AsTable filedof with the Securities and Exchange Commission on June 12, 2026 Contents

~~Registration~~As ~~No. 333-________~~filed with the Securities and Exchange Commission on July 23, 2026

~~UNITED~~Registration ~~STATES~~No. 333-296731

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~WASHINGTON,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~FORM~~WASHINGTON, ~~S-1~~D.C. 20549

~~REGISTRATION~~PRE-EFFECTIVE ~~STATEMENT~~AMENDMENT NO. 1 TO THE

~~UNDER~~FORM S-1

~~THE SECURITIES~~REGISTRATION ~~ACT~~STATEMENT ~~OF 1933~~

~~NARRAGANSETT~~UNDER ~~BANCORP, INC.~~

~~BAYCOAST~~THE SECURITIES ~~BANK~~ACT ~~401(K)~~OF ~~PLAN~~1933

~~(Exact~~NARRAGANSETT ~~Name~~BANCORP, ofINC. ~~Registrant as Specified in Its Charter)~~

Maryland		6036		Applied for
(State or Other Jurisdiction of Incorporation or Organization)		(Primary Standard Industrial Classification Code Number)		(I.R.S. Employer Identification Number)

BAYCOAST BANK 401(K) PLAN

~~330~~(Exact ~~Swansea~~Name ~~Mall~~of ~~Drive~~Registrant as Specified in Its Charter)

Swansea, Massachusetts 02777

Maryland

6036

Applied for

(State or Other Jurisdiction of

Incorporation or Organization)

(Primary Standard Industrial

Classification Code Number)

(I.R.S. Employer

Identification Number)

~~(888)~~330 ~~806-2872~~Swansea Mall Drive

~~(Address~~Swansea, ~~Including~~Massachusetts ~~Zip~~02777 ~~Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)~~

~~Nicholas~~(888) M.806-2872 ~~Christ~~

~~Chair~~(Address, ofIncluding ~~the~~Zip ~~Board~~Code, and ~~Chief~~Telephone Number, Including Area Code, of Registrant’s Principal Executive ~~Officer~~Offices)

~~Narragansett~~Nicholas ~~Bancorp, Inc~~M. Christ

~~330~~Chair ~~Swansea~~of ~~Mall~~the ~~Drive~~Board and Chief Executive Officer

~~Swansea~~Narragansett Bancorp, ~~Massachusetts~~Inc. ~~02777~~

~~(888)~~330 ~~806-2872~~Swansea Mall Drive

~~(Address~~Swansea, ~~Including~~Massachusetts ~~Zip~~02777 ~~Code, and Telephone Number, Including Area Code, of Agent for Service)~~

~~Copies~~(888) ~~to:~~806-2872

~~Lawrence M.F. Spaccasi~~(Address, ~~Esq.~~Including ~~Ned~~Zip ~~Quint~~Code, ~~Esq.~~and ~~Luse~~Telephone ~~Gorman~~Number, PCIncluding ~~5335~~Area ~~Wisconsin Avenue~~Code, ~~N.W.,~~of ~~Suite~~Agent ~~780~~for ~~Washington, D.C. 20015 (202~~Service) ~~274-2007 Samatha Kirby, Esq. Covington & Burling LLP One International Place, Suite 1020 Boston, MA 02110 (617) 603-8800~~

~~Approximate~~Copies ~~date of commencement of proposed sale~~ to ~~the public~~: ~~As soon as practicable after this registration statement becomes effective.~~

IfLawrence ~~any~~M.F. ofSpaccasi, ~~the~~Esq. ~~securities~~Ned ~~being~~Quint, ~~registered~~Esq. onLuse ~~this~~Gorman, ~~Form~~PC ~~are~~5335 toWisconsin beAvenue, ~~offered~~N.W., onSuite a780 ~~delayed~~Washington, orD.C. ~~continuous~~20015 ~~basis~~(202) ~~pursuant~~274-2007 toSamantha ~~Rule~~Kirby, ~~415~~Esq. ~~under~~Covington ~~the~~& ~~Securities~~Burling ~~Act~~LLP ~~of 1933~~One ~~check~~International ~~the~~Place, ~~following~~Suite ~~box: ☒~~1020 Boston, MA 02110 (617) 603-8800

IfApproximate ~~this~~date ~~Form~~of iscommencement ~~filed~~of toproposed ~~register~~sale ~~additional shares for an offering pursuant~~ to ~~Rule 462(b) under~~ the ~~Securities~~ ~~Act,~~public: ~~please~~As ~~check~~soon ~~the~~as ~~following~~practicable ~~box~~after ~~and~~this ~~list the Securities Act~~ registration statement ~~number~~becomes ~~of the earlier~~ effective. ~~registration statement for the same offering: ☐~~

If ~~this~~any ~~Form~~of isthe asecurities ~~post-effective~~being ~~amendment~~registered ~~filed~~on ~~pursuant~~this Form are to ~~Rule~~be ~~462(c)~~offered ~~under~~on ~~the~~a ~~Securities~~delayed ~~Act,~~or ~~check~~continuous ~~the~~basis ~~following~~pursuant ~~box~~to ~~and~~Rule ~~list~~415 under the Securities Act ~~registration~~ ~~statement number~~ of 1933 ~~the~~check ~~earlier effective registration statement for~~ the ~~same~~following ~~offering~~box: ☐☒

If this Form is afiled ~~post-effective amendment~~to ~~filed~~register additional shares for an offering pursuant to Rule 462(db) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

~~Indicate~~If bythis ~~check~~Form ~~mark whether the registrant~~ is a ~~large~~post-effective ~~accelerated~~amendment ~~filer,~~filed anpursuant ~~accelerated~~to ~~filer,~~Rule a462(c) ~~non-accelerated filer,~~under athe ~~smaller~~Securities ~~reporting company~~Act, orcheck anthe ~~emerging~~following ~~growth~~box ~~company.~~and ~~See~~list the ~~definitions~~Securities ofAct registration ~~“large~~statement ~~accelerated~~number ~~filer,”~~of ~~“accelerated~~the ~~filer,”~~earlier ~~“smaller~~effective ~~reporting~~registration ~~company,”~~statement ~~and~~for ~~“emerging growth company” in Rule 12b-2 of~~ the ~~Exchange~~same ~~Act~~offering: ☐

~~Large~~If ~~accelerated~~this ~~filer~~Form ☐is ~~Accelerated~~a ~~filer~~post-effective amendment ☐filed ~~Non-accelerated~~pursuant ~~filer~~to ☒Rule ~~Smaller~~462(d) ~~reporting~~under ~~company~~the ☒Securities ~~Emerging~~Act, ~~growth~~check ~~company~~the ☒following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

IfIndicate ~~an emerging growth company, indicate~~ by check mark ifwhether the registrant ~~has~~is ~~elected~~a ~~not~~large toaccelerated ~~use~~filer, ~~the~~an ~~extended~~accelerated ~~transition~~filer, ~~period~~a non-accelerated ~~for~~filer, ~~complying~~a ~~with~~smaller ~~any~~reporting ~~new~~company, or ~~revised~~an ~~financial~~emerging ~~accounting~~growth ~~standards~~company. ~~provided~~See ~~pursuant~~the todefinitions ~~Section 7(a)(~~of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2~~)(B)~~ of the ~~Securities~~Exchange Act: ☐

~~The~~Large ~~registrant~~accelerated ~~hereby~~filer ~~amends~~☐ ~~this~~Accelerated ~~registration~~filer ~~statement~~☐ onNon-accelerated ~~such~~filer ~~date~~☒ orSmaller ~~dates~~reporting ascompany ~~may~~☒ beEmerging ~~necessary~~growth tocompany delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. ☒

~~Prospectus~~If ~~Supplement~~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 7(a)(2)(B) of the Securities Act: ☐

~~Interests~~The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

BAYCOAST BANKTable 401(k)of PLAN Contents

~~Offering~~Prospectus ofSupplement ~~Participation Interests of up to 6,705,124 Shares of~~

~~Narragansett~~Interests ~~Bancorp,~~in ~~Inc. Common Stock~~

~~In connection with the reorganization of BayCoast Bank from a single-tier mutual holding company form of organization, with no stockholders,~~BAYCOAST ~~into~~BANK ~~the “two-tier” public mutual holding company form of organization, Narragansett Bancorp, Inc.~~ 401(~~“Narragansett Bancorp”~~k), ~~the~~PLAN proposed holding company for BayCoast Bank, is offering shares of its common stock for sale at $10.00 per share. Following the completion of the reorganization and stock offering, it is expected that the common stock of Narragansett Bancorp will be traded on the Nasdaq Capital Market under the symbol “[symbol].” The reorganization and stock offering is not contingent on receipt of approval to list on the Nasdaq Capital Market.

InOffering ~~connection with the reorganization and stock offering, BayCoast Bank is allowing participants in the BayCoast Bank 401(k) Plan (the “401(k) Plan”), to invest a portion~~ of ~~their~~Participation ~~account~~Interests ~~balances in Narragansett Bancorp common stock. This prospectus supplement relates to elections by 401(k) Plan participants to direct the trustee~~ of ~~the 401(k) Plan to invest~~ up to 75% of their account balances in the 401(k) Plan in Narragansett Bancorp common stock in connection with the reorganization and stock offering. Based upon the value of the 401(k) Plan assets at March 31, 2026, the trustee of the 401(k) Plan could purchase up to 6,705,124 ~~shares~~Shares of ~~Narragansett Bancorp common stock on behalf of participants, at the purchase price of $10.00 per share.~~

~~Before you consider investing, you should read the prospectus of~~ Narragansett Bancorp, ~~dated [date], 2026, which is enclosed with this prospectus supplement~~Inc. ItCommon ~~contains~~Stock detailed information regarding the reorganization, the stock offering of Narragansett Bancorp, and the financial condition, results of operations and business of Narragansett Financial Corporation and BayCoast Bank. This prospectus supplement provides information regarding the 401(k) Plan. You should read this prospectus supplement together with the prospectus and keep both for future reference.

~~For~~In connection with the reorganization of BayCoast Bank from a ~~discussion~~single-tier mutual holding company form of ~~risks~~organization, ~~that~~with ~~you~~no ~~should~~stockholders, into ~~consider~~the “two-tier” public mutual holding company form of organization, ~~see~~Narragansett Bancorp, Inc. (“~~Risk~~Narragansett ~~Factors~~Bancorp”), ~~beginning~~the onproposed ~~page~~holding ~~[#]~~company for BayCoast Bank, is offering shares of its common stock for sale at $10.00 per share. Following the ~~attached~~completion ~~prospectus,~~of the reorganization and ~~“Notice~~ stock offering, it is expected that the common stock of ~~Your~~Narragansett ~~Rights~~Bancorp ~~Concerning~~will ~~Employer~~be ~~Securities~~traded on the Nasdaq Capital Market under the symbol “NARA.” inThe completion of this ~~prospectus~~stock ~~supplement~~offering is contingent on receipt of final approval for the shares of common stock to be traded on the Nasdaq Capital Market.

~~The~~In ~~interests~~connection with the reorganization and stock offering, BayCoast Bank is allowing participants in the BayCoast Bank 401(k) Plan ~~and~~ (the “401(k) ~~offering~~Plan”), ofto ~~shares~~invest a portion of their account balances in Narragansett Bancorp common stock. ~~have~~This ~~not~~prospectus ~~been~~supplement ~~approved~~relates orto ~~disapproved~~elections by ~~the~~401(k) ~~Securities~~Plan ~~and~~participants ~~Exchange~~to ~~Commission,~~direct the ~~Board~~trustee of ~~Governors~~the 401(k) Plan to invest up to 75% of their account balances in the ~~Federal~~401(k) ~~Reserve~~Plan ~~System,~~in Narragansett Bancorp common stock in connection with the ~~Massachusetts~~reorganization ~~Division~~and stock offering. Based upon the value of ~~Banks~~the 401(k) Plan assets at March 31, 2026, the ~~Federal~~trustee of the 401(k) Plan could ~~Deposit~~purchase ~~Insurance~~up ~~Corporation~~to or6,705,124 ~~any~~shares ~~state~~of ~~securities~~Narragansett ~~regulator.~~Bancorp ~~Any~~common ~~representation~~stock toon behalf of participants, at the ~~contrary~~purchase isprice aof ~~criminal~~$10.00 ~~offense~~per share.

~~The securities~~Before ~~offered~~you byconsider ~~this~~investing, you should read the prospectus of Narragansett Bancorp, dated [date], 2026, which is enclosed with this prospectus supplement. ~~are~~It ~~not~~contains ~~deposits~~detailed orinformation ~~savings~~regarding ~~accounts~~the ~~and~~reorganization, ~~are~~the ~~not~~stock ~~insured~~offering orof ~~guaranteed~~Narragansett byBancorp, and the ~~Federal~~financial ~~Deposit~~condition, ~~Insurance~~results of operations and business of Narragansett Financial Corporation, and BayCoast Bank. This prospectus supplement provides information regarding the ~~Depositors~~401(k) ~~Insurance~~Plan. ~~Fund~~You orshould ~~any~~read ~~other~~this ~~governmental~~prospectus ~~agency~~supplement together with the prospectus and keep both for future reference.

~~This~~For ~~prospectus~~a ~~supplement~~discussion ~~may~~of berisks ~~used~~that ~~only~~you inshould ~~connection~~consider, ~~with~~see ~~offers~~“Risk ~~and~~Factors” ~~sales~~beginning byon ~~Narragansett~~page ~~Bancorp~~1 ~~in the stock offering~~ of ~~Narragansett~~the ~~Bancorp~~attached ~~common~~prospectus, ~~stock~~and ~~that~~“Notice ~~may~~of beYour ~~acquired~~Rights ~~within~~Concerning ~~the~~Employer ~~401(k)~~Securities” ~~Plan.~~in ~~No one may use~~ this prospectus supplement ~~to reoffer or resell interests in shares of Narragansett Bancorp common stock acquired through the 401(k) Plan~~.

~~You~~The ~~should~~interests ~~rely~~in ~~only~~the on401(k) Plan and the ~~information~~offering ~~contained~~of inshares ~~this~~of ~~prospectus~~Narragansett ~~supplement~~Bancorp ~~and~~common stock have not been approved or disapproved by the ~~attached~~Securities ~~prospectus.~~and ~~Narragansett~~Exchange ~~Bancorp~~Commission, ~~Narragansett~~ ~~Financial~~the ~~Corporation~~Board of Governors of the Federal Reserve System, ~~BayCoast~~the ~~Bank~~Massachusetts ~~and~~Division of Banks, the ~~401(k)~~Federal ~~Plan~~Deposit ~~have~~Insurance ~~not~~Corporation ~~authorized~~or ~~anyone~~any state securities regulator. Any representation to ~~provide~~the ~~you~~contrary ~~with~~is ~~different~~a criminal ~~information~~offense.

~~This~~The ~~prospectus~~securities ~~supplement~~offered ~~does~~by ~~not~~this ~~constitute~~prospectus ansupplement ~~offer~~are tonot ~~sell~~deposits or ~~solicitation~~savings ofaccounts anand ~~offer~~are tonot ~~buy~~insured ~~any securities in any jurisdiction to any~~or ~~person~~guaranteed toby ~~whom it is unlawful to make an offer or solicitation in that jurisdiction. Neither~~ the ~~delivery~~Federal ofDeposit ~~this~~Insurance ~~prospectus~~Corporation, ~~supplement and~~ the ~~attached~~Depositors ~~prospectus~~Insurance ~~nor~~Fund ~~any~~or ~~sale of Narragansett Bancorp common stock shall under~~ any ~~circumstances~~other ~~imply that~~governmental ~~there~~agency. ~~has not been a change in the~~

This ~~affairs~~prospectus ofsupplement ~~Narragansett~~may ~~Bancorp,~~be ~~Narragansett~~used ~~Financial~~only ~~Corporation,~~in ~~BayCoast~~connection ~~Bank~~with oroffers ~~the~~and ~~401(k)~~sales ~~Plan~~by ~~since~~Narragansett Bancorp in the ~~date~~stock offering of ~~this~~Narragansett ~~prospectus~~Bancorp ~~supplement,~~common orstock that may be acquired within the ~~information~~401(k) ~~contained~~Plan. inNo one may use this prospectus supplement to reoffer or ~~incorporated~~resell byinterests ~~reference~~in isshares ~~correct as~~ of ~~any~~Narragansett ~~time~~Bancorp ~~after~~common ~~the~~stock ~~date~~acquired ofthrough ~~this~~the ~~prospectus~~401(k) ~~supplement~~Plan.

~~The~~You ~~date~~should ofrely only on the information contained in this prospectus supplement isand ~~[date]~~the attached prospectus. Narragansett Bancorp, ~~2026~~Narragansett Financial Corporation, BayCoast Bank and the 401(k) Plan have not authorized anyone to provide you with different information.

~~TABLE~~This OFprospectus ~~CONTENTS~~supplement does not constitute an offer to sell or solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer or solicitation in that jurisdiction. Neither the delivery of this prospectus supplement and the attached prospectus nor any sale of Narragansett Bancorp common stock shall under any circumstances imply that there has not been a change in the affairs of Narragansett Bancorp, Narragansett Financial Corporation, BayCoast Bank or the 401(k) Plan since the date of this prospectus supplement, or that the information contained in this prospectus supplement or incorporated by reference is correct as of any time after the date of this prospectus supplement.

RISK FACTORS			1
THE OFFERING			1
Securities Offered			1
Election to Purchase Narragansett Bancorp, Inc. Common Stock			2
Purchase Priorities			2
Purchases in the Offering and Oversubscriptions			3
Composition of the Narragansett Bancorp, Inc. Stock Fund			3
Minimum and Maximum Investment			4
Value of the Plan Assets			4
How to Order Stock in the Offering			4
Order Deadline			6
Irrevocability of Transfer Direction			6
Future Direction to Purchase and Sell Common Stock			6
Voting Rights of Common Stock			7
DESCRIPTION OF THE 401(k) PLAN			7
Introduction			7
Eligibility and Participation			8
Contributions Under the Plan			8
Limitations on Contributions			8
Benefits Under the 401(k) Plan			9
Investment of Contributions and Account Balances			9
Performance History			10
Description of the Investment Funds			10
Narragansett Bancorp, Inc. Stock Fund			15
Withdrawals from the 401(k) Plan			15
Administration of the 401(k) Plan			15
Amendment and Termination			16
Merger, Consolidation or Transfer			16
Federal Income Tax Consequences			16
Notice of Your Rights Concerning Employer Securities			17
Additional ERISA Considerations			18
Securities and Exchange Commission Reporting and Short-Swing Profit Liability			18
Financial Information Regarding 401(k) Plan Assets			18
LEGAL OPINION			19

The date of this prospectus supplement is [date], 2026.

RISKTable FACTORSof Contents

InTABLE ~~addition~~OF toCONTENTS ~~considering the material risks disclosed under “Risk Factors” beginning on page [#] of the attached prospectus, you should also consider the following:~~

If you elect to purchase Narragansett Bancorp common stock using your 401(k) Plan account balance and the stock offering is oversubscribed, you will bear the risk of price changes in the investment funds of the 401(k) Plan.


RISK FACTORS			1

THE OFFERING			1

Securities Offered			1
Election to Purchase Narragansett Bancorp, Inc. Common Stock			2
Purchase Priorities			2
Purchases in the Offering and Oversubscriptions			3
Composition of the Narragansett Bancorp, Inc. Stock Fund			3
Minimum and Maximum Investment			4
Value of the Plan Assets			4
How to Order Stock in the Offering			4
Order Deadline			6
Irrevocability of Transfer Direction			6
Future Direction to Purchase and Sell Common Stock			6
Voting Rights of Common Stock			7

DESCRIPTION OF THE 401(k) PLAN			7

Introduction			7
Eligibility and Participation			8
Contributions Under the Plan			8
Limitations on Contributions			8
Benefits Under the 401(k) Plan			9
Investment of Contributions and Account Balances			9
Performance History			10
Description of the Investment Funds			10
Narragansett Bancorp, Inc. Stock Fund			15
Withdrawals from the 401(k) Plan			15
Administration of the 401(k) Plan			15
Amendment and Termination			16
Merger, Consolidation or Transfer			16
Federal Income Tax Consequences			16
Notice of Your Rights Concerning Employer Securities			17
Additional ERISA Considerations			18
Securities and Exchange Commission Reporting and Short-Swing Profit Liability			18
Financial Information Regarding 401(k) Plan Assets			18

LEGAL OPINION			19

IfTable you elect to purchase Narragansett Bancorp common stock using your 401(k) Plan account balance, the 401(k) Plan trustee will sell the designated amount within your 401(k) Plan account among your investment fund balances. If the stock offering is oversubscribed (i.e., there are more orders for Narragansett Bancorp common stock than shares available for sale in the stock offering) and the 401(k) Plan trustee cannot use any or all of the funds you allocate to purchase Narragansett Bancorp common stock, the funds that cannot be invested in Narragansett Bancorp common stock, and any interest earned on such funds, will be reinvested in your existing investment funds of the 401(k) Plan, according to your then existing investment election (i.e., in proportion to your investment direction for future contributions). During the period from when the 401(k) Plan trustee sells a portion of your investment funds until reinvestment of some or all of those funds back into your investment funds as a result of an oversubscription, you will bear the risk of price changes in the investment funds. It is possible that during this period some or all the investment funds may have increased in value more than the amount of any interest you may have earned on the reinvested funds before reinvestment. See “The Offering – Purchases in the Offering and Oversubscriptions” in this prospectus supplement. Contents

~~THE~~RISK ~~OFFERING~~FACTORS

~~Securities~~In ~~Offered~~addition ~~BayCoast Bank is offering participants in the 401(k) Plan the opportunity~~ to ~~purchase~~considering ~~participation interests in shares of Narragansett Bancorp common stock through~~ the ~~401(k)~~material ~~Plan.~~risks Adisclosed ~~“participation~~under interest” represents indirect ownership of a share of Narragansett Bancorp common stock that is acquired by the 401(k) Plan and is equivalent to one share of Narragansett Bancorp common stock. In this prospectus supplement, “~~participation~~Risk ~~interests~~Factors” ~~are~~beginning referred to as shares of Narragansett Bancorp common stock. At the stock offering purchase price of $10.00 per share and allowing participants to use up to 75% of their account balances, the 401(k) Plan may acquire up to 6,705,124 shares of Narragansett Bancorp common stock in the stock offering, based on ~~the~~page ~~approximate~~[#] ~~fair market value~~ of the 401(k) Plan’s assets as of March 31, 2026. Only employees of BayCoast Bank and employees of participating subsidiaries of BayCoast Bank may become participants in the 401(k) Plan and only participants may purchase shares of Narragansett Bancorp common stock through the 401(k) Plan. However, your investment in shares of Narragansett Bancorp common stock in connection with the stock offering is subject to the purchase priorities listed below. Information regarding the 401(k) Plan is contained in this prospectus supplement and information with respect to the consolidated financial condition and results of operations of Narragansett Financial Corporation and the business of Narragansett Bancorp and BayCoast Bank is contained in the attached prospectus., ~~The~~you should ~~address~~also ofconsider the corporate/main office of Narragansett Bancorp and BayCoast Bank is 330 Swansea Mall Drive, Swansea, Massachusetts 02777. The telephone number at this address is [number]. Address questions about this prospectus supplement to [name], [title], BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777; telephone number [number]; emailfollowing: ~~[email].~~

1If you elect to purchase Narragansett Bancorp common stock using your 401(k) Plan account balance and the stock offering is oversubscribed, you will bear the risk of price changes in the investment funds of the 401(k) Plan.

		Direct all questions about the stock offering, the prospectus, or obtaining a stock order form to purchase stock in the stock offering outside the 401(k) Plan to the Stock Information Center at [#] (toll-free), Monday through Friday, between 10:00 a.m. and 4:00 p.m., Eastern time. The Stock Information Center will be closed on bank holidays.
Election to Purchase Narragansett Bancorp, Inc. Common Stock		In connection with the stock offering, you may elect to designate up to 75% of your 401(k) Plan account balance to a money market fund called “Stock Purchase,” which will be used to subscribe for Narragansett Bancorp common stock in the stock offering. Before making this election, you should carefully read the prospectus and this prospectus supplement and consider the information set forth on page [#] of this prospectus supplement under “Notice of Your Rights Concerning Employer Securities — The Importance of Diversifying Your Retirement Savings.” The trustee of the Narragansett Bancorp, Inc. Stock Fund will subscribe to purchase shares of Narragansett Bancorp common stock at $10.00 per share in accordance with your election. However, your election is subject to the purchase priorities and purchase limitations, as described below.
Purchase Priorities		All 401(k) Plan participants are eligible to elect to subscribe for Narragansett Bancorp common stock in the stock offering. However, the elections are subject to the purchase priorities in the Plan of Holding Company Reorganization and Plan of Stock Offering of BayCoast Bank and Narragansett Financial Corporation, which provides for a subscription offering and, if necessary, a community offering. In the stock offering, the purchase priorities are as follows and apply in case more shares of Narragansett Bancorp common stock are ordered than are available for sale (an “oversubscription): Subscription Offering: (1) Each person with $50 or more on deposit at BayCoast Bank as of the close of business on May 31, 2025, has first priority. (2) BayCoast Bank’s tax-qualified plans, including the employee stock ownership plan, have second priority. (3) Employees, officers, directors, trustees and corporators of BayCoast Bank and/or Narragansett Financial Corporation, who are not in the first priority, have third priority. Community Offering: Shares of Narragansett Bancorp common stock not purchased in the subscription offering may be offered for sale to the general public in a “community offering,” with a preference given to natural persons (including trusts of natural persons) in the Local Community (as defined in the Prospectus). If you fall into subscription offering categories (1) or (3) above, you have subscription rights to purchase Narragansett Bancorp common stock in the subscription offering in the highest category and you may use funds (up to 75% of your account balance) in the 401(k) Plan to pay for the Narragansett Bancorp common stock. If you fall into purchase priority (1) or (3), you will separately receive offering materials in the mail, including a stock order form. You may use the stock order form to purchase shares of Narragansett Bancorp common stock outside the 401(k) Plan.

If you elect to purchase Narragansett Bancorp common stock using your 401(k) Plan account balance, the 401(k) Plan trustee will sell the designated amount within your 401(k) Plan account among your investment fund balances. If the stock offering is oversubscribed (i.e., there are more orders for Narragansett Bancorp common stock than shares available for sale in the stock offering) and the 401(k) Plan trustee cannot use any or all of the funds you allocate to purchase Narragansett Bancorp common stock, the funds that cannot be invested in Narragansett Bancorp common stock, and any interest earned on such funds, will be reinvested in your existing investment funds of the 401(k) Plan, according to your then existing investment election (i.e., in proportion to your investment direction for future contributions). During the period from when the 401(k) Plan trustee sells a portion of your investment funds until reinvestment of some or all of those funds back into your investment funds as a result of an oversubscription, you will bear the risk of price changes in the investment funds. It is possible that during this period some or all the investment funds may have increased in value more than the amount of any interest you may have earned on the reinvested funds before reinvestment. See “The Offering – Purchases in the Offering and Oversubscriptions” in this prospectus supplement.

2THE OFFERING

		Additionally, instead of (or in addition to) placing an order outside the 401(k) Plan using the stock order form, you may place an order for the purchase of Narragansett Bancorp common stock through the 401(k) Plan in the manner described below under “How to Order Stock in the Offering.”
Purchases in the Offering and Oversubscriptions		The trustee of the 401(k) Plan will subscribe for Narragansett Bancorp common stock in the stock offering in accordance with your election. Once you make your election, the amount that you elect to transfer from your existing investment option(s) for the purchase of Narragansett Bancorp common stock will be sold from your existing investment option(s) and the proceeds will be transferred to the Stock Purchase option (which will be invested in a money market fund during the stock offering period) pending the completion of the reorganization and stock offering several weeks later. After the end of the stock offering period, we will determine whether all or any portion of your order will be filled (if the stock offering is oversubscribed you may not receive any or all of your order, depending on your purchase priority, as described above). The amount that can be used toward your order will be applied to the purchase of Narragansett Bancorp common stock. Following the closing of the reorganization and stock offering, your purchased shares of Narragansett Bancorp common stock will be transferred to the 401(k) Plan and will be reflected in your 401(k) Plan account as soon as practicable thereafter. If the stock offering is oversubscribed, and the trustee of the 401(k) Plan is unable to use the full amount allocated by you to purchase Narragansett Bancorp common stock in the stock offering, the amount that cannot be invested in shares of Narragansett Bancorp common stock, and any interest earned on that amount, will be transferred from the Stock Purchase option and reinvested in the existing funds of the 401(k) Plan, in accordance with your then existing investment election (in proportion to your investment direction for future contributions). The prospectus describes the allocation procedures in the event of an oversubscription. If you choose not to elect to invest part of your account balances towards the purchase of Narragansett Bancorp common stock in connection with the stock offering, your account balances will remain in the investment funds of the 401(k) Plan as previously directed by you.
Composition of the Narragansett Bancorp, Inc. Stock Fund		Shares of Narragansett Bancorp common stock purchased by the 401(k) Plan in the stock offering will be transferred to the 401(k) Plan and held in the Narragansett Bancorp, Inc. Stock Fund. The Narragansett Bancorp, Inc. Stock Fund is neither a mutual fund nor a diversified or managed investment option. Rather, it is merely a recordkeeping mechanism established by the 401(k) Plan custodian to track the shares purchased by 401(k) Plan participants in the reorganization and stock offering through the 401(k) Plan. The Narragansett Bancorp, Inc. Stock Fund will consist solely of shares of Narragansett Bancorp common stock purchased by participants in the 401(k) Plan, which will be initially valued at $10.00 per share (i.e., the purchase price). Following the closing of the reorganization and stock offering, each day the aggregate value of Narragansett Bancorp, Inc. Stock Fund will be determined by dividing the total market value of the fund at the end of the day by the total number of shares held in the fund by all participants as of the previous day’s end. The change in share value reflects the day’s change in stock price of Narragansett Bancorp common stock, and the value of each participation interest should be the same as one share of Narragansett Bancorp common stock.

Securities Offered

BayCoast Bank is offering participants in the 401(k) Plan the opportunity to purchase participation interests in shares of Narragansett Bancorp common stock through the 401(k) Plan. A “participation interest” represents indirect ownership of a share of Narragansett Bancorp common stock that is acquired by the 401(k) Plan and is equivalent to one share of Narragansett Bancorp common stock. In this prospectus supplement, “participation interests” are referred to as shares of Narragansett Bancorp common stock. At the stock offering purchase price of $10.00 per share and allowing participants to use up to 75% of their account balances, the 401(k) Plan may acquire up to 6,705,124 shares of Narragansett Bancorp common stock in the stock offering, based on the approximate fair market value of the 401(k) Plan’s assets as of March 31, 2026.

Only employees of BayCoast Bank and employees of participating subsidiaries of BayCoast Bank may become participants in the 401(k) Plan and only participants may purchase shares of Narragansett Bancorp common stock through the 401(k) Plan. However, your investment in shares of Narragansett Bancorp common stock in connection with the stock offering is subject to the purchase priorities listed below.

Information regarding the 401(k) Plan is contained in this prospectus supplement and information with respect to the consolidated financial condition and results of operations of Narragansett Financial Corporation and the business of Narragansett Bancorp and BayCoast Bank is contained in the attached prospectus. The address of the corporate/main office of Narragansett Bancorp and BayCoast Bank is 330 Swansea Mall Drive, Swansea, Massachusetts 02777. The telephone number at this address is (888) 806-2872.

Address questions about this prospectus supplement to Michelle Rivera, Vice President Human Resources, BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777; telephone number (508) 675-4424; email: mrivera@baycoastbank.com.

