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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File No. 333-288044

Seneca Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland		39-4029114
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

35 Oswego Street, Baldwinsville, New York		13027
(Address of Principal Executive Offices)		(Zip Code)

(315) 638-0233

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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


Title of each class	Trading symbol(s)	Name of Each Exchange on Which Registered
None	None	None

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 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 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, 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 Act). YES ☐ NO ☒

There were no shares of the registrant’s common stock, par value $0.01 per share, outstanding as of September 24, 2025.

Table of Contents

EXPLANATORY NOTE

Seneca Bancorp, Inc. (the “Company,” “we” or “us”) was incorporated on June 6, 2025, to serve as the bank holding company for Seneca Savings Bank, National Association upon the consummation of the conversion of Seneca Financial MHC and Seneca Financial Corp. from the mutual holding company form of organization to the stock holding form of organization. As of June 30, 2025, the conversion had not yet been completed and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, unaudited consolidated financial statements, and related notes, and other financial information included in this report relate to Seneca Financial Corp.

The unaudited consolidated financial statements and other financial information contained in this report should be read in conjunction with the audited consolidated financial statements, and related notes, of Seneca Financial Corp. as of and for each of the years ended December 31, 2024 and 2023, contained in the Company’s definitive prospectus dated August 12, 2025, as filed with the Securities and Exchange Commission on August 22, 2025.

Table of Contents

TABLE OF CONTENTS

		Page
	Part I
Item 1.	Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	55

Item 4.	Controls and Procedures	55

Part II	Other Information	56

Item 1.	Legal Proceedings	56

Item 1A.	Risk Factors	56

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56

Item 3.	Defaults Upon Senior Securities	56

Item 4.	Mine Safety Disclosures	56

Item 5.	Other Information	56

Item 6.	Exhibits	57

Exhibit Index		57

Signatures		58

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PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per share data)


	As of
	June 30,		Year Ended December 31,
	2025		2024
	(Unaudited)
ASSETS
Cash and cash equivalents	$	12,830	$	6,788
Securities, available-for-sale, net of allowance for credit losses of $498 and $498		48,597		46,484
Loans, net of allowance for credit losses of $1,751 and $1,804		209,597		202,429
Federal Home Loan Bank of New York stock, at cost		3,453		3,361
Premises and equipment, net		10,568		8,797
Bank owned life insurance		2,740		2,688
Pension assets		7,245		7,245
Accrued interest receivable		1,370		1,247
Intangible assets		506		584
Goodwill		412		412
Other assets		1,742		904
Total assets	$	299,060	$	280,939

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits:
Noninterest bearing	$	33,019	$	30,639
Interest-bearing		195,798		179,932
Total Deposits		228,817		210,571
Federal Home Loan Bank advances		40,567		41,253
Advances from borrowers for taxes and insurance		3,008		2,349
Other liabilities		2,913		2,908
Total liabilities		275,305		257,081
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized and unissued
Common stock, $0.01 par value, 19,000,000 shares authorized, 2,002,923 shares issued and 1,838,278 shares outstanding at June 30, 2025 and December 31, 2024		9		9
Additional paid-in capital		8,150		8,118
Treasury stock, at cost (164,645 shares at June 30, 2025 and December 31, 2024)		(1,557)		(1,557)
Retained earnings		22,329		22,377
Unearned ESOP shares, at cost		(596)		(605)
Accumulated other comprehensive loss		(4,580)		(4,484)
Total stockholders’ equity		23,755		23,858
Total liabilities and stockholders’ equity	$	299,060	$	280,939

