2025

Semi-Annual Report

Fiscal Highlights

The first half of our current fiscal year was highlighted by solid loan growth and improved earnings. Total assets remained at $1.82 billion at March 31, 2025. Total deposits increased $7 million, or 0.5%, to $1.61 billion. Total loans increased $30 million, or 2.3%, to $1.31 billion. Total borrowings declined $10 million, or 12.6% to $69 million. Capital improved $3 million due to increased retained earnings during the period despite deterioration in the market values of the Bank’s bond investment portfolio.

The Bank’s core net income, which excludes certain non-recurring items, was $5.3 million for the first six months of the fiscal year. Compared to the same period of the prior fiscal year, current year results were $431,000, or 8.8%, higher, due to higher interest income on loans and lower interest expense on borrowed funds. Noninterest income grew $675,000, or 15.8% versus the prior period. Loan loss provision expenses were $350,000 lower due to the recovery of principal on a few loans that were previously charged off. Core operating expenses were higher by $1.2 million, or 5.6%, with salary, data processing, and benefits expenses having the largest impact on the increase.