		Investment in Narragansett Bancorp common stock involves risks common to investments in shares of common stock. For a discussion of material risks you should consider, see the “Risk Factors” section of the attached prospectus and the section of the prospectus supplement called “Notice of Your Rights Concerning Employer Securities” (see below). The portion of your 401(k) Plan account invested in the Narragansett Bancorp, Inc. Stock Fund will be reported to you on your regular 401(k) Plan participant statements. You can also go online at any time to www.principal.com or call (800) 547-7754 (toll-free) to review your account balances.
Minimum and Maximum Investment		In connection with the stock offering, the 401(k) Plan will permit you to use up to 75% of your 401(k) Plan account balance for the purchase of Narragansett Bancorp common stock in the stock offering. The trustee of the 401(k) Plan will subscribe for shares of Narragansett Bancorp common stock offered for sale in the stock offering, in accordance with each participant’s direction. The trustee will pay $10.00 per share, which will be the same price paid by all other persons who purchase shares in the stock offering. To purchase Narragansett Bancorp common stock through the 401(k) Plan, the minimum investment is $250, which will purchase 25 shares. No individual may purchase more than $[#] ([#] shares) of Narragansett Bancorp common stock. Furthermore, no person or entity, together with associates or persons acting in concert with such person or entity, may purchase more than $[#] ([#] shares) of Narragansett Bancorp common stock in all categories of the stock offering combined. See the prospectus for further details regarding additional maximum purchase limits for investors in the stock offering.
Value of the Plan Assets		As of March 31, 2026, the market value of the assets of the 401(k) Plan attributable to active and former employees of BayCoast Bank was approximately $89,401,650.
How to Order Stock in the Offering		• You can elect to transfer up to 75% of your current 401(k) Plan account balance (in whole dollar amounts) to the Stock Purchase option, which will be used by the 401(k) Plan trustee to purchase shares of Narragansett Bancorp common stock. This is done by following the procedures described below. Note the following conditions concerning this election: • Your election is subject to a minimum purchase of 25 shares of common stock, which equals $250. Your election, plus any order you placed outside the 401(k) Plan, are together subject to a maximum purchase limit of no more than [#] shares of Narragansett Bancorp common stock, which equals $[#]. The prospectus describes an additional purchase limitation of [#] shares of Narragansett Bancorp common stock, which equals $[#], for an individual, together with associates or persons acting in concert with such individual. • The election period for the 401(k) Plan purchases ends at [time] p.m., Eastern time, on [date], 2026 (the “Plan Purchase Period”).


		Direct all questions about the stock offering, the prospectus, or obtaining a stock order form to purchase stock in the stock offering outside the 401(k) Plan to the Stock Information Center at [#] (toll-free), *Monday through Friday, between 10:00 a.m. and 4:00 p.m., Eastern time. The Stock Information Center will be closed on bank holidays.*

Election to Purchase Narragansett Bancorp, Inc. Common Stock		In connection with the stock offering, you may elect to designate up to 75% of your 401(k) Plan account balance to a money market fund called “Stock Purchase,” which will be used to subscribe for Narragansett Bancorp common stock in the stock offering. Before making this election, you should carefully read the prospectus and this prospectus supplement and consider the information set forth on page [#] of this prospectus supplement under “Notice of Your Rights Concerning Employer Securities — The Importance of Diversifying Your Retirement Savings.” The trustee of the Narragansett Bancorp, Inc. Stock Fund will subscribe to purchase shares of Narragansett Bancorp common stock at $10.00 per share in accordance with your election. However, your election is subject to the purchase priorities and purchase limitations, as described below.

Purchase Priorities		All 401(k) Plan participants are eligible to elect to subscribe for Narragansett Bancorp common stock in the stock offering. However, the elections are subject to the purchase priorities in the Plan of Holding Company Reorganization and Plan of Stock Offering of BayCoast Bank and Narragansett Financial Corporation, which provides for a subscription offering and, if necessary, a community offering. In the stock offering, the purchase priorities are as follows and apply in case more shares of Narragansett Bancorp common stock are ordered than are available for sale (an “oversubscription): Subscription Offering: (1) Each person with $50 or more on deposit at BayCoast Bank as of the close of business on May 31, 2025, has first priority. (2) BayCoast Bank’s tax-qualified plans, including the employee stock ownership plan, have second priority. (3) Employees, officers, directors, trustees and corporators of BayCoast Bank and/or Narragansett Financial Corporation, who are not in the first priority, have third priority. Community Offering: Shares of Narragansett Bancorp common stock not purchased in the subscription offering may be offered for sale to the general public in a “community offering,” with a preference given to natural persons (including trusts of natural persons) in the Local Community (as defined in the Prospectus). If you fall into subscription offering categories (1) or (3) above, you have subscription rights to purchase Narragansett Bancorp common stock in the subscription offering in the highest category and you may use funds (up to 75% of your account balance) in the 401(k) Plan to pay for the Narragansett Bancorp common stock. If you fall into purchase priority (1) or (3), you will separately receive offering materials in the mail, including a stock order form. You may use the stock order form to purchase shares of Narragansett Bancorp common stock outside the 401(k) Plan.

•2 Your election to purchase common stock in the stock offering through the 401(k) Plan will be accepted by Principal Financial Group, the recordkeeper of the 401(k) Plan. After your election is accepted by Principal Financial Group, it will be rounded down to the closest dollar amount divisible by $10.00 and will be used by the trustee to purchase shares of Narragansett Bancorp common stock sold in the reorganization and stock offering. This difference will remain in the Stock Purchase option until the completion of the reorganization and stock offering, which is expected to be several weeks after the Plan Purchase Period ends. At that time, the Narragansett Bancorp common stock purchased based on your election will be transferred to the 401(k) Plan and any remaining funds will be transferred out of the Stock Purchase option for investment in other funds under the 401(k) Plan, based on your election currently on file for future contributions. • The amount you elect to transfer to the Stock Purchase option will be held separately until the completion of the reorganization and stock offering. Therefore, this money is not available for distributions, loans, or withdrawals until the reorganization and stock offering is completed, which is expected to be several weeks after the 401(k) Plan Purchase Period ends. • Following the completion of the reorganization and stock offering, your purchased shares of Narragansett Bancorp common stock will be reflected in your 401(k) Plan account through the Narragansett Bancorp, Inc. Stock Fund. You may continue to invest in the Narragansett Bancorp, Inc. Stock Fund following the stock offering and may use up to 50% of the amounts contributed to the 401(k) Plan on your behalf to purchase shares of stock. Follow the steps outlined below to make your election to use your account balance in the 401(k) Plan to purchase shares of Narragansett Bancorp, Inc. common stock in the stock offering. You are allowed only one election to transfer funds to the Stock Purchase option. • Go to www.principal.com and log into your 401(k) Plan account. In Account Login, click on drop down and choose “Personal,” then “GO.” Enter your Username and Password. If you have not established your Username and Password, click on the link “Establish your Username and Password”, and follow the prompts. • On your Personal Summary Page, choose the line for the 401(k) Plan as adopted by BayCoast Bank Plan and click on “View Details” for your 401(k) Plan account. • When you reach “Your Account Overview,” click on “Investments” across the top navigation of the screen, and then click on “Change Investments.” • Select “Choose to build your own portfolio,” click “Build you own investment mix.” • Select “Apply changes to my current account balance only. New contributions will not be affected.” • Click “Move one or more investments while keeping the rest as-is.” • Click on “Advanced Transfer Features,” choose “dollars,” then choose “Transfer from one investment to another.”

5Table of Contents

		• Then enter the amount you would like to transfer “From” each investment. When you have completed transferring “From” each investment, click on “Continue.” • Enter the dollars that you will be transferring into the Stock Purchase account. The Stock Purchase account is a money market investment that will hold the funds until the reorganization and stock offering is concluded. All the funds that you transferred “From” other investments must be transferred to another investment. All the dollars must be transferred “To” another investment. When you have completed the “To” portion of the transaction, click on “Continue.” You will be taken to a confirmation page. Review your transaction for accuracy. If you need to make changes, click on “Cancel” or “Start Over” or “Previous” to make changes. If the information is correct, click on “Submit Request” to authorize Principal Life Insurance Company to process the request. You will receive a communication in your Message Center confirming your transaction. After you completed your online election, you will also need to complete the Stock Information Form and return it either by emailing it to [name], [title], at [email], by faxing it to [number] or by delivering it in person, to be received by [name], [title], BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777.
		Additionally, instead of (or in addition to) placing an order outside the 401(k) Plan using the stock order form, you may place an order for the purchase of Narragansett Bancorp common stock through the 401(k) Plan in the manner described below under “How to Order Stock in the Offering.”
Order Deadline		You must make your election online at www.principal.com and return your Stock Information Form by emailing it to [name], [title], at [email], by faxing it to [number] or by delivering it in person, to be received by [name], [title], BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777; telephone number [number]; to be received no later than [time] p.m., Eastern time, on [date], 2026.
Purchases in the Offering and Oversubscriptions		The trustee of the 401(k) Plan will subscribe for Narragansett Bancorp common stock in the stock offering in accordance with your election. Once you make your election, the amount that you elect to transfer from your existing investment option(s) for the purchase of Narragansett Bancorp common stock will be sold from your existing investment option(s) and the proceeds will be transferred to the Stock Purchase option (which will be invested in a money market fund during the stock offering period) pending the completion of the reorganization and stock offering several weeks later. After the end of the stock offering period, we will determine whether all or any portion of your order will be filled (if the stock offering is oversubscribed you may not receive any or all of your order, depending on your purchase priority, as described above). The amount that can be used toward your order will be applied to the purchase of Narragansett Bancorp common stock. Following the closing of the reorganization and stock offering, your purchased shares of Narragansett Bancorp common stock will be transferred to the 401(k) Plan and will be reflected in your 401(k) Plan account as soon as practicable thereafter. If the stock offering is oversubscribed, and the trustee of the 401(k) Plan is unable to use the full amount allocated by you to purchase Narragansett Bancorp common stock in the stock offering, the amount that cannot be invested in shares of Narragansett Bancorp common stock, and any interest earned on that amount, will be transferred from the Stock Purchase option and reinvested in the existing funds of the 401(k) Plan, in accordance with your then existing investment election (in proportion to your investment direction for future contributions). The prospectus describes the allocation procedures in the event of an oversubscription. If you choose not to elect to invest part of your account balances towards the purchase of Narragansett Bancorp common stock in connection with the stock offering, your account balances will remain in the investment funds of the 401(k) Plan as previously directed by you.
Irrevocability of Transfer Direction		Once you make an election to transfer amounts to the Stock Purchase option to be used by the 401(k) Plan trustee to purchase Narragansett Bancorp common stock in connection with the reorganization and stock offering, you may not change your election. Your election is irrevocable. You will, however, continue to have the ability to transfer amounts not directed towards the purchase of Narragansett Bancorp common stock among all the other investment funds on a daily basis.
Composition of the Narragansett Bancorp, Inc. Stock Fund		Shares of Narragansett Bancorp common stock purchased by the 401(k) Plan in the stock offering will be transferred to the 401(k) Plan and held in the Narragansett Bancorp, Inc. Stock Fund. The Narragansett Bancorp, Inc. Stock Fund is neither a mutual fund nor a diversified or managed investment option. Rather, it is merely a recordkeeping mechanism established by the 401(k) Plan custodian to track the shares purchased by 401(k) Plan participants in the reorganization and stock offering through the 401(k) Plan. The Narragansett Bancorp, Inc. Stock Fund will consist solely of shares of Narragansett Bancorp common stock purchased by participants in the 401(k) Plan, which will be initially valued at $10.00 per share (i.e., the purchase price). Following the closing of the reorganization and stock offering, each day the aggregate value of Narragansett Bancorp, Inc. Stock Fund will be determined by dividing the total market value of the fund at the end of the day by the total number of shares held in the fund by all participants as of the previous day’s end. The change in share value reflects the day’s change in stock price of Narragansett Bancorp common stock, and the value of each participation interest should be the same as one share of Narragansett Bancorp common stock.
Future Direction to Purchase and Sell Common Stock		You will be able to purchase Narragansett Bancorp common stock after the completion of the reorganization and stock offering through the 401(k) Plan by investing your future contributions through the Narragansett Bancorp, Inc. Stock Fund, provided, that no more than 50% of your future contributions (both employer and employee) may be invested in the Narragansett Bancorp, Inc. Stock Fund. Additionally, after the completion of the reorganization and stock offering, you will be able to transfer no more than 50% of your account balance to the Narragansett Bancorp, Inc. Stock Fund. After the completion of the reorganization and stock offering, to the extent that shares are available, the trustee of the 401(k) Plan will acquire shares of Narragansett Bancorp common stock at your election in open market transactions at the prevailing price, which may be less than or more than $10.00 per share. In addition, a brokerage commission of $0.01 per share of stock purchased will be charged.

YouTable may change your investment allocation on a daily basis. However, your ability to buy or sell Narragansett Bancorp common stock within the 401(k) Plan largely depends upon the existence of an active market for the stock. If Narragansett Bancorp common stock is illiquid (meaning there are few buyers and sellers of the stock) on the date you elect to buy or sell Narragansett Bancorp common stock within the 401(k) Plan, your election may not be immediately processed. As a result, the prevailing price for Narragansett Bancorp, Inc. common stock may be less or more than its fair market value on the date of your election. Special restrictions may apply to purchasing shares of Narragansett Bancorp common stock by 401(k) Plan participants who are subject to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, relating to the purchase and sale of securities by officers, directors, and principal stockholders of Narragansett Bancorp. If you are an officer of the Narragansett Bancorp who is restricted by regulation from selling shares of Narragansett Bancorp common stock acquired in the reorganization and stock offering for one year, the Narragansett Bancorp common stock that you purchased in the reorganization and stock offering through the 401(k) Plan will not be tradable until the one-year trading restriction has lapsed. Voting Rights of Common Stock You may direct the 401(k) Plan trustee as to how to vote your shares of Narragansett Bancorp common stock held in the Narragansett Bancorp, Inc. Stock Fund, if permitted by BayCoast Bank. If the trustee does not receive your voting instructions, the trustee will be directed by BayCoast Bank to vote your shares in the same proportion as the voting instructions received from other participants related to their shares of Narragansett Bancorp common stock held by the 401(k) Plan, provided that such vote is made in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). All voting instructions will be kept confidential.Contents

DESCRIPTION OF THE 401(k) PLAN


		Investment in Narragansett Bancorp common stock involves risks common to investments in shares of common stock. For a discussion of material risks you should consider, see the “Risk Factors” section of the attached prospectus and the section of the prospectus supplement called “Notice of Your Rights Concerning Employer Securities” (see below). The portion of your 401(k) Plan account invested in the Narragansett Bancorp, Inc. Stock Fund will be reported to you on your regular 401(k) Plan participant statements. You can also go online at any time to www.principal.com or call (800) 547-7754 (toll-free) to review your account balances.

Minimum and Maximum Investment		In connection with the stock offering, the 401(k) Plan will permit you to use up to 75% of your 401(k) Plan account balance for the purchase of Narragansett Bancorp common stock in the stock offering. The trustee of the 401(k) Plan will subscribe for shares of Narragansett Bancorp common stock offered for sale in the stock offering, in accordance with each participant’s direction. The trustee will pay $10.00 per share, which will be the same price paid by all other persons who purchase shares in the stock offering. To purchase Narragansett Bancorp common stock through the 401(k) Plan, the minimum investment is $250, which will purchase 25 shares. No individual may purchase more than $300,000 (30,000 shares) of Narragansett Bancorp common stock. Furthermore, no person or entity, together with associates or persons acting in concert with such person or entity, may purchase more than $500,000 (50,000 shares) of Narragansett Bancorp common stock in all categories of the stock offering combined. See the prospectus for further details regarding additional maximum purchase limits for investors in the stock offering.

Value of the Plan Assets		As of March 31, 2026, the market value of the assets of the 401(k) Plan attributable to active and former employees of BayCoast Bank was approximately $89,401,650.

How to Order Stock in the Offering		• You can elect to transfer up to 75% of your current 401(k) Plan account balance (in whole dollar amounts) to the Stock Purchase option, which will be used by the 401(k) Plan trustee to purchase shares of Narragansett Bancorp common stock. This is done by following the procedures described below. Note the following conditions concerning this election: • Your election is subject to a minimum purchase of 25 shares of common stock, which equals $250. Your election, plus any order you placed outside the 401(k) Plan, are together subject to a maximum purchase limit of no more than 30,000 shares of Narragansett Bancorp common stock, which equals $300,000. The prospectus describes an additional purchase limitation of 50,000 shares of Narragansett Bancorp common stock, which equals $500,000, for an individual, together with associates or persons acting in concert with such individual. • The election period for the 401(k) Plan purchases ends at 4:00 p.m., Eastern time, on September 10, 2026 (the “Plan Purchase Period”). • Your election to purchase common stock in the stock offering through the 401(k) Plan will be accepted by Principal Financial Group, the recordkeeper of the 401(k) Plan. After your election is accepted by

~~Introduction~~4

General.Table BayCoast Bank originally adopted the 401(k) Plan effective as of February 1, 1991. In connection with the reorganization and stock offering, BayCoast Bank is allowing participants to purchase common stock of Narragansett Bancorp in their accounts in the 401(k) Plan and BayCoast Bank has amended the 401(k) Plan to allow investments in Narragansett Bancorp common stock. The 401(k) Plan is a tax-qualified plan with a cash or deferred compensation feature established in accordance with the requirements under Section 401(a) and Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). Contents

~~BayCoast~~Principal ~~Bank~~Financial ~~intends~~Group, it will be rounded down to the closest dollar amount divisible by $10.00 and will be used by the trustee to purchase shares of Narragansett Bancorp common stock sold in the reorganization and stock offering. This difference will remain in the Stock Purchase option until the completion of the reorganization and stock offering, which is expected to be several weeks after the Plan Purchase Period ends. At that time, the Narragansett Bancorp common stock purchased based on your election will be transferred to the 401(k) Plan, inand ~~operation,~~any remaining funds will ~~comply~~ ~~with~~be transferred out of the ~~requirements~~Stock Purchase option for investment in other funds under ~~Section~~ the 401(ak) Plan, based on your election currently on file for future contributions. • The amount you elect to transfer to the Stock Purchase option will be held separately until the completion of the reorganization and ~~Section~~ stock offering. Therefore, this money is not available for distributions, loans, or withdrawals until the reorganization and stock offering is completed, which is expected to be several weeks after the 401(k) Plan Purchase Period ends. • Following the completion of the ~~Code.~~reorganization ~~BayCoast~~and ~~Bank~~stock offering, your purchased shares of Narragansett Bancorp common stock will ~~adopt~~be ~~amendments~~reflected in your 401(k) Plan account through the Narragansett Bancorp, Inc. Stock Fund. You may continue to invest in the Narragansett Bancorp, Inc. Stock Fund following the stock offering and may use up to 50% of the amounts contributed to the 401(k) Plan ~~that~~on ~~may~~your bebehalf ~~necessary~~to purchase shares of stock. Follow the steps outlined below to ~~ensure~~make your election to use your account balance in the ~~continuing~~401(k) ~~qualified~~Plan ~~status~~to purchase shares of Narragansett Bancorp, Inc. common stock in the stock offering. You are allowed only one election to transfer funds to the Stock Purchase option. • Go to www.principal.com and log into your 401(k) Plan ~~under~~account. In Account Login, click on drop down and choose “Personal,” then “GO.” Enter your Username and Password. If you have not established your Username and Password, click on the ~~Code~~link “Establish your Username and ~~applicable~~ ~~Treasury~~Password”, ~~Regulations~~and follow the prompts. • On your Personal Summary Page, choose the line for the 401(k) Plan as adopted by BayCoast Bank Plan and click on “View Details” for your 401(k) Plan account. • When you reach “Your Account Overview,” click on “Investments” across the top navigation of the screen, and then click on “Change Investments.” • Select “Choose to build your own portfolio,” click “Build you own investment mix.” • Select “Apply changes to my current account balance only. New contributions will not be affected.” • Click “Move one or more investments while keeping the rest as-is.” • Click on “Advanced Transfer Features,” choose “dollars,” then choose “Transfer from one investment to another.”

ERISA.Table The 401(k) Plan is an “individual account plan” other than a “money purchase pension plan” within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). As such, the 401(k) Plan is subject to all the provisions of Title I (Protection of Employee Benefit Rights) and Title II (Amendments to the Code Relating to Retirement Plans) of ERISA, except for the funding requirements contained in Part 3 of Title I of ERISA, which by their terms do not apply to an individual account plan (other than a money purchase plan). The 401(k) Plan is not subject to Title IV (Plan Termination Insurance) of ERISA. The funding requirements contained in Title IV of ERISA are not applicable to participants or beneficiaries under the 401(k) Plan. Contents

Reference to Full Text of Plan. This prospectus supplement summarizes certain provisions of the 401(k) Plan. These summaries are not complete and are qualified in their entirety by the full text of the 401(k) Plan. Copies of the 401(k) Plan are available to all employees by going to www.Principal.com.


		• Then enter the amount you would like to transfer “From” each investment. When you have completed transferring “From” each investment, click on “Continue.” • Enter the dollars that you will be transferring into the Stock Purchase account. The Stock Purchase account is a money market investment that will hold the funds until the reorganization and stock offering is concluded. All the funds that you transferred “From” other investments must be transferred to another investment. All the dollars must be transferred “To” another investment. When you have completed the “To” portion of the transaction, click on “Continue.” You will be taken to a confirmation page. Review your transaction for accuracy. If you need to make changes, click on “Cancel” or “Start Over” or “Previous” to make changes. If the information is correct, click on “Submit Request” to authorize Principal Life Insurance Company to process the request. You will receive a communication in your Message Center confirming your transaction. After you completed your online election, you will also need to complete the Stock Information Form and return it either by emailing it to Michelle Rivera, Vice President, Human Resources, at mrivera@baycoastbank.com, by faxing it to (508) 675-4345 or by delivering it in person, to be received by Michelle Rivera, Vice President, Human Resources, BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777.

Order Deadline		You must make your election online at www.principal.com and return your Stock Information Form by emailing it to Michelle Rivera, Vice President, Human Resources, at mrivera@baycoastbank.com, by faxing it to (508) 675-4345 or by delivering it in person, to be received by Michelle Rivera, Vice President, Human Resources, BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777; telephone number (508) 675-4424; to be received no later than 4:00 p.m., Eastern time, on September 10, 2026.

Irrevocability of Transfer Direction		Once you make an election to transfer amounts to the Stock Purchase option to be used by the 401(k) Plan trustee to purchase Narragansett Bancorp common stock in connection with the reorganization and stock offering, you may not change your election. Your election is irrevocable. You will, however, continue to have the ability to transfer amounts not directed towards the purchase of Narragansett Bancorp common stock among all the other investment funds on a daily basis.

Future Direction to Purchase and Sell Common Stock		You will be able to purchase Narragansett Bancorp common stock after the completion of the reorganization and stock offering through the 401(k) Plan by investing your future contributions through the Narragansett Bancorp, Inc. Stock Fund, provided, that no more than 50% of your future contributions (both employer and employee) may be invested in the Narragansett Bancorp, Inc. Stock Fund. Additionally, after the completion of the reorganization and stock offering, you will be able to transfer no more than 50% of your account balance to the Narragansett Bancorp, Inc. Stock Fund.

~~Eligibility~~6 ~~and Participation~~

BayCoastTable Bank employees generally become eligible to enter the 401(k) Plan as participants upon their attainment of age 18 and the completion of one month of service. Contents

AsAfter the completion of ~~March 31~~the reorganization and stock offering, ~~2026~~to the extent that shares are available, ~~there~~the ~~were~~trustee ~~approximately~~of ~~688~~the 401(k) Plan will acquire shares of Narragansett Bancorp common stock at your election in open market transactions at the prevailing price, which may be less than or more than $10.00 per share. In addition, a brokerage commission of $0.01 per share of stock purchased will be charged. You may change your investment allocation on a daily basis. However, your ability to buy or sell Narragansett Bancorp common stock within the 401(k) Plan largely depends upon the existence of an active market for the stock. If Narragansett Bancorp common stock is illiquid (meaning there are few buyers and ~~former~~sellers ~~employees~~of ~~with~~the ~~account~~stock) ~~balances~~on the date you elect to buy or sell Narragansett Bancorp common stock within the 401(k) Plan, your election may not be immediately processed. As a result, the prevailing price for Narragansett Bancorp, Inc. common stock may be less or more than its fair market value on the date of your election. Special restrictions may apply to purchasing shares of Narragansett Bancorp common stock by 401(k) Plan participants who are subject to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, relating to the purchase and sale of securities by officers, directors, and principal stockholders of Narragansett Bancorp. If you are an officer of the Narragansett Bancorp who is restricted by regulation from selling shares of Narragansett Bancorp common stock acquired in the reorganization and stock offering for one year, the Narragansett Bancorp common stock that you purchased in the reorganization and stock offering through the 401(k) Plan will not be tradable until the one-year trading restriction has lapsed. Voting Rights of Common Stock You may direct the 401(k) Plan trustee as to how to vote your shares of Narragansett Bancorp common stock held in the Narragansett Bancorp, Inc. Stock Fund, if permitted by BayCoast Bank. If the trustee does not receive your voting instructions, the trustee will be directed by BayCoast Bank to vote your shares in the same proportion as the voting instructions received from other participants related to their shares of Narragansett Bancorp common stock held by the 401(k) Plan, provided that such vote is made in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). All voting instructions will be kept confidential.

~~Contributions~~DESCRIPTION ~~Under~~OF ~~the~~THE ~~Plan~~401(k) PLAN

~~Elective~~Introduction Deferrals. Participants are permitted to defer up to 75% of their compensation as of the date they become a participant in the 401(k) Plan but may choose a different percentage or choose not to defer at all. The amounts of deferrals are also subject to certain restrictions imposed by the Code. For 2026, participants may defer up to $24,500 and may defer an additional $8,000 if they qualify for catch-up contributions as described in the next paragraph. The compensation of each participant taken into account under the 401(k) Plan is limited by the Code, and for 2026 the limit is $360,000 (this limit may change on an annual basis). Canceling or changing a participant’s contribution percentage can be accomplished by going to www.Principal.com.

~~Catch-up Contributions~~General. IfBayCoast aBank ~~participant~~originally ~~has~~adopted ~~made~~ the ~~maximum~~401(k) ~~amount~~Plan effective as of ~~elective deferrals~~February 1, ~~allowed~~1991. byIn connection with the reorganization ~~401(k)~~and ~~Plan~~stock oroffering, ~~other~~BayCoast ~~legal~~Bank ~~limits~~is ~~and~~allowing ~~has~~participants ~~attained~~to atpurchase ~~least~~common ~~age~~stock 50of ~~(or~~Narragansett ~~will~~Bancorp ~~reach~~in ~~age~~their 50accounts ~~before~~in the ~~end~~401(k) ofPlan ~~the~~and ~~tax~~BayCoast ~~year,~~Bank ~~which~~has isamended ~~December~~the 31401(k), ~~that~~Plan ~~participant~~to isallow ~~also~~investments ~~eligible~~in toNarragansett Bancorp ~~make~~common anstock. ~~additional~~The ~~catch-up~~401(k) ~~contribution.~~Plan ~~For~~is ~~2026,~~a ~~the~~tax-qualified ~~maximum~~plan ~~catch-up~~with ~~contribution~~a iscash ~~$8,000.~~or Adeferred ~~participant~~compensation ~~may~~feature ~~authorize~~established ~~BayCoast~~in ~~Bank~~accordance towith ~~withhold~~the arequirements ~~specified~~under ~~dollar~~Section 401(a) ~~amount~~and Section 401(k) of the ~~his~~Internal orRevenue ~~her compensation~~Code ~~for~~of ~~this~~1986, ~~purpose~~as amended (the “Code”).

~~Employer Contributions.~~ BayCoast Bank ~~currently~~intends ~~makes~~that athe ~~matching~~401(k) ~~contribution~~Plan, ~~tied~~in tooperation, will ~~participant~~comply ~~deferrals~~with the requirements under ~~the~~Section 401(a) and Section 401(k) ~~Plan~~of the Code. BayCoast Bank ~~reserves~~will ~~the~~adopt ~~right~~amendments to ~~eliminate~~the or401(k) ~~modify~~Plan that may be necessary to ensure the ~~amount~~continuing ofqualified ~~this~~status ~~contribution~~of atthe ~~any~~401(k) ~~time~~Plan ~~and~~under ~~from~~the ~~time~~Code toand applicable ~~time~~Treasury Regulations.

~~Limitations~~7 ~~on Contributions~~

ContributionTable Limits. For the tax year beginning January 1, 2026, the amount of a participant’s elective deferrals may not exceed $24,500 per calendar year, or $32,500, if the participant is eligible to make catch-up contributions. Contributions in excess of this limit are known as excess deferrals. If a participant defers amounts in excess of this limitation, his or her gross income for federal income tax purposes will include the excess in the year of the deferral. In addition, unless the excess deferral is distributed before April 15 of the following year, it will be taxed again in the year distributed. Income on the excess deferral distributed by April 15 of the immediately succeeding year will be treated, for federal income tax purposes, as earned and received by the participant in the tax year in which the contribution is made. Contents

ERISA. The ~~total~~401(k) ~~amount~~Plan ofis ~~contributions~~an ~~that~~“individual account plan” other than a ~~participant~~“money ~~makes,~~purchase ~~and~~pension ~~any~~plan” ~~contribution~~within ~~made by~~the ~~BayCoast~~meaning ~~Bank~~of ~~makes~~the onEmployee aRetirement ~~participant’s~~Income ~~behalf~~Security toAct of 1974, as amended (“ERISA”). As such, the 401(k) Plan is subject to all the provisions of Title I (Protection of Employee Benefit Rights) and ~~other~~Title ~~defined~~II ~~contribution~~(Amendments ~~tax-qualified~~to ~~retirement~~the ~~plans~~Code Relating to Retirement Plans) of ERISA, except for the funding requirements contained in ~~one~~Part ~~year~~3 of Title I of ERISA, which by their terms do not apply to an individual account plan (other than a money purchase plan). The 401(k) Plan is ~~generally~~not ~~limited~~subject to ~~the~~Title ~~lesser~~IV (Plan Termination Insurance) of ~~100%~~ERISA. The funding requirements contained in Title IV of ~~the participant’s~~ERISA ~~compensation~~are not applicable to participants or ~~$72,000~~beneficiaries ~~(for~~under ~~2026~~the 401(k) Plan.

~~Rollovers~~Reference to Full Text of Plan. ~~Participants~~This ~~may~~prospectus ~~make~~supplement asummarizes ~~rollover~~certain ~~contribution~~provisions of an ~~eligible~~the ~~rollover~~401(k) ~~distribution~~Plan. ~~from~~These summaries ~~any~~are ~~other~~not ~~qualified~~complete ~~retirement~~and ~~plan~~are orqualified anin ~~individual~~their ~~retirement~~entirety ~~arrangement~~by ~~(IRA).~~the ~~These~~full ~~funds~~text ~~will~~of bethe ~~maintained~~401(k) inPlan. aCopies ~~separate~~of ~~rollover~~the ~~account~~401(k) inPlan ~~which~~are ~~the~~available ~~participant~~to ~~will~~all ~~have~~employees aby ~~nonforfeitable~~going ~~vested interest~~to www.Principal.com.

8Eligibility and Participation

~~Benefits~~BayCoast ~~Under~~Bank employees generally become eligible to enter the 401(k) Plan as participants upon their attainment of age 18 and the completion of one month of service.

~~Vesting.~~As Atof ~~all~~March 31, ~~times~~2026, ~~participants~~there ~~have~~were aapproximately ~~fully~~688 ~~vested,~~active ~~nonforfeitable~~and ~~interest~~former inemployees ~~the~~with ~~portion of their~~ account ~~balance attributable~~balances toin ~~elective deferrals and employer contributions under~~ the 401(k) Plan.

~~Distribution~~Contributions atUnder ~~Termination of Employment. Participants will be entitled to receive a distribution of~~ the ~~vested amounts in your account when their employment terminates for any reason. A participant’s benefit will be equal to the vested balance of the participant’s account. The 401(k)~~ Plan will make involuntary cash-out distributions of vested account balances in accordance with the 401(k) Plan. If a participant is not a 5% or more owner of his or her employer, their required benefit commencement date is the April 1st following the close of the year in which the later of the following occurs: they attain age 72 1⁄2 or they terminate employment.