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

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SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except for share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	Unaudited				Unaudited
INTEREST INCOME
Loans, including fees	$	3,098	$	2,897	$	6,028	$	5,641
Securities		460		350		917		711
Other		37		89		87		123
Total interest income		3,595		3,336		7,032		6,475
INTEREST EXPENSE
Deposits		995		1,022		1,922		1,951
Advances and borrowings		369		343		751		659
Total interest expense		1,364		1,365		2,673		2,610
Net interest income		2,231		1,971		4,359		3,865
Provision for credit losses available-for-sale securities		—		—		—		—
Provision for credit losses loans receivable		511		—		621		15
Net interest income after provision for credit losses		1,720		1,971		3,738		3,850
NONINTEREST INCOME
Service fees		33		30		65		61
Income from financial services		240		218		464		423
Fee income		200		184		370		341
Gain on sale of fixed assets		—		—		—		6
Earnings on bank-owned life insurance		26		11		52		22
Net gain on sales of available-for-sale securities		—		—		1		—
Net gains on sale of residential mortgage loans		32		20		65		22
Total noninterest income		531		463		1,017		875
NONINTEREST EXPENSE
Compensation and employee benefits		1,387		1,180		2,673		2,395
Core processing		375		366		711		730
Premises and equipment		222		173		445		381
Professional fees		106		109		163		131
Postage & office supplies		29		20		58		56
FDIC premiums		34		31		67		60
Advertising		85		93		183		180
Director fees		37		40		85		88
Other		207		209		424		372
Total noninterest expense		2,482		2,221		4,809		4,393
Income before provision for income taxes		(231)		213		(54)		332
PROVISION FOR INCOME TAXES		(35)		37		(6)		50
Net income (loss)	$	(196)	$	176	$	(48)	$	282

Net income (loss) per common shares - basic	$	(0.11)	$	0.10	$	(0.03)	$	0.16
Net income (loss) per common shares - diluted	$	(0.11)	$	0.10	$	(0.03)	$	0.16

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

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SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	Unaudited				Unaudited
NET INCOME (LOSS)	$	(196)	$	176	$	(48)	$	282

OTHER COMPREHENSIVE INCOME, BEFORE TAX
Available-for-sale securities:
Unrealized holding (losses)gains arising during period		(55)		36		(122)		(172)
Less reclassification adjustment for net losses included in net income		—		—		—		—

Net unrealized (losses) gains on available-for-sale securities		(55)		36		(122)		(172)

Defined benefit pension plan:
Net gains income arising during the period		—		—		—		—
Less reclassification of amortization of net losses recognized in net pension expense		—		—		—		—

Net changes in defined benefit pension plan		—		—		—		—

OTHER COMPREHENSIVE (LOSS) INCOME, BEFORE TAX		(55)		36		(122)		(172)

Tax effect		12		(7)		26		37

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX		(43)		29		(96)		(135)

TOTAL COMPREHENSIVE (LOSS) INCOME	$	(239)	$	205	$	(144)	$	147

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

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SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in thousands)


Three Months Ended June 30, 2025			Additional						Unearned		Other
	Common		Paid-In		Treasury		Retained		ESOP		Comprehensive		Total
	Stock		Capital		Stock		Earnings		Shares		Loss		Equity
BALANCE, April 1, 2025	$	9	$	8,134	$	(1,557)	$	22,525	$	(600)	$	(4,537)	$	23,974

Net loss	$	—	$	—	$	—	$	(196)	$	—	$	—	$	(196)
Other comprehensive loss		—		—		—		—		—		(43)		(43)
ESOP shares committed to be released (646 shares)		—		—		—		—		4		—		4
Stock-based compensation		—		16		—		—		—		—		16
BALANCE, June 30, 2025 (Unaudited)	$	9	$	8,150	$	(1,557)	$	22,329	$	(596)	$	(4,580)	$	23,755


Three Months Ended June 30, 2024			Additional						Unearned		Other
	Common		Paid-In		Treasury		Retained		ESOP		Comprehensive		Total
	Stock		Capital		Stock		Earnings		Shares		Loss		Equity
BALANCE, April 1, 2024	$	9	$	8,065	$	(1,487)	$	21,771	$	(623)	$	(5,118)	$	22,617

Net income	$	—	$	—	$	—	$	176	$	—	$	—	$	176
Other comprehensive income		—		—		—		—		—		29		29
ESOP shares committed to be released (646 shares)		—		—		—		—		6		—		6
Purchase treasury stock		—		—		(70)		—		—		—		(70)
Stock-based compensation		—		22		—		—		—		—		22
BALANCE, June 30, 2024 (Unaudited)	$	9	$	8,087	$	(1,557)	$	21,947	$	(617)	$	(5,089)	$	22,780


Six Months Ended June 30, 2025			Additional						Unearned		Other
	Common		Paid-In		Treasury		Retained		ESOP		Comprehensive		Total
	Stock		Capital		Stock		Earnings		Shares		Loss		Equity
BALANCE, January 1, 2025	$	9	$	8,118	$	(1,557)	$	22,377	$	(605)	$	(4,484)	$	23,858

