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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 September 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 Number: 333-288102

HOYNE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware	39-2556785
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

810 S. Oak Park Avenue.

Oak Park, Illinois

(Address of Principal Executive Offices)

60304

(Zip code)

(708) 434-4300

(Registrant’s telephone number, including area code)

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

No shares of the registrant’s common stock, par value $.01 per share, were issued and outstanding as of November 10, 2025.

Table of Contents

Hoyne Bancorp, Inc.

Form 10-Q

TABLE OF CONTENTS


		Page

Part I	Financial Information	4

Item 1.	Financial Statements	4

	Consolidated Statement of Financial Condition as of September 30, 2025 and December 31, 2024	4

	Consolidated Statement of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	5

	Consolidated Statement of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024	6

	Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	7

	Notes to the Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39

Item 4.	Controls and Procedures	39

Part II	Other Information	40

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 3.	Defaults Upon Senior Securities	40

Item 4.	Mine Safety Disclosures	40

Item 5.	Other Information	40

Item 6.	Exhibits	40

Exhibit Index		41

Signatures		42

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Explanatory Note

Hoyne Bancorp, Inc. was formed to serve as the stock holding company for Hoyne Savings Bank in connection with the conversion of Hoyne Savings, MHC, the mutual holding company and sole stockholder of Hoyne Financial Corporation and Hoyne Savings Bank, from the mutual form of organization to the stock form of organization. As of September 30, 2025, the reorganization had not yet been completed, and Hoyne Bancorp, Inc. had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q relate solely to the consolidated financial results of Hoyne Savings, MHC, Hoyne Financial Corporation, and Hoyne Savings Bank.

The unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes of Hoyne Savings, MHC at and for the years ended December 31, 2024 and 2023 contained in Hoyne Bancorp Inc.’s definitive prospectus dated September 30, 2025, as filed with the Securities Exchange Commission pursuant to Securities Act Rule 424(b)(3) on October 2, 2025 (the “Prospectus”).

Table of Contents

PART I —FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

HOYNE SAVINGS, MHC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION


	September 30, 2025		December 31, 2024
	(unaudited)		(audited)
Assets
Cash and cash equivalents	$	26,928,118	$	15,327,048
Certificates of deposit		870,000		1,350,000
Investment securities:
Available-for-sale, (amortized cost of $125,068,724 at September 30, 2025 and $138,780,879 at December 31, 2024 respectively)		108,840,628		116,554,742
Held-to-maturity, at amortized cost		29,803,754		34,021,548
Federal Home Loan Bank of Chicago stock (FHLB)		1,165,700		1,165,700
Bankers Bank stock		992,250		992,250
Real Estate Owned (REO)		868,327		138,900
Loans receivable, net of allowance for credit losses of $2,546,819 at September 30, 2025 and $2,125,993 at December 31, 2024		249,401,082		240,928,137
Premises and equipment, net		7,330,738		7,749,515
Accrued interest receivable		1,393,852		1,481,853
Bank-owned life insurance (BOLI)		14,782,934		16,990,161
Core deposit intangibles		184,000		322,000
Deferred tax assets		9,198,324		10,805,732
Other assets		2,994,049		1,685,609
Total assets	$	454,753,756	$	449,513,195
Liabilities and Equity
Liabilities:
Deposits	$	356,820,526	$	357,291,930
Advances from borrowers for taxes and insurance		3,733,780		2,753,319
Accounts payable and accrued expenses		4,050,804		3,637,584
Total liabilities		364,605,110		363,682,833
Equity:
Retained earnings		101,752,025		101,720,939
Accumulated other comprehensive loss		(11,603,379)		(15,890,577)
Total equity		90,148,646		85,830,362
Total liabilities and equity	$	454,753,756	$	449,513,195

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

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three and Nine Months Ended September 30, 2025 and 2024


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans receivable	$	3,991,456	$	2,866,854	$	11,637,674	$	8,082,963
Investment securities		744,852		989,951		2,371,395		3,281,376
Other		263,832		328,563		765,862		871,657
Total interest income		5,000,140		4,185,368		14,774,931		12,235,996
Interest expense, deposits		(1,586,038)		(1,808,262)		(4,884,185)		(5,381,631)
Net interest income		3,414,102		2,377,106		9,890,746		6,854,365
Provision for credit losses		(135,000)		(117,000)		(405,000)		(351,000)
Net interest income after provision for credit losses		3,279,102		2,260,106		9,485,746		6,503,365
Noninterest income:
Customer service fees		51,741		55,970		127,000		192,331
Gain on sale of REO		—		—		—		118,750
Other		180,628		226,143		521,376		454,279
Total noninterest income		232,369		282,113		648,376		765,360
Noninterest expense:
Compensation		(1,711,066)		(1,748,645)		(5,184,466)		(5,476,465)
Occupancy		(494,260)		(561,054)		(1,601,861)		(1,623,990)
Advertising		(24,562)		(17,568)		(61,885)		(37,669)
Amortization of core deposit intangible		(46,000)		(46,000)		(138,000)		(138,000)
Other		(1,140,009)		(812,884)		(3,104,433)		(2,316,610)
Total noninterest expense		(3,415,897)		(3,186,151)		(10,090,645)		(9,592,734)
Income (Loss) before income taxes		95,574		(643,932)		43,477		(2,324,009)
Tax expense (benefit):
Tax Expense (benefit)		25,511		(246,634)		12,391		(788,081)
Net income (loss)		70,063		(397,298)		31,086		(1,535,928)
Other comprehensive income (loss):
Unrealized gain (loss) on securities available-for-sale, net of income tax (benefit) of $468,897 and $1,226,241 in the three months ended September 30, 2025 and 2024 and $1,709,302 and $900,575 in the nine months ended September 30, 2025 and 2024		1,176,067		3,076,358		4,287,198		2,258,783
Total other comprehensive income		1,176,067		3,076,358		4,287,198		2,258,783
Comprehensive income (loss)	$	1,246,130	$	2,679,060	$	4,318,284	$	722,855