~~Distribution After~~Elective ~~Death~~Deferrals. Participants are permitted to defer up to 75% of ~~Participant.~~their Ifcompensation aas of the date they become a participant ~~dies,~~in the ~~value~~401(k) Plan but may choose a different percentage or choose not to defer at all. The amounts of deferrals are also subject to certain restrictions imposed by the ~~participant’s~~Code. ~~entire~~For ~~account~~2026, ~~will~~participants bemay ~~payable~~defer up to $24,500 and may defer an additional $8,000 if they qualify for catch-up contributions as described in the next paragraph. The compensation of each participant’s ~~beneficiary~~taken ininto ~~accordance~~account ~~with~~under the 401(k) Plan is limited by the Code, and for 2026 the limit is $360,000 (this limit may change on an annual basis). Canceling or changing a participant’s contribution percentage can be accomplished by going to www.Principal.com.

~~Investment~~Catch-up Contributions. If a participant has made the maximum amount of ~~Contributions~~elective deferrals allowed by the 401(k) Plan or other legal limits and ~~Account~~has ~~Balances~~attained at least age 50 (or will reach age 50 before the end of the tax year, which is December 31), that participant is also eligible to make an additional catch-up contribution. For 2026, the maximum catch-up contribution is $8,000. A participant may authorize BayCoast Bank to withhold a specified dollar amount of his or her compensation for this purpose.

~~All~~Employer ~~amounts~~Contributions. ~~credited~~BayCoast toBank acurrently ~~participant’s~~makes ~~account~~a ~~under~~matching ~~the~~contribution ~~401(k)~~tied ~~Plan are held in the 401(k) Plan trust (the “Trust”), which~~to isparticipant ~~administered~~deferrals byunder the ~~trustee of the~~ 401(k) Plan. ~~Before~~BayCoast ~~the~~Bank ~~effective~~reserves ~~date of~~ the ~~stock~~right ~~offering,~~to ~~participants~~eliminate ~~were~~or ~~provided~~modify the ~~opportunity~~amount ~~to direct the investments~~ of ~~their~~this ~~accounts~~contribution ~~into~~at ~~one~~any oftime ~~the~~and ~~investment~~from ~~options~~time ~~described~~to ~~below~~time.

~~Vanguard~~Limitations ~~500~~on ~~Index~~Contributions ~~Admiral Fund~~

~~Capital~~Contribution ~~Group~~Limits. ~~Growth~~For ~~Fund~~the tax year beginning January 1, 2026, the amount of ~~America~~a Eparticipant’s ~~Separate~~elective deferrals ~~Account~~may not exceed $24,500 per calendar year, or $32,500, if the participant is eligible to make catch-E1up contributions. Contributions in excess of this limit are known as excess deferrals. If a participant defers amounts in excess of this limitation, his or her gross income for federal income tax purposes will include the excess in the year of the deferral. In addition, unless the excess deferral is distributed before April 15 of the following year, it will be taxed again in the year distributed. Income on the excess deferral distributed by April 15 of the immediately succeeding year will be treated, for federal income tax purposes, as earned and received by the participant in the tax year in which the contribution is made.

~~Vanguard~~The ~~Mid~~total amount of contributions that a participant makes, and any contribution made by BayCoast Bank makes on a participant’s behalf to the 401(k) Plan and other defined contribution tax-~~Cap~~qualified ~~Value~~retirement ~~Index~~plans ~~Admiral~~in ~~Fund~~one year is generally limited to the lesser of 100% of the participant’s compensation or $72,000 (for 2026).

~~Vanguard~~8 ~~Strategic Equity Investor Fund~~

VanguardTable Smallof Cap Value Index Admiral Fund Contents

~~Principal~~Rollovers. ~~Global~~Participants ~~Investors~~may ~~SmallCap~~make ~~S&P~~a ~~600~~rollover ~~Index~~contribution ~~Separate~~of ~~Account-Z~~an eligible rollover distribution from any other qualified retirement plan or an individual retirement arrangement (IRA). These funds will be maintained in a separate rollover account in which the participant will have a nonforfeitable vested interest.

~~Capital~~Benefits ~~Research~~Under ~~and~~the ~~Management~~401(k) ~~Company~~Plan ~~American Funds New World R6 Fund~~

~~Vanguard~~Vesting. ~~Developed~~At ~~Markets~~all ~~Index~~times, ~~Admiral~~participants ~~Fund~~have a fully vested, nonforfeitable interest in the portion of their account balance attributable to elective deferrals and employer contributions under the 401(k) Plan.

~~Capital~~Distribution ~~Group~~at ~~EUPAC~~Termination Eof Employment. ~~Separate~~Participants ~~Account~~will be entitled to receive a distribution of the vested amounts in your account when their employment terminates for any reason. A participant’s benefit will be equal to the vested balance of the participant’s account. The 401(k) Plan will make involuntary cash-E1out distributions of vested account balances in accordance with the 401(k) Plan. If a participant is not a 5% or more owner of his or her employer, their required benefit commencement date is the April 1st following the close of the year in which the later of the following occurs: they attain age 72 1⁄2 or they terminate employment.

~~Vanguard~~Distribution After ~~Target~~Death ~~Retirement~~of ~~Income~~Participant. ~~Investor~~If ~~Fund~~a participant dies, the value of the participant’s entire account will be payable to the participant’s beneficiary in accordance with the 401(k) Plan.

~~Vanguard~~Investment ~~Target~~of ~~Retirement~~Contributions ~~2020~~and ~~Investor~~Account ~~Fund~~Balances

~~Vanguard~~All ~~Target~~amounts ~~Retirement~~credited ~~2025~~to ~~Investor~~a ~~Fund~~participant’s account under the 401(k) Plan are held in the 401(k) Plan trust (the “Trust”), which is administered by the trustee of the 401(k) Plan. Before the effective date of the stock offering, participants were provided the opportunity to direct the investments of their accounts into one of the investment options described below.

Vanguard ~~Target~~500 ~~Retirement~~Index ~~2030~~Admiral ~~Investor~~ Fund

~~Vanguard~~Capital ~~Target~~Group ~~Retirement~~Growth ~~2035~~Fund ~~Investor~~of ~~Fund~~America E Separate Account-E1

Vanguard ~~Target~~Mid-Cap ~~Retirement~~Value ~~2040~~Index ~~Investor~~Admiral Fund

Vanguard ~~Target~~Strategic ~~Retirement~~Equity ~~2045~~ Investor Fund

Vanguard ~~Target~~Small ~~Retirement~~Cap ~~2050~~Value ~~Investor~~Index Admiral Fund

~~Vanguard~~Principal ~~Target~~Global ~~Retirement~~Investors ~~2055~~SmallCap ~~Investor~~S&P ~~Fund~~600 Index Separate Account-Z

~~Vanguard~~Capital ~~Target~~Research ~~Retirement~~and ~~2060~~Management ~~Investor~~Company American Funds New World R6 Fund

Vanguard ~~Target~~Developed ~~Retirement~~Markets ~~2065~~Index ~~Investor~~Admiral Fund

~~Vanguard~~Capital ~~Target~~Group ~~Retirement~~EUPAC ~~2070~~E ~~Investor~~Separate ~~Fund~~Account-E1

~~Lord~~Vanguard ~~Abbett~~Target ~~Short~~Retirement ~~Duration~~ Income R6 Investor Fund

Vanguard ~~Federal~~Target ~~Money~~Retirement ~~Market~~2020 Investor ~~Investor~~ Fund

~~Capital~~Vanguard ~~Research~~Target ~~and~~Retirement ~~Management~~2025 ~~Company~~Investor ~~American Funds Capital World Bond R6~~ Fund

Vanguard ~~Long-Term~~Target ~~Investment-Grade~~Retirement ~~Bond~~2030 ~~Admiral~~Investor Fund

~~Dodge &~~Vanguard ~~Cox~~Target ~~Income~~Retirement X2035 Investor Fund

9Vanguard Target Retirement 2040 Investor Fund

~~Performance~~Vanguard ~~History~~Target Retirement 2045 Investor Fund

~~The~~Vanguard ~~following~~Target ~~table~~Retirement ~~provides~~2050 ~~performance~~Investor ~~data~~Fund ~~with respect to the investment funds in the 401(k) Plan:~~

	Average Annual Total Return (%)(as of March 31, 2026)
Investment Option Name	1-Year		3-Year		5-Year		10-Year
Vanguard 500 Index Admiral Fund		17.75		18.27		12.02		14.12
Capital Group Growth Fund of America E Separate Account-E1		17.69		20.64		9.63		—
Vanguard Mid-Cap Value Index Admiral Fund		17.21		13.73		8.86		10.24
Vanguard Strategic Equity Investor Fund		25.50		16.65		10.63		12.02
Vanguard Small Cap Value Index Admiral Fund		18.94		13.37		7.84		10.11
Principal Global Investors SmallCap S&P 600 Index Separate Account-Z		20.56		10.50		4.42		9.84
Capital Research and Mgmt Co American Funds New World R6 Fund		24.59		13.85		5.13		9.73
Vanguard Developed Markets Index Admiral Fund		29.60		15.96		8.80		9.20
Capital Group EUPAC E Separate Account-E1		22.24		11.69		4.09		—
Vanguard Target Retirement Income Inv Fund		9.30		7.85		3.71		5.04
Vanguard Target Retirement 2020 Inv Fund		10.37		8.90		4.41		6.64
Vanguard Target Retirement 2025 Inv Fund		13.02		10.64		5.36		7.63
Vanguard Target Retirement 2030 Inv Fund		14.79		11.80		6.09		8.40
Vanguard Target Retirement 2035 Inv Fund		16.16		12.83		6.79		9.16
Vanguard Target Retirement 2040 Inv Fund		17.57		13.85		7.50		9.91
Vanguard Target Retirement 2045 Inv Fund		18.92		14.82		8.18		10.51
Vanguard Target Retirement 2050 Inv Fund		20.35		15.63		8.67		10.78
Vanguard Target Retirement 2055 Inv Fund		20.34		15.63		8.67		10.77
Vanguard Target Retirement 2060 Inv Fund		20.35		15.63		8.67		10.77
Vanguard Target Retirement 2065 Inv Fund		20.32		15.61		8.68		—
Vanguard Target Retirement 2070 Inv Fund		20.34		15.63		—		—
Lord Abbett Short Duration Income R6 Fund		4.85		5.20		2.67		2.97
Vanguard Federal Money Market Investor Fund		4.05		4.77		3.38		2.23
Capital Research and Mgmt Co American Funds Capital World Bond R6 Fund		3.99		2.53		-1.71		0.81
Vanguard Long-Term Investment-Grade Bond Admiral Fund		3.57		2.33		-1.85		2.03
Dodge & Cox Income X Fund		5.43		5.07		1.65		3.15

Vanguard Target Retirement 2055 Investor Fund

~~Description~~Vanguard ofTarget ~~the~~Retirement ~~Investment~~2060 ~~Funds~~Investor Fund

Vanguard ~~500~~Target ~~Index~~Retirement ~~Admiral~~2065 Investor Fund

~~The investment~~Vanguard ~~seeks~~Target toRetirement ~~track~~2070 ~~the~~Investor ~~performance~~Fund of the Standard & Poor’s 500 Index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor’s 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The fund is non-diversified.

~~Capital~~Lord ~~Group~~Abbett ~~Growth~~Short ~~Fund~~Duration ofIncome ~~America~~R6 EInvestor ~~Separate~~Fund ~~Account-E1~~

~~The~~Vanguard ~~investment~~Federal ~~seeks~~Money ~~growth~~Market ofInvestor ~~capital.~~Investor ItFund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. It may invest up to 25% of its assets in securities of issuers domiciled outside the United States. The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio is divided into segments managed by individual managers who decide how their respective segments will be invested.

10Capital Research and Management Company American Funds Capital World Bond R6 Fund

Vanguard ~~Mid~~Long-~~Cap~~Term ~~Value~~Investment-Grade ~~Index~~Bond Admiral Fund

~~The~~Dodge & ~~investment~~Cox ~~seeks~~Income toX ~~track~~Fund the performance of the CRSP US Mid Cap Value Index that measures the investment return of mid-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

~~Vanguard~~9 ~~Strategic Equity Investor Fund~~

TheTable investment seeks long-term capital appreciation. The fund invests in small- and mid-capitalization domestic equity securities based on the advisor’s assessment of the relative return potential of the securities. The advisor selects securities that the advisor believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers. The advisor does this by using a quantitative process to evaluate all of the securities in the benchmark, the MSCI U.S. Small + Mid Cap 2200 Index, while seeking to maintain a risk profile similar to that of the index. Contents

~~Vanguard~~Performance ~~Small~~History ~~Cap Value Index Admiral Fund~~

The ~~investment~~following ~~seeks~~table toprovides ~~track the~~ performance ofdata ~~the~~with ~~CRSP~~respect USto ~~Small Cap Value Index that measures~~ the investment ~~return~~funds of small-capitalization value stocks. The fund advisor employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the ~~stocks~~401(k) ~~that~~Plan: ~~make up the index, holding each stock in approximately the same proportion as its weighting in the index.~~

Principal Global Investors SmallCap S&P 600 Index Separate Account-Z


	Average Annual Total Return (%) (as of March 31, 2026)
Investment Option Name	1-Year		3-Year		5-Year		10-Year
Vanguard 500 Index Admiral Fund		17.75		18.27		12.02		14.12
Capital Group Growth Fund of America E Separate Account-E1		17.69		20.64		9.63		–
Vanguard Mid-Cap Value Index Admiral Fund		17.21		13.73		8.86		10.24
Vanguard Strategic Equity Investor Fund		25.50		16.65		10.63		12.02
Vanguard Small Cap Value Index Admiral Fund		18.94		13.37		7.84		10.11
Principal Global Investors SmallCap S&P 600 Index Separate Account-Z		20.56		10.50		4.42		9.84
Capital Research and Mgmt Co American Funds New World R6 Fund		24.59		13.85		5.13		9.73
Vanguard Developed Markets Index Admiral Fund		29.60		15.96		8.80		9.20
Capital Group EUPAC E Separate Account-E1		22.24		11.69		4.09		—
Vanguard Target Retirement Income Inv Fund		9.30		7.85		3.71		5.04
Vanguard Target Retirement 2020 Inv Fund		10.37		8.90		4.41		6.64
Vanguard Target Retirement 2025 Inv Fund		13.02		10.64		5.36		7.63
Vanguard Target Retirement 2030 Inv Fund		14.79		11.80		6.09		8.40
Vanguard Target Retirement 2035 Inv Fund		16.16		12.83		6.79		9.16
Vanguard Target Retirement 2040 Inv Fund		17.57		13.85		7.50		9.91
Vanguard Target Retirement 2045 Inv Fund		18.92		14.82		8.18		10.51
Vanguard Target Retirement 2050 Inv Fund		20.35		15.63		8.67		10.78
Vanguard Target Retirement 2055 Inv Fund		20.34		15.63		8.67		10.77
Vanguard Target Retirement 2060 Inv Fund		20.35		15.63		8.67		10.77
Vanguard Target Retirement 2065 Inv Fund		20.32		15.61		8.68		—
Vanguard Target Retirement 2070 Inv Fund		20.34		15.63		—		—
Lord Abbett Short Duration Income R6 Fund		4.85		5.20		2.67		2.97
Vanguard Federal Money Market Investor Fund		4.05		4.77		3.38		2.23
Capital Research and Mgmt Co American Funds Capital World Bond R6 Fund		3.99		2.53		-1.71		0.81
Vanguard Long-Term Investment-Grade Bond Admiral Fund		3.57		2.33		-1.85		2.03
Dodge & Cox Income X Fund		5.43		5.07		1.65		3.15

~~The~~Description ~~investment seeks long-term growth~~ of ~~capital and normally invests~~ the ~~The~~Investment ~~investment~~Funds seeks long-term growth of capital and normally invests the majority of assets in common stocks of companies that compose the S&P SmallCap majority of assets in common stocks of companies that compose the S&P SmallCap 600 Index. Management attempts to mirror the investment performance of the index 600 Index. Management attempts to mirror the investment performance of the index by allocating assets in approximately the same weightings as the S&P 600 Index. by allocating assets in approximately the same weightings as the S&P 600 Index. Over the long-term, management seeks a very close correlation between the performance of the Separate Account before expenses and that of the S&P 600 performance of the Separate Account before expenses and that of the S&P 600 Index. Index.

~~Capital~~Vanguard ~~Research~~500 ~~and~~Index ~~Management~~Admiral ~~Company American Funds New World R6~~ Fund

The investment seeks ~~long-term~~to ~~capital~~track ~~appreciation~~the performance of the Standard & Poor’s 500 Index that measures the investment return of large-capitalization stocks. The fund ~~invests~~employs ~~primarily~~an inindexing ~~common~~investment ~~stocks~~approach ofdesigned ~~companies~~to ~~with~~track ~~significant~~the ~~exposure~~performance toof the ~~developing~~Standard & ~~countries.~~Poor’s ~~The~~500 ~~securities~~Index, ~~markets~~a widely recognized benchmark of ~~these~~U.S. ~~countries~~stock ~~may~~market beperformance ~~referred~~that tois asdominated ~~emerging~~by ~~markets~~the orstocks ~~frontier~~of ~~markets~~large U.S. ~~Under~~companies. ~~normal~~The ~~market~~advisor ~~conditions,~~attempts to replicate the ~~fund~~target ~~invests~~index atby ~~least~~investing ~~35%~~all, or substantially all, of its assets in ~~equity~~the ~~and~~stocks ~~debt~~that ~~securities~~make ofup ~~issuers domiciled~~the index, holding each stock in ~~qualified~~approximately ~~developing~~the ~~countries~~same proportion as its weighting in the index. The fund is non-diversified.

~~Vanguard~~Capital ~~Developed~~Group ~~Markets~~Growth ~~Index~~Fund ~~Admiral~~of ~~Fund~~America E Separate Account-E1

The investment seeks togrowth ~~track the performance~~ of ~~the FTSE Developed All Cap ex U~~capital.S. ~~Index.~~It ~~The~~invests ~~fund~~primarily ~~employs~~in ancommon ~~indexing~~stocks ~~investment~~and ~~approach designed~~seeks to ~~track~~invest ~~the~~in ~~performance~~companies ofthat ~~the~~appear ~~FTSE~~to ~~Developed~~offer ~~All~~superior opportunities ~~Cap~~for exgrowth Uof capital.S. ~~Index,~~It amay ~~market-capitalization-weighted~~invest ~~index that is made~~ up ofto ~~approximately~~25% ~~3,957 common stocks~~ of ~~large-,~~its ~~mid-,~~assets ~~and small-cap companies located~~ in ~~Canada~~securities ~~and the major markets~~ of ~~Europe~~issuers ~~and~~domiciled outside the ~~Pacific~~United ~~region~~States. The ~~Advisor~~investment ~~attempts~~adviser touses ~~replicate~~a ~~the~~system ~~target~~of ~~index~~multiple byportfolio ~~investing~~managers ~~all,~~in ormanaging ~~substantially~~the ~~all,~~fund’s ~~of its~~ assets. inUnder this approach, the ~~stocks that~~portfolio ~~make~~is updivided ~~the~~into ~~index,~~segments ~~holding~~managed ~~each~~by ~~stock~~individual inmanagers ~~approximately~~who ~~the~~decide ~~same~~how ~~proportion~~their asrespective ~~its~~segments ~~weighting~~will inbe ~~the index~~invested.

1110

CapitalTable Groupof EUPAC E Separate Account-E1 Contents

~~The~~Vanguard ~~investment seeks long~~Mid-~~term~~Cap ~~growth~~Value ofIndex ~~capital.~~Admiral ItFund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. The investment may invest a portion of its assets in common stocks and other securities of companies in emerging markets.

~~Vanguard~~The ~~Target~~investment ~~Retirement~~seeks ~~Income~~to ~~Investor~~track ~~Fund~~the performance of the CRSP US Mid Cap Value Index that measures the investment return of mid-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

~~The investment seeks to provide current income and some capital appreciation. The fund invests in a mix of~~ Vanguard ~~mutual~~Strategic ~~funds~~Equity ~~according~~Investor ~~to an~~Fund asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

~~Vanguard~~The ~~Target~~investment ~~Retirement~~seeks ~~2020~~long-term ~~Investor~~capital ~~Fund~~appreciation. The fund invests in small- and mid-capitalization domestic equity securities based on the advisor’s assessment of the relative return potential of the securities. The advisor selects securities that the advisor believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers. The advisor does this by using a quantitative process to evaluate all of the securities in the benchmark, the MSCI U.S. Small + Mid Cap 2200 Index, while seeking to maintain a risk profile similar to that of the index.

~~The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of~~ Vanguard ~~mutual~~Small ~~funds~~Cap ~~according~~Value toIndex anAdmiral ~~asset~~Fund allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~Vanguard~~The ~~Target~~investment ~~Retirement~~seeks ~~2025~~to ~~Investor~~track ~~Fund~~the performance of the CRSP US Small Cap Value Index that measures the investment return of small-capitalization value stocks. The fund advisor employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

~~The~~Principal ~~investment~~Global ~~seeks~~Investors toSmallCap ~~provide~~S&P ~~capital~~600 ~~appreciation~~Index ~~and~~Separate ~~current~~Account-Z income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2025 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~Vanguard~~The ~~Target~~investment ~~Retirement~~seeks ~~2030~~long-term ~~Investor~~growth ~~Fund~~of capital and normally invests the The investment seeks long-term growth of capital and normally invests the majority of assets in common stocks of companies that compose the S&P SmallCap majority of assets in common stocks of companies that compose the S&P SmallCap 600 Index. Management attempts to mirror the investment performance of the index 600 Index. Management attempts to mirror the investment performance of the index by allocating assets in approximately the same weightings as the S&P 600 Index. by allocating assets in approximately the same weightings as the S&P 600 Index. Over the long-term, management seeks a very close correlation between the performance of the Separate Account before expenses and that of the S&P 600 performance of the Separate Account before expenses and that of the S&P 600 Index. Index.

~~The~~Capital ~~investment~~Research ~~seeks to provide capital appreciation~~ and ~~current~~Management ~~income~~Company ~~consistent~~American ~~with~~Funds ~~its~~New ~~current~~World ~~asset~~R6 ~~allocation.~~Fund The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2030 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~Vanguard~~The ~~Target~~investment ~~Retirement~~seeks ~~2035~~long-term ~~Investor~~capital ~~Fund~~appreciation. The fund invests primarily in common stocks of companies with significant exposure to developing countries. The securities markets of these countries may be referred to as emerging markets or frontier markets. Under normal market conditions, the fund invests at least 35% of its assets in equity and debt securities of issuers domiciled in qualified developing countries.

~~The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of~~ Vanguard ~~mutual~~Developed ~~funds~~Markets ~~according~~Index toAdmiral anFund asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

12The investment seeks to track the performance of the FTSE Developed All Cap ex U.S. Index. The fund employs an indexing investment approach designed to track the performance of the FTSE Developed All Cap ex U.S. Index, a market-capitalization-weighted index that is made up of approximately 3,957 common stocks of large-, mid-, and small-cap companies located in Canada and the major markets of Europe and the Pacific region. The Advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

~~Vanguard~~11 ~~Target Retirement 2040 Investor Fund~~

TheTable investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Contents

~~Vanguard~~Capital ~~Target~~Group ~~Retirement~~EUPAC ~~2045~~E ~~Investor~~Separate ~~Fund~~Account-E1

The investment seeks tolong-term ~~provide~~growth of capital. ~~appreciation~~It ~~and~~invests ~~current~~primarily ~~income~~in ~~consistent~~common ~~with~~stocks ~~its~~of ~~current~~issuers ~~asset~~in ~~allocation.~~Europe ~~The~~and ~~fund~~the ~~invests~~Pacific inBasin athat ~~mix~~the ofinvestment ~~Vanguard~~adviser ~~mutual~~believes ~~funds~~have ~~according~~the topotential anfor ~~asset~~growth. ~~allocation~~Growth ~~strategy~~stocks ~~designed~~are ~~for~~stocks ~~investors~~that ~~planning~~the toinvestment ~~retire~~adviser ~~and~~believes ~~leave~~have the ~~workforce~~potential infor orabove-average ~~within~~capital aappreciation. ~~few~~It ~~years~~normally ofwill ~~2045~~invest ~~(the~~at ~~target~~least ~~year).~~80% ~~The~~of ~~fund’s~~its ~~asset~~net ~~allocation~~assets ~~will~~in ~~become more conservative~~securities ~~over~~of ~~time,~~issuers ~~meaning~~in ~~that~~Europe and the ~~percentage~~Pacific ofBasin. ~~assets~~The ~~allocated~~investment tomay ~~stocks~~invest ~~will~~a ~~decrease~~portion ~~while the percentage~~ of its assets ~~allocated~~in tocommon ~~bonds~~stocks and other ~~fixed~~securities ~~income~~of ~~investments~~companies ~~will~~in ~~increase~~emerging markets.

Vanguard Target Retirement ~~2050~~Income Investor Fund

The investment seeks to provide ~~capital appreciation and~~ current income ~~consistent~~and ~~with~~some ~~its~~capital ~~current asset allocation~~appreciation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors ~~planning~~currently toin ~~retire~~retirement. ~~and~~Its ~~leave~~indirect ~~the~~bond ~~workforce~~holdings inare ~~or within~~ a ~~few~~diversified ~~years~~mix of ~~2050~~short-, ~~(the~~intermediate-, ~~target~~and ~~year)~~long-term U.S. ~~The~~government, ~~fund’s~~U.S. ~~asset~~agency, ~~allocation~~and ~~will~~investment-grade ~~become~~U.S. ~~more~~corporate ~~conservative~~bonds; ~~over~~inflation-protected ~~time,~~public ~~meaning~~obligations ~~that~~issued by the ~~percentage~~U.S. ofTreasury; ~~assets~~mortgage-backed ~~allocated~~and toasset-backed ~~stocks~~securities; ~~will~~and ~~decrease~~government, ~~while~~agency, ~~the~~corporate, ~~percentage~~and ofsecuritized ~~assets~~investment-grade ~~allocated~~foreign to bonds ~~and~~issued ~~other~~in ~~fixed~~currencies ~~income~~other ~~investments~~than ~~will~~the ~~increase~~U.S. dollar.

Vanguard Target Retirement ~~2055~~2020 Investor Fund

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of ~~2055~~2020 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Vanguard Target Retirement ~~2060~~2025 Investor Fund

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of ~~2060~~2025 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Vanguard Target Retirement ~~2065~~2030 Investor Fund

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of ~~2065~~2030 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

13Vanguard Target Retirement 2035 Investor Fund

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard ~~Target~~mutual ~~Retirement~~funds ~~2070~~according ~~Investor~~to ~~Fund~~an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~The~~12 investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds (underlying funds) according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2070 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

LordTable Abbettof Short Duration Income R6 Fund Contents

~~The~~Vanguard ~~investment~~Target ~~seeks~~Retirement a2040 ~~high~~Investor ~~level~~Fund of income consistent with preservation of capital. The fund invests in various types of short duration debt (or fixed income) securities. It invests at least 65% of its net assets in investment grade debt securities including corporate debt securities of U.S. issuers; corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars; mortgage backed, mortgage-related, and other asset-backed securities; and securities issued or guaranteed by the U.S. government, its agencies and instrumentalities; and inflation-linked investments.

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard ~~Federal~~mutual ~~Money~~funds ~~Market~~according ~~Investor~~to ~~Fund~~an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~The~~Vanguard ~~investment~~Target ~~seeks~~Retirement to2045 ~~provide~~Investor ~~current~~Fund income while maintaining liquidity and a stable share price of $1. The fund invests primarily in high-quality, short-term money market instruments. Under normal circumstances, at least 80% of the fund’s assets are invested in securities issued by the U.S. government and its agencies and instrumentalities. The adviser maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The fund generally invests 100% of its assets in U.S. government securities and therefore will satisfy the 99.5% requirement for designation as a government money market fund.

~~Capital~~The ~~Research~~investment seeks to provide capital appreciation and ~~Management~~current ~~Company~~income ~~American~~consistent ~~Funds~~with ~~Capital~~its ~~World~~current ~~Bond~~asset R6allocation. ~~Fund~~The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2045 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~The~~Vanguard ~~investment~~Target ~~seeks~~Retirement to2050 ~~provide~~Investor aFund high level of total return consistent with prudent investment management. The fund will invest at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. It invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars.

The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard ~~Long-Term~~mutual ~~Investment-Grade~~funds ~~Bond~~according ~~Admiral~~to ~~Fund~~an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2050 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~The~~Vanguard ~~investment~~Target ~~seeks~~Retirement to2055 ~~provide~~Investor aFund high and sustainable level of current income. Under normal circumstances, the fund will invest at least 80% of its assets in investment-grade securities (those of medium and high quality). It may invest in derivatives instruments, such as options, futures contracts, and other swap agreements. The fund uses multiple investment advisors. Each advisor independently selects and maintains a portfolio of securities for the fund.

~~Dodge &~~The ~~Cox~~investment ~~Income~~seeks Xto ~~Fund~~provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2055 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

~~The~~Vanguard ~~investment~~Target ~~seeks~~Retirement a2060 ~~high~~Investor ~~and~~Fund stable rate of current income, consistent with long-term preservation of capital; a secondary objective is capital appreciation. The fund invests in a diversified portfolio of bonds and other debt securities. The fund will invest at least 80% of its total assets in (1) investment-grade debt securities and (2) cash equivalents. “Investment grade” means securities rated Baa3 or higher by Moody’s Investors Service, or BBB- or higher by Standard & Poor’s Ratings Group or Fitch Ratings, or equivalently rated by any nationally recognized statistical rating organization, or, if unrated, deemed to be of similar quality by Dodge & Cox.

AnThe investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in ~~any~~a mix of ~~the~~Vanguard mutual funds ~~listed~~according ~~above~~to isan ~~not~~asset aallocation ~~bank~~strategy ~~deposit~~designed orfor ~~savings~~investors ~~account~~planning to retire and isleave ~~not~~the ~~insured~~workforce in or ~~guaranteed~~within bya ~~the~~few ~~Federal~~years ~~Deposit~~of ~~Insurance~~2060 ~~Corporation,~~ (the ~~Massachusetts~~target ~~Depositors~~year). ~~Insurance~~The ~~Fund~~fund’s orasset ~~any~~allocation ~~other~~will ~~government~~become ~~agency.~~more Asconservative over ~~with~~time, ~~any~~meaning ~~mutual~~that ~~fund investment,~~the ~~there~~percentage isof ~~always~~assets aallocated ~~risk~~to ~~that~~stocks ~~you~~will ~~may~~decrease ~~lose~~while ~~money~~the onpercentage ~~your~~of ~~investment~~assets inallocated ~~any~~to ofbonds ~~the~~and ~~funds~~other ~~listed~~fixed ~~above~~income investments will increase.

14Vanguard Target Retirement 2065 Investor Fund

~~Narragansett~~The ~~Bancorp~~investment ~~Stock~~seeks ~~Fund~~to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2065 (the target year). The fund’s asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

In13 connection with the reorganization and stock offering, the 401(k) Plan now offers the Narragansett Bancorp, Inc. Stock Fund as an additional choice among the investment options described above. The Narragansett Bancorp, Inc. Stock Fund invests primarily in the shares of common stock of Narragansett Bancorp. In connection with the reorganization and stock offering, you may, in the manner described earlier, elect to direct the 401(k) Plan trustee to invest up to 75% of your 401(k) Plan account in the Narragansett Bancorp, Inc. Stock Fund.

AsTable of the date of this prospectus supplement, there is no established market for Narragansett Bancorp common stock. Accordingly, there is no record of the historical performance of the Narragansett Bancorp, Inc. Stock Fund. Performance of the Narragansett Bancorp, Inc. Stock Fund will depend on a number of factors, including the consolidated financial condition and profitability of Narragansett Bancorp and BayCoast Bank and market conditions for shares of Narragansett Bancorp common stock generally. Contents

~~Investments~~Vanguard ~~in the~~Target ~~Narragansett~~Retirement ~~Bancorp,~~2070 ~~Inc.~~Investor ~~Stock~~ Fund involve special risks common to investments in the shares of common stock. In deciding to invest a part of your account balance in the Narragansett Bancorp, Inc. Stock Fund, you should carefully consider the information set forth on page [#] of this prospectus supplement under “Notice of Your Rights Concerning Employer Securities – The Importance of Diversifying Your Retirement Savings.”

