credit losses to period end loans was 1.13% at June 30, 2026 and 1.12% at December 31, 2025.

Current wording

For the three and nine months ended September 30, 2026, charge-offs were $8.3 million and $8.4 million and recoveries were $30 thousand and $290 thousand, respectively. The coverage ratio of the allowance for credit losses to period end loans was 1.05% at September 30, 2026 and 1.12% at December 31, 2025.

Previous wording

At June 30, 2026, non-performing assets remained steady at $16.3 million, compared to $16.6 million at December 31, 2025. Non-performing assets as a percentage of total loans, net of deferred fees and costs, remained steady at 0.92% at June 30, 2026 compared to 0.91% at December 31, 2025.

Current wording

At September 30, 2026, non-performing assets decreased to $8.2 million due to charge offs of $8.3 million during the third quarter compared to $16.6 million at December 31, 2025. Non-performing assets as a percentage of total loans, net of deferred fees and costs, decreased to 0.44% at September 30, 2026 compared to 0.91% at December 31, 2025.

Previous wording

Total deposits on June 30, 2026, decreased $40.5 million, or 2.05%, when compared to December 31, 2025. The decrease in the Company’s deposits consisted primarily of decreases in certificates of deposit of $97.0 million, interest-bearing checking deposits of $20.9 million, and savings deposits of $3.0 million, partially offset by increases in money market deposits of $57.1 million, and non-interest checking deposits of $23.2 million. On balance sheet liquidity remains strong at June 30, 2026.

Current wording

Total deposits at September 30, 2026, increased $27.5 million, or 1.39%, when compared to December 31, 2025. The increase in the Company’s deposits consisted primarily of increases in money market deposits of $96.4 million, and non-interest checking deposits of $23.1 million, partially offset by decreases in certificates of deposit of $87.5 million, interest-bearing checking deposits of $2.9 million, and savings deposits of $1.5 million. On balance sheet liquidity remains strong at September 30, 2026.

Previous wording

At June 30, 2026, the Company had approximately $666.0 million in uninsured deposits, consisting of $80.3 million in non-interest-bearing demand deposits, $230.1 million in interest-bearing demand deposits, $227.7 million in money market accounts, $25.8 million in savings deposits and $102.1 million in certificates of deposits.

Current wording

At September 30, 2026, the Company had approximately $723.2 million in uninsured deposits, consisting of $56.0 million in non-interest-bearing demand deposits, $230.1 million in interest-bearing demand deposits, $277.1 million in money market accounts, $28.4 million in savings deposits and $131.6 million in certificates of deposit.

Previous wording

Total stockholders’ equity at June 30, 2026 increased $9.2 million, or 3.40%, when compared to December 31, 2025. The increase was primarily due to an increase in retained earnings of $8.7 million (which consisted of $13.3 million in net income, partially offset by $4.6 million of cash dividends recorded during the period), and an increase in paid-in capital of $989 thousand. The ratio of equity to total assets at June 30, 2026 and December 31, 2025 was 12.4% and 11.9%, respectively.

Current wording

Total stockholders’ equity at September 30, 2026 decreased $0.3 million, or 0.10%, when compared to December 31, 2025. The decrease was primarily due to an increase in other comprehensive loss of $8.6 million driven by unrealized market value declines within the available-for-sale securities portfolio and an increase in treasury stock repurchases of $327 thousand, partially offset by an increase in retained earnings of $7.3 million (which consisted of $14.3 million in net income, partially offset by $7.0 million of cash dividends recorded during the period), and an increase in paid-in capital of $1.3 million. The ratio of equity to total assets at September 30, 2026 and December 31, 2025 was 11.7% and 11.9%, respectively.

Previous wording

As a member of the FHLB we are eligible to borrow funds in an aggregate amount of up to 50% of the Company’s total assets, subject to its collateral requirements. The Company maintained a $100.0 million letter of credit with the FHLB supporting municipal deposits as of June 30, 2026. Based on available eligible securities and qualified real estate loan collateral, the Company had the ability to borrow an additional $523.5 million as of June 30, 2026.

Current wording

As a member of the FHLB we are eligible to borrow funds in an aggregate amount of up to 50% of the Company’s total assets, subject to its collateral requirements. The Company maintained a $95.0 million letter of credit with the FHLB supporting municipal deposits as of September 30, 2026. Based on available eligible securities and qualified real estate loan collateral, the Company had the ability to borrow an additional $506.8 million as of September 30, 2026.