Net loss	$	—	$	—	$	—	$	(48)	$	—	$	—	$	(48)
Other comprehensive loss		—		—		—		—		—		(96)		(96)
ESOP shares committed to be released (646 shares)		—		—		—		—		9		—		9
Stock-based compensation		—		32		—		—		—		—		32
BALANCE, June 30, 2025 (Unaudited)	$	9	$	8,150	$	(1,557)	$	22,329	$	(596)	$	(4,580)	$	23,755


											Accumulated
Six Months Ended June 30, 2024			Additional						Unearned		Other
	Common		Paid-In		Treasury		Retained		ESOP		Comprehensive		Total
	Stock		Capital		Stock		Earnings		Shares		Loss		Equity
BALANCE, January 1, 2024	$	9	$	8,045	$	(1,487)	$	21,665	$	(629)	$	(4,954)	$	22,649

Net income	$	—	$	—	$	—	$	282	$	—	$	—	$	282
Other comprehensive loss		—		—		—		—		—		(135)		(135)
ESOP shares committed to be released (646 shares)		—		—		—		—		12		—		12
Purchase treasury stock		—		—		(70)		—		—		—		(70)
Stock-based compensation		—		42		—		—		—		—		42
BALANCE, June 30, 2024 (Unaudited)	$	9	$	8,087	$	(1,557)	$	21,947	$	(617)	$	(5,089)	$	22,780

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

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SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)


	Six Months Ended June 30,
	2025		2024

	Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(48)	$	282
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization		265		263
Provision for credit losses		621		15
Net amortization of premiums and discounts on securities		(52)		59
Gain on sale of residential mortgage loans		(65)		(22)
Proceeds from sale of residential mortgage loans		4,618		1,842
Loans originated and sold		(4,554)		(1,820)
Deferred income tax benefit		(47)		—
Loss on sale of available-for-sale securities		—		—
Loss (gain) on sale of fixed assets		1		(6)
Amortization of deferred loan fees		41		28
ESOP compensation expense		9		12
Stock based compensation expense		32		42
Earnings on investment in bank owned life insurance		(52)		(22)
Increase in accrued interest receivable		(123)		(181)
Increase in other assets		(838)		(198)
Increase in other liabilities		233		641
Net cash flow provided by operating activities		41		935
CASH FLOWS FROM INVESTING ACTIVITIES:
Activity in securities available-for-sale:
Proceeds from calls and maturities		10,230		30
Proceeds from sales		—		—
Principal repayments		312		612
Purchases		(12,725)		—
Purchase of Federal Home Loan Bank of New York stock		(855)		(631)
Redemption of Federal Home Loan Bank of New York stock		763		442
Loan originations and principal collections, net		(7,829)		(8,099)
Purchases of premises and equipment		(1,958)		(441)
Net cash flow used in investing activities		(12,062)		(8,087)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits		18,246		6,346
Increase in advances from borrowers for taxes and insurance		659		689
Purchase of treasury stock		—		(70)
Payments on acquisition contingent consideration		(156)		(90)
Repayment of long-term FHLB advances		(14,500)		(5,000)
Proceeds from long-term FHLB advances		13,814		9,695
Decrease in short-term FHLB advances		—		(2,000)
Net cash flow (used in) provided by financing activities		18,063		9,570
Net change in cash and cash equivalents		6,042		2,418
CASH AND CASH EQUIVALENTS - beginning of the period		6,788		3,920
CASH AND CASH EQUIVALENTS - end of the period	$	12,830	$	6,338

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

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SENECA BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (cont.)

(Dollars in thousands)


	Six Months Ended
	June 30,
	2025		2024

	Unaudited
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Interest on deposits and borrowed funds	$	2,715	$	2,676
Income taxes	$	7	$	101
SUPPLEMENTAL NONCASH DISCLOSURES
Acquisition contingent consideration payable	$	—	$	—

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

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SENECA BANCORP, INC.

Notes to the Consolidated Financial Statements

1. BASIS OF PRESENTATION

Seneca Financial Corp. (the “Company”) is a federally chartered mid-tier stock holding company and was formed in connection with the conversion of Seneca Federal Savings and Loan Association (the “Bank”) into the mutual holding company form of organization in October 2017, and it is a subsidiary of Seneca Financial MHC (the “Mutual Holding Company”), a federally chartered mutual holding company. The Mutual Holding Company activity is not included in the accompanying consolidated financial statements. Seneca Savings, formerly known as Seneca Federal Savings and Loan Association, is a wholly owned subsidiary of the Company. The same directors and officers, who manage the Bank, also manage the Company and the Mutual Holding Company.

