Reports Q3 revenue $19.2M vs. $17.7M last year. Non-performing assets remained at zero as of September 30, 2025, as they were for all of 2025 and 2024. The allowance for credit losses as a percentage of gross loans was 1.03% at September 30, 2025, compared to 1.03% at June 30, 2025 and 1.07% at September 30, 2024. The decrease in the ACL as a percentage of gross loans from last year is partially due to the growth in the loan portfolio. Management has performed a thorough analysis of credit risk as part of the Current Expected Credit Loss (CECL) model’s ACL computation, concluding that the credit loss reserves relative to gross loans remain at acceptable levels, and credit quality remains stable. The Company recorded a reversal of provision for credit losses of $60,000 during the third quarter which was related to a decrease in unfunded loan commitments.
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