~~For~~The ainvestment ~~discussion~~seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in a mix of ~~material~~Vanguard ~~risks~~mutual ~~you~~funds ~~should~~(underlying ~~consider,~~funds) ~~see~~according ~~“Risk~~to ~~Factors”~~an ~~beginning~~asset onallocation ~~page~~strategy ~~[#]~~designed for investors planning to retire and leave the workforce in or within a few years of 2070 (the ~~attached~~target ~~prospectus~~year). ~~and~~The fund’s asset allocation will become more conservative over time, meaning that the ~~section~~percentage of ~~this~~assets ~~prospectus~~allocated ~~supplement~~to ~~entitled~~stocks ~~“Notice~~will decrease while the percentage of ~~Your~~assets ~~Rights~~allocated ~~Concerning~~to ~~Employer~~bonds ~~Securities”~~and ~~below~~other fixed income investments will increase.

~~Withdrawals~~Lord ~~from~~Abbett ~~the~~Short ~~401(k)~~Duration ~~Plan~~Income R6 Fund

~~Applicable~~The ~~federal~~investment ~~law~~seeks ~~requires~~a ~~the~~high ~~401(k)~~level ~~Plan~~of toincome ~~impose~~consistent ~~substantial~~with ~~restrictions~~preservation ~~on the right~~ of acapital. ~~401(k)~~The ~~Plan~~fund ~~participant~~invests toin ~~withdraw~~various ~~amounts~~types ~~held~~of ~~for~~short ~~his~~duration debt (or ~~her~~fixed ~~benefit~~income) ~~under~~securities. ~~the~~It ~~401(k)~~invests ~~Plan~~at ~~before~~least ~~the~~65% ~~participant’s~~of ~~termination~~its ofnet ~~employment~~assets ~~with~~in ~~BayCoast~~investment ~~Bank.~~grade Adebt ~~substantial~~securities ~~federal~~including ~~tax~~corporate ~~penalty~~debt ~~may~~securities ~~also~~of beU.S. ~~imposed~~issuers; oncorporate ~~withdrawals~~debt ~~made~~securities of non-U.S. (including ~~before~~emerging ~~the~~market) ~~participant’s~~issuers ~~attainment~~that ofare ~~age~~denominated 59in ~~1⁄2~~U.S. dollars; mortgage backed, ~~regardless~~mortgage-related, ofand ~~whether~~other ~~the~~asset-backed ~~withdrawal~~securities; ~~occurs~~and ~~during~~securities ~~his~~issued or ~~her~~guaranteed ~~employment~~by ~~with~~the ~~BayCoast~~U.S. ~~Bank~~government, orits ~~after termination~~agencies ofand ~~employment~~instrumentalities; and inflation-linked investments.

~~Withdrawal~~Vanguard ~~from~~Federal ~~Your~~Money ~~Account~~Market ~~Before~~Investor ~~Retirement.~~Fund ~~Once you have attained age 59 1⁄2, you may request distribution of all, or part of the amounts credited to your account attributable to elective deferrals and employer contributions.~~

~~Hardship~~The ~~Withdrawals.~~investment Ifseeks ~~you~~to ~~incur~~provide current income while maintaining liquidity and a ~~financial~~stable ~~hardship~~share price of $1. The fund invests primarily in high-quality, ~~you~~short-term ~~may~~money ~~request~~market ainstruments. ~~withdrawal~~Under ~~from~~normal ~~the~~circumstances, ~~portion~~at least 80% of ~~your~~the ~~account~~fund’s assets are invested in securities issued by the U.S. government and its agencies and instrumentalities. The adviser maintains a ~~attributable~~dollar-weighted toaverage ~~your~~maturity ~~pre~~of 60 days or less and a dollar-~~tax~~weighted (iaverage life of 120 days or less.e The fund generally invests 100% of its assets in U.,S. ~~non-Roth)~~government ~~elective~~securities ~~deferrals~~and therefore will satisfy the 99.5% requirement for designation as a government money market fund.

~~Rollover~~Capital ~~Contributions.~~Research ~~You~~and ~~may~~Management ~~withdraw~~Company ~~amounts~~American ~~you~~Funds ~~contributed~~Capital toWorld ~~the~~Bond ~~401(k)~~R6 ~~Plan~~Fund ~~as a rollover contribution.~~

~~Administration~~The investment seeks to provide a high level of ~~the~~total ~~401(k)~~return ~~Plan~~consistent with prudent investment management. The fund will invest at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. It invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars.

~~401(k)~~Vanguard ~~Plan~~Long-Term ~~Trustee.~~Investment-Grade ~~The~~Bond ~~trustee~~Admiral of the 401(k) Plan is Principal Trust Company. Principal Trust Company serves as trustee for all the investments funds under the 401(k) Plan, except that [name] will serve as trustee of the Narragansett Bancorp, Inc. Stock Fund ~~only during the stock offering period.~~

~~Plan~~The ~~Administrator.~~investment ~~Pursuant~~seeks to ~~the~~provide ~~terms~~a ofhigh ~~the~~and ~~401(k)~~sustainable ~~Plan,~~level ~~the~~of ~~401(k)~~current ~~Plan~~income. isUnder ~~administered~~normal bycircumstances, the ~~401(k)~~fund ~~Plan administrator.~~will ~~The~~invest ~~name~~at ~~and~~least ~~address~~ 80% of ~~the~~its ~~401(k)~~assets ~~Plan~~in ~~administrator~~investment-grade issecurities ~~BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777. The 401~~(k)those ~~Plan administrator is responsible for the administration~~ of ~~the~~medium ~~401(k)~~and ~~Plan,~~high ~~interpretation of the provisions of the 401(k~~quality). ~~Plan,~~It ~~prescribing~~may ~~procedures~~invest ~~for~~in ~~filing~~derivatives ~~applications for benefits~~instruments, ~~preparation~~such ~~and~~as ~~distribution of information explaining the 401(k) Plan~~options, ~~maintenance~~futures ~~of plan records~~contracts, ~~books of account~~ and ~~all~~ other ~~data~~swap ~~necessary~~agreements. ~~for the~~The ~~proper~~fund ~~administration~~uses ofmultiple ~~the~~investment ~~401(k)~~advisors. ~~Plan,~~Each ~~preparation~~advisor independently ~~and~~selects ~~filing of all returns~~ and ~~reports~~maintains ~~relating~~a toportfolio ~~the 401(k) Plan which are required to be filed with the U.S. Department~~ of ~~Labor~~securities ~~and~~for the ~~Internal Revenue Service, and for all disclosures required to be made to participants, beneficiaries and others under Sections 104 and 105 of ERISA~~fund.

15Dodge & Cox Income X Fund

~~Reports~~The toinvestment ~~Plan~~seeks ~~Participants.~~a ~~The~~high ~~401(k)~~and ~~Plan~~stable ~~administrator~~rate ~~will furnish~~of ~~you~~current income, consistent with long-term preservation of capital; a ~~statement~~secondary atobjective ~~least~~is capital ~~quarterly~~appreciation. ~~showing~~The ~~the~~fund ~~balance~~invests in ~~your~~a ~~account~~diversified asportfolio of ~~the~~bonds ~~end~~and ofother ~~the~~debt ~~statement~~securities. ~~period,~~The ~~the~~fund ~~amount~~will ofinvest ~~contributions~~at ~~allocated~~least to80% ~~your~~of ~~account~~its ~~for~~total ~~that~~assets ~~period,~~in (1) investment-grade debt securities and ~~any~~(2) cash ~~adjustments~~equivalents. to“Investment grade” ~~your~~means ~~account~~securities torated ~~reflect~~Baa3 ~~earnings~~ or ~~losses~~higher ~~(if~~by ~~any).~~Moody’s InInvestors ~~addition~~Service, ~~you~~or ~~can~~BBB- goor ~~online~~higher atby ~~www.principal.com~~Standard & Poor’s Ratings Group or ~~call~~Fitch ~~(800)~~Ratings, ~~547-7754~~or atequivalently rated by any nationally ~~time~~recognized statistical rating organization, or, if unrated, deemed to ~~review~~be ~~your~~of ~~account~~similar ~~balances~~quality by Dodge & Cox.

~~Amendment~~An investment in any of the funds listed above is not a bank deposit or savings account and ~~Termination~~is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Massachusetts Depositors Insurance Fund or any other government agency. As with any mutual fund investment, there is always a risk that you may lose money on your investment in any of the funds listed above.

~~BayCoast~~14 Bank intends to continue the 401(k) Plan indefinitely. Nevertheless, BayCoast Bank may terminate the 401(k) Plan at any time. If the 401(k) Plan is terminated in whole or in part, then regardless of other provisions in the 401(k) Plan, you will have a fully vested interest in your account. BayCoast Bank reserves the right to make any amendment or amendments to the 401(k) Plan which do not cause any part of the trust to be used for, or diverted to, any purpose other than the exclusive benefit of participants or their beneficiaries; provided, however, that BayCoast Bank may make any amendment it determines necessary or desirable, with or without retroactive effect, to comply with ERISA.

Merger,Table Consolidationof or Transfer Contents

InNarragansett ~~the~~Bancorp ~~event~~Stock ofFund the merger or consolidation of the 401(k) Plan with another plan, or the transfer of the trust assets to another plan, the 401(k) Plan requires that you receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit you would have been entitled to receive immediately before the merger, consolidation, or transfer.

~~Federal~~In ~~Income~~connection ~~Tax~~with ~~Consequences~~the reorganization and stock offering, the 401(k) Plan now offers the Narragansett Bancorp, Inc. Stock Fund as an additional choice among the investment options described above. The Narragansett Bancorp, Inc. Stock Fund invests primarily in the shares of common stock of Narragansett Bancorp. In connection with the reorganization and stock offering, you may, in the manner described earlier, elect to direct the 401(k) Plan trustee to invest up to 75% of your 401(k) Plan account in the Narragansett Bancorp, Inc. Stock Fund.

~~The~~As ~~following is a brief summary~~ of the ~~material~~date ~~federal~~of ~~income~~this ~~tax~~prospectus ~~aspects~~supplement, ofthere ~~the~~is ~~401(k)~~no ~~Plan.~~established ~~You~~market ~~should~~for ~~not~~Narragansett ~~rely~~Bancorp oncommon ~~this~~stock. ~~summary~~Accordingly, asthere ais no ~~complete~~record ~~or definitive description~~ of the ~~material~~historical ~~federal~~performance ~~income tax aspects~~ of the ~~401(k)~~Narragansett ~~Plan~~Bancorp, Inc. ~~Statutory~~Stock ~~provisions~~Fund. ~~change,~~Performance asof dothe ~~their~~Narragansett ~~interpretations~~Bancorp, ~~and their application may vary in individual circumstances~~Inc. ~~Finally,~~Stock ~~the~~Fund ~~consequences~~will ~~under applicable~~depend ~~state~~on ~~and~~a ~~local~~number ~~income~~of ~~tax~~factors, ~~laws~~including ~~may not be~~ the ~~same~~consolidated asfinancial ~~under~~condition ~~the~~and ~~federal~~profitability ~~income~~of Narragansett ~~tax~~Bancorp ~~laws.~~and ~~Consult~~BayCoast ~~your~~Bank ~~tax~~and ~~advisor~~market ~~with~~conditions ~~respect~~for toshares ~~any~~of ~~distribution~~Narragansett ~~from~~Bancorp ~~the~~common ~~401(k)~~stock ~~Plan and transactions involving the 401(k) Plan~~generally.

AsInvestments ain the ~~“tax-qualified~~Narragansett ~~retirement plan~~Bancorp,” Inc. Stock Fund involve special risks common to investments in the ~~Code~~shares ~~affords~~of common stock. In deciding to invest a part of your account balance in the ~~401(k)~~Narragansett ~~Plan~~Bancorp, ~~special~~Inc. ~~tax treatment~~Stock Fund, ~~including:~~you should carefully consider the information set forth on page [#] of this prospectus supplement under “Notice of Your Rights Concerning Employer Securities – The Importance of Diversifying Your Retirement Savings.”

~~(1)~~For ~~the~~a ~~sponsoring~~discussion ~~employer~~of ismaterial ~~allowed~~risks anyou ~~immediate~~should ~~tax~~consider, ~~deduction~~see ~~for~~“Risk ~~the~~Factors” ~~amount~~beginning ~~contributed~~on topage [#] of the ~~401(k)~~attached ~~Plan~~prospectus and ~~each~~the ~~year;~~section of this prospectus supplement entitled “Notice of Your Rights Concerning Employer Securities” below.

~~(2)~~Withdrawals ~~participants~~from ~~pay no current income tax on amounts contributed by~~ the ~~employer~~401(k) onPlan ~~their behalf; and~~

Applicable federal law requires the 401(3k) ~~earnings~~Plan to impose substantial restrictions on the right of a 401(k) Plan participant to withdraw amounts held for his or her benefit under the 401(k) Plan ~~are~~before the participant’s termination of employment with BayCoast Bank. A substantial federal tax~~-deferred,~~ ~~thereby~~penalty ~~permitting~~may also be imposed on withdrawals made before the ~~tax-free~~participant’s ~~accumulation~~attainment of ~~income~~age ~~and~~59 ~~gains~~1⁄2, onregardless ~~investments~~of whether the withdrawal occurs during his or her employment with BayCoast Bank or after termination of employment.

~~BayCoast~~Withdrawal ~~Bank~~from ~~will~~Your ~~administer~~Account ~~the~~Before ~~401(k)~~Retirement. ~~Plan to~~Once ~~comply~~you ~~with~~have ~~the~~attained ~~requirements~~age 59 1⁄2, you may request distribution of ~~the~~all, ~~Code~~or aspart of the ~~applicable~~amounts ~~effective~~credited ~~date~~to ofyour ~~any~~account ~~change~~attributable into ~~the~~elective ~~law~~deferrals and employer contributions.

~~Lump-Sum~~Hardship ~~Distribution~~Withdrawals. AIf ~~distribution~~you ~~from~~incur ~~the 401(k) Plan to~~ a ~~participant~~financial orhardship, ~~the~~you ~~beneficiary~~may ofrequest a ~~participant~~withdrawal ~~will qualify as a lump-sum distribution if it is made within one taxable year, on account of the participant’s death, disability or separation~~ from ~~service, or after~~ the participant attains age 59 1⁄2, and consists of the balance credited to the participant under the 401(k) Plan and all other profit sharing plans (and in some cases all other stock bonus plans), if any, maintained by BayCoast Bank. The portion of ~~any~~your account ~~lump-sum~~attributable ~~distribution required~~ to beyour ~~included in a participant’s taxable income for federal income tax purposes consists of the entire amount of the lump~~pre-~~sum distribution, less the amount of after-~~tax ~~contributions~~(i.e., ~~if any, the participant has made to the 401(k~~non-Roth) ~~Plan~~elective ~~and any other profit sharing plans maintained by BayCoast Bank, which is included in the distribution~~deferrals.

16Rollover Contributions. You may withdraw amounts you contributed to the 401(k) Plan as a rollover contribution.

~~Narragansett~~Administration Bancorp, Inc. Common Stock Included in Lump-Sum Distribution. If a lump-sum distribution includes Narragansett Bancorp common stock, the distribution generally will be taxed in the manner described above, except that the total taxable amount may be reduced by the amount of ~~any net unrealized appreciation with respect to Narragansett Bancorp common stock, that is,~~ the ~~excess~~401(k) ofPlan the value of Narragansett Bancorp common stock at the time of the distribution over its cost or other basis of the securities to the trust. The tax basis of Narragansett Bancorp common stock, for purposes of computing gain or loss on its subsequent sale, equals the value of Narragansett Bancorp common stock at the time of distribution, less the amount of any net unrealized appreciation. Any gain on a subsequent sale or other taxable disposition of Narragansett Bancorp common stock, to the extent of the amount of net unrealized appreciation at the time of distribution, will constitute long-term capital gain, regardless of the holding period of Narragansett Bancorp common stock. Any gain on a subsequent sale or other taxable disposition of Narragansett Bancorp common stock, in excess of the amount of net unrealized appreciation at the time of distribution, will be considered long-term capital gain. The recipient of a distribution may elect to include the amount of any net unrealized appreciation in the total taxable amount of the distribution, to the extent allowed by regulations to be issued by the Internal Revenue Service.

~~Distributions:~~401(k) ~~Rollovers~~Plan ~~and Direct~~Trustee. ~~Transfers~~The totrustee ~~Another~~of ~~Qualified~~the 401(k) Plan oris toPrincipal anTrust ~~IRA~~Company. ~~You~~Principal ~~may~~Trust ~~roll~~Company ~~over~~serves ~~virtually~~as trustee for all ~~distributions~~the ~~from~~investments funds under the 401(k) Plan, toexcept ~~another~~that ~~qualified~~Michelle ~~plan~~Rivera orwill toserve anas ~~individual~~trustee ~~retirement~~of ~~account~~the ~~(IRA)~~Narragansett inBancorp, ~~accordance~~Inc. ~~with~~Stock ~~the~~Fund ~~terms~~only ofduring the ~~other~~ ~~plan~~stock oroffering ~~the IRA~~period.

~~Notice~~Plan Administrator. Pursuant to the terms of ~~Your~~the ~~Rights~~401(k) ~~Concerning~~Plan, ~~Employer~~the ~~Securities~~401(k) Plan is administered by the 401(k) Plan administrator. The name and address of the 401(k) Plan administrator is BayCoast Bank, 330 Swansea Mall Drive, Swansea, Massachusetts 02777. The 401(k) Plan administrator is responsible for the administration of the 401(k) Plan, interpretation of the provisions of the 401(k) Plan, prescribing procedures for filing applications for benefits, preparation and distribution of information explaining the 401(k) Plan, maintenance of plan records, books of account and all other data necessary for the proper administration of the 401(k) Plan, preparation and filing of all returns and reports relating to the 401(k) Plan which are required to be filed with the U.S. Department of Labor and the Internal Revenue Service, and for all disclosures required to be made to participants, beneficiaries and others under Sections 104 and 105 of ERISA.

~~Federal~~15 law provides specific rights concerning investments in employer securities, such as Narragansett Bancorp common stock. Because you may in the future have investments in Narragansett Bancorp, Inc. Stock Fund under the Plan, you should take the time to read the following information carefully.

YourTable Rights Concerning Employer Securities. The 401(k) Plan must allow you to elect to move any portion of your account that is invested in the Narragansett Bancorp, Inc. Stock Fund from that investment into other investment alternatives under the 401(k) Plan. You may contact the 401(k) Plan Administrator disclosed above for specific information regarding this new right, including how to make this election. In deciding whether to exercise this right, you will want to give careful consideration to the information below that describes the importance of diversification. All the investment options under the 401(k) Plan are available to you if you decide to diversify out of the Narragansett Bancorp, Inc. Stock Fund. Contents

~~The~~Reports ~~Importance~~to ~~of Diversifying~~Plan ~~Your Retirement Savings~~Participants. ToThe ~~help~~401(k) ~~achieve~~Plan ~~long-term~~administrator ~~retirement~~will furnish ~~security,~~ you ~~should~~with ~~give~~a ~~careful~~statement ~~consideration~~at toleast ~~the~~quarterly ~~benefits~~showing ofthe abalance ~~well-balanced~~in ~~and diversified investment portfolio. Spreading~~ your ~~assets~~account ~~among~~as ~~different types~~ of ~~investments~~the ~~can~~end ~~help~~of ~~you~~the ~~achieve~~statement aperiod, ~~favorable~~the ~~rate~~amount of ~~return,~~contributions ~~while~~allocated ~~minimizing~~to your ~~overall~~account ~~risk~~for ~~of losing money. This is because market or other economic conditions~~ that ~~cause one category of assets~~period, orand ~~one~~any ~~particular~~adjustments ~~security,~~ to ~~perform well~~your ~~often~~account ~~cause~~to ~~another~~reflect ~~asset category,~~ earnings or ~~another~~losses ~~particular~~(if ~~security, to perform poorly~~any). IfIn ~~you invest more than 20% of your retirement savings in any one company or industry~~addition, ~~your~~you ~~savings~~can ~~may~~go ~~not~~online beat ~~properly diversified~~www.principal.com ~~Although~~or ~~diversification is~~call ~~not~~(800) a547-7754 ~~guarantee~~at ~~against~~any ~~loss,~~time ~~it is an effective strategy~~ to ~~help~~review ~~you~~your ~~manage~~account ~~investment risk~~balances.

InAmendment deciding how to invest your retirement savings, you should take into account all your assets, including any retirement savings outside of the 401(k) Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and ~~different~~Termination tolerance for risk. Therefore, you should carefully consider the rights described here and how these rights affect the amount of money that you invest in Narragansett Bancorp common stock through the 401(k) Plan.

ItBayCoast Bank intends to continue the 401(k) Plan indefinitely. Nevertheless, BayCoast Bank may terminate the 401(k) Plan at any time. If the 401(k) Plan is ~~also~~terminated ~~important~~in towhole ~~periodically~~or ~~review~~in ~~your~~part, ~~investment~~then ~~portfolio~~regardless of other provisions in the 401(k) Plan, you will have a fully vested interest in your ~~investment~~account. ~~objectives,~~BayCoast ~~and~~Bank reserves the ~~investment~~ ~~options~~right ~~under~~to make any amendment or amendments to the 401(k) Plan which do not cause any part of the trust to ~~help~~be ~~ensure~~used for, or diverted to, any purpose other than the exclusive benefit of participants or their beneficiaries; provided, however, that ~~your~~BayCoast ~~retirement~~Bank ~~savings~~may ~~will~~make ~~meet~~any ~~your~~amendment ~~retirement~~it ~~goals~~determines necessary or desirable, with or without retroactive effect, to comply with ERISA.

17Merger, Consolidation or Transfer

~~Additional~~In ~~ERISA~~the ~~Considerations~~event of the merger or consolidation of the 401(k) Plan with another plan, or the transfer of the trust assets to another plan, the 401(k) Plan requires that you receive a benefit immediately after the merger, consolidation or transfer which is equal to or greater than the benefit you would have been entitled to receive immediately before the merger, consolidation, or transfer.

AsFederal ~~noted~~Income ~~above,~~Tax ~~the~~Consequences 401(k) Plan is subject to certain provisions of ERISA, including special provisions relating to control over the 401(k) Plan’s assets by participants and beneficiaries. The 401(k) Plan’s feature that allows you to direct the investment of your account balances is intended to satisfy the requirements of Section 404(c) of ERISA relating to control over plan assets by a participant or beneficiary. The effect of this is two-fold. First, you will not be deemed a “fiduciary” because of your exercise of investment discretion. Second, no person who otherwise is a fiduciary, such as BayCoast Bank, the 401(k) Plan Administrator, or the 401(k) Plan’s trustee, is liable under the fiduciary responsibility provision of ERISA for any loss which results from your exercise of control over the assets in your Plan account.

~~Because~~The ~~you~~following ~~will~~is bea ~~entitled~~brief tosummary ~~invest~~of ~~all~~the ormaterial afederal ~~portion~~income tax aspects of ~~your~~the ~~account~~401(k) ~~balance~~Plan. inYou ~~the~~should ~~Plan~~not inrely ~~Narragansett Bancorp~~on ~~common~~this ~~stock,~~summary ~~the~~as ~~regulations~~a complete ~~under~~or ~~Section 404(c)~~definitive description of ~~ERISA~~the ~~require~~material ~~that~~federal income tax aspects of the 401(k) Plan. ~~establish~~Statutory ~~procedures~~provisions ~~that~~change, ~~ensure~~as ~~the~~do ~~confidentiality~~their ofinterpretations, ~~your~~and ~~decision~~their toapplication ~~purchase,~~may ~~hold,~~vary orin ~~sell~~individual ~~employer~~circumstances. ~~securities~~Finally, ~~except to~~ the ~~extent~~consequences ~~that~~under ~~disclosure~~applicable ofstate ~~such~~and ~~information~~local isincome ~~necessary~~tax tolaws ~~comply~~may ~~with~~not ~~federal~~be orthe ~~state~~same ~~laws~~as ~~not~~under ~~preempted~~the byfederal ~~ERISA.~~income ~~These~~tax ~~regulations~~laws. ~~also~~Consult ~~require that~~ your ~~exercise~~tax ofadvisor ~~voting and similar rights~~ with respect to ~~the~~any ~~common~~distribution ~~stock~~from bethe ~~conducted~~401(k) inPlan aand ~~way~~transactions ~~that ensures~~involving the ~~confidentiality~~401(k) ~~of your exercise of these rights~~Plan.

~~Securities~~As ~~and~~a ~~Exchange~~“tax-qualified ~~Commission~~retirement ~~Reporting~~plan,” ~~and Short-Swing~~the ~~Profit~~Code ~~Liability~~affords the 401(k) Plan special tax treatment, including:

Section 16 of the Securities Exchange Act of 1934, as amended, imposes reporting requirements and liability provisions on officers, directors, and persons beneficially owning more than 10% of public companies such as Narragansett Bancorp. Section 16(a1) of the ~~Securities~~sponsoring ~~Exchange~~employer ~~Act~~is ofallowed ~~1934 requires the filing of reports of beneficial ownership. Within 10 days of becoming~~ an ~~officer,~~immediate ~~director~~tax ordeduction ~~person~~for ~~beneficially owning more than 10% of~~ the ~~shares~~amount ofcontributed ~~Narragansett~~to ~~Bancorp,~~ the ~~individual must file a Form 3 reporting initial beneficial ownership with the Securities and Exchange~~401(k) ~~Commission.~~Plan ~~Changes~~each in beneficial ownership, such as purchases, sales, and gifts, generally must be reported periodically, either on a Form 4 within two business days after the change occurs, or in limited circumstances, annually on a Form 5 within 45 days after the close of Narragansett Bancorp’s fiscal year.; Discretionary transactions in and beneficial ownership of the common stock through the Narragansett Bancorp, Inc. Stock Fund of the Plan by officers and persons beneficially owning more than 10% of the common stock of Narragansett Bancorp generally must be reported to the Securities and Exchange Commission by such individuals.

~~In addition to the reporting requirements described above, Section 16~~(b2) participants ofpay ~~the~~no ~~Securities~~current ~~Exchange~~income ~~Act~~tax ofon ~~1934,~~amounts ascontributed ~~amended,~~by ~~provides for~~ the ~~recovery~~employer byon ~~Narragansett~~their ~~Bancorp~~behalf; ~~of profits realized by an officer, director or any person beneficially owning more than 10% of Narragansett Bancorp common stock resulting from non-exempt purchases~~ and ~~sales~~ ~~of Narragansett Bancorp common stock within any six-month period.~~

~~The~~(3) earnings ~~Securities~~of ~~and Exchange Commission has adopted rules that provide exemptions from~~ the ~~profit recovery provisions of Section 16~~401(bk) ~~for~~Plan ~~all~~are ~~transactions in employer securities within an employee benefit plan~~tax-deferred, ~~provided~~thereby ~~certain~~permitting ~~requirements are met. These requirements generally involve restrictions upon~~ the ~~timing~~tax-free ofaccumulation ~~elections to acquire or dispose~~ of ~~employer~~income ~~securities~~and ~~for~~gains ~~the~~on ~~accounts of Section 16(b) persons~~investments.

~~Except~~BayCoast ~~for~~Bank ~~distributions~~will ofadminister Narragansett Bancorp common stock due to death, disability, retirement, termination of employment or under a qualified domestic relations order, persons subject to Section 16(b) are required to hold shares of Narragansett Bancorp common stock distributed from the 401(k) Plan to ~~for~~comply ~~six~~with ~~months~~the ~~following~~requirements ~~such~~of ~~distribution~~the ~~and~~Code ~~are~~as ~~prohibited~~of ~~from directing additional purchases within~~ the ~~Narragansett~~applicable ~~Bancorp,~~effective ~~Inc.~~date ~~Stock~~of ~~Fund~~any ~~for~~change ~~six~~in ~~months~~the ~~after receiving such a distribution~~law.

~~Financial~~Lump-Sum ~~Information~~Distribution. ~~Regarding~~A distribution from the 401(k) Plan ~~Assets~~to a participant or the beneficiary of a participant will qualify as a lump-sum distribution if it is made within one taxable year, on account of the participant’s death, disability or separation from service, or after the participant attains age 59 1⁄2, and consists of the balance credited to the participant under the 401(k) Plan and all other profit sharing plans (and in some cases all other stock bonus plans), if any, maintained by BayCoast Bank. The portion of any lump-sum distribution required to be included in a participant’s taxable income for federal income tax purposes consists of the entire amount of the lump-sum distribution, less the amount of after-tax contributions, if any, the participant has made to the 401(k) Plan and any other profit sharing plans maintained by BayCoast Bank, which is included in the distribution.

~~Financial~~16 information regarding the net assets available for 401(k) Plan benefits and the change in net assets available for 401(k) Plan benefits is available upon written request to the 401(k) Plan Administrator at the address shown above.

18Table of Contents

~~LEGAL~~Narragansett ~~OPINION~~Bancorp, Inc. Common Stock Included in Lump-Sum Distribution. If a lump-sum distribution includes Narragansett Bancorp common stock, the distribution generally will be taxed in the manner described above, except that the total taxable amount may be reduced by the amount of any net unrealized appreciation with respect to Narragansett Bancorp common stock, that is, the excess of the value of Narragansett Bancorp common stock at the time of the distribution over its cost or other basis of the securities to the trust. The tax basis of Narragansett Bancorp common stock, for purposes of computing gain or loss on its subsequent sale, equals the value of Narragansett Bancorp common stock at the time of distribution, less the amount of any net unrealized appreciation. Any gain on a subsequent sale or other taxable disposition of Narragansett Bancorp common stock, to the extent of the amount of net unrealized appreciation at the time of distribution, will constitute long-term capital gain, regardless of the holding period of Narragansett Bancorp common stock. Any gain on a subsequent sale or other taxable disposition of Narragansett Bancorp common stock, in excess of the amount of net unrealized appreciation at the time of distribution, will be considered long-term capital gain. The recipient of a distribution may elect to include the amount of any net unrealized appreciation in the total taxable amount of the distribution, to the extent allowed by regulations to be issued by the Internal Revenue Service.

~~The~~Distributions: ~~validity~~Rollovers ofand Direct ~~the~~Transfers ~~issuance~~to ofAnother ~~the~~Qualified ~~Narragansett~~Plan ~~Bancorp~~or ~~common~~to ~~stock~~an ~~has~~IRA. ~~been~~You ~~passed~~may ~~upon~~roll byover ~~Luse~~virtually ~~Gorman,~~all ~~PC,~~distributions ~~Washington,~~from ~~D.C.,~~the ~~which~~401(k) ~~firm acted~~Plan asto ~~special~~another ~~counsel~~qualified plan or to ~~Narragansett~~an ~~Bancorp~~individual retirement account (IRA) in ~~connection~~accordance with ~~Narragansett~~the ~~Bancorp’s~~terms ~~stock~~of ~~offering~~the other plan or the IRA.

19Notice of Your Rights Concerning Employer Securities

~~PROSPECTUS~~Federal law provides specific rights concerning investments in employer securities, such as Narragansett Bancorp common stock. Because you may in the future have investments in Narragansett Bancorp, Inc. Stock Fund under the Plan, you should take the time to read the following information carefully.

Your Rights Concerning Employer Securities. The 401(~~Proposed~~k) ~~Holding~~Plan ~~Company~~must allow you to elect to move any portion of your account that is invested in the Narragansett Bancorp, Inc. Stock Fund from that investment into other investment alternatives under the 401(k) Plan. You may contact the 401(k) Plan Administrator disclosed above for ~~BayCoast~~specific ~~Bank~~information regarding this new right, including how to make this election. In deciding whether to exercise this right, you will want to give careful consideration to the information below that describes the importance of diversification. All the investment options under the 401(k) Plan are available to you if you decide to diversify out of the Narragansett Bancorp, Inc. Stock Fund.