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

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Three and Nine Months Ended September 30, 2025 and 2024


			Accumulated
			Other
	Retained		Comprehensive
	Earnings		Income (loss)		Total

	Three Months Ended September 30, 2024
Balance at June 30, 2024	$	102,540,126	$	(16,736,724)	$	85,803,402
Net income (loss)		(397,298)				(397,298)
Change in unrealized gain (loss) on securities available for sale, net of tax				3,076,358		3,076,358
Balance, September 30, 2024		102,142,828		(13,660,366)		88,482,462

	Three Months Ended September 30, 2025
Balance at June 30, 2025		101,681,962		(12,779,446)		88,902,516
Net income (loss)		70,063				70,063
Change in unrealized gain (loss) on securities available for sale, net of tax				1,176,067		1,176,067
Balance, September 30, 2025		101,752,025		(11,603,379)		90,148,646


			Accumulated
			Other
	Retained		Comprehensive
	Earnings		Income (loss)		Total

	Nine Months Ended September 30, 2024
Balance at December 31, 2023	$	103,678,756	$	(15,919,149)	$	87,759,607
Net income (loss)		(1,535,928)				(1,535,928)
Change in unrealized gain (loss) on securities available for sale, net of tax				2,258,783		2,258,783
Balance, September 30, 2024		102,142,828		(13,660,366)		88,482,462

	Nine Months Ended September 30, 2025
Balance at December 31, 2024		101,720,939		(15,890,577)		85,830,362
Net income (loss)		31,086				31,086
Change in unrealized gain (loss) on securities available for sale, net of tax				4,287,198		4,287,198
Balance, September 30, 2025		101,752,025		(11,603,379)		90,148,646

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

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2025 and 2024


	For the Nine Months Ended September 30,
	2025		2024
	(unaudited)		(unaudited)
Net cash flows from operating activities:
Net Income (loss)	$	31,086	$	(1,535,928)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation		409,820		328,472
Amortization (accretion) of premiums and discounts		(20,972)		(258,498)
Provision for credit losses		405,000		351,000
Amortization of core deposit intangible		138,000		138,000
Accretion of Loan credit and yield adjustment		(35,702)		(28,775)
Gain on sale of ORE		—		(118,750)
Increase in cash surrender value of bank-owned life insurance		(490,117)		(253,406)
Change in other assets		(861,440)		(835,034)
Change in accrued interest receivable		88,001		(90,631)
Deferred income tax benefit		(101,894)		(330,139)
Change in accounts payable and accrued expenses		413,220		1,314,174
Net cash flows from operating activities		(24,998)		(1,319,515)
Net cash flows provided by (used in) investing activities:
Purchase of BOLI		—		(4,820,146)
Redemption from BOLI		2,697,344		1,566,873
Proceeds from maturities of certificates of deposit		1,350,000		1,350,000
Purchase of certificates of deposit		(870,000)		(1,350,000)
Proceeds from repayment of available-for-sale securities		13,710,614		13,744,724
Repayment of held-to-maturity securities		4,238,766		19,207,898
Change in loans receivable		(9,571,670)		(24,080,895)
Proceeds from sale of ORE		—		318,750
Purchase of premises and equipment		(438,043)		(724,015)
Net cash flows provided by (used in) investing activities		11,117,011		5,213,189
Net cash flows from financing activities:
Change in deposit accounts		(471,404)		(9,471,161)
Change in advances from borrowers for taxes and insurance		980,461		(863,723)
Net cash flows provided by (used in) financing activities		509,057		(10,334,884)
Net change in cash and cash equivalents		11,601,070		(6,441,210)
Cash and cash equivalents:
Beginning of the period		15,327,048		24,675,453
End of the period	$	26,928,118	$	18,234,243
Supplemental cash flow information:
Cash paid during the period for Interest	$	4,972,186	$	5,291,000
Taxes paid during the period		—		—
Premises and Equipment transferred to ORE		729,427		—

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

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.Organization

Hoyne Savings Bank (the “Bank”), an Illinois stock institution, maintains a mutual holding company structure pursuant to regulatory laws and rules. Hoyne Financial Corporation (the “Company”), a federal stock holding company, owns the stock of the Bank. The mutual holding company, Hoyne Savings, MHC, owns the stock of the Company.