Previous wording

The Company reported net income of $7.1 million, or $1.04 per diluted common share, for the three months ended June 30, 2026, compared to $688 thousand, or $0.10 per diluted common share for the same period in 2025. The increase in net income for the second quarter of 2026 when compared to the second quarter of 2025 was primarily due to a decrease in the provision for credit losses of $7.3 million, an increase in net interest income of $1.2 million, and an increase in non-interest income of $185 thousand, partially offset by increases of $2.2 million in income tax expenses and $137 thousand in non-interest expense.

Current wording

The Company reported net income of $1.0 million, or $0.15 per diluted common share, for the three months ended September 30, 2026, compared to net income of $6.5 million, or $0.95 per diluted common share, for the third quarter of 2025. The decrease in net income for the third quarter of 2026 when compared to the third quarter of 2025 was primarily due to an increase in the provision for credit losses of $8.3 million, partially offset by an increase in net interest income of $390 thousand, an increase in non-interest income of $551 thousand, a decrease in non-interest expense of $376 thousand, and a decrease in income tax expense of $1.5 million.

Previous wording

Interest income decreased $1.1 million for the three months ended June 30, 2026, compared to the same period in 2025. Interest income on loans decreased $939 thousand due to a decrease of $50.4 million in the average balance of loans, and a decrease of 3 basis points on the yield on loans. Interest on taxable available-for-sale securities decreased $466 thousand due to a $39.5 million decrease in the average balance of taxable available-for-sale securities. Other interest and dividend income increased $320 thousand due to an increase of $43.5 million in average balances, partially offset by a decrease of 77 basis points in the yield.

Current wording

Interest income decreased $758 thousand for the three months ended September 30, 2026, compared to the same period in 2025. Interest income on loans decreased $1.3 million due to a decrease of $21.5 million in the average balance of loans, and a decrease of 20 basis points in the yield on loans. Interest income on taxable available-for-sale securities increased $228 thousand due to a $38.0 million increase in the average balance of taxable available-for-sale securities, offset by a decrease of 45 basis points in the yield. Other interest and dividend income increased $321 thousand due to an increase of $39.5 million in average balances, partially offset by a decrease of 80 basis points in the yield.

Previous wording

Interest expense decreased $4.7 million to $23.8 million for the six months ended June 30, 2026, compared to the same period in 2025. Interest expense decreased primarily due to a decrease of $69.1 million in the average balance of interest-bearing deposits and a decrease of 43 basis points in the rate paid on interest-bearing deposits, over the same prior year period.

Current wording

Interest expense decreased $1.1 million to $12.0 million for the three months ended September 30, 2026, compared to the same period in 2025. Interest expense decreased primarily due to a decrease of 31 basis points in the rate paid on interest-bearing deposits, offset by an increase of $18.0 million in the average balance of interest-bearing deposits over the same prior year period.

Previous wording

The Company recorded a reversal of credit losses of $353 thousand during the three months ended June 30, 2026, which consisted of a $314 thousand decrease recorded to the allowance of credit losses on loans, and a decrease to the provision for credit losses of $39 thousand related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. This reversal represented a decrease in the provision for credit losses of $7.3 million from the three-months ended June 30, 2025. There were charge-offs of $4 thousand recorded, and recoveries were $248 thousand, for the three months ended June 30, 2026.

Current wording

The Company recorded a provision for credit losses of $7.6 million during the three months ended September 30, 2026, which consisted of a $7.7 million increase recorded to the allowance of credit losses on loans, partially offset by a $69 thousand decrease to the provision for credit losses related to unfunded commitments, which are recorded in other liabilities on the Company’s statements of financial condition. This provision represented an increase in the provision for credit losses of $8.3 million from the three-months ended September 30, 2025. There were charge-offs of $8.3 million recorded, and recoveries were $30 thousand, for the three months ended September 30, 2026.

Previous wording

Total non-interest income was $2.4 million for the three months ended June 30, 2026, an increase of $185 thousand or 8.2% when compared to the same prior year period. The increase over the prior year’s second quarter was primarily due to an increase in loan fees of $205 thousand, and in fees and service charges of $46 thousand, partially offset by a decrease in other non-interest income of $88 thousand.