UpThe Importance of Diversifying Your Retirement Savings. To help achieve long-term retirement security, you should give careful consideration to 7the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return,~~912~~ while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets,~~000~~ ~~Shares~~or one particular security, to perform well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of ~~Common~~your ~~Stock~~retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

~~(Subject~~In todeciding ~~increase~~how to upinvest toyour retirement 9savings,~~098~~ you should take into account all your assets,~~800~~ ~~shares~~including any retirement savings outside of the 401(k) Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerance for risk. Therefore, you should carefully consider the rights described here and how these rights affect the amount of money that you invest in Narragansett Bancorp common stock through the 401(k) Plan.

~~Narragansett~~It ~~Bancorp, Inc., a newly formed Maryland corporation,~~ is ~~offering~~also upimportant to ~~7,912,000~~periodically ~~shares~~review ofyour ~~its~~investment ~~common~~portfolio, ~~stock~~your ~~for~~investment ~~sale~~objectives, atand ~~$10.00 per~~the ~~share~~investment onoptions aunder ~~best efforts basis. The shares are being offered as part of~~ the ~~reorganization~~401(k) ofPlan ~~BayCoast Bank and Narragansett Financial Corporation into a two-tier holding company structure, with Narragansett Bancorp, Inc.~~ to behelp aensure ~~mid-tier~~that ~~stock~~your ~~holding~~retirement ~~company~~savings ~~whose stock~~ will bemeet ~~partially~~your ~~owned~~retirement ~~by public stockholders~~goals.

~~The~~17 shares being offered represent 43% of the shares of common stock of Narragansett Bancorp, Inc. that will be outstanding following the offering. We will also contribute 2% of our outstanding shares of common stock and $600,000 in cash to a charitable foundation that we are forming in connection with the reorganization and offering. The remaining 55% of our outstanding common stock will be owned by Narragansett Financial Corporation, the existing Massachusetts-chartered mutual holding company for BayCoast Bank. These percentages will not be affected by the number of shares we sell in the offering.

WeTable must sell a minimum of 5,848,000 shares to complete the offering. We may sell up to 9,098,800 shares to reflect demand for the shares or changes in market conditions following the commencement of the offering, without resoliciting subscribers. Contents

~~There~~Additional isERISA ~~no established~~Considerations market for our common stock. We expect that our common stock will be traded on the Nasdaq Capital Market under the symbol “NARA” upon conclusion of the offering. We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act. In addition, we will qualify as a “controlled company” within the meaning of the Nasdaq Stock Market corporate governance guidelines.

WeAs ~~are~~noted ~~offering~~above, the ~~shares~~401(k) ofPlan ~~common~~is ~~stock~~subject into acertain ~~“subscription~~provisions ~~offering”~~of toERISA, ~~eligible~~including ~~depositors~~special ofprovisions ~~BayCoast~~relating ~~Bank~~to ~~and~~control toover ~~BayCoast~~the 401(k) ~~Bank~~Plan’s ~~employee~~assets ~~stock~~by ~~ownership~~participants ~~plan~~and beneficiaries. ~~Depositors~~The ~~who~~401(k) ~~had~~Plan’s ~~accounts~~feature ~~with~~that ~~aggregate~~allows ~~balances~~you ofto atdirect ~~least $50 at~~ the ~~close~~investment of ~~business~~your onaccount ~~May 31,~~balances ~~2025~~is ~~will~~intended ~~have first priority~~ to ~~purchase~~satisfy ~~shares~~the ofrequirements ~~common stock~~ of ~~Narragansett~~Section 404(c) ~~Bancorp, Inc. Employees, officers, directors, trustees and corporators~~ of ~~BayCoast~~ERISA ~~Bank~~relating ~~and Narragansett Financial Corporation also have rights~~ to ~~purchase~~control ~~shares~~over plan inassets ~~the~~by ~~subscription~~a ~~offering,~~participant ~~subject~~or tobeneficiary. ~~the~~The ~~priority~~effect ~~rights~~ of ~~depositors~~this ~~and~~is ~~the employee stock ownership plan~~two-fold. ~~Shares~~First, ofyou ~~common~~will ~~stock~~ not ~~purchased in the subscription offering may~~ be ~~offered~~deemed ~~for~~a ~~sale~~“fiduciary” tobecause ~~the~~of ~~general~~your ~~public~~exercise inof ainvestment ~~community~~discretion. ~~offering~~Second, ~~with~~no aperson ~~preference~~who otherwise ~~given~~is toa ~~residents~~fiduciary, ofsuch ~~the~~as ~~communities served by~~ BayCoast Bank., To the ~~extent any~~401(k) ~~shares~~Plan ~~offered~~Administrator, ~~for~~or ~~sale~~the ~~are~~401(k) ~~not~~Plan’s ~~purchased~~trustee, inis ~~the~~liable ~~subscription~~under orthe ~~community~~fiduciary ~~offerings,~~responsibility ~~they~~provision ~~may~~of beERISA ~~offered~~ for ~~sale~~any ~~through~~loss awhich ~~syndicate~~results offrom ~~broker~~your ~~dealers,~~exercise ~~referred~~of tocontrol asover athe assets ~~“syndicated offering”~~ in ~~this~~your ~~prospectus~~Plan account.

~~The~~Because ~~minimum~~you ~~number~~will ofbe ~~shares~~entitled ofto ~~common~~invest ~~stock~~all ~~you~~or ~~may~~a ~~order~~portion isof 25your ~~shares.~~account ~~The~~balance ~~maximum~~in ~~number~~the ofPlan ~~shares~~in ofNarragansett Bancorp common stock, ~~that~~the ~~can~~regulations beunder ~~ordered~~Section 404(c) ~~by any~~of ~~person~~ERISA inrequire that the ~~offering,~~401(k) orPlan ~~persons~~establish ~~exercising~~procedures ~~subscription~~that ~~rights~~ensure ~~through~~the aconfidentiality ~~single~~of ~~deposit~~your ~~account,~~decision isto 30purchase,~~000~~ ~~shares~~hold, ~~($300~~or sell employer securities,~~000),~~ ~~and~~except noto ~~person~~the ~~together~~extent that disclosure of such information is necessary to comply with ~~associates~~federal or astate ~~group~~laws not preempted by ERISA. These regulations also require that your exercise of ~~persons~~voting ~~acting~~and insimilar ~~concert~~rights ~~may~~with ~~purchase~~respect ~~more~~to ~~than~~the ~~50,000~~common ~~shares~~stock be conducted in a way that ~~($500,000)~~ensures the confidentiality of your exercise of these rights.

~~The~~Securities offering is scheduled to expire at 12:00 noon, Eastern Time, on [expiration date]. We may extend the expiration date without notice to you, until [extension date]. The offering must be completed by [final extension date], unless we receive regulatory approval for a further extension. Once submitted, orders are irrevocable unless the offering is terminated or extended beyond [extension date], or the number of shares of common stock to be sold is increased to more than 9,098,800 shares or decreased to less than 5,848,000 shares. If the offering is extended beyond [extension date], all subscribers will be notified and ~~given~~Exchange anCommission ~~opportunity~~Reporting to confirm, cancel or change their orders. If you do not respond to this notice, we will promptly return your funds with interest or cancel your deposit account withdrawal authorization. If the number of shares to be sold in the offering is increased to more than 9,098,800 shares or decreased to less than 5,848,000 shares, we will resolicit subscribers, and ~~all funds delivered to us to purchase shares of common stock in the subscription and~~Short-Swing ~~community~~Profit ~~offerings~~Liability will be returned promptly with interest. Funds submitted for the purchase of shares in the offering will be held in a segregated account at BayCoast Bank and will earn interest at 0.10% until completion or termination of the offering.

~~Piper Sandler~~Section &16 ~~Co.~~of ~~will~~the ~~use~~Securities ~~its~~Exchange ~~best~~Act ~~efforts~~of to1934, ~~assist~~as usamended, inimposes ~~selling~~reporting ~~our~~requirements ~~common~~and ~~stock~~liability provisions on officers, ~~but~~directors, isand ~~not~~persons ~~obligated~~beneficially ~~to purchase~~owning ~~any~~more than 10% of public companies such as Narragansett Bancorp. Section 16(a) of the ~~common~~Securities ~~stock~~Exchange ~~that~~Act isof ~~being~~1934 ~~offered~~requires ~~for~~the ~~sale~~filing of reports of beneficial ownership. Within In10 ~~addition~~days of becoming an officer, ~~our~~director ~~officers~~or person beneficially owning more than 10% of the shares of Narragansett Bancorp, ~~directors~~the individual must file a Form 3 reporting initial beneficial ownership with the Securities and Exchange Commission. Changes in beneficial ownership, ~~trustees~~such as purchases, sales, and ~~employees~~gifts, ~~may~~generally ~~participate~~must be reported periodically, either on a Form 4 within two business days after the change occurs, or in limited circumstances, annually on a Form 5 within 45 days after the ~~solicitation~~close of ~~offers~~Narragansett toBancorp’s ~~purchase~~fiscal ~~common~~year. ~~stock~~Discretionary transactions in ~~reliance~~and ~~upon~~beneficial ~~Rule 3a4-1~~ownership ~~under~~of the ~~Securities~~common ~~Exchange~~stock ~~Act~~through ofthe ~~1934~~Narragansett Bancorp, ~~as amended~~Inc. ~~Subscribers~~Stock ~~will~~Fund ~~not~~of ~~pay~~the ~~any~~Plan ~~commissions~~by toofficers ~~purchase~~and ~~shares~~persons beneficially owning more than 10% of the common stock inof Narragansett Bancorp generally must be reported to the ~~offering~~Securities and Exchange Commission by such individuals.

~~OFFERING~~In ~~SUMMARY~~addition to the reporting requirements described above, Section 16(b) of the Securities Exchange Act of 1934, as amended, provides for the recovery by Narragansett Bancorp of profits realized by an officer, director or any person beneficially owning more than 10% of Narragansett Bancorp common stock resulting from non-exempt purchases and sales of Narragansett Bancorp common stock within any six-month period.

~~Price:~~The Securities and ~~$10~~Exchange Commission has adopted rules that provide exemptions from the profit recovery provisions of Section 16(b) for all transactions in employer securities within an employee benefit plan, provided certain requirements are met.00 ~~per~~These requirements ~~share~~generally involve restrictions upon the timing of elections to acquire or dispose of employer securities for the accounts of Section 16(b) persons.

	Minimum		Midpoint		Maximum		AdjustedMaximum
Number of shares		5,848,000		6,880,000		7,912,000		9,098,800
Gross offering proceeds	$	58,480,000	$	68,800,000	$	79,120,000	$	90,988,000
Estimated offering expenses, excluding selling agent fees and expenses	$	2,050,000	$	2,050,000	$	2,050,000	$	2,050,000
Selling agent fees and expenses (1)(2)	$	951,134	$	1,078,790	$	1,206,446	$	1,353,250
Estimated net proceeds	$	55,478,866	$	65,671,210	$	75,863,554	$	87,584,750
Estimated net proceeds per share	$	9.49	$	9.55	$	9.59	$	9.63

Except for distributions of Narragansett Bancorp common stock due to death, disability, retirement, termination of employment or under a qualified domestic relations order, persons subject to Section 16(b) are required to hold shares of Narragansett Bancorp common stock distributed from the 401(k) Plan for six months following such distribution and are prohibited from directing additional purchases within the Narragansett Bancorp, Inc. Stock Fund for six months after receiving such a distribution.

~~(1)~~Financial ~~See~~Information ~~“The~~Regarding ~~Reorganization~~401(k) ~~and Offering—~~Plan ofAssets Distribution; Selling Agent Compensation” for a discussion of Piper Sandler & Co.’s compensation for this offering and the compensation to be received by Piper Sandler & Co. and the other broker-dealers who may participate in a syndicated offering.

Financial information regarding the net assets available for 401(2k) ~~Excludes~~Plan ~~record~~benefits ~~agent~~and ~~fees~~the ~~and~~change ~~expenses~~in ~~paid~~net toassets ~~Piper~~available ~~Sandler~~for &401(k) ~~Co.~~Plan benefits ~~See~~is ~~“The~~available ~~Reorganization~~upon ~~and~~written ~~Offering—~~request to the 401(k) Plan ofAdministrator ~~Distribution;~~at ~~Selling~~the ~~Agent~~address ~~Compensation~~shown above.”

~~THIS~~18 ~~INVESTMENT INVOLVES A DEGREE OF RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.~~

PLEASETable READof “RISK FACTORS” BEGINNING ON PAGE 19. Contents

~~THESE~~LEGAL ~~SECURITIES~~OPINION ARE NOT DEPOSITS OR SAVINGS ACCOUNTS AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, ANY OTHER GOVERNMENTAL AGENCY OR THE DEPOSITORS INSURANCE FUND. NONE OF THE SECURITIES AND EXCHANGE COMMISSION, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE MASSACHUSETTS COMMISSIONER OF BANKS, THE FEDERAL DEPOSIT INSURANCE CORPORATION NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

~~For~~The ~~assistance,~~validity ~~please~~of ~~contact~~the issuance of the ~~Stock~~Narragansett ~~Information~~Bancorp ~~Center~~common atstock [and the offering of participation interests in shares of Narragansett Bancorp common stock ~~center~~have ~~number]~~been passed upon by Luse Gorman, PC, Washington, D.C., which firm acted as special counsel to Narragansett Bancorp in connection with Narragansett Bancorp’s stock offering.

~~The~~19 ~~date of this prospectus is [prospectus date].~~

93Table 95 MASSACHUSETTS 495of 95 BOSTON bank. 90 90 95 495 FOXBOROUGH 295 NORTH DIGHTON PROVIDENCE • • BERKLEY • SEEKONK 495 195 CRANSTON SWANSEA SOMERSET 195 FALL RIVER • NEW BEDFORD BBRISTOL TIVERTON* • FAIRHAVEN DARTMOUTH PORTSMOUTH • WESTPORT RHODE ISLAND LITTLE COMPTON ^ NEWPORT BERKLEY,MA FAIRHAVEN,MA FOXBOROUGH,MA PORTSMOUTH,RI SWANSEA, MA 2 Locust St. 75 Alden Rd. 8 Foxborough Blvd. 1430 E Main Rd. BayCoast Place Berkley, MA Fairhaven, MA Foxborough, MA Portsmouth, RI 330 Swansea Mall Dr. Swansea, MA BRISTOL, RI FALLRIVER,MA LITTLECOMPTON, RI PROVIDENCE, RI 554 Wilb A 601HopeSt. 310 Airport Rd. 2 Meeting house Ln. 78 Dorrance St. Bristol, RI Fall River, MA Little Compton, RI Providence, RI 1485PleasantSt. WESTPORT,MA CRANSTON,RI rlln. NEWBEDFORD,MA SEEKONK,MA .’ FallRiver,MA 787 MainRd. 85 Sockanosset Cross Rd. 1000Ashley Blvd. 110TauntonAve. m Westport,MA Cranston, RI River’s Edge New Bedford, MA Seekonk, MA 20TurnerSt. 23ElmSt. TIVERTON,RI DARTMOUTH,MA FallRiver, MA SOMERSET,MA NewBedford,MA 1 Crandall Rd. 714DartmouthSt. Somerset Plaza 490 RobesonSt. Tiverton, RI Dartmouth, MA 921 G.A.R. Highway , Fall River, MA NEWPORT, RI 299 State Rd. 137 Broadway Route 6 335 Stafford Rd. Somerset, MA Dartmouth, MA Newport, RI Fall River, MA H 81 Troy St. NORTH DIGHTON, MA Fall River, MA 438 Spring St. North Dighton, MAContents

~~TABLE~~PROSPECTUS ~~OF CONTENTS~~

LOGO

SUMMARY			1
RISK FACTORS			19
SELECTED FINANCIAL AND OTHER DATA			46
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			48
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING			50
OUR POLICY REGARDING DIVIDENDS			52
MARKET FOR THE COMMON STOCK			53
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE OF BAYCOAST BANK			54
CAPITALIZATION			55
PRO FORMA DATA			56
COMPARISON OF VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT THE CHARITABLE FOUNDATION			61
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			62
BUSINESS OF NARRAGANSETT FINANCIAL CORPORATION			78
BUSINESS OF NARRAGANSETT BANCORP, INC.			78
BUSINESS OF BAYCOAST BANK			79
TAXATION			99
SUPERVISION AND REGULATION			100
MANAGEMENT			112
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS			123
THE REORGANIZATION AND OFFERING			124
THE CHARITABLE FOUNDATION			143
RESTRICTIONS ON THE ACQUISITION OF NARRAGANSETT BANCORP, INC. AND BAYCOAST BANK			146
DESCRIPTION OF CAPITAL STOCK OF NARRAGANSETT BANCORP, INC.			152
TRANSFER AGENT AND REGISTRAR			153
LEGAL AND TAX MATTERS			154
EXPERTS			154
WHERE YOU CAN FIND MORE INFORMATION			154
REGISTRATION REQUIREMENTS			154
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF NARRAGANSETT FINANCIAL CORPORATION			F-1

(Proposed Holding Company for BayCoast Bank)

iUp to 7,912,000 Shares of Common Stock

~~SUMMARY~~(Subject to increase to up to 9,098,800 shares)

~~The following summary provides material information regarding the offering of common stock by~~ Narragansett Bancorp, Inc., ~~and~~a ~~the~~newly ~~business~~formed ~~of BayCoast~~Maryland ~~Bank.~~corporation, ~~The~~is ~~summary~~offering ~~may~~up ~~not~~to ~~contain~~7,912,000 ~~all~~shares ~~the~~of ~~information~~its ~~that~~common isstock ~~important~~for tosale ~~you~~at $10.00 ~~For~~per share ~~additional~~on ~~information,~~a ~~you~~best ~~should~~efforts ~~read~~basis. ~~this~~The ~~entire~~shares ~~prospectus~~are ~~carefully,~~being ~~including~~offered ~~the~~as ~~consolidated~~part ~~financial~~of ~~statements and~~ the ~~notes~~reorganization ~~to the financial statements~~ of BayCoast Bank, and ~~the~~Narragansett ~~section~~Financial ~~entitled~~Corporation ~~“Risk~~into ~~Factors.”~~a Intwo-tier ~~certain~~holding ~~circumstances,~~company ~~where appropriate~~structure, ~~the~~with ~~terms “we, “us” and “our” refer collectively to~~ Narragansett ~~Financial Corporation,~~ ~~Narragansett~~ Bancorp, Inc., ~~BayCoast~~to ~~Bank~~be ora tomid-tier ~~any~~stock ofholding ~~those~~company ~~entities,~~whose ~~depending~~stock onwill ~~the~~be ~~context~~partially owned by public stockholders.

The ~~Companies~~shares being offered represent 43% of the shares of common stock of Narragansett Bancorp, Inc. that will be outstanding following the offering. We will also contribute 2% of our outstanding shares of common stock and $600,000 in cash to a charitable foundation that we are forming in connection with the reorganization and offering. The remaining 55% of our outstanding common stock will be owned by Narragansett Financial Corporation, the existing Massachusetts-chartered mutual holding company for BayCoast Bank. These percentages will not be affected by the number of shares we sell in the offering.

~~Narragansett~~We ~~Financial~~must ~~Corporation~~sell a minimum of 5,848,000 shares to complete the offering. We may sell up to 9,098,800 shares to reflect demand for the shares or changes in market conditions following the commencement of the offering, without resoliciting subscribers.

~~Narragansett~~There ~~Financial~~is ~~Corporation~~no established ~~has~~market ~~been~~for ~~the~~our ~~Massachusetts-chartered~~common ~~mutual~~stock. ~~holding~~We ~~company~~expect ofthat ~~BayCoast~~our ~~Bank~~common ~~since~~stock ~~1998.~~will ~~Upon~~be ~~completion~~traded of on the ~~reorganization~~Nasdaq ~~and~~Capital ~~offering,~~Market ~~Narragansett~~under ~~Financial~~the ~~Corporation~~symbol ~~will~~“NARA” ~~own~~upon ~~55%~~conclusion of ~~Narragansett~~the ~~Bancorp, Inc~~offering.’s ~~common~~Completion ~~stock.~~of ~~Narragansett~~this ~~Financial~~offering ~~Corporation~~ is acontingent ~~non-stock~~on ~~company~~receipt ~~that~~of ~~will be~~final ~~required~~approval byfor ~~law~~our tocommon ~~own~~stock ato ~~majority~~be oftraded on the ~~outstanding~~Nasdaq ~~voting~~Capital ~~stock~~Market. ofWe ~~Narragansett~~are ~~Bancorp,~~an ~~Inc.~~“emerging ~~for~~growth socompany” ~~long~~ as ~~Narragansett~~defined ~~Financial Corporation remains~~ in ~~existence.~~the ~~Narragansett~~Jumpstart ~~Financial~~Our ~~Corporation,~~Business ~~through~~Startups ~~its~~Act. ~~board~~In ~~of trustees~~addition, we will bequalify ~~able to~~as ~~exercise~~a ~~voting~~“controlled ~~control~~company” ~~over~~within the ~~virtually~~meaning ~~all~~of ~~matters~~the ~~put~~Nasdaq toStock aMarket ~~vote~~corporate ofgovernance ~~stockholders of Narragansett Bancorp, Inc~~guidelines.

We are offering the shares of common stock in a “subscription offering” to eligible depositors of BayCoast Bank and to BayCoast Bank’s employee stock ownership plan. Depositors who had accounts with aggregate balances of at least $50 at the close of business on May 31, 2025 will have first priority to purchase shares of common stock of Narragansett Bancorp, Inc. Employees, officers, directors, trustees and corporators of BayCoast Bank and Narragansett Financial Corporation isalso ~~subject~~have rights to ~~comprehensive~~purchase ~~regulation~~shares ~~and~~in ~~examination~~the subscription byoffering, subject to the ~~Massachusetts~~priority ~~Commissioner~~rights of ~~Banks~~depositors and the ~~Board~~employee stock ownership plan. Shares of ~~Governors~~common stock not purchased in the subscription offering may be offered for sale to the general public in a community offering, with a preference given to residents of the ~~Federal~~communities ~~Reserve~~served ~~System~~by (BayCoast Bank. To the ~~“Federal~~extent ~~Reserve~~any ~~Board~~shares offered for sale are not purchased in the subscription or community offerings, they may be offered for sale through a syndicate of broker dealers, referred to as a “syndicated offering”) in this prospectus.

AtThe ~~March 31,~~minimum ~~2026,~~number onof ashares ~~consolidated~~of ~~basis,~~common ~~Narragansett~~stock ~~Financial~~you ~~Corporation~~may ~~had~~order ~~total~~is ~~assets~~25 shares. ofThe ~~$2.90 billion,~~maximum ~~total~~number ~~deposits~~of shares of ~~$2.47 billion~~ ~~and~~common ~~total~~stock ~~retained~~that ~~earnings~~can ofbe ~~$186.6 million.~~ordered Weby ~~had~~any ~~net~~person ~~income~~in ofthe ~~$1.2 million~~offering, ~~$6.0 million~~or ~~and~~persons ~~$5.3 million~~exercising ~~for~~subscription ~~the~~rights ~~three~~through ~~months~~a ~~ended~~single ~~March 31~~deposit account, ~~2026~~is ~~and~~30,000 ~~the~~shares ~~years~~($300,000), ~~ended~~and ~~December 31,~~no ~~2025~~person ~~and~~together with associates ~~2024~~or a group of persons acting in concert may purchase more than 50,000 ~~respectively~~shares ($500,000).

~~Narragansett~~The ~~Bancorp~~offering is scheduled to expire at 5:00 p.m., ~~Inc~~Eastern Time, on September 17, 2026. We may extend the expiration date without notice to you, until November 2, 2026. The offering must be completed by June 8, 2028, unless we receive regulatory approval for a further extension. Once submitted, orders are irrevocable unless the offering is terminated or extended beyond November 2, 2026, or the number of shares of common stock to be sold is increased to more than 9,098,800 shares or decreased to less than 5,848,000 shares. If the offering is extended beyond November 2, 2026, all subscribers will be notified and given an opportunity to confirm, cancel or change their orders. If you do not respond to this notice, we will promptly return your funds with interest or cancel your deposit account withdrawal authorization. If the number of shares to be sold in the offering is increased to more than 9,098,800 shares or decreased to less than 5,848,000 shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common stock in the subscription and community offerings will be returned promptly with interest. Funds submitted for the purchase of shares in the offering will be held in a segregated account at BayCoast Bank and will earn interest at 0.10% until completion or termination of the offering.

~~This~~Piper ~~offering~~Sandler & Co. will use its best efforts to assist us in selling our common stock, but is not obligated to purchase any of the common stock that is being ~~made~~offered byfor ~~Narragansett~~sale. ~~Bancorp~~In addition, ~~Inc.~~our officers, adirectors, ~~Maryland~~trustees ~~corporation~~and ~~that~~employees ~~was~~may ~~incorporated~~participate in ~~June~~the ~~2026~~solicitation of offers to purchase common stock in reliance upon Rule 3a4-1 under the Securities Exchange Act of 1934, as ~~part~~amended. Subscribers will not pay any commissions to purchase shares of ~~the reorganization~~common ~~and~~stock in the offering.

~~Upon~~OFFERING ~~completion~~SUMMARY of the reorganization and offering, Narragansett Bancorp, Inc. will become the bank holding company for BayCoast Bank and will own all the outstanding shares of capital stock of BayCoast Bank. To date, Narragansett Bancorp, Inc. has engaged in organizational activities only. Narragansett Bancorp, Inc.’s primary business activity will be to own all the outstanding shares of capital stock of BayCoast Bank. Narragansett Bancorp, Inc. will be authorized to engage in any other business activities that are permissible for bank holding companies under Massachusetts and federal law.

~~Upon completion of the reorganization and offering, Narragansett Financial Corporation will own 55% and public stockholders will own 43%~~Price: ~~of Narragansett Bancorp, Inc~~$10.’s00 ~~common~~per ~~stock.~~share ~~Public stockholders will not be able to exercise voting control over most matters put to a vote of stockholders.~~

Narragansett Bancorp, Inc. will be subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks and the Federal Reserve Board.


	Minimum		Midpoint		Maximum		Adjusted Maximum
Number of shares		5,848,000		6,880,000		7,912,000		9,098,800
Gross offering proceeds	$	58,480,000	$	68,800,000	$	79,120,000	$	90,988,000
Estimated offering expenses, excluding selling agent fees and expenses	$	2,050,000	$	2,050,000	$	2,050,000	$	2,050,000
Selling agent fees and expenses (1)(2)	$	951,134	$	1,078,790	$	1,206,446	$	1,353,250
Estimated net proceeds	$	55,478,866	$	65,671,210	$	75,863,554	$	87,584,750
Estimated net proceeds per share	$	9.49	$	9.55	$	9.59	$	9.63

~~Narragansett~~(1) ~~Bancorp,~~See ~~Inc~~“The Reorganization and Offering—Plan of Distribution; Selling Agent Compensation” for a discussion of Piper Sandler & Co.’s ~~website~~compensation ~~address~~for ~~will~~this offering and the compensation to be ~~https://baycoast.bank.~~received ~~Information~~by onPiper ~~our~~Sandler ~~website~~& ~~is not~~Co. and ~~should~~the ~~not~~other bebroker-dealers ~~considered~~who amay ~~part~~participate ofin ~~this~~a ~~prospectus.~~syndicated offering.

1(2) Excludes record agent fees and expenses paid to Piper Sandler & Co. See “The Reorganization and Offering—Plan of Distribution; Selling Agent Compensation.”

~~BayCoast~~THIS ~~Bank~~INVESTMENT INVOLVES A DEGREE OF RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. PLEASE READ “RISK FACTORS” BEGINNING ON PAGE 19.

~~BayCoast~~THESE ~~Bank~~SECURITIES isARE aNOT ~~Massachusetts-chartered~~DEPOSITS ~~savings~~OR ~~bank~~SAVINGS ~~headquartered~~ACCOUNTS inAND ~~Swansea~~ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, ~~Massachusetts~~ANY OTHER GOVERNMENTAL AGENCY OR THE DEPOSITORS INSURANCE FUND. ~~BayCoast~~NONE ~~Bank~~OF ~~was~~THE ~~originally~~SECURITIES ~~chartered~~AND ~~in 1851~~EXCHANGE COMMISSION, ~~and~~THE ~~operates~~BOARD ~~from~~OF ~~its~~GOVERNORS ~~main~~OF ~~office~~THE ~~and~~FEDERAL 25RESERVE ~~full-service~~SYSTEM, ~~branch~~THE ~~banking~~MASSACHUSETTS COMMISSIONER ~~offices~~OF inBANKS, ~~the~~THE ~~South~~FEDERAL ~~Coast~~DEPOSIT ofINSURANCE ~~Massachusetts~~CORPORATION ~~and~~NOR ~~the~~ANY ~~State~~STATE ofSECURITIES ~~Rhode~~REGULATOR ~~Island,~~HAS asAPPROVED ~~well~~OR asDISAPPROVED ~~two~~OF ~~loan~~THESE ~~production~~SECURITIES ~~offices~~OR inDETERMINED ~~Massachusetts~~IF ~~and~~THIS ~~Rhode~~PROSPECTUS ~~Island~~IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

LOGO

~~BayCoast~~For ~~Bank’s~~assistance, ~~business~~please ~~consists~~contact ~~primarily of taking deposits from~~ the ~~general~~Stock ~~public~~Information ~~and~~Center ~~investing~~at ~~those deposits, together with funds~~(844) ~~generated from operations, in commercial real estate loans, multi~~301-family residential real estate loans, one- to four-family residential real estate loans, home equity loans and lines of credit, commercial business loans, construction loans and consumer loans, as well as in investment securities2265.

~~BayCoast~~The ~~Bank~~date ~~has a number~~ of ~~non-interest~~this ~~income~~prospectus ~~business~~is ~~lines~~[prospectus ~~operated through subsidiaries of BayCoast Bank that also expand our customer relationships~~date]. BayCoast Mortgage Company, LLC (“BayCoast Mortgage”), which originates and sells conforming and jumbo residential mortgages; Plimoth Trust Company, LLC, d/b/a Plimoth Investment Advisors (“Plimoth Investment Advisors”), which provides investment management and trust services; BayCoast Insurance, LLC (“BayCoast Insurance”), an indirect subsidiary of BayCoast Bank, which provides insurance products to consumers and businesses; Priority Funding, LLC (“Priority Funding”), which originates and sells manufactured home loans; and Teamwork Funding, LLC (“Teamwork Funding”), a wholly owned subsidiary of Priority Funding, which provides broker lender services for manufactured home loans and primarily conducts business in Arizona; and Stack Ally, LLC (“Stack Ally”), which has been established to provide data integration and automation solutions to organizations.

WeTable consider the South Coast of Massachusetts and the State of Rhode Island as BayCoast Bank’s primary market area for lending and gathering deposits. As of March 31, 2026, BayCoast Mortgage operated in 11 states and Priority Funding operated in 21 states. Contents

LOGO

BayCoastTable Bank is subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks and the Federal Deposit Insurance Corporation (the “FDIC”). Contents

~~BayCoast~~TABLE ~~Bank’s~~OF ~~main~~CONTENTS office is located at 330 Swansea Mall Drive, Swansea, Massachusetts 02777, and our telephone number is (888) 806-2872. BayCoast Bank’s website address is https://baycoast.bank. Information on our website is not and should not be considered a part of this prospectus.