Hoyne Bancorp, Inc. was formed to serve as the stock holding company for Hoyne Savings Bank in connection with the conversion of Hoyne Savings, MHC into the stock form of organization. As of September 30, 2025, the reorganization had not yet been completed, and Hoyne Bancorp, Inc. had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q relate solely to the consolidated financial results of Hoyne Savings, MHC, Hoyne Financial Corporation and Hoyne Savings Bank

The unaudited consolidated financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes of Hoyne Savings, MHC at and for the years ended December 31, 2024 and 2023 contained in Hoyne Bancorp Inc.’s definitive prospectus dated September 30, 2025 (the “Prospectus”), as filed with the Securities Exchange Commission pursuant to Securities Act Rule 424(b)(3) on October 2, 2025.

2.Nature of Operations

The Bank operates as a single segment and offers a variety of retail deposit and lending services and is principally engaged in attracting retail deposits from the general public and investing those funds. The Bank’s principal lending products are fixed rate mortgage loans, secured by residential properties and other collateral as deemed necessary by management and commercial loans.

3.Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principals generally accepted in the United States of America (“U.S. GAAP”) and conform to practices within the banking industry. The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for fair statement of results for the interim periods presented. Results for the period ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ended December 31, 2025.

Principles of Consolidation — The consolidated financial statements include the accounts and results of operations of Hoyne Savings, MHC, Hoyne Financial Corporation, and Hoyne Savings Bank and Prospect Services Incorporated. Significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and activities at the date of the financial statements, and during the reporting period. Actual results could differ from those estimates.

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

Significant estimates used in the preparation of these financial statements and disclosures include the allowance for credit losses and the fair values of financial instruments. For these estimates, it is reasonably possible that the recorded amounts or related disclosures could significantly change in the near future as more information is available.

Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, demand deposits, and investment deposits with a maturity of three months or less.

Certificates of Deposit — Interest-bearing deposits are carried at cost and consist of short term certificates of deposit held at other financial institutions.

Investment Securities — Investment securities are classified in the following categories, and accounted for as follows (see Note 4 to the consolidated financial statements):

Debt Securities — Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Securities not classified as held to maturity are classified as available for sale and are carried at fair value, with unrealized gains and losses reported in other comprehensive income or loss. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method. Premiums that exceed the amount repayable by the issuer at the next call date are amortized to the next call date. Other premiums and discounts are amortized (accreted) over the estimated lives of the securities. Gains and losses on the sale of securities are recorded on the trade date and determined using the specific-identification method.

Management believes the Bank will collect all amounts owed on securities held to maturity issued by the U.S. government or a U.S. government-sponsored agency since these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Management evaluates all other securities held to maturity using a probability of default method. The probability of default method estimates the probability a security with a certain credit rating will default during its remaining contractual term (probability of default) and how much loss is expected to be incurred if a security defaults (loss given default rate). The Bank obtains information from FHN to estimate the probability of default for each credit rating based on the remaining term of the security and the loss given default rate.

The past due status of a security is based on the contractual terms in the security. The accrual of interest on a security is discontinued when the security becomes 90 days delinquent or whenever management believes the issuer will be unable to make payments as they become due. When securities are placed on nonaccrual status, all unpaid accrued interest is reversed against interest income.

The Bank excludes accrued interest receivable from the amortized cost basis of both securities held to maturity and available for sale when estimating credit losses and when presenting required disclosures in the financial statements. Accrued interest on securities held to maturity totaling approximately $64,000 and $81,000 and accrued interest on securities available for sale totaling approximately $296,000 and $370,000 at September 30, 2025 and December 31, 2024, respectively, was excluded from the amortized cost basis of securities held to maturity and available for sale.

The Bank evaluates individual securities available for sale in an unrealized loss position by first determining whether the decline in fair value below the amortized cost basis of the security has resulted from a credit loss or other factors. A credit loss exists when the present value of cash flows expected to be collected from the security is less than the amortized cost basis of the security. In determining whether a credit loss exists, the Bank considers the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, the industry, or geographic areas, the payment structure of the debt security, failure of the issuer to make scheduled payments, and any changes to the rating of the security. Impairment related to credit losses is recognized through an allowance for credit losses up to the amount that fair value is less than the amortized cost basis. Changes to the allowance are recognized through earnings as a provision for (or recovery of) credit losses. Impairment related to other factors is recognized in other comprehensive income (loss).

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

Stock in Federal Home Loan Bank of Chicago and Bankers Bank — The Bank, as a member of the Federal Home Loan Bank system is required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. Federal Home Loan Bank of Chicago (“FHLB”) stock is recorded at cost and classified as a restricted security. No readily available market exists for this stock and it has no quoted market value. Redemptions of FHLB stock are at par value. The stock is evaluated for impairment annually based on the ultimate recoverability of the par value without regard to temporary declines in value. The Bank also holds stock in Bankers Bank as part of our available funds requirement. Bankers Bank stock is recorded at cost and classified as a restricted security. Based on an evaluation of these investments as of September 30, 2025 and December 31, 2024, management is of the opinion the cost of this investment will be recovered.

