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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 December 31, 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. 000-56575

Mercer Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		92-3452469
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

1100 Irmscher Blvd, Celina, Ohio		45822
(Address of Principal Executive Offices)		(Zip Code)

(419) 586-5158

(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: 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 ☒

As of February 12, 2025, 1,026,135 shares of the registrant’s common stock, par value $0.01 per share, were issued and outstanding.

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Mercer Bancorp, Inc.

Form 10-Q

Index

		Page
Part I. – Financial Information

Item 1.	Consolidated Financial Statements	1

	Balance Sheets as of December 31, 2025 (unaudited) and September 30, 2025 (audited)	1

	Statements of Income for the Three Months Ended December 31, 2025 and 2024 (unaudited)	2

	Statements of Comprehensive Income for the Three Months Ended December 31, 2025 and 2024 (unaudited)	3

	Statements of Changes in Shareholders’ Equity for the Three Months Ended December 31, 2025 and 2024 (unaudited)	4

	Statements of Cash Flows for the Three Months Ended December 31, 2025 and 2024 (unaudited)	5

	Notes to Financial Statements (unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38

Item 4.	Controls and Procedures	37

Part II. – Other Information

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	39

Item 5.	Other Information	38

Item 6.	Exhibits	39

	Signature Page	41

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Part I. – Financial Information

Item 1.Financial Statements

Mercer Bancorp, Inc.

Consolidated Balance Sheets

December 31, 2025 (unaudited) and September 30, 2025 (audited)


	December 31,		September 30,
	2025		2025
Assets
Cash and due from banks	$	2,501,676	$	2,576,165
Interest-bearing deposits in other financial institutions		1,523,558		713,022
Federal funds sold		710,000		2,074,000
Cash and cash equivalents		4,735,234		5,363,187

Interest-bearing time deposits		100,000		100,000
Available-for-sale securities, at fair value		9,823,586		9,656,114
Held-to-maturity securities, at amortized cost		63,435		67,723
Loans held for sale		7,094,236		8,051,398
Loans receivable		143,060,642		143,257,565
Allowance for credit losses		(913,370)		(960,307)
Net loans		142,147,272		142,297,258

Premises and equipment		5,136,383		5,151,721
Federal Home Loan Bank stock		1,046,900		1,208,100
Bank owned life insurance		1,888,660		1,876,454
Accrued interest receivable		553,245		678,357
Federal Home Loan Bank lender risk account		428,991		434,749
Deferred federal income taxes		216,330		233,548
Other assets		958,967		1,053,048

Total assets	$	174,193,239	$	176,171,657

Liabilities and Shareholders' Equity

Liabilities
Deposits
Demand - non interest bearing	$	17,007,086	$	58,459,476
Demand - interest bearing	$	43,683,408	$	—
Savings and money market		34,432,859		35,242,936
Time		51,794,587		50,285,617

Total deposits		146,917,940		143,988,029

Advances from the Federal Home Loan Bank		1,000,000		6,000,000
Directors plan liability		358,343		370,729
Accrued interest payable and other liabilities		923,535		1,189,561

Total liabilities		149,199,818		151,548,319

Commitments and Contingencies

Shareholders' Equity
Preferred stock - authorized 1,000,000 shares of $0.01 par value, none issued		—		—
Common stock - authorized 9,000,000 shares of $0.01 par value, issued and outstanding 1,026,135 and 1,027,477 shares		9,946		9,959
at December 31, 2025 and September 30, 2025, respectively
Additional paid-in capital		8,421,360		8,368,876
Shares acquired by ESOP		(654,367)		(709,269)
Shares issued to irrevocable trust		96,360		96,360
Shares held in irrevocable trust		(96,360)		(96,360)
Retained earnings		17,514,888		17,343,618
Accumulated other comprehensive loss		(298,406)		(389,846)

Total shareholders' equity		24,993,421		24,623,338

Total liabilities and shareholders' equity	$	174,193,239	$	176,171,657

See Notes to Consolidated Financial Statements

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Mercer Bancorp, Inc.