Our Reorganization and Offering


SUMMARY			1
RISK FACTORS			19
SELECTED FINANCIAL AND OTHER DATA			45
RECENT DEVELOPMENTS			47
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			55
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING			57
OUR POLICY REGARDING DIVIDENDS			59
MARKET FOR THE COMMON STOCK			60
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE OF BAYCOAST BANK			61
CAPITALIZATION			62
PRO FORMA DATA			63
COMPARISON OF VALUATION AND PRO FORMA INFORMATION WITH AND WITHOUT THE CHARITABLE FOUNDATION			68
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			69
BUSINESS OF NARRAGANSETT FINANCIAL CORPORATION			85
BUSINESS OF NARRAGANSETT BANCORP, INC.			85
BUSINESS OF BAYCOAST BANK			86
TAXATION			104
SUPERVISION AND REGULATION			105
MANAGEMENT			117
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS			129
THE REORGANIZATION AND OFFERING			130
THE CHARITABLE FOUNDATION			149
RESTRICTIONS ON THE ACQUISITION OF NARRAGANSETT BANCORP, INC. AND BAYCOAST BANK			152
DESCRIPTION OF CAPITAL STOCK OF NARRAGANSETT BANCORP, INC.			158
TRANSFER AGENT AND REGISTRAR			159
LEGAL AND TAX MATTERS			160
EXPERTS			160
WHERE YOU CAN FIND MORE INFORMATION			160
REGISTRATION REQUIREMENTS			160
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF NARRAGANSETT FINANCIAL CORPORATION			F-1

~~Currently,~~i BayCoast Bank is wholly owned by Narragansett Financial Corporation, a mutual holding company with no stockholders. We will establish Narragansett Bancorp, Inc. as part of the reorganization of BayCoast Bank and Narragansett Financial Corporation into a two-tier mutual holding company structure, whereby Narragansett Financial Corporation will contribute all of BayCoast Bank’s stock held by Narragansett Financial Corporation to Narragansett Bancorp, Inc. Following the reorganization, BayCoast Bank will become a wholly-owned subsidiary of Narragansett Bancorp, Inc., and Narragansett Bancorp, Inc. will be a majority-owned subsidiary of Narragansett Financial Corporation. Corporators’ voting rights in Narragansett Financial Corporation will remain the same after the reorganization.

WeTable are conducting the reorganization and offering under the terms of a plan of holding company reorganization and plan of stock issuance (the “plan of reorganization”), which is subject to approval by Narragansett Financial Corporation’s corporators. In addition, the reorganization and offering is subject to the approval of the Massachusetts Commissioner of Banks and the Board of Governors of the Federal Reserve System, or the “Federal Reserve Board.” Contents

InSUMMARY connection with the reorganization, we are offering for sale shares of common stock of Narragansett Bancorp, Inc. at a price of $10.00 per share. All investors will pay the same price per share in the offering. See “—Terms of the Offering.”

2The following summary provides material information regarding the offering of common stock by Narragansett Bancorp, Inc. and the business of BayCoast Bank. The summary may not contain all the information that is important to you. For additional information, you should read this entire prospectus carefully, including the consolidated financial statements and the notes to the financial statements of BayCoast Bank, and the section entitled “Risk Factors.” In certain circumstances, where appropriate, the terms “we, “us” and “our” refer collectively to Narragansett Financial Corporation, Narragansett Bancorp, Inc., BayCoast Bank or to any of those entities, depending on the context.

InThe aCompanies mutual holding company reorganization and offering, only a minority interest in the stock of a mutual holding company subsidiary is sold to the public. Under Federal and Massachusetts law and regulation, our mutual holding company, Narragansett Financial Corporation, must own a majority of our outstanding common stock for as long as Narragansett Financial Corporation remains in existence. Consequently, the shares that we are permitted to sell in the offering represent a minority of the shares of Narragansett Bancorp, Inc. that will be outstanding when the offering is completed. Based on an evaluation of our capital needs, our board of directors has decided that 43% of our outstanding shares of common stock will be offered for sale in the offering, 2% of our outstanding shares will be contributed to a charitable foundation to be formed in connection with the reorganization and offering, and 55% of our shares will be retained by Narragansett Financial Corporation. Our board of directors has determined that offering a minority of our outstanding shares of common stock for sale in the offering will better enable management to effectively reinvest the capital raised in the offering.

~~Our~~Narragansett ~~Organizational Structure~~Financial Corporation

~~The~~Narragansett ~~following~~Financial ~~diagram~~Corporation ~~shows~~has ~~our~~been ~~proposed~~the ~~organizational~~Massachusetts-chartered ~~structure~~mutual ~~following~~holding ~~the~~company of BayCoast Bank since 1998. Upon completion of the reorganization and offering, Narragansett Financial Corporation will own 55% of Narragansett Bancorp, Inc.’s common stock. Narragansett Financial Corporation is a non-stock company that will be required by law to own a majority of the outstanding voting stock of Narragansett Bancorp, Inc. for so long as Narragansett Financial Corporation remains in existence. Narragansett Financial Corporation, through its board of trustees, will be able to exercise voting control over virtually all matters put to a vote of stockholders of Narragansett Bancorp, Inc.

~~Business~~Narragansett ~~Strategy~~Financial Corporation is subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks and the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”).

AsAt ~~one~~March 31, of2026, ~~the~~on ~~oldest~~a ~~community~~consolidated ~~banks~~basis, inNarragansett ~~New~~Financial ~~England~~Corporation ~~and~~had ~~the~~total ~~United~~assets ~~States~~of $2.90 billion, wetotal ~~believe~~deposits ~~that~~of $2.47 billion ~~our~~and ~~reputation~~total ~~for~~retained ~~providing~~earnings ~~personalized~~of ~~customer service~~$186.6 million. isWe ~~our~~had ~~strongest~~net ~~asset~~income of $1.2 million, $6.0 million and ~~our~~$5.3 million ~~most~~for ~~effective~~the ~~strategy~~three tomonths ~~continue~~ended toMarch 31, ~~grow~~2026 and bethe ayears ~~profitable~~ended ~~bank~~December 31, 2025 and 2024, respectively.

~~Subject~~Narragansett ~~to market conditions~~Bancorp, we will continue our focus on growing our balance sheet and improving profitability by continuing to originate one- to four-family residential mortgage loans and increasing the origination of multi-family and commercial real estate loansInc. Additionally, we intend to supplement revenue growth through our non-interest income business lines, which are operated through direct and indirect subsidiaries of BayCoast Bank: mortgage lending (BayCoast Mortgage), wealth management services (Plimoth Investment Advisors), manufactured home financing (Priority Funding), and insurance (BayCoast Insurance).

~~These~~This ~~businesses~~offering ~~help~~is ~~deepen~~being ~~customer~~made ~~relationships,~~by ~~broaden~~Narragansett ~~engagement~~Bancorp, ~~and~~Inc., ~~support~~a ~~our~~Maryland ~~long-term~~corporation ~~stability~~that was incorporated in June 2026 as part of the reorganization and offering.

3Upon completion of the reorganization and offering, Narragansett Bancorp, Inc. will become the bank holding company for BayCoast Bank and will own all the outstanding shares of capital stock of BayCoast Bank. To date, Narragansett Bancorp, Inc. has engaged in organizational activities only. Narragansett Bancorp, Inc.’s primary business activity will be to own all the outstanding shares of capital stock of BayCoast Bank. Narragansett Bancorp, Inc. will be authorized to engage in any other business activities that are permissible for bank holding companies under Massachusetts and federal law.

~~The~~Upon ~~proceeds~~completion ~~from~~of the ~~stock~~reorganization and offering, Narragansett Financial Corporation will ~~enable~~own us55% toand ~~continue~~public tostockholders ~~implement~~will ~~our~~own ~~prudent~~43% ~~growth~~of ~~strategy~~Narragansett Bancorp, ~~and~~Inc.’s wecommon ~~plan~~stock. toPublic ~~employ~~stockholders ~~the~~will ~~following~~not ~~strategies~~be able to ~~enhance~~exercise ~~profitability~~voting ~~and~~control ~~deepen~~over ~~our~~most ~~relationships~~matters ~~with~~put ~~our~~to ~~clients:~~a vote of stockholders.

•Narragansett ~~Operational~~Bancorp, ~~Discipline and Scalability~~Inc. We will ~~continue~~be subject to ~~diversify~~comprehensive ~~our~~regulation ~~commercial~~ and ~~industrial~~examination ~~loan portfolio~~ by ~~targeting~~the ~~new~~Massachusetts ~~industries~~Commissioner ~~and~~of ~~expanding~~Banks ~~our reach across broader commercial client segments while improving operational productivity by deploying upgraded systems~~ and ~~automating~~the Federal ~~core~~Reserve ~~workflows~~Board. ~~We believe that streamlining our processes will reduce our cost-to-serve while maintaining asset quality.~~

•Narragansett ~~Revenue~~Bancorp, ~~Diversification~~Inc.’s ~~and~~website ~~Earnings~~address ~~Resilience.~~will Webe ~~continue~~https://baycoast.bank. toInformation ~~focus~~ on ~~growing~~ our ~~fee-based~~website ~~businesses~~is not inand ~~order~~should tonot ~~generate~~be ~~consistent,~~considered ~~non-cyclical~~a ~~earnings~~part of this prospectus.

•1 Relationship Depth and Deposit Strength. We want to serve as the central financial hub for our clients. By delivering comprehensive, personalized solutions—ranging from advanced treasury management for commercial clients to tailored advisory services for retail clients—we deepen our relationship with existing clients and can capture a larger share of wallet and transition single-product users into primary banking relationships. This approach directly improves our core deposit strength, generating the stable, low-cost funding necessary for our lending initiatives, optimizes our capital structure, and strengthens long-term liquidity.

•Table Customer and Community Impact. We are committed to delivering exceptional customer experiences alongside robust financial inclusion initiatives. By expanding access to tailored banking solutions and launching targeted financial education programs, we empower underserved populations and local businesses to achieve their financial goals. This proactive community engagement not only fosters long-term client loyalty, but also ensures that our institutional growth remains aligned with the economic well-being and prosperity of the communities we serve.Contents

~~Our~~BayCoast ~~vision~~Bank is to be the preferred financial partner and workplace in our market, deepening customer relationships to expand financial engagement, drive sustainable growth, and deliver exceptional value for our shareholders, customers, employees, and the communities we serve.

~~Reflecting~~BayCoast ~~our~~Bank ~~focus~~is ona ~~our~~Massachusetts-chartered ~~community,~~savings inbank ~~connection~~headquartered ~~with~~in ~~the offering~~Swansea, weMassachusetts. ~~intend~~BayCoast toBank ~~establish~~was aoriginally ~~charitable~~chartered ~~foundation called BayCoast~~in ~~Charitable Foundation~~1851, ~~Inc.,~~ and tooperates ~~fund~~from itits ~~with~~main ~~$600,000~~office ~~in cash~~ and a25 ~~number~~full-service ofbranch ~~shares~~banking ofoffices ~~our~~in ~~common~~the ~~stock~~South ~~equal~~Coast ~~to 2%~~ of ~~the~~Massachusetts ~~shares~~and ~~that will be outstanding following~~ the ~~completion~~State of ~~the~~Rhode ~~offering.~~Island, ~~The~~as ~~purpose~~well ofas ~~this~~two ~~foundation~~loan ~~will~~production beoffices ~~to make contributions to support various charitable organizations operating~~ in ~~our~~Massachusetts ~~community now~~ and inRhode ~~the future~~Island.

ABayCoast ~~full~~Bank’s ~~description~~business consists primarily of ~~our products~~taking deposits from the general public and ~~services~~investing ~~can~~those bedeposits, ~~found~~together ~~under~~with ~~“Business~~funds generated from operations, in commercial real estate loans, multi-family residential real estate loans, one- to four-family residential real estate loans, home equity loans and lines of ~~BayCoast~~credit, ~~Bank~~commercial business loans, construction loans and consumer loans, as well as in investment securities.”

~~Reasons~~BayCoast Bank has a number of non-interest income business lines operated through subsidiaries of BayCoast Bank that also expand our customer relationships. BayCoast Mortgage Company, LLC (“BayCoast Mortgage”), which originates and sells conforming and jumbo residential mortgages; Plimoth Trust Company, LLC, d/b/a Plimoth Investment Advisors (“Plimoth Investment Advisors”), which provides investment management and trust services; BayCoast Insurance, LLC (“BayCoast Insurance”), an indirect subsidiary of BayCoast Bank, which provides insurance products to consumers and businesses; Priority Funding, LLC (“Priority Funding”), which originates and sells manufactured home loans; and Teamwork Funding, LLC (“Teamwork Funding”), a wholly owned subsidiary of Priority Funding, which provides broker lender services for ~~the~~manufactured ~~Reorganization~~home loans and ~~Offering~~primarily conducts business in Arizona; and Stack Ally, LLC (“Stack Ally”), which has been established to provide data integration and automation solutions to organizations.

~~The~~We consider the South Coast of Massachusetts and the State of Rhode Island as BayCoast Bank’s primary ~~reasons~~market area for ~~our~~lending ~~decision~~and togathering ~~conduct~~deposits. ~~the~~As ~~reorganization~~of March 31, 2026, BayCoast Mortgage operated in 11 states and ~~the~~Priority ~~offering~~Funding ~~are~~operated ~~to:~~in 21 states.

•BayCoast ~~facilitate~~Bank ~~our~~is ~~ability~~subject to ~~repay~~comprehensive ~~subordinated~~regulation ~~debt~~and ~~currently~~examination ~~held~~ by ~~Narragansett~~the ~~Financial~~Massachusetts ~~Corporation,~~Commissioner ~~which~~of ~~totaled~~Banks ~~$95.0 million at March 31, 2026;~~ and ~~which~~the ~~will~~Federal Deposit beInsurance ~~transferred~~Corporation to(the ~~Narragansett Bancorp, Inc~~“FDIC”). ~~upon or shortly following the completion of the reorganization and offering;~~

•BayCoast ~~enhance~~Bank’s main office is located at 330 Swansea Mall Drive, Swansea, Massachusetts 02777, and our ~~capital~~telephone ~~base;~~number is (888) 806-2872. BayCoast Bank’s website address is https://baycoast.bank. Information on our website is not and should not be considered a part of this prospectus.

•Our ~~offer~~Reorganization ~~our depositors, employees, management, directors, trustees~~ and ~~corporators~~Offering ~~an opportunity to purchase an equity ownership interest in BayCoast Bank and, thereby, an economic interest in our future success;~~

4Currently, BayCoast Bank is wholly owned by Narragansett Financial Corporation, a mutual holding company with no stockholders. We will establish Narragansett Bancorp, Inc. as part of the reorganization of BayCoast Bank and Narragansett Financial Corporation into a two-tier mutual holding company structure, whereby Narragansett Financial Corporation will contribute all of BayCoast Bank’s stock held by Narragansett Financial Corporation to Narragansett Bancorp, Inc. Following the reorganization, BayCoast Bank will become a wholly-owned subsidiary of Narragansett Bancorp, Inc., and Narragansett Bancorp, Inc. will be a majority-owned subsidiary of Narragansett Financial Corporation. Corporators’ voting rights in Narragansett Financial Corporation will remain the same after the reorganization.

•We ~~support~~are ~~our~~conducting ~~local~~the ~~communities~~reorganization ~~through~~and aoffering ~~contribution~~under tothe terms of a ~~new~~plan ~~charitable~~of ~~foundation~~holding ~~that~~company wereorganization ~~will~~and ~~organize~~plan inof ~~connection~~stock ~~with~~issuance (the “plan ~~reorganization~~of ~~and offering~~reorganization”), which ~~should~~is ~~enable~~subject to approval by Narragansett Financial Corporation’s corporators. In addition, the ~~communities~~reorganization ~~that~~and weoffering ~~serve~~is subject to ~~share~~the inapproval ~~our~~of ~~long-term~~the ~~growth;~~Massachusetts Commissioner of Banks and the Board of Governors of the Federal Reserve System, or the “Federal Reserve Board.”

•In ~~increase~~connection ~~our~~with ~~flexibility~~the toreorganization, ~~structure~~we are ~~and~~offering ~~finance~~for sale shares of common stock of Narragansett Bancorp, Inc. at a price of $10.00 per share. All investors will pay the ~~expansion~~same price per share in the offering. See “—Terms of ~~our~~the ~~operations~~Offering.”

~~Providing~~2 local customers and other residents with an opportunity to become indirect equity owners of BayCoast Bank, and thereby participate in possible stock price appreciation, is consistent with our objective of being a locally-owned financial institution serving local financial needs. The board of directors and senior management believe that, through local stock ownership, current customers and non-customers who purchase common stock will seek to enhance the financial success of BayCoast Bank by providing their banking business and increasing referrals to BayCoast Bank.

SubjectTable to stockholder approval following the completion of the offering, we believe we would also be better able to retain and attract qualified personnel by establishing stock-based benefit plans for management and employees. Contents

~~The~~In ~~capital~~a ~~raised~~mutual holding company reorganization and offering, only a minority interest in the stock ~~offering~~of a mutual holding company subsidiary is ~~expected~~ sold to ~~provide~~the uspublic. ~~with~~Under ~~additional~~Federal ~~capital~~and Massachusetts law and regulation, our mutual holding company, Narragansett Financial Corporation, must own a majority of our outstanding common stock for as long as Narragansett Financial Corporation remains in existence. Consequently, the shares that we are permitted to ~~support~~sell in the ~~origination~~offering ofrepresent ~~new~~a ~~loans~~minority ~~and~~of ~~higher~~the ~~lending~~shares ~~limits~~of Narragansett Bancorp, ~~support~~Inc. that will be outstanding when the ~~growth~~offering is completed. Based on an evaluation of our ~~banking~~capital ~~franchise~~needs, ~~provide~~our anboard ~~additional~~of ~~cushion~~directors ~~against~~has ~~unforeseen~~decided ~~risks~~that ~~and~~43% ~~expand~~of our ~~asset~~outstanding shares of common stock will be offered for sale in the offering, 2% of our outstanding shares will be contributed to a charitable foundation to be formed in connection with the reorganization and ~~deposit~~offering, and 55% of our shares will be retained by Narragansett Financial Corporation. Our board of directors has determined that offering a minority of our outstanding shares of ~~base~~common stock for sale in the offering will better enable management to effectively reinvest the capital raised in the offering.

~~The~~Our ~~two-tier mutual holding company structure allows Narragansett Financial Corporation to~~Organizational ~~continue~~Structure to borrow funds, on a secured and unsecured basis and/or to issue debt. In addition, Narragansett Bancorp, Inc. may also borrow funds and/or issue debt or capital stock to the public or in a private placement, although any issuance of capital stock would require regulatory approval. The proceeds of any such borrowings, debt issuance or capital stock issuance may be contributed to BayCoast Bank as core capital for regulatory capital purposes. We have not made a determination to borrow funds or issue debt or additional capital stock at the present time. However, at March 31, 2026, Narragansett Financial Corporation had outstanding $95.0 million of subordinated debt, which will be transferred to Narragansett Bancorp, Inc. at or shortly following the completion of the reorganization.

~~Terms~~The following diagram shows our proposed organizational structure following the completion of the ~~Offering~~reorganization and offering.

LOGO

WeBusiness ~~are~~Strategy offering between 5,848,000 and 7,912,000 shares of common stock of Narragansett Bancorp, Inc. to eligible depositors of BayCoast Bank, our employee stock ownership plan and employees, officers, directors, trustees and corporators of BayCoast Bank and Narragansett Financial Corporation, and we may offer shares to the public to the extent shares remain available, with a preference given first to natural persons (including trusts of natural persons) residing in the communities where our branch offices are located. We may increase the maximum number of shares that we sell in the offering by up to 15%, to 9,098,800 shares, as a result of demand for the shares of common stock in the offering or changes in market conditions, including those for financial institution stocks. Subscription priorities have been established for the allocation of common stock to the extent the subscription offering is oversubscribed. See “The Reorganization and Offering—Subscription Offering and Subscription Rights” for a description of allocation procedures in the event of an oversubscription.

IfAs ~~the~~one ~~offering~~of isthe ~~extended~~oldest ~~beyond~~community ~~[extension~~banks ~~date],~~in ~~all~~New ~~subscribers~~England ~~will be notified~~ and ~~given~~the anUnited ~~opportunity to confirm~~States, ~~cancel or change their orders. If you do not respond to this notice,~~ we ~~will~~believe ~~promptly~~that ~~return~~our ~~your~~reputation ~~funds~~for ~~with~~providing ~~interest~~personalized orcustomer service ~~cancel your deposit account withdrawal authorization. If the number of shares to be sold in the offering~~ is ~~increased~~our tostrongest ~~more~~asset ~~than 9,098,800 shares or decreased to less than 5,848,000 shares, we will resolicit subscribers,~~ and ~~all~~our ~~funds~~most ~~delivered~~effective strategy to uscontinue to ~~purchase~~grow ~~shares of common stock in the subscription~~ and ~~community offerings will~~ be ~~returned~~a ~~promptly~~profitable ~~with interest~~bank.

~~All~~Subject ~~investors~~to ~~will~~market conditions, ~~pay~~we ~~the~~will ~~same~~continue ~~$10.00~~our ~~purchase~~focus ~~price~~on ~~per~~growing ~~share,~~our ~~regardless~~balance ofsheet ~~whether~~and ~~the~~improving ~~shares~~profitability ~~are~~by ~~purchased~~continuing into ~~the~~originate ~~subscription~~one- ~~offering, the~~to ~~community~~four-family ~~offering~~residential ormortgage aloans ~~syndicated~~and ~~offering.~~increasing ~~Investors~~the ~~will~~origination ~~not~~of multi-family beand ~~charged~~commercial areal ~~commission~~estate toloans. ~~purchase~~Additionally, ~~shares~~we ofintend ~~common~~to ~~stock.~~supplement ~~Piper~~revenue ~~Sandler &~~growth ~~Co.,~~through our ~~marketing~~non-interest ~~agent~~income inbusiness ~~connection~~lines, ~~with~~which ~~the~~are ~~offering~~operated ~~(“Piper~~through ~~Sandler”),~~direct ~~will~~and ~~use~~indirect subsidiaries ~~its~~of ~~best~~BayCoast ~~efforts~~Bank: tomortgage ~~assist~~lending us(BayCoast inMortgage), ~~selling~~wealth ~~our~~management ~~shares~~services of(Plimoth ~~common~~Investment ~~stock~~Advisors), ~~but~~manufactured ~~Piper~~home ~~Sandler~~financing is(Priority ~~not~~Funding), ~~obligated~~and toinsurance ~~purchase~~(BayCoast ~~any shares in the offering~~Insurance).

5These businesses help deepen customer relationships, broaden engagement, and support our long-term stability.

~~How~~3 ~~We Determined the Offering Range and the $10.00 Price Per Share~~

TheTable amount of common stock we are offering for sale is based on an independent appraisal of our pro forma market value prepared by RP Financial, LC. (“RP Financial”), a firm experienced in appraisals of financial institutions. RP Financial is of the opinion that as of May 4, 2026, and assuming we sell a minority of our shares in the offering, the estimated pro forma market value of the common stock of Narragansett Bancorp, Inc., including the shares to be contributed to the charitable foundation, was $160.0 million. Based on applicable regulations, this market value forms the midpoint of a valuation range with a minimum of $136.0 million and a maximum of $184.0 million. Contents

~~Our~~The ~~board~~proceeds offrom ~~directors determined that~~ the ~~common~~ stock ~~should~~ ~~be sold at $10.00 per share and that 43% of the outstanding shares of Narragansett Bancorp, Inc. common stock should be offered for sale in the~~ offering ~~and~~will ~~55%~~enable ofus ~~the~~to ~~outstanding~~continue ~~shares~~to ~~should~~implement beour ~~held by Narragansett Financial Corporation,~~prudent ~~with~~growth ~~2% of the outstanding shares being held by the charitable foundation. Therefore~~strategy, ~~based~~and onwe ~~the~~plan ~~valuation range, the number of shares of Narragansett Bancorp, Inc. common stock that will be sold in the offering will range from 5,848,000 shares~~ to ~~7,912,000~~employ ~~shares. If demand for~~ the ~~shares~~following orstrategies ~~market conditions warrant, our appraised value can be increased by up~~ to ~~15%,~~enhance ~~which~~profitability ~~would result in an appraised value of $211.6 million~~ and andeepen ~~offering~~our ofrelationships ~~9,098,800~~with ~~shares~~our ~~of common~~clients: ~~stock. The $10.00 per share price was selected primarily because it is the price most commonly used in mutual holding company reorganizations and offerings and mutual-to-stock conversions.~~

~~The~~• ~~appraisal~~Operational isDiscipline ~~based in part on our financial condition~~ and ~~results~~Scalability. ofWe ~~operations,~~will ~~the~~continue ~~pro~~to ~~forma~~diversify ~~effect~~our ofcommercial ~~the~~and ~~additional~~industrial ~~capital~~loan ~~raised~~portfolio by ~~the~~targeting ~~sale~~new ofindustries ~~shares of common stock in the offering,~~ and anexpanding ~~analysis~~our ofreach aacross ~~peer~~broader ~~group~~commercial ofclient ~~ten~~segments ~~publicly~~while ~~traded~~improving ~~bank~~operational ~~holding~~productivity ~~companies, savings~~by ~~and~~deploying ~~loan~~upgraded ~~holding~~systems ~~companies~~ and ~~savings~~automating ~~banks~~core ~~that RP Financial considers comparable to Narragansett Bancorp, Inc~~workflows. ~~on a pro forma basis. See “The Reorganization and Offering—How~~ We ~~Determined~~believe ~~the~~that ~~Stock~~streamlining ~~Pricing~~our ~~and~~processes ~~the~~will ~~Number~~reduce ~~of Shares~~our cost-to-serve bewhile ~~Issued.”~~maintaining ~~The~~asset ~~appraisal peer group consists of the following companies, all of which are traded on the Nasdaq Stock Market~~quality. ~~Unless otherwise indicated, total assets are as of March 31, 2026.~~

Company Name	TickerSymbol	Headquarters	Total Assets
			(In millions)
ECB Bancorp, Inc.	ECBK	Everett, MA	$	1,650
FS Bancorp, Inc.	FSBW	Mountlake Terrace, WA		3,204
Hingham Institution for Savings	HIFS	Hingham, MA		4,548
Kearny Financial Corp.	KRNY	Fairfield, NJ		7,608
Northeast Community Bancorp, Inc.	NECB	White Plains, NJ		2,205
Riverview Bancorp, Inc.	RVSB	Vancouver, WA		1,464
Timberland Bancorp, Inc.	TSBK	Hoquiam, WA		2,046
TrustCo Bank Corp NY	TRST	Glenville, NY		6,508
Waterstone Financial, Inc.	WSBF	Wauwatosa, WI		2,251
Western New England Bancorp, Inc.	WNEB	Westfield, MA		2,765

•

Revenue Diversification and Earnings Resilience. We continue to focus on growing our fee-based businesses in order to generate consistent, non-cyclical earnings.

In• ~~applying~~Relationship ~~each~~Depth ofand ~~the~~Deposit ~~valuation~~Strength. ~~methods,~~We RPwant ~~Financial considered adjustments~~ to ~~the~~serve ~~pro~~as ~~forma market value based on a comparison of Narragansett Bancorp, Inc. with~~ the ~~peer~~central ~~group.~~financial RPhub ~~Financial~~for ~~advised~~our ~~the board of directors that the valuation conclusion included the following adjustments relative to the peer group~~clients. RPBy ~~Financial~~delivering ~~made a moderate downward adjustment for profitability~~comprehensive, ~~growth~~personalized ~~and~~solutions—ranging ~~viability~~from ofadvanced ~~earnings~~treasury ~~and~~management ~~slight downward adjustments~~ for ~~financial~~commercial ~~condition,~~clients ~~asset~~to ~~growth~~tailored ~~and~~advisory ~~dividends.~~services ~~RP Financial made no adjustments~~ for ~~liquidity~~retail ofclients—we ~~the~~deepen ~~shares,~~our ~~marketing~~relationship ofwith ~~the~~existing ~~issue,~~clients ~~management, primary market area,~~ and ~~effect~~can ofcapture ~~government~~a ~~regulations~~larger ~~and~~share ~~regulatory~~of ~~reform.~~wallet ~~The downward adjustment for profitability, growth~~ and ~~viability~~transition ofsingle-product ~~earnings~~users ~~took~~ into ~~consideration~~primary ~~Narragansett~~banking ~~Bancorp, Inc~~relationships.’s ~~less~~This ~~favorable~~approach ~~efficiency~~directly ~~ratio and~~improves ~~lower~~our ~~pro~~core ~~forma~~deposit ~~returns~~strength, asgenerating ~~a percent of assets and equity relative to~~ the ~~comparable~~stable, ~~peer~~low-cost ~~group~~funding ~~measures.~~necessary ~~The downward adjustment~~ for ~~financial~~our ~~condition~~lending ~~took~~initiatives, ~~into~~optimizes ~~consideration~~our ~~Narragansett~~capital ~~Bancorp~~structure, ~~Inc.’s~~and ~~lower~~strengthens ~~pro forma tangible equity~~long-~~to-assets~~term ~~ratio and less favorable credit quality measures~~liquidity. ~~The downward adjustment for dividends took into consideration the mutual~~

6• Customer and Community Impact. We are committed to delivering exceptional customer experiences alongside robust financial inclusion initiatives. By expanding access to tailored banking solutions and launching targeted financial education programs, we empower underserved populations and local businesses to achieve their financial goals. This proactive community engagement not only fosters long-term client loyalty, but also ensures that our institutional growth remains aligned with the economic well-being and prosperity of the communities we serve.

~~holding~~Our ~~company~~vision ~~ownership~~is ~~structure~~to ~~and~~be ~~dividend~~the ~~waiver~~preferred ~~regulations~~financial inpartner ~~place~~and ~~for~~workplace ~~mutual~~in ~~holding~~our ~~companies that impact minority ownership ratios~~market, indeepening ~~comparison~~customer relationships to ~~the~~expand ~~fully-converted peer group~~financial ~~companies~~engagement, asdrive ~~well~~sustainable ~~Narragansett Bancorp~~growth, ~~Inc.’s lower pro forma return as a percent of assets~~ and ~~lower~~deliver ~~pro~~exceptional ~~forma~~value ~~equity-to-assets ratio. The downward adjustment~~ for ~~asset~~our ~~growth~~shareholders, ~~took~~customers, ~~into consideration Narragansett Bancorp~~employees, ~~Inc.’s lower historical asset growth~~ and ~~lower~~the ~~pro~~communities ~~forma~~we ~~leverage capacity based on its lower pro forma equity-to-assets ratio~~serve.

~~The~~Reflecting ~~independent~~our ~~valuation appraisal~~focus ~~considered~~on ~~the~~our ~~pro~~community, ~~forma~~in ~~impact~~connection ofwith the offering~~. Consistent with federal appraisal guidelines~~, ~~the~~we ~~appraisal~~intend ~~considers~~to ~~three~~establish ~~primary~~a ~~methodologies:~~charitable ~~(i) the~~foundation ~~pro~~called ~~forma~~BayCoast ~~price-to-book~~Charitable ~~value~~Foundation, ~~approach~~Inc., ~~applied to both reported book value~~ and ~~tangible book value; (ii) the pro forma price-~~to~~-earnings~~ ~~approach~~fund ~~applied~~it towith ~~reported~~$600,000 ~~and~~in ~~core~~cash ~~earnings;~~ and ~~(iii) the~~a ~~pro~~number ~~forma~~of ~~price-to-assets~~shares ~~approach.~~of ~~The market~~our ~~value~~common ~~ratios~~stock ~~applied~~equal into ~~the~~2% ~~utilized methodologies were based upon the current market valuations~~ of the ~~peer~~shares ~~group~~that ~~companies~~will ~~identified~~be byoutstanding RPfollowing ~~Financial, subject to valuation adjustments applied by RP Financial to account for differences between us and our peer group. RP Financial placed~~ the ~~greatest~~completion ~~emphasis~~of on the ~~price-to-book value and price-to earnings approaches in estimating pro forma market value~~offering. RPThe ~~Financial~~purpose ~~did~~of ~~not~~this ~~consider~~foundation awill ~~pro~~be ~~forma price-~~to~~-assets~~ ~~approach to be as meaningful in preparing the appraisal, as~~make ~~this~~contributions ~~approach is more meaningful when a company has low equity or earnings. The price-~~to~~-assets~~ ~~approach~~support isvarious ~~less~~charitable ~~meaningful~~organizations ~~for~~operating ain ~~company~~our ~~like~~community ~~us,~~now asand ~~we have equity~~ in ~~excess~~ ofthe ~~regulatory capital requirements~~future.