On May 8, 2025, the Board of Directors adopted a Plan of Conversion and Reorganization, pursuant to which the Mutual Holding Company will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank is seeking regulatory approval to convert its charter to a national bank that will be renamed “Seneca Savings Bank, National Association.” Upon completion of the conversion and stock offering, the Mutual Holding Company and the Company will cease to exist and Seneca Bancorp, Inc., a Maryland corporation, will become the successor holding company to the Company and will become the stock holding company of the Bank. The conversion will be accomplished by the merger of the Mutual Holding Company with and into the Company, followed by the merger of the Company with and into Seneca Bancorp, Inc. The Mutual Holding Company currently owns approximately 58.1% of the outstanding shares of common stock of the Company. The proposed transaction is expected to be completed in the fourth quarter of 2025, subject to regulatory approval, approval by the members of the Mutual Holding Company (i.e., depositors and certain borrowers of the Bank), and approval by the stockholders of the Company, including by a separate vote of approval by the Company’s minority stockholders.

Seneca Savings maintains its executive offices and main branch in Baldwinsville, New York, with branches in Liverpool, North Syracuse, Manlius and Bridgeport, New York. The Bank is a community-oriented savings and loan institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in residential mortgage and commercial loans.

The financial information included herein as of June 30, 2025 and for the three and six month periods ended June 30, 2025 and 2024 is unaudited. However, in management’s opinion, the information reflects all normal, recurring adjustments that are necessary for a fair presentation. The results shown for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be obtained for the year ending December 31, 2025 or for any other period.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Adoption of New Accounting Standards

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold, and greater disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU does not change how a public entity identifies its operating

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segments or determines its reportable segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Impact of Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03 Income Statement - Reporting Comprehensive Income- Expense Disaggregation Disclosures, to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure, in the notes to the consolidated financial statements, of specified information about certain costs and expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact this will have on the consolidated financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiary, Seneca Savings Insurance Agency, Inc. dba Financial Quest (“Quest”). Quest offers financial planning and investment advisory services and sells various insurance and investment products through broker networks. All significant intercompany transactions and balances have been eliminated in consolidation. The Company, as used in the consolidated financial statements, refers to the consolidated group.

Use of Estimates

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates, and such differences may be significant.

Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses, deferred tax assets, the assumptions used in the actuarial valuation and the estimation of fair values for accounting and disclosure purposes.

The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators’ judgements based on information available to them at the time of their examinations.

Reclassifications

Certain amounts in the 2024 consolidated financial statements have been reclassified to conform with the 2025 presentation format. These classifications are immaterial and had no effect on net income or stockholders’ equity for the periods presented herein.

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3. Securities

The amortized cost and fair values of securities, with gross unrealized gains and losses are as follows:


	Amortized		Unrealized		Unrealized		Allowance for		Fair
	Cost		Gains		Losses		Credit Losses		Value

	(In thousands)
Available-for-sale securities:
June 30, 2025 (Unaudited):
U.S. Treasury securities	$	18,762	$	—	$	(80)	$	—	$	18,682
U.S. Government Agency securities		1,000		—		(131)		—		869
Municipal securities		17,086		—		(2,757)		(498)		13,831
Mortgage-backed securities and collateralized mortgage obligations		6,543		—		(1,005)		—		5,538
Corporate securities		9,931		8		(262)		—		9,677
	$	53,322	$	8	$	(4,235)	$	(498)	$	48,597

December 31, 2024:
U.S. Treasury securities	$	15,923	$	4	$	(116)	$	—	$	15,811
U.S. Government Agency securities		1,000		—		(162)		—		838
Municipal securities		17,151		—		(2,372)		(498)		14,281
Mortgage-backed securities and collateralized mortgage obligations		6,862		—		(1,107)		—		5,755
Corporate securities		10,152		8		(361)		—		9,799
	$	51,088	$	12	$	(4,118)	$	(498)	$	46,484

Government agency and U.S. Treasury securities include notes and bonds with fixed rates. Mortgage-backed securities and collateralized mortgage obligations consist of securities that are issued by Fannie Mae (“FNMA”), Freddie Mac (“FHLMC”), Ginnie Mae (“GNMA”), and Small Business Administration (“SBIC”) and are collateralized by residential mortgages. Municipal securities consist of government obligation and revenue bonds. Corporate securities consist of fixed and variable rate bonds with large financial institutions.