Current wording

Total non-interest income was $2.5 million for the three months ended September 30, 2026, an increase of $551 thousand or 28.9% when compared to the same prior year period. The increase over the prior year’s third quarter was primarily due to an increase in other non-interest income of $896 thousand, partially offset by a decrease in loan fees of $418 thousand.

Previous wording

Total non-interest expense was $13.6 million for the three months ended June 30, 2026, an increase of $137 thousand or 1.0% when compared to the same prior year period. This increase was primarily related to increases in professional fees of $253 thousand, occupancy and equipment expense of $105 thousand, and salaries and employee benefits expense of $60 thousand, partially offset by decreases in federal deposit insurance expense of $115 thousand, office expense of $102 thousand, and other non-interest expense of $53 thousand.

Current wording

Total non-interest expense was $13.5 million for the three months ended September 30, 2026, a decrease of $376 thousand or 2.7% when compared to the same prior year period. This decrease was primarily related to decreases in salaries and employee benefits expense of $434 thousand, in data processing and communications expenses of $286 thousand, in professional fees of $281 thousand, and in other non-interest expense of $221 thousand, partially offset by an increase in occupancy and equipment expense of $1.1 million.

Previous wording

For the three months ended June 30, 2026, the Company recorded an income tax expense of $2.1 million, resulting in an effective tax rate of 22.9%, compared to an income tax benefit of ($92) thousand resulting in an effective tax rate of (15.4%) for the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2026, the Company recorded an income tax expense of $268 thousand, resulting in an effective tax rate of 20.8%, compared to an income tax expense of $1.8 million resulting in an effective tax rate of 21.9% for the three months ended September 30, 2025.

Previous wording

Comparison of Operating Results for the six months ended June 30, 2026 and 2025

Current wording

Comparison of Operating Results for the nine months ended September 30, 2026 and 2025

Previous wording

The Company reported net income of $13.3 million, or $1.95 per diluted common share, for the six months ended June 30, 2026, compared to a net income of $6.1 million, or $0.88 per diluted common share, for the six months ended June 30, 2025. The increase in net income was primarily due to a decrease of $7.7 million in the provision for credit losses, an increase in net interest income of $1.3 million, an increase in non-interest income of $446 thousand, and a decrease in non-interest expense of $240 thousand, partially offset by an increase in income tax expense of $2.5 million, when compared to the prior year period.

Current wording

The Company reported net income of $14.3 million, or $2.10 per diluted common share, for the nine months ended September 30, 2026, compared to net income of $12.5 million, or $1.82 per diluted common share, for the nine months ended September 30, 2025. The increase in net income was primarily due to an increase in net interest income of $1.7 million, an increase in non-interest income of $1.0 million, and a decrease in non-interest expense of $616 thousand, partially offset by an increase of $579 thousand in the provision for credit losses, and an increase in income tax expense of $958 thousand, when compared to the prior year period.

Previous wording

Interest income decreased $3.3 million for the six months ended June 30, 2026, compared to the same period in 2025. Interest income on loans decreased $2.5 million due to a decrease of $50.8 million in the average balance of loans, and a decrease of 9 basis points on the yield on loans. Interest on taxable available-for-sale securities decreased $1.6 million due to a 28 basis point decrease in yield and a $55.3 million decrease in the average balance of taxable available-for-sale securities. Other interest and dividend income increased $761 thousand due to an increase of $52.6 million in average balances, partially offset by a decrease of 76 basis points in the yield.

Current wording

Interest income decreased $4.1 million for the nine months ended September 30, 2026, compared to the same period in 2025. Interest income on loans decreased $3.8 million due to a decrease of $40.9 million in the average balance of loans, and a decrease of 14 basis points in the yield on loans. Interest income on taxable available-for-sale securities decreased $1.3 million due to a 35 basis point decrease in yield and a $23.8 million decrease in the average balance of taxable available-for-sale securities. Other interest and dividend income increased $1.1 million due to an increase of $48.2 million in average balances, partially offset by a decrease of 77 basis points in the yield.

Previous wording

Interest expense decreased $2.3 million to $11.6 million for the three months ended June 30, 2026, compared to the same period in 2025. Interest expense decreased primarily due to a decrease of $68.8 million in the average balance of interest-bearing deposits and a decrease of 43 basis points in the rate paid on interest-bearing deposits over the same prior year period.