Consolidated Statements of Income

For the Three Months Ended December 31, 2025 and 2024

(unaudited)


	Three Months Ended
	December 31,
	2025		2024
Interest Income
Loans	$	2,192,413	$	2,170,292
Investment securities		83,536		85,967
Interest-bearing deposits and other		63,957		77,398

Total interest income		2,339,906		2,333,657

Interest Expense
Deposits		550,387		463,186
Federal Home Loan Bank advances		42,233		277,186

Total interest expense		592,620		740,372

Net Interest Income		1,747,286		1,593,285

Provision for Credit Losses		—		—

Net Interest Income After Provision for Credit Losses		1,747,286		1,593,285

Noninterest Income
Service fees on deposits		62,915		79,354
Late charges and fees on loans		40,010		35,653
Gain on sale of loans		—		5,168
Loan servicing fees		7,286		9,599
Loss on sale of investments		(12,088)		—
Gain on sale of repossessed assets		528		—
Bank owned life insurance		12,206		16,570
Other income		3,917		5,364

Total noninterest income		114,774		151,708

Noninterest Expense
Salaries and employee benefits		759,099		627,528
Directors fees		22,800		19,200
Occupancy and equipment		168,971		122,441
Data processing fees		197,480		179,578
Franchise taxes		34,040		31,777
FDIC insurance premiums		18,836		21,024
Professional services		146,321		104,570
Deposit account services expense		36,475		73,773
Advertising		28,158		23,995
Loan expenses		60,408		81,544
Other		180,702		114,135

Total noninterest expense		1,653,290		1,399,565

Income before income taxes		208,770		345,428

Provision for income taxes		37,500		69,120

Net Income	$	171,270	$	276,308

Earnings per share - basic	$	0.18	$	0.29

Earnings per share - diluted	$	0.18	$	0.29

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See Notes to Consolidated Financial Statements

Mercer Bancorp, Inc.

Consolidated Statements of Comprehensive Income

For the Three Months Ended December 31, 2025 and 2024

(unaudited)


	Three Months Ended
	December 31,
	2025		2024
Net income	$	171,270	$	276,308

Other comprehensive (loss) income:
Net unrealized (losses) gains on available-for-sale securities		103,658		(257,556)

Reclassification adjustment for realized loss on sale of securities		12,088		—

Tax benefit (expense)		(24,306)		54,087

Other comprehensive (loss) income		91,440		(203,469)

Comprehensive income	$	262,710	$	72,839

See Notes to Consolidated Financial Statements

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Mercer Bancorp, Inc.

Consolidated Statements of Changes in Shareholders’ Equity

For the Three Months Ended December 31, 2025 and 2024

(unaudited)


													Accumulated
			Additional		Shares		Shares Issued		Shares Held				Other
For the three months ended	Common		Paid-in		Acquired by		to Irrevocable		to Irrevocable		Retained		Comprehensive
December 31, 2025	Stock		Capital		ESOP		Trust		Trust		Earnings		Loss		Total
Balance at October 1, 2025	$	9,959	$	8,368,876	$	(709,269)	$	96,360	$	(96,360)	$	17,343,618	$	(389,846)	$	24,623,338

Net income		—		—		—		—		—		171,270		—		171,270

Share based compensation		—		41,783		—		—		—		—		—		41,783

ESOP shares allocated to participants		—		31,740		54,560		—		—		—		—		86,300

Repurchase of common stock, 1,342 shares		(13)		(21,039)		342		—		—		—		—		(20,710)

Other comprehensive income		—		—		—		—		—		—		91,440		91,440

Balance at December 31, 2025	$	9,946	$	8,421,360	$	(654,367)	$	96,360	$	(96,360)	$	17,514,888	$	(298,406)	$	24,993,421

For the three months ended
December 31, 2024
Balance at October 1, 2024	$	10,229	$	8,658,653	$	(763,820)	$	96,360	$	(96,360)	$	16,371,313	$	(323,342)	$	23,953,033

Net income		—		—		—		—		—		276,308		—		276,308

ESOP shares allocated to participants		—		13,987		54,552		—		—		—		—		68,539

Other comprehensive loss		—		—		—		—		—		—		(203,469)		(203,469)

Balance at December 31, 2024	$	10,229	$	8,672,640	$	(709,268)	$	96,360	$	(96,360)	$	16,647,621	$	(526,811)	$	24,094,411

See Notes to Consolidated Financial Statements

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Mercer Bancorp, Inc.