ToA ~~account~~full ~~for~~description ~~the unique characteristics~~ of ~~publicly-traded shares of a mutual holding~~our ~~company,~~products ~~RP Financial included in its appraisal the pricing ratios of Narragansett Bancorp, Inc. on both a non-fully converted basis~~ and aservices ~~fully~~can ~~converted~~be ~~basis~~found ~~and~~under ~~compared~~“Business ~~each to non-fully converted and fully converted pricing ratios~~ of ~~the~~BayCoast ~~peer group~~Bank.” The decision to also provide Narragansett Bancorp, Inc.’s and the peer group’s pricing ratios on a fully converted basis is meant to establish the pro forma market value range of 100% of the shares of Narragansett Bancorp, Inc., which forms the basis for determining the offering range. Tables presenting select pricing ratios of Narragansett Bancorp, Inc. on both a non-fully converted basis and a fully converted basis and comparing such ratios to similar ratios for the peer group are set forth below.

~~The~~Reasons ~~following table presents a summary of selected pricing ratios~~ for the ~~peer~~Reorganization ~~group companies~~ and ~~for~~Offering us on a non-fully converted basis (i.e. the table assumes that 43% of our outstanding shares of common stock are issued in the offering, as opposed to 100% of our outstanding shares of common stock). Price-to-earnings multiples are calculated on a trailing twelve-month basis for the twelve months ended March 31, 2026, such that information with respect to Narragansett Bancorp, Inc. will be different than information presented in “Pro Forma Data.” These figures are from the RP Financial appraisal report.

~~Compared~~The toprimary ~~the~~reasons ~~average~~for ~~pricing ratios of the peer group, and based upon the information in the following table,~~ our ~~pro~~decision ~~forma~~to ~~pricing~~conduct ~~ratios at~~ the ~~midpoint~~reorganization ofand the offering ~~range~~are ~~indicated a premium of 77.6% on a non-fully converted price-~~to~~-earnings~~: ~~multiple, a discount of 33.8% on a non-fully converted price-to-book value basis and a discount of 28.6% on a non-fully converted price-to-tangible book value basis.~~

	Non-Fully ConvertedPro FormaPrice-to-Earnings Multiple			Non-Fully ConvertedPro FormaPrice-to-Book Value Ratio			Non-Fully ConvertedPro FormaPrice-to-Tangible BookValue Ratio
Narragansett Bancorp, Inc.
Adjusted Maximum		31.39	x		80.45	%		90.01	%
Maximum		27.63			72.89			81.97
Midpoint		24.28			65.70			74.24
Minimum		20.86			58.00			65.88
Valuation of peer group companies as of May 4, 2026
Averages		13.67	x		99.21	%		104.02	%
Medians		14.11			94.80			97.43

•

facilitate our ability to repay subordinated debt currently held by Narragansett Financial Corporation, which totaled $95.0 million at March 31, 2026; and which will be transferred to Narragansett Bancorp, Inc. upon or shortly following the completion of the reorganization and offering;

~~The~~• ~~following~~enhance table presents a summary of selected pricing ratios for the peer group companies, as of and for the same periods reflected in the above table, and the resulting pricing ratios for Narragansett Bancorp, Inc. on a fully converted equivalent basis. Comparing our ~~pricing~~capital ratios to the peer group companies on a fully-converted basis removes the distortion created by comparing a company that sold approximately 43% of its outstanding common stock in a minority offering (such as we plan to do) with companies that sold a different percentage of their outstanding common stock. However, repurchases by the peer group companies of shares of their common stock after their respective offerings can distort the comparison. base;

7• offer our depositors, employees, management, directors, trustees and corporators an opportunity to purchase an equity ownership interest in BayCoast Bank and, thereby, an economic interest in our future success;

Compared to the average pricing ratios of the peer group, and based upon the information in the following table, our pro forma pricing ratios at the midpoint of the offering range indicated a premium of 60.4% ~~on a fully converted price-to-earnings multiple, a discount of 49.7% on a fully converted price-to-book basis and a discount of 47.4% on a fully converted price-to-tangible book value basis.~~

	Fully ConvertedPro FormaPrice-to-Earnings Multiple			Fully ConvertedPro FormaPrice-to-BookValue Ratio			Fully ConvertedPro FormaPrice-to-Tangible BookValue Ratio
Narragansett Bancorp, Inc.
Adjusted Maximum		27.64	x		58.14	%		62.97	%
Maximum		24.65			54.00			58.82
Midpoint		21.92			49.90			54.67
Minimum		19.06			45.25			49.90
Valuation of peer group companies as of May 4, 2026
Averages		13.67	x		99.21	%		104.02	%
Medians		14.11			94.80			97.43

~~The~~• ~~fully~~support ~~converted~~our ~~pro~~local ~~forma~~communities ~~calculations~~through ~~for~~a ~~Narragansett~~contribution ~~Bancorp,~~to ~~Inc.~~a ~~are~~new ~~based~~charitable onfoundation that we will organize in connection with the ~~following assumptions:~~reorganization and offering, which should enable the communities that we serve to share in our long-term growth; and

• Aincrease ~~number~~our offlexibility ~~shares equal~~ to 8%structure ~~of the aggregate of the shares sold in a full conversion~~ and ~~contributed~~finance to the ~~charitable~~expansion ~~foundation~~of ~~are~~our ~~purchased by the employee stock ownership plan, with the expense to be amortized over 20 years; and~~operations.

•Providing Alocal ~~number~~customers ofand ~~restricted~~other ~~stock~~residents ~~awards~~with ~~equal~~an opportunity to 4%become ofindirect ~~the~~equity ~~aggregate~~owners of ~~the~~BayCoast ~~shares~~Bank, ~~sold~~and thereby participate in possible stock price appreciation, is consistent with our objective of being a ~~full~~locally-owned ~~conversion~~financial ~~and~~institution ~~contributed~~serving tolocal ~~the~~financial ~~charitable~~needs. ~~foundation~~The ~~are~~board ~~purchased~~of bydirectors aand senior management believe that, through local stock ownership, current customers and non-~~based~~customers ~~benefit~~who ~~plan,~~purchase ~~with~~common ~~the~~stock ~~expense~~will seek to beenhance ~~amortized~~the ~~over~~financial ~~five~~success ~~years~~of BayCoast Bank by providing their banking business and increasing referrals to BayCoast Bank.

~~The~~Subject ~~independent~~to ~~appraisal~~stockholder ~~does~~approval ~~not~~following ~~indicate market value. Our common stock may not trade at or above~~ the ~~$10.00~~completion ~~purchase~~of ~~price after~~ the ~~offering.~~ ~~Furthermore~~offering, ~~the~~we ~~pricing~~believe ~~ratios~~we ~~presented~~would inalso ~~the~~be ~~appraisal~~better ~~were~~able ~~used by RP Financial~~ to ~~estimate~~retain ~~our pro forma appraised value for regulatory purposes~~ and ~~not to compare the relative value of shares of our common stock~~attract ~~with~~qualified ~~the~~personnel ~~value~~by ofestablishing ~~the capital~~ stock-based ofbenefit ~~the~~plans ~~peer~~for ~~group.~~management ~~The value of the capital stock of a particular company may be affected by a number of factors such as financial performance, asset size~~ and ~~market location~~employees.

~~For~~The acapital ~~more~~raised ~~complete~~in ~~discussion of~~ the ~~amount~~offering ofis expected ~~common~~to ~~stock~~provide weus ~~are~~with ~~offering~~additional ~~for~~capital ~~sale~~to ~~and~~support the ~~independent~~origination ~~appraisal,~~of ~~see~~new ~~“The Reorganization~~loans and ~~Offering—How~~higher Welending ~~Determined~~limits, support the ~~Stock~~growth ~~Pricing~~of ~~and~~our ~~the~~banking ~~Number~~franchise, ofprovide ~~Shares~~an toadditional becushion ~~Issued~~against unforeseen risks and expand our asset and deposit base.”

~~How~~The two-tier mutual holding company structure allows Narragansett Financial Corporation to continue to borrow funds, on a secured and unsecured basis and/or to issue debt. In addition, Narragansett Bancorp, Inc. may also borrow funds and/or issue debt or capital stock to the public or in a private placement, although any issuance of capital stock would require regulatory approval. The proceeds of any such borrowings, debt issuance or capital stock issuance may be contributed to BayCoast Bank as core capital for regulatory capital purposes. We ~~Intend~~have not made a determination to borrow ~~Use~~funds or issue debt or additional capital stock at the ~~Proceeds~~present time. However, at March 31, 2026, Narragansett Financial Corporation had outstanding $95.0 million of subordinated debt, which will be transferred to Narragansett ~~from~~Bancorp, Inc. at or shortly following the ~~Offering~~completion of the reorganization.

WeTerms ~~intend to invest at least 50%~~ of the ~~net~~Offering proceeds from the offering in BayCoast Bank, fund a loan to our employee stock ownership plan to finance its purchase of shares of common stock in the offering, contribute $600,000 to the charitable foundation and retain the remainder of the net proceeds from the offering. Therefore, assuming we sell 7,912,000 shares of common stock at the maximum of the offering range, and we have net proceeds of $79.1 million, we intend to invest $37.9 million in BayCoast Bank, loan $6.6 million to our employee stock ownership plan to fund its purchase of shares in the offering, contribute $600,000 to the charitable foundation and retain the remaining $30.7 million of the net proceeds at Narragansett Bancorp, Inc. Narragansett Bancorp, Inc. primarily will use the proceeds it retains to repay subordinated debt currently held by Narragansett Financial Corporation, which totaled $95.0 million at March 31, 2026, and will initially deposit a portion of the net proceeds of the offering at BayCoast Bank.

8We are offering between 5,848,000 and 7,912,000 shares of common stock of Narragansett Bancorp, Inc. to eligible depositors of BayCoast Bank, our employee stock ownership plan and employees, officers, directors, trustees and corporators of BayCoast Bank and Narragansett Financial Corporation, and we may offer shares to the public to the extent shares remain available, with a preference given first to natural persons (including trusts of natural persons) residing in the communities where our branch offices are located. We may increase the maximum number of shares that we sell in the offering by up to 15%, to 9,098,800 shares, as a result of demand for the shares of common stock in the offering or changes in market conditions, including those for financial institution stocks. Subscription priorities have been established for the allocation of common stock to the extent the subscription offering is oversubscribed. See “The Reorganization and Offering—Subscription Offering and Subscription Rights” for a description of allocation procedures in the event of an oversubscription.

~~Narragansett~~If ~~Bancorp~~the offering is extended beyond November 2, ~~Inc.~~2026, all subscribers will be ~~permitted~~notified and given an opportunity to ~~repurchase~~confirm, ~~shares~~cancel ofor change ~~our~~their ~~common~~orders. ~~stock~~If inyou ~~the future~~do not respond to this notice, ~~although~~we itwill ~~generally~~promptly ~~may~~return ~~not~~your dofunds sowith ~~during~~interest ~~the~~or ~~first~~cancel ~~year~~your ~~following~~deposit ~~the~~account ~~offering,~~withdrawal ~~and~~authorization. ~~such~~If ~~repurchases~~the ~~may~~number of shares to be ~~limited~~sold ~~due~~in the offering is increased to ~~the~~more ~~subordinated~~than 9,098,800 ~~debt~~shares asor ofdecreased ~~March 31~~to less than 5,848,000 ~~2026~~shares, ~~that~~we will beresolicit ~~held~~subscribers, atand ~~Narragansett~~all ~~Bancorp,~~funds ~~Inc.~~delivered ~~following~~to ~~the completion~~us to purchase shares of common stock in the ~~reorganization~~subscription and ~~offering~~community offerings will be returned promptly with interest.

~~BayCoast~~All ~~Bank~~investors ~~expects~~will topay ~~use~~ the ~~net~~same ~~proceeds~~$10.00 itpurchase ~~receives~~price toper ~~originate loans~~share, ~~purchase securities~~regardless asof ~~permitted~~whether ~~under~~the ~~its~~shares ~~investment~~are ~~policy,~~purchased toin ~~expand~~the ~~its~~subscription offering, ~~banking~~the ~~franchise~~community ~~organically~~offering ~~through~~or dea ~~novo~~syndicated ~~branching~~offering. orInvestors ~~through~~will ~~acquisitions~~not orbe ~~liftout~~charged ~~transactions~~a ~~from~~commission ~~financial~~to ~~services~~purchase ~~businesses,~~shares orof tocommon ~~enhance~~stock. ~~existing~~Piper Sandler & Co., orour ~~support the~~marketing ~~growth~~agent ~~and~~in ~~development~~connection ~~of,~~with ~~new~~the ~~products~~offering ~~and~~(“Piper Sandler”), ~~services.~~will ~~BayCoast~~use ~~Bank~~its ~~may~~best ~~also~~efforts ~~use~~to ~~the~~assist ~~proceeds~~us itin ~~receives~~selling toour ~~support~~shares ~~new~~of ~~loan~~common stock, ~~deposit~~but orPiper ~~other~~Sandler ~~financial~~is ~~products~~not ~~and~~obligated ~~services,~~to ~~and~~purchase ~~for~~any ~~general~~shares ~~corporate~~in ~~purposes~~the offering.

~~BayCoast~~5 ~~Bank does not have any plans or agreements for any specific acquisition or liftout transactions at this time. See “How We Intend to Use the Proceeds from the Offering.”~~

PersonsTable Whoof May Order Stock in the Offering Contents

How We ~~are~~Determined ~~offering~~ the ~~shares~~Offering ofRange ~~common~~and ~~stock~~the ~~of Narragansett Bancorp, Inc~~$10.00 inPrice aPer ~~“subscription~~Share ~~offering” in the following descending order of priority:~~

~~(1)~~The ~~depositors~~amount ~~who~~of ~~had~~common ~~accounts~~stock atwe ~~BayCoast~~are ~~Bank~~offering ~~with~~for ~~aggregate~~sale ~~balances~~is based on an independent appraisal of atour ~~least~~pro ~~$50~~forma (amarket value prepared by RP Financial, LC. (“~~Qualifying~~RP ~~Deposit~~Financial”), ata firm experienced in appraisals of financial institutions. RP Financial is of the ~~close~~opinion that as of ~~business~~May 4, 2026, and assuming we sell a minority of our shares in the offering, the estimated pro forma market value of the common stock of Narragansett Bancorp, Inc., including the shares to be contributed to the charitable foundation, was $160.0 million. Based on ~~May~~applicable 31regulations, ~~2025~~this ~~(an~~market ~~“Eligible~~value ~~Account~~forms ~~Holder”);~~the midpoint of a valuation range with a minimum of $136.0 million and a maximum of $184.0 million.

(Our board of directors determined that the common stock should be sold at $10.00 per share and that 43% of the outstanding shares of Narragansett Bancorp, Inc. common stock should be offered for sale in the offering and 55% of the outstanding shares should be held by Narragansett Financial Corporation, with 2)% ~~BayCoast~~of ~~Bank’s~~the ~~tax-qualified~~outstanding ~~employee~~shares ~~benefit~~being ~~plans~~held ~~(specifically~~by ~~our~~the ~~employee~~charitable foundation. Therefore, based on the valuation range, the number of shares of Narragansett Bancorp, Inc. common stock ~~ownership~~that ~~plan~~will be sold in the offering will range from 5,848,000 shares to 7,912,000 shares. If demand for the shares or market conditions warrant, our appraised value can be increased by up to 15%, which would result in an appraised value of $211.6 million and ~~401(k)~~an ~~plan);~~offering of 9,098,800 shares of common stock. The $10.00 per share price was selected primarily because it is the price most commonly used in mutual holding company reorganizations and offerings and mutual-to-stock conversions.

~~(3)~~The ~~employees~~appraisal is based in part on our financial condition and results of operations, ~~officers~~the pro forma effect of the additional capital raised by the sale of shares of common stock in the offering, ~~directors~~and an analysis of a peer group of ten publicly traded bank holding companies, savings ~~trustees~~and loan holding companies and ~~corporators~~savings ofbanks ~~BayCoast~~that ~~Bank~~RP orFinancial considers comparable to Narragansett ~~Financial~~Bancorp, ~~Corporation~~Inc. ~~who~~on a pro forma basis. See “The Reorganization and Offering—How We Determined the Stock Pricing and the Number of Shares to be Issued.” The appraisal peer group consists of the following companies, all of which are ~~not~~traded ~~eligible~~on ~~under~~the ~~category~~Nasdaq ~~(1)~~Stock Market. Unless otherwise indicated, total assets are as of March 31, 2026.

Any shares of our common stock that remain unsold in the subscription offering may be offered for sale in a community offering that may commence concurrently with, during or promptly after the subscription offering. Natural persons residing (including trusts of natural persons and business entities with its principal place of business or headquarters) in the Massachusetts cities and towns of Acushnet, Attleboro, Avon, Bellingham, Berkley, Braintree, Brookline, Canton, Cohasset, Dartmouth, Dedham, Dighton, Dover, Easton, Fairhaven, Fall River, Foxborough, Franklin, Freetown, Holbrook, Mansfield, Medfield, Medway, Millis, Milton, Needham, New Bedford, Norfolk, North Attleboro, Norton, Norwood, Plainville, Quincy, Randolph, Raynham, Rehoboth, Seekonk, Sharon, Somerset, Stoughton, Swansea, Taunton, Walpole, Wellesley, Westport, Westwood, Weymouth and Wrentham, and the Rhode Island cities and towns of Barrington, Bristol, Burrillville, Central Falls, Cranston, Cumberland, East Providence, Foster, Glocester, Jamestown, Johnston, Lincoln, Little Compton, Middletown, Newport, North Providence, North Smithfield, Pawtucket, Portsmouth, Providence, Scituate, Smithfield, Tiverton, Warren and Woonsocket will have a purchase preference in any community offering. We also may offer shares of common stock not purchased in the subscription offering or the community offering through a syndicate of brokers, in what is referred to as a “syndicated offering,” managed by Piper Sandler. We have the right to accept or reject, in our sole discretion, any orders received in the community offering or the syndicated offering. Any determination to accept or reject stock orders in the community offering or syndicated offering will be based on the facts and circumstances available to management at the determination.


Company Name	Ticker Symbol	Headquarters	Total Assets
			(In millions)
ECB Bancorp, Inc.	ECBK	Everett, MA	$1,650
FS Bancorp, Inc.	FSBW	Mountlake Terrace, WA	3,204
Hingham Institution for Savings	HIFS	Hingham, MA	4,548
Kearny Financial Corp.	KRNY	Fairfield, NJ	7,608
Northeast Community Bancorp, Inc.	NECB	White Plains, NJ	2,205
Riverview Bancorp, Inc.	RVSB	Vancouver, WA	1,464
Timberland Bancorp, Inc.	TSBK	Hoquiam, WA	2,046
TrustCo Bank Corp NY	TRST	Glenville, NY	6,508
Waterstone Financial, Inc.	WSBF	Wauwatosa, WI	2,251
Western New England Bancorp, Inc.	WNEB	Westfield, MA	2,765

ToIn ~~ensure~~applying ~~proper~~each ~~allocation~~ of ~~stock~~the valuation methods, ~~each~~RP ~~Eligible~~Financial ~~Account~~considered ~~Holder~~adjustments ~~must~~to ~~list~~the pro forma market value based on ~~his~~a orcomparison ~~her~~of ~~stock~~Narragansett ~~order~~Bancorp, ~~form~~Inc. ~~all~~with ~~deposit accounts~~the inpeer ~~which~~group. heRP orFinancial ~~she~~advised ~~had~~the anboard ~~ownership~~of ~~interest~~directors atthat ~~May 31,~~the ~~2025.~~valuation ~~Failure~~conclusion included the following adjustments relative to ~~list~~the anpeer ~~account~~group. orRP ~~providing~~Financial ~~incorrect~~made ~~information~~a ~~could~~moderate ~~result~~downward adjustment infor ~~the~~profitability, ~~loss~~growth and viability of ~~all~~earnings orand ~~part~~slight ofdownward aadjustments ~~subscriber’s~~for ~~stock~~financial ~~allocation~~condition, asset growth and dividends. WeRP ~~will~~Financial ~~attempt~~made tono ~~identify your~~adjustments ~~ownership~~for inliquidity ~~all~~of ~~accounts~~the shares, ~~but~~marketing ~~cannot~~of ~~guarantee~~the weissue, ~~will~~management, primary ~~identify~~market ~~all~~area, ~~accounts~~and ineffect ~~which~~of ~~you~~government ~~had~~regulations anand ~~ownership~~regulatory ~~interest~~reform. ~~Our~~The ~~interpretations~~downward ofadjustment ~~the~~for ~~terms~~profitability, growth and ~~conditions~~viability of ~~the~~earnings ~~plan~~took ofinto ~~reorganization~~consideration Narragansett Bancorp, Inc.’s less favorable efficiency ratio and oflower ~~the~~pro ~~acceptability~~forma returns as a percent of assets and equity relative to the ~~order~~comparable ~~forms~~peer ~~will be~~group ~~final~~measures. The downward adjustment for financial condition took into consideration Narragansett Bancorp, Inc.’s lower pro forma tangible equity-to-assets ratio and less favorable credit quality measures. The downward adjustment for dividends took into consideration the mutual

IfTable we receive orders for more shares than we are offering, we may not be able to fully or partially fill your order. Shares of common stock will be allocated first to categories in the subscription offering in accordance with our plan of reorganization. A detailed description of share allocation procedures can be found in the section entitled “The Reorganization and Offering—Offering of Common Stock.” Contents

~~Limits~~ holding oncompany ownership structure and dividend waiver regulations in place for mutual holding companies that impact minority ownership ratios, in comparison to the ~~Amount~~fully-converted peer group companies, as well Narragansett Bancorp, Inc.’s lower pro forma return as a percent of ~~Common~~assets ~~Stock~~and ~~You~~lower ~~May~~pro ~~Purchase~~forma equity-to-assets ratio. The downward adjustment for asset growth took into consideration Narragansett Bancorp, Inc.’s lower historical asset growth and lower pro forma leverage capacity based on its lower pro forma equity-to-assets ratio.

The ~~minimum~~independent ~~purchase~~valuation appraisal isconsidered 25the ~~shares~~pro forma impact of ~~common~~the ~~stock~~offering. ~~Generally~~Consistent with federal appraisal guidelines, nothe ~~individual~~appraisal considers three primary methodologies: (i) the pro forma price-to-book value approach applied to both reported book value and tangible book value; (ii) the pro forma price-to-earnings approach applied to reported and core earnings; and (iii) the pro forma price-to-assets approach. The market value ratios applied in the utilized methodologies were based upon the current market valuations of the peer group companies identified by RP Financial, orsubject ~~individuals~~to ~~through~~valuation aadjustments ~~single~~applied ~~qualifying~~by RP Financial to account ~~held~~for ~~jointly~~differences between us and our peer group. RP Financial placed the greatest emphasis on the price-to-book value and price-to earnings approaches in estimating pro forma market value. RP Financial did not consider a pro forma price-to-assets approach to be as meaningful in preparing the appraisal, as ~~may~~this ~~purchase~~approach is more ~~than~~meaningful ~~$300~~when a company has low equity or earnings. The price-to-assets approach is less meaningful for a company like us,~~000~~ as we have equity in excess of ~~common~~regulatory ~~stock~~capital requirements.

IfTo ~~any~~account offor the ~~following~~unique ~~persons~~characteristics ~~purchase~~of publicly-traded shares of ~~common~~a ~~stock~~mutual holding company, ~~their~~RP ~~purchases~~Financial ~~when~~included in its appraisal the pricing ratios of Narragansett Bancorp, Inc. on both a non-fully converted basis and a fully converted basis and compared each to non-fully converted and fully converted pricing ratios of the peer group. The decision to also provide Narragansett Bancorp, Inc.’s and the peer group’s pricing ratios on a fully converted basis is meant ~~combined~~to ~~with~~establish ~~your~~the ~~purchases~~pro ~~cannot~~forma ~~exceed~~market ~~$500~~value range of 100% of the shares of Narragansett Bancorp,~~000~~ Inc., which forms the basis for determining the offering range. Tables presenting select pricing ratios of ~~common~~Narragansett ~~stock:~~Bancorp, Inc. on both a non-fully converted basis and a fully converted basis and comparing such ratios to similar ratios for the peer group are set forth below.

•The ~~most~~following table presents a summary of selected pricing ratios for the peer group companies, ~~trusts~~and orfor ~~other~~us ~~entities~~on a non-fully converted basis (i.e. the table assumes that 43% of our outstanding shares of common stock are issued in ~~which~~the ~~you~~offering, as opposed to 100% of our outstanding shares of common stock). Price-to-earnings multiples are calculated on a ~~senior~~trailing ~~officer~~twelve-month basis for the twelve months ended March 31, ~~partner~~2026, ~~trustee~~such orthat ~~have~~information awith ~~substantial~~respect ~~beneficial~~to ~~interest;~~Narragansett Bancorp, orInc. will be different than information presented in “Pro Forma Data.” These figures are from the RP Financial appraisal report.

•Compared ~~your~~to ~~spouse~~the oraverage ~~relatives~~pricing ratios of ~~you~~the orpeer ~~your~~group, ~~spouse~~and ~~living~~based upon the information in ~~your~~the ~~house~~following ortable, ~~who~~our ispro aforma ~~director,~~pricing ~~trustee~~ratios at orthe ~~senior~~midpoint ~~officer~~of the offering range indicated a premium of ~~BayCoast~~77.6% ~~Bank,~~on ~~Narragansett~~a ~~Bancorp~~non-fully converted price-to-earnings multiple, ~~Inc~~a discount of 33.8% oron ~~Narragansett~~a ~~Financial~~non-fully ~~Corporation;~~converted orprice-to-book value basis and a discount of 28.6% on a non-fully converted price-to-tangible book value basis.

• other persons or entities who may be your associates or acting in concert with you.


	Non-Fully Converted Pro Forma Price-to-Earnings Multiple		Non-Fully Converted Pro Forma Price-to-Book Value Ratio			Non-Fully Converted Pro Forma Price-to-Tangible Book Value Ratio
Narragansett Bancorp, Inc.
Adjusted Maximum		31.39x		80.45	%		90.01	%
Maximum		27.63		72.89			81.97
Midpoint		24.28		65.70			74.24
Minimum		20.86		58.00			65.88
Valuation of peer group companies as of May 4, 2026
Averages		13.67x		99.21	%		104.02	%
Medians		14.11		94.80			97.43

~~Unless~~The wefollowing ~~determine~~table ~~otherwise~~presents a summary of selected pricing ratios for the peer group companies, ~~persons~~as ~~having~~of and for the same ~~address~~periods reflected in the above table, and ~~persons~~the ~~exercising~~resulting ~~subscription~~pricing ~~rights~~ratios ~~through~~for ~~qualifying~~Narragansett ~~accounts registered~~Bancorp, toInc. ~~the~~on ~~same~~a ~~address~~fully ~~will~~converted beequivalent ~~subject~~basis. Comparing our pricing ratios to ~~this~~the ~~overall~~peer ~~purchase~~group ~~limitation.~~companies on a fully-converted

~~The~~7 following relatives of trustees, directors and officers will be considered “associates” of these individuals regardless of whether they share a household with the trustee, director or officer: any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. This also includes adoptive relationships.

SubjectTable to regulatory approval, we may increase or decrease the purchase limitations in the offering at any time. A detailed discussion of the limitations on purchases of common stock by an individual and persons acting in concert is set forth under the caption “The Reorganization and Offering—Additional Limitations on Common Stock Purchases.” Contents

~~How~~ basis ~~You~~removes ~~May~~the ~~Purchase~~distortion ~~Shares~~created by comparing a company that sold approximately 43% of ~~Common~~its ~~Stock~~outstanding common stock in a minority offering (such as we plan to do) with companies that sold a different percentage of their outstanding common stock. However, repurchases by the ~~Subscription~~peer ~~and~~group ~~Community~~companies ~~Offering~~of shares of their common stock after their respective offerings can distort the comparison.

InCompared to the ~~subscription~~average ~~offering~~pricing ratios of the peer group, and based upon the ~~community~~information in the following table, our pro forma pricing ratios at the midpoint of the offering ~~you~~range ~~may~~indicated ~~pay~~a ~~for~~premium ~~your~~of ~~shares~~60.4% ~~only~~on ~~by:~~a fully converted price-to-earnings multiple, a discount of 49.7% on a fully converted price-to-book basis and a discount of 47.4% on a fully converted price-to-tangible book value basis.

• personal check, bank check or money order payable to Narragansett Bancorp, Inc.;


	Fully Converted Pro Forma Price-to-Earnings Multiple		Fully Converted Pro Forma Price-to-Book Value Ratio			Fully Converted Pro Forma Price-to-Tangible Book Value Ratio
Narragansett Bancorp, Inc.
Adjusted Maximum		27.64x		58.14	%		62.97	%
Maximum		24.65		54.00			58.82
Midpoint		21.92		49.90			54.67
Minimum		19.06		45.25			49.90
Valuation of peer group companies as of May 4, 2026
Averages		13.67x		99.21	%		104.02	%
Medians		14.11		94.80			97.43

•The ~~authorizing~~fully usconverted topro ~~withdraw~~forma ~~available~~calculations ~~funds~~for ~~(without~~Narragansett ~~any~~Bancorp, ~~early~~Inc. ~~withdrawal~~are ~~penalty)~~based ~~from the types of deposit account(s) maintained with BayCoast Bank designated~~ on the ~~stock~~following assumptions: ~~order form; or~~

• ~~cash.~~A number of shares equal to 8% of the aggregate of the shares sold in a full conversion and contributed to the charitable foundation are purchased by the employee stock ownership plan, with the expense to be amortized over 20 years; and

~~Cash~~• ~~will~~A ~~only~~number beof ~~accepted~~restricted atstock ~~our~~awards ~~main~~equal ~~office,~~to ~~located~~4% atof ~~330~~the ~~Swansea~~aggregate ~~Mall~~of ~~Drive,~~the ~~Swansea,~~shares ~~Massachusetts,~~sold ~~and~~in ~~will~~a befull ~~converted~~conversion and contributed to the charitable foundation are purchased by a ~~bank check.~~stock-based ~~Please~~benefit doplan, ~~not~~with ~~submit~~the ~~cash~~expense byto ~~mail~~be amortized over five years.

The independent appraisal does not indicate market value. Our common stock may not trade at or above the $10.00 purchase price after the offering. Furthermore, the pricing ratios presented in the appraisal were used by RP Financial to estimate our pro forma appraised value for regulatory purposes and not to compare the relative value of shares of our common stock with the value of the capital stock of the peer group. The value of the capital stock of a particular company may be affected by a number of factors such as financial performance, asset size and market location.

~~BayCoast~~For ~~Bank~~a ismore ~~not~~complete ~~permitted~~discussion ~~to lend funds to anyone to purchase shares~~ of ~~common stock in~~ the ~~offering.~~amount ~~Additionally, you may not use a BayCoast Bank credit check or any type~~ of ~~third-party check to pay for shares of~~ common stock. Wewe ~~may~~are ~~accept~~offering ~~wire~~for ~~transfers~~sale atand ~~our~~the ~~sole~~independent ~~discretion; no wire transfer will be accepted without our prior approval. You may not designate withdrawal from our accounts with check-writing privileges; instead~~appraisal, ~~please~~see ~~submit a check. If you request a direct withdrawal, we reserve the right to interpret this as your authorization to treat those funds as if~~“The weReorganization ~~had~~and ~~received~~Offering—How aWe ~~check~~Determined ~~for~~ the ~~designated~~Stock ~~amount~~Pricing and ~~will immediately withdraw~~ the ~~amount~~Number ~~from~~of ~~your~~Shares ~~checking account(s). You may not authorize direct withdrawal from an individual retirement account, or IRA, held at BayCoast Bank. See “—Using Retirement Account Funds~~ to ~~Purchase~~be ~~Shares of Common Stock~~Issued.”