Investment securities with carrying amounts of $22.3 million (unaudited) and $22.2 million were pledged to secure deposits and for other purposes required or permitted by law at June 30, 2025 and December 31, 2024, respectively.

The amortized cost and fair value of debt securities based on the contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.


	June 30, 2025				December 31, 2024
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value

	(Unaudited)
Due in one year or less	$	18,842	$	18,229	$	14,225	$	13,723
Due after one year through five years		14,439		13,682		15,878		15,107
Due after five years through ten years		9,241		7,973		9,840		8,566
Due after ten years		4,257		3,175		4,283		3,333
Mortgage-backed securities and collateralized mortgage obligations		6,543		5,538		6,862		5,755
	$	53,322	$	48,597	$	51,088	$	46,484

The Company did not sell available-for-sale securities during the three or six months ended June 30, 2025

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and June 30, 2024.

Management has reviewed its loan, mortgage-backed securities and collateralized mortgage obligations portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans.

Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position follows:


	Less than Twelve Months				Twelve Months and Greater
	Gross				Gross
	Unrealized		Fair		Unrealized		Fair
	Losses		Value		Losses		Value

	(In thousands)
June 30, 2025 (Unaudited):
U.S. Treasury securities	$	(10)	$	15,758	$	(70)		2,925
U.S. Government Agency securities		—		—		(131)		869
Municipal securities		(19)		1,119		(2,738)		11,313
Mortgage-backed securities and collateralized mortgage obligations		—		—		(1,005)		5,537
Corporate securities		—		—		(262)		8,274
	$	(29)	$	16,877	$	(4,206)	$	28,918

December 31, 2024:
U.S. Treasury securities	$	—	$	—	$	(116)	$	2,874
U.S. Government Agency securities		—		—		(162)		839
Municipal securities		(24)		1,114		(2,348)		11,769
Mortgage-backed securities and collateralized mortgage obligations		—		—		(1,107)		5,755
Corporate securities		(4)		896		(357)		8,402
	$	(28)	$	2,010	$	(4,090)	$	29,639

Unrealized losses on U.S. treasury securities, government agency securities, mortgage-backed securities, collateral mortgage obligations, corporate securities, and municipal securities, have not been recognized into income because these losses are attributable to changes in interest rates, not credit quality, and because management does not intend to sell and will not be required to sell these securities prior to recovery or maturity.

At June 30, 2025, six U.S. Treasuries and three municipal securities were at a loss position for less than one year. At June 30, 2025, one government agency, one U.S. Treasury, thirty-two municipal, four mortgage-backed, ten collateralized mortgage obligation securities and twelve corporate securities were in a continuous loss position for more than twelve months.

At December 31, 2024, one corporate security and three municipal securities were at a loss position for less than one year. At December 31, 2024, one government agency, one U.S. Treasury, thirty-two municipal securities, four mortgage-backed, ten collateralized mortgage obligation securities and twelve corporate securities were in a continuous loss position for more than twelve months.

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Allowance for Credit Losses for Debt Securities:

The following table presents the allowance for credit losses on available-for-sale debt securities.


	Municipal Securities
	(In thousands)
June 30, 2025 (Unaudited):
Balance, beginning of period	$	498
Provision for credit losses, not previously recorded		—
Balance, end of period	$	498

June 30, 2024:
Balance, beginning of period	$	—
Provision for credit losses, not previously recorded		498
Balance, end of period	$	498

At June 30, 2025 and December 31, 2024, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $451 thousand. The allowance relates to Madison County Capital Resource Corp. (Cazenovia College) bond that was in default at June 30, 2025 and December 31, 2024. The bond is collateralized with all the assets and real estate of the issuer which will be monetized to satisfy bond holders. The fair value was determined using a discounted cash flow analysis resulting in level 3 clasification see [Note 10].

4. LOANS

Net loans at June 30, 2025 and December 31, 2024 were as follows:


	June 30, 2025		December 31, 2024

	(In thousands)
	Unaudited
Mortgage loans on real estate:
One-to four-family first lien residential	$	96,371	$	101,236
Residential construction		1,026		1,288
Home equity loans and lines of credit		14,281		11,916
Commercial		69,903		59,505
Total mortgage loans on real estate		181,581		173,945
Commercial and industrial		23,207		23,411
Consumer loans		5,063		5,339
Total loans		209,851		202,695
Allowance for credit losses		(1,751)		(1,804)
Net deferred loan origination (fees) and costs		1,497		1,538
Net loans	$	209,597	$	202,429

Residential real estate loans serviced for others, by the Company, not include in net loans totaled $32.1 million (unaudited), $29.4 million at June 30, 2025 and December 31, 2024 respectively.