Loans Receivable

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for purchase premiums or discounts, deferred loan fees and costs, charge-offs, and an allowance for credit losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method.

The past due status of a loan is based on the contractual terms in the loan agreement. The accrual of interest on a loan is discontinued when the loan becomes 90 days delinquent or whenever management believes the borrower will be unable to make payments as they become due. When loans are placed on nonaccrual status or charged off, all unpaid accrued interest is reversed against interest income. The interest on these loans is subsequently accounted for on the cash basis if collection of the remaining recorded investment in the loan is still expected or using the cost-recovery method when collection of the remaining recorded investment is in doubt. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Allowance for Credit Losses and Unfunded Commitments

The allowance for credit losses on loans is a valuation allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the Bank’s loan portfolio. The allowance for credit losses on loans is established through provisions for credit losses charged against earnings. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged against the allowance for credit losses on loans, and subsequent recoveries, if any, are credited to the allowance for credit losses on loans.

Management considers the following when assessing risk in the Bank’s loan portfolio segment: Commercial

Loans in this portfolio segment are primarily income-producing properties throughout the Chicago area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this portfolio. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Loans in this segment also include those made to businesses and secured by assets of the business.

Repayment is expected from operations of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality of these loans.

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

Residential Real Estate

Loans in this portfolio segment primarily include owner-occupied 1-4 family residences secured by 1st liens. The Bank generally has 2nd liens on property securing home equity loans. The Bank generally does not originate loans with a loan-to-value ratio greater than 85% and does not generally grant loans that would be classified as subprime upon origination. All loans in this portfolio are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower or borrowers. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

The Bank uses a current expected credit loss (“CECL”) model to estimate the allowance for credit losses on loans. The CECL model considers historical loss rates and other qualitative adjustments, as well as a new forward-looking component that considers reasonable and supportable forecasts over the expected life of each loan. To develop the allowance for credit losses on loans estimate under the CECL model, the Bank segregates the loan portfolio into loan pools based on loan type and similar credit risk elements; performs an individual evaluation of certain collateral dependent and other credit-deteriorated loans; calculates the historical loss rates for the various loan pools; applies the loss rates over the calculated life of the collectively evaluated loan pools; adjusts for forecasted macro-level economic conditions and other anticipated changes in credit quality; and determines qualitative adjustments based on factors and conditions unique to the Bank’s loan portfolio.

Under the CECL model, loans that do not share similar risk characteristics with loans in their respective pools are individually evaluated for expected credit losses and are excluded from the collectively evaluated loan credit loss estimates. A loan is individually evaluated when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining individual evaluation include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not individually evaluated. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

The following describes the types of collateral that secure collateral dependent loans:

●

Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment

●

Commercial real estate — Construction loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land

●

Commercial real estate loans — Other are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.

●

Residential — First mortgages are primarily secured by first liens on residential real estate.

●

Residential — Junior mortgages are primarily secured by first and junior liens on residential real estate.

Management evaluates all collectively evaluated loan pools using the weighted average remaining life (the “remaining life”) methodology. The remaining life methodology applies calculated quarterly net loss rates to collectively evaluated loan pools on a periodic basis based on the estimated remaining life of each pool. The estimated losses under the remaining life methodology are then adjusted for qualitative factors deemed appropriate by management.

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HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

The estimated remaining life of each pool is determined using quarterly, pool-based attrition measurements using the Bank’s loan-level historical data. The Bank’s historical call report data is utilized for historical loss rate calculations, and the lookback period for each collectively evaluated loan pool is determined by management based upon the estimated remaining life of the pool. Forecasted historical loss rates are calculated using the Bank’s historical data based on the lookback, forecast, and reversion period inputs by management. Management elected to utilize peer group loss rates to supplement the Bank’s data to provide a forecasted market adjustment.

The quantitative analysis under the remaining life methodology is supplemented with other qualitative factors based on the risks management determines are present for each collectively evaluated loan pool. The Qualitative Adjustment factor is intended to embody a forecasting component based on an independent economic metric. The Bank has selected for this component regional unemployment for consumer portfolio segments and regional gross domestic product for non-consumer portfolio segments.

The Bank excludes accrued interest receivable from the amortized cost basis of loans when estimating credit losses and when presenting required disclosures in the financial statements. Accrued interest on loans totaling approximately $1,003,000 and $991,000 at September 30, 2025 and December 31, 2024, respectively, was excluded from the amortized cost basis of loans.

In addition to the allowance for credit losses on loans, the Bank calculates a reserve for unfunded loan commitments at a level that management believes is adequate to absorb estimated probable credit losses over the contractual terms of the Bank’s noncancellable loan commitments. The Bank deemed the calculated reserve for unfunded commitments as immaterial as of September 30, 2025 and December 31, 2024.