Consolidated Statements of Cash Flows

For the Three Months Ended December 31, 2025 and 2024

(unaudited)


	Three Months Ended
	December 31,
	2025		2024
Operating Activities
Net income	$	171,270	$	276,308
Adjustments to reconcile net income to net cash provided (used ) in operating activities:
Depreciation and amortization		115,475		87,653
Amortization of premiums and discounts		(1,185)		3,311
Amortization of deferred loan fees		(26,342)		(19,041)
Deferred income taxes		(7,088)		19,598
ESOP compensation expense		86,300		68,539
Gain on sale of loans		—		(5,168)
Proceeds from sales of loans		—		256,094
Loans originated for sale		—		(706,559)
Loss on sale of investment securities		12,088		—
Gain on sale of repossessed assets		(528)		—
Increase in cash surrender value of bank-owned life insurance		(12,206)		(11,822)
Share based compensation		41,783		—
Changes in:
Accrued interest receivable		125,112		55,326
Other assets		122,149		123,509
Other liabilities		(276,897)		(161,643)

Net cash provided by (used in) operating activities		349,931		(13,895)

Investing Activities
Purchases of available-for-sale securities		(2,266,933)		(277,432)
Proceeds from sales of available-for-sale securites		2,058,697		—
Proceeds from calls, maturities and paydowns of available-for-sale securities		157,900		151,197
Principal repayments on securities held-to-maturity		4,082		7,072
Net change in loans		1,075,417		179,929
Purchase of premises and equipment		(96,648)		(103,663)
Purchases of FHLB stock		—		(80,100)
Proceeds from redemption of FHLB stock		161,200		—
Proceeds from sale of repossessed assets		19,200		—

Net cash provided (used in) investing activities		1,112,915		(122,997)

Financing Activities
Net increase (decrease) in deposits		2,929,911		(877,800)
Proceeds from FHLB advances - short term		—		21,000,000
Repayment of FHLB advances - short term		(5,000,000)		(21,000,000)
Repurchase of common stock		(20,710)		—

Net cash used in financing activities		(2,090,799)		(877,800)

Change in Cash and Cash Equivalents		(627,953)		(1,014,692)

Cash and Cash Equivalents, Beginning of Period		5,363,187		5,897,596

Cash and Cash Equivalents, End of Period	$	4,735,234	$	4,882,904

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest on deposits and borrowings	$	2,590,584	$	653,889

Supplemental Disclosure of Noncash Investing Activities
Transfers from loans to repossessed assets	$	18,672	$	—

See Notes to Consolidated Financial Statements

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Note 1: Nature of Operations and Summary of Significant Accounting Policies

Inclusion of Unaudited Information

The financial information included herein as of December 31, 2025, and for the interim three month periods ended December 31, 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 months ended December 31, 2025, are not necessarily indicative of the results to be obtained for the fiscal year ending September 30, 2026.

Nature of Operations

Mercer Bancorp, Inc. (“Mercer Bancorp” or the “Company”) is a Maryland corporation incorporated on March 7, 2023, to serve as the bank holding company for Mercer Savings Bank (“Mercer Savings” or the “Bank”) in connection with the Bank’s conversion from the mutual form of organization to the stock form of organization (the “Conversion”). The Conversion was completed on July 26, 2023. In connection with the Conversion, Mercer Bancorp acquired 100% ownership of Mercer Savings and the Company offered and sold 972,970 shares of its common stock at $10.00 per share, for gross offering proceeds of $9,729,700. The Company also contributed 50,000 shares of common stock and $100,000 in cash to Mercer Savings Charitable Foundation, Inc.