Loan Origination/Risk Management

The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.

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Risk Characteristics of Portfolio Segments

The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, manufactured housing, commercial and home equity loans, comprise approximately 86.5% (unaudited) and 85.8% of the portfolio at June 30, 2025 and December 31, 2024, respectively. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio.

Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans.

Description of Credit Quality Indicators

Real estate, commercial and consumer loans are assigned a “Pass” rating unless the loan has demonstrated signs of weakness as indicated by the ratings below:

Special Mention: The relationship is protected but are potentially weak. These assets may constitute an undue and unwarranted credit risk but not to the point of justifying a substandard rating. All loans 60 days past-due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months.

Substandard: The relationship is inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledge, if any. Assets so classified have a well-defined weakness or a weakness that jeopardized the liquidation of the debt. All loans 90 days past-due are classified Substandard. A loan is not upgraded until it has been current for six consecutive months.

Doubtful/Loss: Loans are considered uncollectible and of such little value that continuance as bankable assets are not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future.

The risk ratings are evaluated at least annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, real estate or consumer loans.

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The following table presents the loans to customers as of June 30, 2025, based on year of origination within each credit quality indicator:

At June 30, 2025

Unaudited

(In thousands)


															Revolving
															Loans
															Converted
													Revolving		to Term
													Loans		Loans
													Amortized		Amortized
	2025		2024		2023		2022		2021		Prior		Cost Basis		Cost Basis		Total
Mortgage loans on real estate:
One-to-four-family first lien residential:
Pass	$	854	$	2,908	$	11,076	$	17,336	$	10,727	$	53,470	$	—	$	—	$	96,371
Total		854		2,908		11,076		17,336		10,727		53,470		—		—		96,371
Current period gross write-offs		—		—		—		—		—		—		—		—		—

Residential construction:
Pass		—		757		—		117		—		152		—		—		1,026
Total		—		757		—		117		—		152		—		—		1,026
Current period gross write-offs		—		—		—		—		—		—		—		—		—

Home equity loans and lines of credit:
Pass		89		651		—		—		—		63		13,366		112		14,281
Total		89		651		—		—		—		63		13,366		112		14,281
Current period gross write-offs		—		—		—		—		—		—		—		—		—

Commercial:
Pass		13,177		8,998		12,034		8,127		6,762		18,062		—		—		67,160
Special Mention		—		583		—		—		—		—		—		—		583
Substandard		—		495		—		—		—		1,665		—		—		2,160
Total		13,177		10,076		12,034		8,127		6,762		19,727		—		—		69,903
Current period gross write-offs		—		—		—		—		—		—		—		—		—

Commercial and Industrial:
Pass		3,230		5,208		4,374		3,405		1,580		2,658		—		—		20,455
Special Mention		—		324		110		1,656		—		—		—		—		2,090
Substandard		—		662		—		—		—		—		—		—		662
Total		3,230		6,194		4,484		5,061		1,580		2,658		—		—		23,207
Current period gross write-offs		—		—		644		7		4		(2)		—		—		653

Consumer:
Pass		498		2,034		865		1,054		250		268		93		1		5,063
Total		498		2,034		865		1,054		250		268		93		1		5,063
Current period gross write-offs	$	—	$	15	$	6	$	—	$	—	$	—	$	—	$	—	$	21

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The following tables present the loans to customers as of December 31, 2024, based on year of origination within each credit quality indicator:

At December 31, 2024

(In thousands)


															Revolving
															Loans
															Converted
													Revolving		to Term
													Loans		Loans
													Amortized		Amortized
	2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Mortgage loans on real estate:
One-to-four-family first lien residential:
Pass	$	5,633	$	12,938	$	18,451	$	11,101	$	7,929	$	45,184	$	—	$	—	$	101,236
Total		5,633		12,938		18,451		11,101		7,929		45,184		—		—		101,236
Current period gross write-offs		—		—		—		—		—		—		—		—		—

Residential construction:

Seneca Bancorp, Inc. 10-Q