Unfunded loan commitments are segmented into the same pools used for estimating the allowance for credit losses on loans. Estimated credit losses on unfunded loan commitments are based on the same methodology, inputs, and assumptions used to estimate credit losses on collectively evaluated loans, adjusted for estimated funding probabilities. The estimated funding probabilities represent management’s estimate of the amount of the current unfunded loan commitment that will be funded over the remaining contractual life of the commitment and is based on historical data.

The Bank may modify loans to borrowers experiencing financial difficulty and grant certain concessions that include principal forgiveness, a term extension, an other-than-insignificant payment delay, an interest rate reduction, or a combination of these concessions. An assessment of whether the borrower is experiencing financial difficulty is made at the time of the loan modification.

Upon the Bank’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Real Estate Owned — At the time of foreclosure, foreclosed real estate is recorded at the fair value less cost to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at date of acquisition are charged to the allowance for credit losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs incurred in maintaining foreclosed real estate and subsequent adjustments to the carrying amount of the property are included in net gain (loss) on real estate owned. Mortgage loans in the process of foreclosure at September 30, 2025 and December 31, 2024 totaled $325,000 and $680,000, respectively.

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

Real estate owned can also include former Bank locations and land that management has committed to a plan to sell and have been classified as held-for-sale. Once the criteria for classification as held for sale is met, the asset is reclassified from Premises and Equipment to Real Estate Owned on the consolidated statement of financial condition and is initially measured at the lower of its carrying amount or fair value less cost to sell. Subsequent to the initial reclassification, valuations are periodically performed by management, and the asset is reviewed for impairment with any adjustments to the carrying amount included in noninterest expense.

Premises and Equipment — Land is carried at cost. Buildings and improvements, furniture, fixtures, and equipment are carried at cost less accumulated depreciation. Depreciation is computed on the straight- line and accelerated methods over the following estimated useful lives:


Building and improvements		5 – 50 years
Furniture, fixtures, and equipment		3 – 20 years

Bank-owned Life Insurance — The Bank has purchased life insurance policies on certain key officers. Bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized upon immediate liquidation. The change in the cash surrender value is included as other noninterest income.

Core Deposit Intangibles — The core deposit intangibles (“CDI”) were acquired in business combinations. On October 16, 2020, the Bank acquired Loomis Federal Savings and Loan Association which included a CDI of $3,000. The Bank has an additional CDI of $2,705,000 from a previous business combination that is being amortized over its estimated useful life of 120 months. Accumulated amortization at September 30, 2025, was $2.5 million ($2.4 million at December 31, 2024). The CDIs are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. No events or circumstances indicating impairment exist as of September 30, 2025 and December 31, 2024.

Aggregate annual amortization expense is expected to be as follows:


Year	Amount
2025	$	184,000
2026		138,000

Deposits — Demand deposits normally bear interest and have no stated maturity. Time deposits, which include certificates of deposit, bear interest for a fixed, stated period of time. Premiums on acquired certificates of deposit are amortized into interest expense over the estimated life of the certificates.

Retained Earnings — Undivided profits are recorded in accordance with regulations of the State of Illinois and the Federal Deposit Insurance Corporation.

Transfers of Financial Assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Bank, the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred asset, and the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

Noninterest Income Revenue Recognition — The Bank earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, such as ATM use fees, wires, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Bank fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly service charges and maintenance fees, are earned over the course of a month, representing the period over which the Bank satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs as this corresponds with the Bank’s performance obligation.

Legal Contingencies — Various legal claims arise from time to time in the normal course of business. In the opinion of management, any liability resulting from such proceedings would not have a material impact on the financial statements of the Bank.

Advertising — The Bank expenses the cost of advertising the first time the advertising takes place. Advertising expense was $61,885 during the nine months ended September 30, 2025 ($37,669 during the nine months ended September 30, 2024).

Income Taxes — Deferred tax assets and liabilities have been determined using the liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities as measured by the current enacted tax rates which will be in effect when these differences are expected to reverse. Provision (credit) for deferred taxes is the result of changes in the deferred tax assets and liabilities.

The Company may also recognize a liability for unrecognized tax benefits from uncertain tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the financial statements. Interest and penalties related to unrecognized tax benefits are classified as income tax expense.

With few exceptions, the Company is no longer subject to federal or state examination by tax authorities for years ending before December 31, 2021.

Comprehensive Income (Loss) — Accounting principles generally require that recognized revenue, expense, gains, and losses be included in net income. Certain changes in assets and liabilities, however, such as unrealized gains and losses on available-for-sale securities, are reported as a direct adjustment to the equity section of the consolidated statement of financial condition. Such items, along with net income, are considered components of comprehensive income.

Segment Information — The Bank’s reportable segment is determined by the Chief Financial Officer (“CFO”) based upon information provided about the Bank’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided by the CFO, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products / services, and customers are similar. The CFO will evaluate the financial performance of the Bank’s business components such as evaluating revenue streams, significant expenses, and budget to actual results in assessing the Bank’s segment and in the determination of allocating resources. The CFO uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CFO uses consolidated net income (loss) to benchmark the Bank against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessing performance and in establishing compensation. Loans, investments, and deposit product service fees provide the revenues in the banking operation. Interest expense and salaries and employee benefits, as reported on the consolidated statement of income, provide the significant expenses in the banking operation. All operations are domestic.