Mercer Savings is an Ohio chartered stock bank engaged primarily in the business of providing a variety of deposit and lending services to individual customers primarily in Mercer and Darke counties in Ohio, and Adams and Jay counties in Indiana. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential and commercial mortgage, agricultural, commercial, home equity lines of credit and installment loans, and indirect automobile loans. Its operations are conducted through its four office locations in Celina, Ft. Recovery and Greenville, Ohio. The Bank faces competition from other financial institutions and is subject to the regulation of certain federal and state banking agencies and undergoes periodic examinations by those regulatory authorities.

Principles of Consolidation

The consolidated financial statements as of and for the three months ended December 31, 2025, include the accounts of the Company and the Bank, its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of mortgage servicing rights and deferred tax assets and fair values of financial instruments.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Debt Securities

Debt securities held by the Company generally are classified and recorded in the financial statements as follows:

Classified as	Description	Recorded at
Held to maturity (“HTM”)	Certain debt securities that management has the positive intent and ability to hold to maturity	Amortized cost, net of allowance for credit losses

Trading	Securities that are bought and held principally for the purpose of selling in the near term and, therefore, held for only a short period of time	Fair value, with changes in fair value included in earnings

Available for sale (“AFS”)	Securities not classified as HTM or trading	Fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss)

Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, identified as the call date as to premiums and maturity date as to discounts. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

Loans Held for Sale

Mortgage and indirect auto loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan.

Lender Risk Account (LRA)

The Federal Home Loan Bank (FHLB) requires institutions participating in its mortgage loan sales program to place a portion of the sale proceeds in a lender risk account. The LRA is maintained to offset any credit losses associated with loans sold to the FHLB by the participating institution as well as losses experienced by the overall loan pool should an individual institution’s LRA be fully exhausted. The loan sale agreements provide for the FHLB to begin distributions of the LRA funds to the Company after loan pools have had five years of payment history. After five years, the required LRA balance is recalculated at least annually and excess amounts are returned to the participating institutions.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances, adjusted for unearned income, charge-offs, the allowance for credit losses and any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans.

For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For individually evaluated loans that are considered to be solely collateral

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral.

The Company charges-off loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Bank adheres to delinquency thresholds established by applicable regulatory guidance to determine the charge-off timeframe for these loans. Loans at these delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off.

For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

When cash payments are received on individually evaluated loans, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Loans to borrowers experiencing financial difficulties that have been modified recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least nine months.

Allowance for Credit Losses

Available-for-sale securities

For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income.

For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses. Management concluded that no allowance for credit losses was required on available-for-sale securities at December 31, 2025 and September 30, 2025.

Accrued interest receivable on available-for-sale debt securities totaled $49,224 and $86,443 at December 31, 2025 and September 30, 2025, respectively, and is included within accrued interest receivable on the balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Held-to-Maturity Securities

The Company measures expected credit losses on held-to-maturity debt securities, which are comprised of U.S. government sponsored enterprise mortgage-back securities and residential mortgage-backed securities. The Company’s residential mortgage-backed security holdings are issued by U.S. government entities and agencies and 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 concluded that no allowance for credit losses was required on held-to-maturity securities at December 31, 2025 and September 30, 2025.

Accrued interest receivable on held-to-maturity debt securities totaled $334 and $334 at December 31, 2025 and September 30, 2025, respectively, and is included within accrued interest receivable on the balance sheet. This amount is excluded from the estimate of expected credit losses. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed.

Loans

The allowance for credit losses (ACL) is a valuation allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loan losses are charged against the allowance when management believes the collectibility of a loan balance is doubtful. Subsequent recoveries, if any, are credited to the allowance. Management’s determination of the adequacy of the ACL is based on the assessment of the expected credit losses on loans over the expected life of the loan. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged off and expected to be charged off. The Company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.

Management estimates the ACL balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience of a defined peer group, by affiliate, paired with economic forecasts provide the basis for the quantitatively modeled estimates of expected credit losses. The Company adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the qualitative factors.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company uses the average historical loss method to measure the quantitative portion of the ACL over the forecast and reversion periods.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The company made the policy election to exclude accrued interest receivable on loans from the estimate of credit losses.

Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a loan modified to a borrower experiencing financial difficulty will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

Accrued interest receivable on loans totaled $491,592 and $560,972 at December 31, 2025 and September 30, 2025, respectively, and is included within accrued interest receivable on the balance sheet. This amount is excluded from the estimate of expected credit losses.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

In the course of working with borrowers, the Bank may choose to restructure the contractual terms of certain loans. Terms may be modified to fit the ability of the borrower to repay in line with the borrower’s current financial status, and the modification of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms or a combination of the two. If such efforts by the Bank do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Bank may terminate foreclosure proceedings if the borrower is able to work out a satisfactory payment plan.

It is the Bank’s policy that any loans modified for borrowers experiencing financial difficulty on nonaccrual status prior to being modified remain on nonaccrual status until nine months of satisfactory borrower performance, at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Bank reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan

Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on unfunded commitments is adjusted through the provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the related ACL methodology.

Servicing Assets

When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing assets are included in other assets on the consolidated balance sheets.

Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. No changes in valuation allowances have been reported on the income statements. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Servicing fee income, which is reported on the consolidated income statement as other noninterest income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income.

Employee Stock Ownership Plan (ESOP)

The cost of shares issued to the Employee Stock Ownership Plan (“ESOP”), but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the average fair value of shares as they are committed to be released to participant accounts.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the ESOP are shown as a reduction in shareholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released.

Diluted earnings per share is adjusted for the dilutive effects of stock-based compensation and is calculated using the two-class method or the treasury stock method. The diluted average number of common shares outstanding has been increased for the assumed exercise of stock-based compensation with the proceeds used to purchase treasury shares at the average market price for the period.

Revenue Recognition

The Company accounts for certain revenues in accordance with Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (ASC 606) and all subsequent ASUs that modified ASC 606. ASC 606 provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The majority of the Company’s revenue, including net interest income, fees related to loans and loan commitments, net securities gains (losses), gain on sale of loans and income from bank-owned life insurance are not included within the scope of ASC 606. For the revenue streams in the scope of ASC 606, service charges on deposits and electronic banking fees, there are no significant judgments related to the amount and timing of revenue recognition. All of the Company’s in scope revenue from contracts with customers is recognized within other noninterest income.

Deposit Services. The Bank generates revenues through fees charged to depositors related to deposit account maintenance fees, overdrafts, ATM fees, wire transfers and additional miscellaneous services provided at the request of the depositor.

For deposit-related services, revenue is recognized when performance obligations are satisfied, which is, generally, at a point in time.

Stock Compensation Plans

The Company accounts for stock compensation in accordance with accounting guidance set forth in Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation—Stock Compensation, which requires that compensation costs relating to share-based payment transactions be recognized in financial statements. The cost is measured based on the grant date fair value of the equity instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

The stock compensation accounting guidance requires that compensation costs for all stock awards be calculated and recognized over the directors or employees’ service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options. An option is considered to be forfeited, if the grant stock option were not exercised prior to vesting. At the date of grant, the Bank estimates the forfeiture rate as part of its initial determination of the fair-value of options granted and then adjusts forfeitures as they occur.

Note 2: Debt Securities

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


			Gross		Gross
	Amortized		Unrealized		Unrealized		Approximate
	Cost		Gains		Losses		Fair Value
Available-for-sale Securities:
December 31, 2025
U.S. Government agencies	$	1,098,426	$	18,497	$	(3,565)	$	1,113,358
Mortgage-backed Government Sponsored Enterprises (GSEs)		3,768,449		37,659		(163,788)		3,642,320
State and political subdivisions		5,334,440		19,245		(285,777)		5,067,908

	$	10,201,315	$	75,401	$	(453,130)	$	9,823,586


			Gross		Gross
	Amortized		Unrealized		Unrealized		Approximate
	Cost		Gains		Losses		Fair Value
Available-for-sale Securities:
September 30, 2025
U.S. Government agencies		2,476,121		17,389		(5,960)		2,487,550
Mortgage-backed Government Sponsored Enterprises (GSEs)		3,984,674		26,641		(188,437)		3,822,878
State and political subdivisions		3,688,794		—		(343,108)		3,345,686