Current wording

Interest expense decreased $5.8 million to $35.8 million for the nine months ended September 30, 2026, compared to the same period in 2025. Interest expense decreased primarily due to a decrease of $40.2 million in the average balance of interest-bearing deposits and a decrease of 39 basis points in the rate paid on interest-bearing deposits, over the same prior year period.

Previous wording

The Company recorded a reversal of credit losses of $509 thousand during the six months ended June 30, 2026, and recorded a $7.2 million provision for credit losses for the six-month period ended June 30, 2025. The decrease for the six-month period ended June 30, 2026, compared with the same prior year period, is primarily associated with a charge-off recorded during the prior period, in the amount of $9.9 million, which included a $2.4 million specific reserve that had previously been reserved in the allowance for credit losses. There were charge-offs of $18 thousand recorded, and recoveries were $261 thousand, for the six months ended June 30, 2026.

Current wording

The Company recorded a provision for credit losses of $7.1 million during the nine months ended September 30, 2026, and recorded a $6.6 million provision for credit losses for the nine-month period ended September 30, 2025. The increase for the nine-month period ended September 30, 2026, compared with the same prior year period, is primarily associated with a charge-off recorded during the current period, in the amount of $8.3 million. There were charge-offs of $8.4 million recorded, and recoveries were $290 thousand, for the nine months ended September 30, 2026.

Previous wording

Total non-interest income was $4.9 million for the six months ended June 30, 2026, an increase of $446 thousand or 10.0% when compared to the same prior year period. The increase over the prior year period was primarily due to increases in other non-interest income of $215 thousand, an increase in fees and service charges of $115 thousand, an increase in income from bank-owned life insurance of $58 thousand, and an increase in loan fees of $58 thousand.

Current wording

Total non-interest income was $7.3 million for the nine months ended September 30, 2026, an increase of $1.0 million or 15.7% when compared to the same prior year period. The increase over the prior year period was primarily due to increases in other non-interest income of $1.1 million, fees and service charges of $169 thousand, and in income from bank-owned life insurance of $77 thousand, and offset by a decrease in loan fees of $360 thousand.

Previous wording

Total non-interest expense was $27.1 million for the six months ended June 30, 2026 , a decrease of $240 thousand or 0.9% when compared to the same prior year period. This decrease was primarily related to a decrease in federal deposit insurance expense of $348 thousand, a decrease in other non-interest expense of $123 thousand, and a decrease in salaries and employees benefits of $87 thousand, partially offset by an increase in professional fees of $252 thousand.

Current wording

Total non-interest expense was $40.6 million for the nine months ended September 30, 2026 , a decrease of $616 thousand or 1.5% when compared to the same prior year period. This decrease was primarily related to a decrease in salaries and employee benefits of $521 thousand, a decrease in federal deposit insurance expense of $468 thousand, a decrease in other non-interest expense of $344 thousand, and a decrease in data processing and communications of $247 thousand, partially offset by an increase in occupancy and equipment of $1.3 million.

Previous wording

For the six months ended June 30, 2026, the Company recorded an income tax expense of $3.9 million, resulting in an effective tax rate of 22.8%, compared to an income tax expense of $1.4 million resulting in an effective tax rate of 18.9% for the six months ended June 30, 2025.

Current wording

For the nine months ended September 30, 2026, the Company recorded an income tax expense of $4.2 million, resulting in an effective tax rate of 22.6%, compared to an income tax expense of $3.2 million resulting in an effective tax rate of 20.5% for the nine months ended September 30, 2025.

Previous wording

The following table shows for the six-month period indicated the total dollar amount of interest earned from average interest earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities and the resulting costs, expressed both in dollars and rates. Average loan receivables balances include non-accrual loans. Average yields have been annualized. Tax-exempt incomes and yields have not been adjusted to a tax-equivalent basis.

Current wording

The following table shows for the nine-month period indicated the total dollar amount of interest earned from average interest earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities and the resulting costs, expressed both in dollars and rates. Average loan receivables balances include non-accrual loans. Average yields have been annualized. Tax-exempt incomes and yields have not been adjusted to a tax-equivalent basis.