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.Summary of Significant Accounting Policies (continued)

The Bank operates under a single segment. Segment performance is evaluated using consolidated net income (loss). The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Noncash items, such as depreciation and amortization, as well as expenditures for premises and equipment, are reported on the consolidated statement of cash flows.

4.Investment Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity, with gross unrealized gains and losses, are as follows (in thousands):

September 30, 2025

Amortized

Gross Unrealized

Estimated

Cost

Gains

Losses

Fair Value

Available-for-sale securities:

Agencies

45,481

—

(7,287)

38,194

Mortgage-backed

78,387

(8,967)

69,466

Municipal bonds

1,201

—

(20)

1,181

Total available-for-sale securities

125,069

(16,274)

108,841

Held-to-maturity securities:

Agencies

1,980

—

(432)

1,548

Mortgage-backed

27,576

(2,082)

25,514

Municipal bonds

248

—

(32)

216

Total Held-to-maturity securities

29,804

(2,546)

27,278


	December 31, 2024
	Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Agencies	$	45,480	$	—	$	(9,639)	$	35,841
Mortgage-backed		87,649		32		(12,573)		75,108
Municipal bonds		1,181		—		(50)		1,131
Treasuries		4,471		6		(2)		4,475
Total available-for-sale securities	$	138,781	$	38	$	(22,264)	$	116,555
Held-to-maturity securities:
Agencies	$	1,978	$	—	$	(513)	$	1,465
Mortgage-backed		31,796		6		(3,056)		28,746
Municipal bonds		248		—		(44)		204
Total Held-to-maturity securities	$	34,022	$	6	$	(3,613)	$	30,415

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.Investment Securities (continued)

The amortized cost and fair value of investment securities by contractual maturity are as follows (in thousands):

September 30, 2025

Available-for-Sale

Held-to-Maturity

Amortized

Cost

Fair Value

Cost

Fair Value

Due in 1 year or less

497

—

Due in 1 to 5 years

12,232

11,026

—

Due after 5 years to 10 years

26,459

22,023

248

216

Due after 10 years

7,494

5,829

1,980

1,548

Total

46,682

39,375

2,228

1,764

Mortgage-backed

78,387

69,466

27,576

25,514

Total

125,069

108,841

29,804

27,278


	December 31, 2024
	Available-for-Sale				Held-to-Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due in 1 year or less	$	4,955	$	4,955	$	—	$	—
Due after 1 year to 5 years		2,228		2,000		—		—
Due after 5 years to 10 years		30,461		24,648		248		204
Due after 10 years		13,488		9,844		1,978		1,465
Total		51,132		41,447		2,226		1,669
Mortgage-backed		87,649		75,108		31,796		28,746
Total	$	138,781	$	116,555	$	34,022	$	30,415

There were no sales of investment securities available-for-sale during the nine months ended September 30, 2025 or September 30, 2024.

Information pertaining to debt securities with gross unrealized losses at September 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position follows (in thousands):

September 30, 2025

Less Than Twelve Months

Over Twelve Months

Gross

Unrealized

Losses

Fair Value

Losses

Fair Value

Available-for-sale:

Agencies

—

(7,287)

38,194

Mortgage-backed

—

(8,967)

65,729

Municipal bonds

—

(20)

1,181

Total

—

(16,274)

105,104

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.Investment Securities (continued)


	December 31, 2024
	Less Than Twelve Months				Over Twelve Months
	Gross				Gross
	Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value
Available-for-sale:
Agencies	$	—	$	—	$	9,639	$	35,841
Mortgage-backed		24		1,727		12,549		71,084
Municipal bonds		—		—		50		1,131
Treasuries		—		—		2		1,990
Total	$	24	$	1,727	$	22,240	$	110,046

At September 30, 2025, 23 agencies securities are in an unrealized loss position with aggregate depreciation of 16.02% from the Bank’s amortized cost basis, 175 mortgage-backed securities are in an unrealized loss position with aggregate depreciation of 12.01% from the Bank’s amortized cost basis and four municipal bond securities are in an unrealized loss position with aggregate depreciation of 1.69% from the Bank’s amortized cost basis. These unrealized losses relate principally to the changes in interest rates and are not due to changes in the financial condition of the issuer, the quality of any underlying assets, or applicable credit enhancements. In reaching the conclusion that an allowance for credit losses is unnecessary, management observed that the securities were issued by a government body or agency, the securities continue to be highly rated (AA or better) where applicable, the issuer continues to make contractual payments, and the quality of any underlying assets or credit enhancements has not changed. Since management has the ability to hold debt securities for the foreseeable future, the Bank expects to recover the amortized cost basis of these securities before they are sold or mature.

The Bank regularly evaluates various attributes of securities held to maturity to determine the appropriateness of the allowance for credit losses. The credit quality indicators monitored differ depending on the major security type.