	$	10,149,589	$	44,030	$	(537,505)	$	9,656,114

Gross

Amortized

Unrealized

Approximate

 

Cost

 

Gains

 

Losses

 

Fair Value

Held-to-maturity Securities:

December 31, 2025

Mortgage-backed Government Sponsored Enterprises (GSEs)

63,435

—

(509)

62,926

Gross

Amortized

Unrealized

Approximate

Cost

 

Gains

 

Losses

 

Fair Value

Held-to-maturity Securities:

September 30, 2025

Mortgage-backed Government Sponsored Enterprises (GSEs)

67,723

—

(543)

67,180

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

The Company had no allowance for credit losses on available-for-sale and held-to-maturity securities at December 31, 2025 and September 30, 2025.

The amortized cost and fair value of available-for-sale securities at December 31, 2025 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties:


	Amortized		Fair
	Cost		Value
December 31, 2025
Within one year	$	—	$	—
One to five years		—		—
Five to ten years		1,331,555		1,310,509
After ten years		5,101,311		4,870,757
		6,432,866		6,181,266
Mortgage-backed GSEs		3,768,449		3,642,320
Totals	$	10,201,315	$	9,823,586

Maturity information for held-to-maturity securities is not presented since expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $1.1 million at December 31, 2025 and September 30, 2025.

Proceeds from sales of available for sale securities totaled approximately $2.1 million during the three-month period ended December 31, 2025, resulting in gross realized losses of $12,000. There were no sales of available for sale securities during the three-month period end December 31, 2024.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments, comprised of 20 securities at December 31, 2025 and 25 securities at September 30, 2025, was approximately $6.5 million and $8.4 million or 66% and 86%, respectively, of the fair value of the Company’s total investment portfolio. These declines primarily resulted from changes in market interest rates.

Based on evaluation of available evidence, including recent changes in market interest rates and information obtained from regulatory filings, management believes the declines in fair value for these securities are not credit-related.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

The following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses, for which an allowance for credit loss has not been recorded, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025 and September 30, 2025:


	December 31, 2025
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Available for sale
U.S. Government agencies	$	617,978	$	(3,565)	$	—	$	—	$	617,978	$	(3,565)
Mortgage-backed Government Sponsored Enterprises (GSEs)		—		—		2,811,650		(163,788)		2,811,650		(163,788)
State and political subdivisions		—		—		3,016,245		(285,777)		3,016,245		(285,777)
	$	617,978	$	(3,565)	$	5,827,895	$	(449,565)	$	6,445,873	$	(453,130)

Held to maturity
Mortgage-backed Government Sponsored Enterprises (GSEs)		—	$	—	$	62,926		(509)		62,926		(509)

Total	$	617,978	$	(3,565)	$	5,890,821	$	(450,074)	$	6,508,799	$	(453,639)


	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Available for sale
U.S. Government agencies	$	—	$	—	$	1,994,040	$	(5,960)	$	1,994,040	$	(5,960)
Mortgage-backed Government Sponsored Enterprises (GSEs)		560,974		(15,975)		2,418,879		(172,462)		2,979,853		(188,437)
State and political subdivisions		1,414,624		(67,653)		1,931,062		(275,455)		3,345,686		(343,108)
	$	1,975,598	$	(83,628)	$	6,343,981	$	(453,877)	$	8,319,579	$	(537,505)

Held to maturity
Mortgage-backed Government Sponsored Enterprises (GSEs)		—		—		67,180		(543)		67,180		(543)

Total	$	1,975,598	$	(83,628)	$	6,411,161	$	(454,420)	$	8,386,759	$	(538,048)

U.S. Government Agencies and State and Political Subdivisions

Unrealized losses on these securities have not been recognized because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. Because the decline in market value was attributable to changes in interest rates, and not credit quality, and because the Company typically does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has not established an allowance for credit losses for these securities at December 31, 2025 and September 30, 2025.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Mortgage-backed GSEs

The unrealized losses on the Company’s investment in residential mortgage-backed government sponsored enterprises were caused primarily by changes in interest rates. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates, and not credit quality, and because the Company typically does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has not established an allowance for credit losses for these securities at December 31, 2025 and September 30, 2025.