The Bank evaluates the credit quality of securities issued by the U.S. government (e.g., U.S. Treasury bonds) and U.S. government-sponsored agencies (e.g., Federal National Mortgage Association and Federal Home Loan Mortgage Corporation mortgage-backed securities) by considering the creditworthiness and performance of the securities and the strength of guarantees. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Based on this analysis, the Bank believes it will collect all amounts owed on these securities and has not recognized an allowance for credit losses on these securities.

Other securities held to maturity are generally evaluated using credit ratings, which are a key indicator of a debt security’s probability of default. The Bank uses credit ratings issued by S&P or Moody’s (or both). These ratings are updated monthly. The Bank may also consider other relevant information that becomes known about the issuer’s or the security’s performance.

No accrued interest was written off during the nine months ended September 30, 2025 or 2024. No securities held to maturity were past due or on nonaccrual as of September 30, 2025 and December 31, 2024.

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

5.Loans Receivable

Loans receivable consist of the following (in thousands):


	September 30, 2025		December 31, 2024
First mortgage	$	112,844	$	125,345
Purchased and participations		6,112		8,712
Home improvement, first mortgage		174		195
Home equity line of credit (HELOC)		5,027		6,050
Commercial, construction		43,273		22,759
Commercial and Industrial		15,920		21,769
Commercial Real Estate		66,180		50,844
Commercial Line of Credit (LOC)		8,574		12,531
Total		258,104		248,205
Add premiums on purchased loans		36		45
Less:
Loans sold		(4,401)		(4,440)
Loans in process		(706)		4
Allowance for credit losses		(2,547)		(2,126)
Deferred income from loan fees		(1,085)		(760)
	$	249,401	$	240,928

Activity in the allowance for credit losses is summarized for the three and nine months ended September 30, 2025 and 2024, as follows (in thousands):


				Home
			Purchased	improvement			Construction,			Commercial		Commercial
	First		and	first			first		Commercial	and		real
	Mortgage		participations	mortgage		HELOC	mortgage		construction	industrial		estate	LOC		Total
Allowance for Credit Loss
For the Three Months Ended
Beginning balance July 1, 2024	$	953	66	$	1	46	$	—	173	$	166	387	$	95	$	1,887
Provision		535	36		3	6		2	(94)		(108)	(168)		(95)		117
Charge-offs		—	—		—	—		—	—		—	—		—		—
Recoveries		—	—		—	—		—	—		—	—		—		—
Ending balance September 30, 2024		1,488	102		4	52		2	79		58	219		—		2,004
Beginning balance July 1, 2025		1,114	69		2	49		—	347		151	592		88		2,412
Provision		—	(9)		—	—		—	80		6	61		(3)		135
Charge-offs		—	—		—	—		—	—		—	—		—		—
Recoveries		—	—		—	—		—	—		—	—		—		—
Ending balance September 30, 2025		1,114	60		2	49		—	427		157	653		85		2,547

For the Nine Months Ended
Beginning balance January 1, 2024	$	1,227	84	$	3	43	$	2	65	$	48	181	$	—	$	1,653
Provision		261	18		1	9		—	14		10	38		—		351
Charge-offs		—	—		—	—		—	—		—	—		—		—
Recoveries		—	—		—	—		—	—		—	—		—		—
Ending balance September 30, 2024		1,488	102		4	52		2	79		58	219		—		2,004
Beginning balance January 1, 2025		1,074	74		2	51		—	195		187	436		107		2,126
Provision		24	(14)		—	(2)		—	232		(30)	217		(22)		405
Charge-offs		—	—		—	—		—	—		—	—		—		—
Recoveries		16	—		—	—		—	—		—	—		—		16
Ending balance September 30, 2025		1,114	60		2	49		—	427		157	653		85		2,547

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

5.Loans Receivable (continued)

The aging of loans receivable by class of receivable is as follows (in thousands):

September 30, 2025

30 – 89

Non-Accrual

2025

Current

days

90+ days

Total

First mortgage and home improvement

111,953

810

112,844

Purchased and Participations

6,059

6,112

Home improvement, first mortgage

174

—

174

HELOCs

4,927

100

—

5,027

Commercial & Industrial

15,920

—

15,920

Commercial real estate

66,180

—

66,180

Commercial construction

43,273

—

43,273

Commercial LOC

8,574

—

8,574

257,060

191

853

258,104


	December 31, 2024
			30 – 89		Non-Accrual
2024	Current		days		90+ days		Total
First mortgage and home improvement	$	123,739	$	187	$	1,419	$	125,345
Purchased and Participations		8,664		3		45		8,712
Home improvement, first mortgage		195		—		—		195
HELOCs		5,836		17		197		6,050
Construction, first mortgage		—		—		—		—
Commercial & Industrial		21,769		—		—		21,769
Commercial real estate		50,844		—		—		50,844
Commercial construction		22,759		—		—		22,759
Commercial LOC		12,531		0		—		12,531
	$	246,337	$	207	$	1,661	$	248,205

There were no loans that were 90+ days past due and accruing interest at September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, no non-accrual loans had a related allowance. No material accrued interest was written off by reversing interest income during the nine months ended September 30, 2025 or 2024.