Note 3: Loans and Allowance for Credit Losses

Categories of loans were as follows:


	December 31,		September 30,
	2025		2025


Real estate loans:
Residential	$	82,973,747	$	78,774,355
Multi-family		1,189,731		1,204,664
Agricultural		42,174,498		46,317,040
Commercial		2,303,098		2,326,429
Construction and land		4,452,493		4,264,994
Home equity line of credit (HELOC)		4,789,750		4,771,614
Commercial and industrial		1,078,903		1,233,406
Consumer		4,831,305		5,085,548

Total loans		143,793,525		143,978,050

Less:
Undisbursed loans in process		430,384		415,915
Net deferred loan fees		302,499		304,570
Allowance for credit losses		913,370		960,307

Net loans	$	142,147,272	$	142,297,258

Mortgage loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balances of these loans at December 31, 2025 and September 30, 2025, were approximately $16.0 million and $16.4 million respectively. At December 31, 2025 and September 30, 2025 the mortgage-servicing rights included in other assets on the balance sheet were approximately $108,000 and $111,000, respectively.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

The following tables present the activity in the allowance for credit losses based on portfolio segment for the three months ended December 31, 2025 and 2024.


	Three Months Ended December 31, 2025
			Provision
	Balance		(credit)						Balance
	October 1, 2025		for credit losses		Charge-offs		Recoveries		December 31, 2025


Real estate loans:
Residential	$	745,709	$	(31,682)	$	—	$	—	$	714,027
Multi-family		2,409		(30)		—		—		2,379
Agricultural		92,634		(8,577)		—		—		84,057
Commercial		4,653		(65)		—		—		4,588
Construction and land		8,530		375		—		—		8,905
Home equity line of credit (HELOC)		14,315		54		—		—		14,369
Commercial and industrial		2,453		(295)		—		—		2,158
Consumer		89,604		40,220		(105,076)		58,139		82,887

Allowance for credit losses on loans	$	960,307	$	—	$	(105,076)	$	58,139	$	913,370


	Three Months Ended December 31, 2024
			Provision
	Balance		(credit)						Balance
	October 1, 2024		for credit losses		Charge-offs		Recoveries		December 31, 2024
Real estate loans:
Residential	$	691,852	$	(27,799)	$	—	$	—	$	664,053
Multi-family		2,525		(24)		—		—		2,501
Agricultural		107,284		4,964		—		—		112,248
Commercial		4,917		(319)		—		—		4,598
Construction and land		92,660		(10,875)		—		—		81,785
Home equity line of credit (HELOC)		14,910		(215)		—		—		14,695
Commercial and industrial		3,314		44		—		—		3,358
Consumer		45,806		34,224		(3,497)		—		76,533

Total loans	$	963,268	$	—	$	(3,497)	$	—	$	959,771

The Company had $629,000 of loans individually evaluated at December 31, 2025, and $1.3 million of loans individually evaluated at September 30, 2025. The Company had no loans identified as collateral dependent at December 31, 2025 or September 30, 2025.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

The Company has adopted a standard loan grading system for all loans, as follows:

Pass. Loans of sufficient quality, which generally are protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral.

Special Mention. Loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date.

Substandard. Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Usually, this classification includes all 90 days or more, non-accrual, and past due loans.

Doubtful. Loans which have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss. Loans considered uncollectible and of such little value that continuance as an asset without the establishment of a specific reserve is not warranted.

Risk characteristics of each loan portfolio segment are described as follows:

Residential Real Estate

These loans include first liens and junior liens on 1-4 family residential real estate (both owner and non-owner occupied). The main risks for these loans are changes in the value of the collateral and stability of the local economic environment and its impact on the borrowers’ employment. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

Multi-family Real Estate

These loans include loans on residential real estate secured by property with five or more units. The main risks are changes in the value of the collateral, ability of borrowers to collect rents, vacancy and changes in the tenants’ employment status. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

Agriculture Real Estate

These loans are primarily loans on farm ground and include loans secured by residential properties located on farm ground, but agricultural activities may not be the primary occupation of the borrowers. The main risks are changes in the value of the collateral and changes in the economy or borrowers’ business operations. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

Commercial Real Estate

These loans are generally secured by owner-occupied commercial real estate including warehouses and offices. The main risks are changes in the value of the collateral and ability of borrowers to successfully conduct their business operations. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Construction and Land Real Estate

These loans include construction loans for 1-4 family residential and commercial properties (both owner and non-owner occupied) and first liens on land. The main risks for construction loans include uncertainties in estimating costs of construction and in estimating the market value of the completed project. The main risks for land loans are changes in the value of the collateral and stability of the local economic environment. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

HELOC

These loans are generally secured by owner-occupied 1-4 family residences. The main risks for these loans are changes in the value of the collateral and stability of the local economic environment and its impact on the borrowers’ employment. Management specifically considers unemployment and changes in real estate values in the Bank’s market area.

Commercial and Industrial

The commercial and industrial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of the borrower and the economic conditions that impact the cash flow stability from business operations.

Consumer Loans

These loans include vehicle loans, share loans and unsecured loans. The main risks for these loans are the depreciation of the collateral values (vehicles) and the financial condition of the borrowers. Major employment changes are specifically considered by management.

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Mercer Bancorp, Inc.

Notes to Consolidated Financial Statements

Information regarding the credit quality indicators most closely monitored for other than residential real estate loans by class as of December 31, 2025 and September 30, 2025, follows:


	Term Loans Amortized Cost Basis by Origination Year																			Revolving Loans		Revolving Loans
	For The Years Ending September 30,																			Amortized		Converted
	2026			2025			2024			2023			2022			Prior				Cost Basis		to Term	Total
December 31, 2025
Commercial real estate
Risk Rating
Pass	$	-		$	189,729		$	368,468		$	-		$	726,550		$	1,018,351		$	-	$	-	$	2,303,098
Special Mention		-			-			-			-			-			-			-		-		-
Substandard		-			-			-			-			-			-			-		-		-
Doubtful		-			-			-			-			-			-			-		-		-
Total	$	-		$	189,729		$	368,468		$	-		$	726,550		$	1,018,351		$	-	$	-	$	2,303,098

Commercial real estate
Current period gross charge-offs	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-

Construction and land
Risk Rating
Pass	$	1,138,477		$	1,376,648		$	1,774,615		$	23,653		$	62,552		$	76,548		$	-	$	-	$	4,452,493
Special Mention		-			-			-			-			-			-			-		-		-
Substandard		-			-			-			-			-			-			-		-		-
Doubtful		-			-			-			-			-			-			-		-		-
Total	$	1,138,477		$	1,376,648		$	1,774,615		$	23,653		$	62,552		$	76,548		$	-	$	-	$	4,452,493

Construction and land
Current period gross charge-offs	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-

Commercial and industrial
Risk Rating
Pass	$	-		$	-		$	-		$	-		$	-		$	345,703		$	733,200	$	-	$	1,078,903
Special Mention		-			-			-			-			-			-			-		-		-
Substandard		-			-			-			-			-			-			-		-		-
Doubtful		-			-			-			-			-			-			-		-		-
Total	$	-		$	-		$	-		$	-		$	-		$	345,703		$	733,200	$	-	$	1,078,903

Commercial and industrial
Current period gross charge-offs	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-

Multi Family
Risk Rating
Pass	$	-		$	-		$	-		$	-		$	922,789		$	266,942		$	-	$	-	$	1,189,731
Special Mention		-			-			-			-			-			-			-		-		-
Substandard		-			-			-			-			-			-			-		-		-
Doubtful		-			-			-			-

Mercer Bancorp, Inc. 10-Q