When, for economic or legal reasons related to the borrower’s financial difficulties, the Bank grants a concession to the borrower that the Bank would not otherwise consider, the modified loan is classified as a troubled loan modification (TLM). Troubled loan modifications may consist of forgiveness of interest and/or principal, a reduction of the interest rate, interest-only payments for a period of time, and/or extending amortization terms. There were no new troubled loan modifications in the nine months ended September 30, 2025 or 2024.

The Bank considers a troubled loan modification in default if it becomes past due more than 30 days. No troubled loan modifications defaulted within 12 months of their modification date during the nine months ended September 30, 2025 or 2024.

There were no significant changes in the extent to which collateral secured our collateral dependent loans as of September 30, 2025 and December 31, 2024. At September 30, 2025 and December 31, 2024 we had approximately $270,000 and $249,000, respectively of collateral dependent loans without an allowance and no collateral dependent loans with an allowance.

The Bank has no commitments to loan additional funds to the borrowers whose loans have been determined to be collateral dependent.

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

5.Loans Receivable (continued)

Business commercial loans are generally evaluated using the following internally prepared ratings:

“Pass” ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable.

“Watch / special mention” ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.

“Substandard” ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable.

“Doubtful” ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of September 30, 2025 and December 31, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):


September 30, 2025	2025		2024		2023		2022		2021		Prior		Revolvers		Total
Pass
First Mortgage	$	2,100	$	5,132	$	3,913	$	7,078	$	24,851	$	67,445	$	—	$	110,519
Purchased and Participations		—		—		—		—		—		6,112		—		6,112
Home improvement, first mortgage		—		—		—		—		—		174		—		174
Home equity line of credit		—		—		—		—		—		—		5,027		5,027
Commercial construction		—		—		—		—		—		—		43,273		43,273
Commercial and industrial		2,141		11,823		495		—		—		—		—		14,459
Commercial real estate		19,214		34,575		12,391		—		—		—		—		66,180
Commercial line of credit		—		—		—		—		—		—		4,203		4,203
Total pass		23,455		51,530		16,799		7,078		24,851		73,731		52,503		249,947
Special Mention
First Mortgage		—		—		—		—		523		174		—		697
Purchased and Participations		—		—		—		—		—		—		—		—
Home improvement, first mortgage		—		—		—		—		—		—		—		—
Home equity line of credit		—		—		—		—		—		—		—		—
Commercial construction		—		—		—		—		—		—		—		—
Commercial and industrial		900		561		—		—		—		—		—		1,461
Commercial real estate		—		—		—		—		—		—		—		—
Commercial line of credit		—		—		—		—		—		—		4,371		4,371
Total special mention		900		561		—		—		523		174		4,371		6,529
Substandard
First Mortgage		—		—		—		—		—		1,628		—		1,628
Purchased and Participations		—		—		—		—		—		—		—		—
Home improvement, first mortgage		—		—		—		—		—		—		—		—
Home equity line of credit		—		—		—		—		—		—		—		—
Commercial construction		—		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—		—
Commercial real estate		—		—		—		—		—		—		—		—
Commercial line of credit		—		—		—		—		—		—		—		—
Total substandard		—		—		—		—		—		1,628		—		1,628
Total	$	24,355	$	52,091	$	16,799	$	7,078	$	25,374	$	75,533	$	56,874	$	258,104
Current year to date period gross write-offs
First Mortgage	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Purchased and Participations		—		—		—		—		—		—		—		—
Home improvement, first mortgage		—		—		—		—		—		—		—		—
Home equity line of credit		—		—		—		—		—		—		—		—
Commercial construction		—		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—		—
Commercial real estate		—		—		—		—		—		—		—		—
Commercial line of credit		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents

HOYNE SAVINGS, MHC AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

5.Loans Receivable (continued)


December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolvers		Total
Pass
First Mortgage	$	5,421	$	4,330	$	7,305	$	26,489	$	21,225	$	58,590	$	—	$	123,360
Purchased and Participations		—		—		—		—		—		8,712		—		8,712
Home improvement, first mortgage		—		—		—		—		—		195		—		195
Home equity line of credit		—		—		—		—		—		—		6,050		6,050
Commercial construction		—		—		—		—		—		—		22,759		22,759
Commercial and industrial		18,396		540		2,833		—		—		—		—		21,769
Commercial real estate		30,240		14,969		—		—		—		—		—		45,209
Commercial line of credit		—		—		—		—		—		—		12,531		12,531
Total pass		54,057		19,839		10,138		26,489		21,225		67,497		41,340		240,585
Special Mention
First Mortgage		—		—		—		—		—		440		—		440
Purchased and Participations		—		—		—		—		—		—		—		—
Home improvement, first mortgage		—		—		—		—		—		—		—		—
Home equity line of credit		—		—		—		—		—		—		—		—
Commercial construction		—		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—		—
Commercial real estate		235		5,400		—		—		—		—		—		5,635
Commercial line of credit		—		—		—		—		—		—		—		—
Total special mention		235		5,400

Hoyne Bancorp, Inc. 10-Q