~~You~~How ~~may~~We ~~subscribe~~Intend ~~for~~to ~~shares~~Use ~~of common stock in~~ the offering by delivering a signed and completed original stock order form, together with full payment, received before 12:00 noon, Eastern Time, on [expiration date], which is the expiration date for the offering. You may submit your stockProceeds ~~order~~from ~~form and payment by mail using~~ the ~~stock~~Offering order reply envelope provided, by paying for overnight delivery to our Stock Information Center at the address noted on the stock order form, or by hand-delivery to the drop box at BayCoast Bank’s main office, located at 330 Swansea Mall Drive, Swansea, Massachusetts. Hand-delivered stock order forms will only be accepted at this location. Do not mail stock order forms to BayCoast Bank’s offices.

~~Using~~We ~~Retirement~~intend ~~Account~~to ~~Funds~~invest at least 50% of the net proceeds from the offering in BayCoast Bank, fund a loan to ~~Purchase~~our ~~Shares~~employee stock ownership plan to finance its purchase of ~~Common~~shares ~~Stock~~of common stock in the offering, contribute $600,000 to the charitable foundation and retain the remainder of the net proceeds from the offering. Therefore, assuming we sell 7,912,000 shares of common stock at the maximum of the offering range, and we have net proceeds of $79.1 million, we intend to invest $37.9 million in BayCoast Bank, loan $6.6 million to our employee stock ownership plan to fund its purchase of shares in the offering, contribute $600,000 to the charitable foundation and retain the remaining $30.7 million of the net proceeds at Narragansett Bancorp, Inc. Narragansett Bancorp, Inc. primarily will use the proceeds it retains to repay subordinated debt currently held by Narragansett Financial Corporation, which totaled $95.0 million at March 31, 2026, and will initially deposit a portion of the net proceeds of the offering at BayCoast Bank.

~~You~~8 may be able to subscribe for shares of common stock using funds in your IRA or other retirement account. If you wish to use some or all of the funds in your IRA or other retirement account held at BayCoast Bank, the applicable funds must be transferred to a self-directed account maintained by an independent custodian or trustee, such as a brokerage firm, before you place your stock order. If you do not have such an account, you will need to establish one. A one-time and/or annual administrative fee may be payable to the independent custodian or trustee. Because individual circumstances differ and the processing of retirement fund orders takes additional time, we recommend that you contact our Stock Information Center promptly, preferably at least two weeks before the [expiration date] offering deadline, for assistance with purchases using funds in your IRA or other retirement account held at BayCoast Bank or elsewhere. Whether you may use such funds for the purchase of shares in the offering may depend on timing constraints and, possibly, limitations imposed by the institution where the funds are held.

ForTable a complete description of how to use IRA funds to purchase shares in the offering, see “The Reorganization and Offering—Procedure for Purchasing Shares in the Subscription and Community Offerings—Using Retirement Account Funds.” Contents

~~Deadline~~Narragansett ~~for~~Bancorp, ~~Orders~~Inc. will be permitted to repurchase shares of ~~Common~~our ~~Stock~~common stock in the future, although it generally may not do so during the first year following the offering, and such repurchases may be limited due to the subordinated debt as of March 31, 2026 that will be held at Narragansett Bancorp, Inc. following the completion of the reorganization and offering.

~~The deadline~~BayCoast ~~for~~Bank ~~submitting~~expects ~~orders~~ to ~~purchase~~use ~~shares of~~ the ~~common~~net ~~stock~~proceeds init ~~the~~receives ~~subscription~~to ~~and,~~originate ~~if held~~loans, ~~the~~purchase securities ~~community~~as ~~offering,~~permitted isunder ~~12:00~~its ~~noon~~investment policy, ~~Eastern~~to ~~Time,~~expand onits ~~[expiration~~banking ~~date],~~franchise ~~unless~~organically wethrough ~~extend~~de ~~this~~novo ~~deadline.~~branching Ifor ~~you~~through ~~wish~~acquisitions toor ~~purchase~~liftout ~~shares~~transactions ~~of common~~from ~~stock,~~financial ~~your~~services ~~properly~~businesses, ~~completed~~or ~~and~~to ~~signed~~enhance ~~original~~existing, ~~stock~~or ~~order~~support the ~~form,~~growth ~~together~~and ~~with~~development ~~full~~of, ~~payment~~new ~~for~~products ~~the~~and ~~shares,~~services. ~~must~~BayCoast beBank ~~received~~may ~~(not~~also ~~postmarked)~~use bythe ~~this~~proceeds ~~time.~~it ~~Orders~~receives ~~received~~to ~~after~~support ~~12:00~~new ~~noon~~loan, ~~Eastern~~deposit ~~Time,~~or onother ~~[expiration~~financial ~~date]~~products ~~will~~and ~~be rejected~~services, ~~unless~~and ~~the~~for ~~offering~~general iscorporate ~~extended~~purposes.

~~Although~~BayCoast weBank ~~will~~does ~~make~~not ~~reasonable~~have ~~attempts~~any toplans ~~provide~~or aagreements ~~prospectus~~for ~~and~~any ~~offering~~specific ~~materials~~acquisition ~~to holders~~or ofliftout ~~subscription~~transactions ~~rights, the subscription offering and all subscription rights will expire~~ at ~~12:00~~this ~~noon,~~time. ~~Eastern~~See ~~Time,~~“How onWe Intend ~~[expiration date], whether or not we have been able~~ to ~~locate~~Use ~~each~~the ~~person~~Proceeds ~~entitled~~from tothe ~~subscription rights and provide them such materials~~Offering.”

~~See~~Persons ~~“The~~Who ~~Reorganization~~May ~~and~~Order ~~Offering—Procedure~~Stock ~~for Purchasing Shares~~ in the ~~Subscription~~Offering ~~and Community Offerings—Expiration Date” for a complete description of the deadline for purchasing shares in the offering.~~

11We are offering the shares of common stock of Narragansett Bancorp, Inc. in a “subscription offering” in the following descending order of priority:

~~Once~~(1) ~~Submitted,~~depositors ~~Your~~who ~~Stock~~had ~~Purchase~~accounts ~~Order~~at ~~May~~BayCoast ~~Not~~Bank Bewith ~~Revoked~~aggregate ~~Except~~balances ~~Under~~of ~~Limited~~at ~~Circumstances~~least $50 (a “Qualifying Deposit”) at the close of business on May 31, 2025 (an “Eligible Account Holder”);

~~Funds~~(2) ~~that~~BayCoast ~~you~~Bank’s ~~submit~~tax-qualified toemployee ~~purchase~~benefit ~~shares~~plans of(specifically our ~~common~~employee stock inownership ~~the~~plan ~~offering~~and ~~will~~401(k) beplan); held in a segregated account until the termination or completion of the offering, including any extension of the expiration date. Because completion of the offering is subject to the receipt of all required regulatory approvals, including an update of the independent appraisal, among other factors, there may be one or more delays in the completion of the offering. Any orders that you submit to purchase shares of our common stock in the offering are irrevocable. You will not have access to subscription funds unless the offering is terminated, extended beyond [extension date], or the number of shares to be sold in the offering is increased to more than 9,098,800 shares or decreased to fewer than 5,848,000 shares. and

~~Termination~~(3) employees, officers, directors, trustees and corporators of ~~the~~BayCoast ~~Offering~~Bank or Narragansett Financial Corporation who are not eligible under category (1).

WeAny ~~may~~shares of our common stock that remain unsold in the subscription offering ~~terminate~~may be offered for sale in a community offering that may commence concurrently with, during or promptly after the subscription offering. atNatural ~~any~~persons ~~time~~residing (including trusts of natural persons and business entities with ~~applicable~~its ~~regulatory~~principal ~~approval~~place of business or headquarters) in the Massachusetts cities and towns of Acushnet, Attleboro, Avon, Bellingham, Berkley, Braintree, Brookline, Canton, Cohasset, Dartmouth, Dedham, Dighton, Dover, Easton, Fairhaven, Fall River, Foxborough, Franklin, Freetown, Holbrook, Mansfield, Medfield, Medway, Millis, Milton, Needham, New Bedford, Norfolk, North Attleboro, Norton, Norwood, Plainville, Quincy, Randolph, Raynham, Rehoboth, Seekonk, Sharon, Somerset, Stoughton, Swansea, Taunton, Walpole, Wellesley, Westport, Westwood, Weymouth and Wrentham, and the Rhode Island cities and towns of Barrington, Bristol, Burrillville, Central Falls, Cranston, Cumberland, East Providence, Foster, Glocester, Jamestown, Johnston, Lincoln, Little Compton, Middletown, Newport, North Providence, North Smithfield, Pawtucket, Portsmouth, Providence, Scituate, Smithfield, Tiverton, Warren and Woonsocket will have a purchase preference in any community offering. IfWe wealso ~~terminate~~may offer shares of common stock not purchased in the subscription offering or the community offering through a syndicate of brokers, wein ~~will~~what ~~promptly~~is ~~return~~referred ~~your~~to ~~funds~~as ~~with~~a ~~interest~~“syndicated atoffering,” 0managed by Piper Sandler.~~10%~~ ~~per~~We ~~annum~~have the right to accept or reject, ~~and~~in weour sole discretion, any orders received in the community offering or the syndicated offering. Any determination to accept or reject stock orders in the community offering or syndicated offering will ~~cancel~~be ~~deposit~~based ~~account~~on ~~withdrawal~~the ~~authorizations~~facts and circumstances available to management at the determination.

~~Steps~~To Weensure proper allocation of stock, each Eligible Account Holder must list on his or her stock order form all deposit accounts in which he or she had an ownership interest at May 31, ~~Take~~2025. IfFailure to list an account or providing incorrect information could result in the loss of all or part of a subscriber’s stock allocation. We Dowill ~~Not~~attempt ~~Receive~~to ~~Orders~~identify your ~~for~~ownership in all accounts, but cannot guarantee we will identify all accounts in which you had an ownership interest. Our interpretations of the ~~Minimum~~terms ~~Number~~and conditions of ~~Shares~~the plan of reorganization and of the acceptability of the order forms will be final.

If we do not receive orders for at least 5,848,000 shares of common stock, we may take one or more steps to complete the offering. Specifically, we may (1) increase the purchase limitations, (2) seek regulatory approval to extend the offering beyond the [extension date] expiration date, and/or (3) reduce the valuation and offering range. If one or more purchase limitations are increased, subscribers in the subscription offering who ordered the maximum amount and who indicated a desire to be resolicited on the stock order form will be given the opportunity to increase their subscriptions up to the then-applicable limit. If the offering is extended beyond [extension date], subscribers will have the right to confirm, cancel or change their orders. If you do not respond to the notice of extension, we will cancel your stock order and promptly return your funds with interest for funds received in the subscription offering and, if held, the community offering or cancel your deposit account withdrawal authorization. If the number of shares to be sold in the offering is increased to more than 9~~,098,800~~ shares or decreased to less than 5,848,000 shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common stock in the subscription and community offerings will be returned promptly with interest.

YouTable Mayof Not Sell or Transfer Your Subscription Rights Contents

~~Applicable regulations prohibit you from transferring your subscription rights.~~ If ~~you~~we ~~order~~receive ~~shares~~orders ~~of common stock in the subscription offering, you will be required to certify that you are purchasing the common stock~~ for ~~yourself~~more ~~and that you have no agreement or understanding to sell or transfer your subscription rights or the~~ shares ~~that~~than ~~you~~we are ~~purchasing. We intend to take legal action~~offering, ~~including reporting persons to federal or state agencies, against anyone who~~ we ~~believe~~may ~~has sold or transferred his or her subscription rights. We will~~ not ~~accept~~be ~~your~~able ~~order if we have reason~~ to ~~believe~~fully ~~you have sold~~ or ~~transferred~~ ~~your~~partially ~~subscription~~fill ~~rights.~~your ~~On the~~ order. ~~form,~~Shares ~~you cannot add the names~~ of ~~others~~common ~~for joint~~ stock ~~registration~~will ~~unless~~be ~~they~~allocated ~~are~~first ~~also~~to ~~named~~categories onin the ~~qualifying~~subscription ~~deposit~~offering ~~account,~~in ~~and~~accordance ~~you~~with ~~cannot~~our ~~delete~~plan ~~names~~ of ~~others~~reorganization. ~~except~~A indetailed ~~the~~description ~~case~~ of ~~certain~~share ~~order placed~~allocation ~~through~~procedures ancan ~~IRA,~~be ~~Keogh,~~found ~~401(k) or similar plan, and except~~ in the ~~event of the death of a named eligible depositor. Doing so may jeopardize your subscription rights. In addition, the stock order form requires that you list all deposit accounts~~section ~~you~~entitled ~~held~~“The atReorganization ~~your date of eligibility, giving all names on each account~~ and ~~the~~Offering—Offering ~~account number at the applicable eligibility date. Failure to provide this information, or providing incomplete or incorrect information, may result in a loss~~ of ~~part~~Common ~~or all of your share allocation~~Stock.”

~~Eligible~~Limits ~~depositors~~on ~~who enter into agreements to allow ineligible investors to participate in~~ the ~~subscription~~ ~~offering~~Amount ~~may~~of beCommon ~~violating~~Stock ~~federal~~You ~~and~~May ~~state~~Purchase ~~law and may be subject to civil enforcement actions or criminal prosecution.~~

12The minimum purchase is 25 shares of common stock. Generally, no individual, or individuals through a single qualifying account held jointly, may purchase more than $300,000 of common stock.

~~Proposed~~If ~~Stock~~any ~~Purchases~~of bythe ~~Management~~following persons purchase shares of common stock, their purchases when combined with your purchases cannot exceed $500,000 of common stock:

~~Our~~• ~~directors~~most ~~and~~companies, ~~executive~~trusts ~~officers~~or ~~and~~other ~~their~~entities ~~associates are expected to subscribe for [insider purchases] shares of common stock~~ in ~~the offering,~~ which ~~represents~~you ~~________%~~are ofa ~~the~~senior ~~shares to be offered for sale to the public~~officer, ~~and _______% of the total shares to be outstanding after the offering (including shares sold to the public and owned by the charitable foundation and Narragansett Financial Corporation)~~partner, ~~each~~trustee ator the minimum of the offering range, respectively. The purchase price paid by them will be the same $10.00 per share purchase price paid by all other persons who purchase common stock in the offering. Like all of our eligible depositor purchasers, our directors and executive officers and their associates have ~~subscription~~a ~~rights~~substantial ~~based~~beneficial oninterest; ~~their deposits and, in the event of an oversubscription, their orders will be subject to the allocation provisions set forth in our plan of reorganization.~~ or

~~See~~• ~~“Subscriptions~~your byspouse ~~Directors~~or ~~and~~relatives ~~Executive~~of ~~Officers”~~you ~~for~~or ~~more~~your ~~information~~spouse onliving ~~the proposed~~in ~~purchases~~your ofhouse ~~shares~~or ofwho ~~common~~is ~~stock~~a bydirector, ~~our~~trustee ~~directors~~or ~~and~~senior ~~executive~~officer ~~officers~~of BayCoast Bank, Narragansett Bancorp, Inc. or Narragansett Financial Corporation; or

~~Possible~~• ~~Change~~other inpersons ~~the~~or ~~Offering~~entities ~~Range~~who may be your associates or acting in concert with you.

RPUnless ~~Financial will update its appraisal before~~ we ~~complete~~determine ~~the offering. If~~otherwise, aspersons ahaving ~~result of demand for~~ the ~~shares~~same oraddress ~~changes~~and inpersons ~~market conditions,~~exercising RPsubscription ~~Financial~~rights ~~determines~~through ~~that~~qualifying ~~our~~accounts registered ~~pro forma market value has increased, we may sell up~~ to ~~9,098,800 shares in~~ the ~~offering~~same ~~without~~address ~~further~~will ~~notice~~be subject to ~~you.~~this Ifoverall ~~our~~purchase ~~pro forma market value at that time is either below $136~~limitation.~~0 million~~ ~~or above $211.6 million, then, after consulting with the Federal Reserve Board and the Massachusetts Commissioner of Banks, we may:~~

•The ~~terminate~~following relatives of trustees, directors and officers will be considered “associates” of these individuals regardless of whether they share a household with the ~~offering~~trustee, ~~cancel~~director ~~deposit~~or ~~account~~officer: ~~withdrawal~~any ~~authorizations~~child, ~~and~~stepchild, ~~promptly~~grandchild, ~~return~~parent, ~~all~~stepparent, ~~funds~~grandparent, ~~received~~spouse, sibling, mother-in-law, ~~the~~father-in-law, son-in-law, ~~offering~~daughter-in-law, ~~with~~brother-in-law ~~interest~~or atsister-in-law. 0This also includes adoptive relationships.~~10%;~~

•Subject ~~set~~to aregulatory ~~new~~approval, ~~offering~~we ~~range;~~may increase or decrease the purchase limitations in the offering at any time. A detailed discussion of the limitations on purchases of common stock by an individual and persons acting in concert is set forth under the caption “The Reorganization and Offering—Additional Limitations on Common Stock Purchases.”

•How ~~take~~You ~~such~~May ~~other~~Purchase ~~actions~~Shares ~~as may be permitted by the Federal Reserve Board, the Massachusetts Commissioner~~ of ~~Banks,~~Common ~~the~~Stock ~~Financial~~in ~~Industry Regulatory Authority (“FINRA”) and~~ the ~~Securities~~Subscription and ~~Exchange~~Community ~~Commission.~~Offering

~~If we~~In ~~set~~the asubscription ~~new~~ offering ~~range, we will promptly return funds, with interest at 0.10% for funds received in the offering, cancel deposit account withdrawal authorizations~~ and ~~commence a resolicitation. In connection with~~ the ~~resolicitation,~~community weoffering ~~will notify~~you ~~subscribers~~may ofpay ~~their right to place a new stock order~~ for ayour ~~specified~~shares ~~period~~only ofby: ~~time.~~

~~Conditions~~• topersonal ~~Completing~~check, ~~the~~bank ~~Reorganization~~check ~~and~~or ~~Offering~~ money order payable to Narragansett Bancorp, Inc.;

We• ~~cannot~~authorizing ~~complete~~us to withdraw available funds (without any early withdrawal penalty) from the ~~reorganization~~types ~~and~~of ~~offering~~deposit ~~unless:~~account(s) maintained with BayCoast Bank designated on the stock order form; or

• ~~we sell at least 5,848,000 shares, which is the minimum of the offering range; and~~cash.

•Cash wewill ~~receive~~only ~~final~~be ~~regulatory~~accepted ~~approvals~~at orour ~~non-objections~~main ~~from~~office, ~~the~~located ~~Massachusetts~~at ~~Commissioner~~330 ofSwansea ~~Banks~~Mall ~~and~~Drive, ~~the~~Swansea, ~~Federal~~Massachusetts, ~~Reserve~~and ~~Board~~will be converted to ~~complete~~a ~~the~~bank check. ~~reorganization~~Please ~~and~~do ~~offering~~not submit cash by mail.

~~Market~~10 ~~for the Common Stock~~

WeTable have never issued capital stock and there is no established market for our common stock. We expect that our common stock will be traded on the Nasdaq Capital Market under the symbol “NARA” upon conclusion of the offering. See “Market for the Common Stock.” Contents

13BayCoast Bank is not permitted to lend funds to anyone to purchase shares of common stock in the offering. Additionally, you may not use a BayCoast Bank credit check or any type of third-party check to pay for shares of common stock. We may accept wire transfers at our sole discretion; no wire transfer will be accepted without our prior approval. You may not designate withdrawal from our accounts with check-writing privileges; instead, please submit a check. If you request a direct withdrawal, we reserve the right to interpret this as your authorization to treat those funds as if we had received a check for the designated amount and will immediately withdraw the amount from your checking account(s). You may not authorize direct withdrawal from an individual retirement account, or IRA, held at BayCoast Bank. See “—Using Retirement Account Funds to Purchase Shares of Common Stock.”

~~Our~~You ~~Dividend~~may ~~Policy~~subscribe for shares of common stock in the offering by delivering a signed and completed original stock order form, together with full payment, received before 5:00 p.m., Eastern Time, on September 17, 2026, which is the expiration date for the offering. You may submit your stock order form and payment by mail using the stock order reply envelope provided, by paying for overnight delivery to our Stock Information Center at the address noted on the stock order form, or by hand-delivery to the drop box at BayCoast Bank’s main office, located at 330 Swansea Mall Drive, Swansea, Massachusetts. Hand-delivered stock order forms will only be accepted at this location. Do not mail stock order forms to BayCoast Bank’s offices.

~~Following~~Using ~~completion~~Retirement ofAccount ~~the~~Funds ~~offering, our board of directors will have the authority~~ to ~~declare~~Purchase ~~dividends~~Shares ~~on our common stock, subject to our capital requirements, our financial condition and results~~ of ~~operations,~~Common ~~tax~~Stock considerations, statutory and regulatory limitations, and general economic conditions. However, due to regulatory restrictions described below, we do not currently anticipate paying cash dividends on our common stock.

IfYou ~~Narragansett~~may ~~Bancorp,~~be ~~Inc.~~able ~~pays~~to ~~dividends~~subscribe tofor ~~its~~shares ~~stockholders,~~of itcommon ~~also~~stock ~~will~~using ~~be required~~funds toin ~~pay~~your ~~dividends~~IRA toor ~~Narragansett~~other ~~Financial~~retirement ~~Corporation,~~account. ~~unless~~If ~~Narragansett~~you ~~Financial~~wish ~~Corporation~~to isuse ~~permitted~~some byor all of the ~~Federal~~funds ~~Reserve~~in ~~Board~~your toIRA ~~waive~~or ~~the~~other ~~receipt~~retirement ofaccount ~~dividends.~~held ~~The~~at ~~Federal~~BayCoast ~~Reserve~~Bank, ~~Board’s~~the ~~current~~applicable ~~position~~funds ismust tobe ~~not permit~~transferred to a ~~mutual~~self-directed ~~holding~~account ~~company~~maintained ~~that~~by isan ~~regulated~~independent custodian or trustee, such as a ~~bank~~brokerage ~~holding~~firm, ~~company~~before ~~(as~~you ~~opposed~~place toyour stock aorder. ~~savings~~If ~~and~~you ~~loan~~do ~~holding~~not ~~company)~~have tosuch ~~waive~~an ~~dividends~~account, ~~declared~~you bywill ~~its~~need ~~subsidiary~~to establish one. InA ~~addition,~~one-time ~~Massachusetts~~and/or ~~banking~~annual ~~regulations~~administrative ~~prohibit~~fee ~~Narragansett Financial~~may ~~Corporation~~be ~~from~~payable ~~waiving~~to ~~dividends~~the ~~declared~~independent ~~and~~custodian ~~paid~~or bytrustee. ~~Narragansett~~Because ~~Bancorp,~~individual circumstances ~~Inc.~~differ ~~unless~~and the ~~Massachusetts~~processing ~~Commissioner~~ of ~~Banks~~retirement ~~does~~fund ~~not~~orders ~~object~~takes toadditional ~~the~~time, ~~waiver~~we ~~and~~recommend ~~provided~~that ~~the~~you ~~waiver~~contact isour ~~not~~Stock ~~detrimental~~Information toCenter promptly, preferably at least two weeks before the ~~safe~~September 17, ~~and~~2026 ~~sound~~offering ~~operation~~deadline, offor ~~BayCoast~~assistance ~~Bank.~~with ~~Accordingly,~~purchases ~~because~~using ~~dividends~~funds ~~will~~in beyour ~~required~~IRA toor beother ~~paid~~retirement toaccount ~~Narragansett~~held ~~Financial~~at ~~Corporation~~BayCoast ~~along~~Bank ~~with~~or ~~all~~elsewhere. ~~other~~Whether ~~stockholders,~~you may use such funds for the ~~amount~~purchase of ~~dividends~~shares ~~available~~in ~~for~~the ~~all~~offering ~~other~~may ~~stockholders~~depend ~~will~~on betiming ~~less~~constraints ~~than~~and, ifpossibly, ~~Narragansett~~limitations ~~Financial~~imposed ~~Corporation~~by ~~were~~the ~~permitted~~institution towhere ~~waive~~ the ~~receipt~~funds ofare ~~dividends~~held.

~~Furthermore,~~For ~~our~~a ~~ability~~complete todescription ~~pay~~of ~~dividends~~how ~~may~~to beuse ~~limited~~IRA ~~due~~funds to ~~the~~ ~~$95.0 million~~purchase ofshares ~~subordinated~~in ~~debt as of March 31~~the offering, ~~2026~~see ~~currently~~“The ~~held~~Reorganization byand ~~Narragansett~~Offering—Procedure ~~Financial~~for ~~Corporation~~Purchasing ~~that~~Shares ~~will~~in ~~be transferred to Narragansett Bancorp, Inc. following~~ the ~~completion~~Subscription ofand ~~the~~Community ~~reorganization~~Offerings—Using ~~and~~Retirement ~~offering~~Account Funds.”

~~Our~~Deadline ~~Contribution~~for toOrders ~~the~~of ~~Charitable~~Common ~~Foundation~~Stock

ToThe ~~further~~deadline ~~our~~for ~~commitment~~submitting orders to ~~our~~purchase ~~local~~shares ~~communities,~~of wethe ~~intend~~common tostock ~~establish~~in the subscription and, ~~fund~~if aheld, ~~new~~the ~~charitable~~community ~~foundation~~offering, ~~BayCoast~~is ~~Charitable~~5:00 ~~Foundation~~p.m., ~~Inc.~~Eastern Time, ason ~~part~~September 17, of2026, ~~the~~unless ~~reorganization~~we ~~and~~extend ~~offering~~this deadline. ~~The~~If ~~charitable~~you ~~foundation~~wish ~~will~~to bepurchase ~~dedicated~~shares ~~exclusively~~of tocommon ~~supporting~~stock, ~~charitable~~your ~~causes~~properly completed and ~~community~~signed ~~development~~original ~~activities~~stock inorder form, together with full payment for the ~~communities~~shares, inmust ~~which~~be wereceived (not ~~operate~~postmarked) by this time. Orders received after 5:00 p.m., Eastern Time, on September 17, 2026 will be rejected unless the offering is extended.

WeAlthough ~~intend~~we towill ~~contribute~~make toreasonable ~~the~~attempts ~~charitable~~to ~~foundation~~provide ~~shares~~a ofprospectus ~~our~~and ~~common~~offering ~~stock~~materials ~~equal~~ to 2%holders of ~~the~~subscription ~~shares~~rights, ~~to be outstanding following~~ the subscription offering and ~~$600,000~~all insubscription ~~cash.~~rights Atwill ~~the~~expire ~~minimum,~~at ~~midpoint,~~5:00 ~~maximum and adjusted maximum of the offering range~~p.m., weEastern ~~would contribute to the charitable foundation 272~~Time,~~000,~~ ~~320,000,~~on ~~368~~September 17,~~000~~ ~~and 423~~2026,~~200~~ ~~shares~~whether ofor ~~common~~not ~~stock,~~we ~~respectively.~~have Asbeen aable ~~result~~to ~~of the~~locate ~~contribution,~~each weperson ~~expect~~entitled to ~~record~~subscription anrights ~~after-tax~~and ~~expense~~provide ofthem ~~approximately~~such $3materials.~~6 million~~ ~~during the quarter in which the offering is completed, assuming we sell 9,098,800 shares of common stock in the stock offering at the adjusted maximum of the offering range.~~

See “The ~~contribution~~Reorganization ~~of shares of common stock~~ and ~~cash~~Offering—Procedure tofor ~~the~~Purchasing ~~charitable foundation~~Shares ~~will dilute the voting interests of purchasers of shares of our common stock~~ in the ~~offering.~~Subscription Inand ~~addition,~~Community ~~the~~Offerings—Expiration Date” ~~amount of common stock that we would offer~~ for ~~sale~~a ~~would~~complete bedescription ~~greater~~of if the ~~offering~~deadline ~~were~~for topurchasing beshares ~~completed~~in ~~without~~ the ~~establishment~~ ~~and funding of the charitable foundation~~offering.

~~See~~11 “Risk Factors—Risks Related to Our Contribution to the Charitable Foundation—Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits.”, “—Our contribution to the charitable foundation will dilute your ownership interest.”, “—Our contribution to the charitable foundation will adversely affect net income.”, “The Charitable Foundation” and “Comparison of Valuation and Pro Forma Information With and Without the Charitable Foundation.”

OurTable Officers,of Directors and Employees Will Receive Additional Benefits and Compensation After the Offering Contents

InOnce ~~connection with the offering~~Submitted, weYour ~~are~~Stock ~~establishing~~Purchase anOrder ~~employee~~May ~~stock~~Not ~~ownership~~Be ~~plan,~~Revoked ~~and,~~Except ~~subject~~Under toLimited ~~stockholder~~Circumstances approval, which will not occur until at least six months following the completion of the reorganization and offering, we intend to implement a stock-based benefit plan that will provide for grants of stock options and restricted stock.

14Funds that you submit to purchase shares of our common stock in the offering will be held in a segregated account until the termination or completion of the offering, including any extension of the expiration date. Because completion of the offering is subject to the receipt of all required regulatory approvals, including an update of the independent appraisal, among other factors, there may be one or more delays in the completion of the offering. Any orders that you submit to purchase shares of our common stock in the offering are irrevocable. You will not have access to subscription funds unless the offering is terminated, extended beyond November 2, 2026, or the number of shares to be sold in the offering is increased to more than 9,098,800 shares or decreased to fewer than 5,848,000 shares.

~~Employee~~Termination ~~Stock Ownership Plan. The board~~ of directors of BayCoast Bank has adopted an employee stock ownership plan, which will award shares of our common stock to eligible employees based on their compensation. It is expected that our employee stock ownership plan will purchase 8% of the ~~aggregate~~Offering of the number of shares sold in the offering and contributed to the charitable foundation with the proceeds of a loan to be made by Narragansett Bancorp, Inc. to the plan. If market conditions warrant, in the judgement of its trustees, the employee stock ownership plan may elect to purchase shares in the open market following the completion of the offering, subject to the prior approval of the Federal Reserve Board and the Massachusetts Commissioner of Banks.

~~Stock-Based Benefit Plan.~~ We ~~also intend to adopt a stock-based benefit plan. The plan will be designed to attract,~~may ~~motivate~~terminate ~~and~~the ~~retain~~offering ~~qualified~~at ~~personnel~~any intime ~~key positions and provide directors, officers and key employees~~ with anapplicable ~~ownership~~regulatory ~~interest in Narragansett Bancorp, Inc~~approval., ~~which~~If ~~will~~we beterminate anthe ~~incentive to contribute to our success~~offering, ~~and~~we will ~~reward~~promptly ~~key employees~~return ~~for~~your ~~their~~funds ~~performance. In accordance~~ with ~~applicable~~interest ~~regulations,~~at ~~we anticipate the plan will authorize a number of stock options and shares of restricted common stock equal to~~ 0.10% ~~and~~per 4%annum, ~~respectively, of the aggregate number of shares of common stock sold in the offering~~ and ~~contributed~~we ~~to the charitable foundation. These limitations~~ will ~~not~~cancel ~~apply~~deposit ifaccount ~~the~~withdrawal ~~plan is implemented more than one year after the completion of the offering~~authorizations.

ASteps ~~stock-based~~We ~~benefit~~May ~~plan~~Take will not be established sooner than six months after the completion of the reorganization and offering, and if adopted within one year after the completion of the reorganization and offering, the plan must be approved by a majority of the votes eligible to be cast by our stockholders, as well as a majority of the votes eligible to be cast by our stockholders other than Narragansett Financial Corporation. If aWe ~~stock-based~~Do ~~benefit~~Not ~~plan~~Receive isOrders ~~established~~for ~~more than one year after~~ the ~~reorganization~~Minimum ~~and~~Number ~~offering, it must be approved by a majority~~ of ~~votes~~Shares cast by our stockholders, as well as a majority of votes cast by our stockholders other than Narragansett Financial Corporation. We have not determined when we will present a stock-based benefit plan for stockholder approval.

~~The~~If ~~following~~we ~~table~~do ~~summarizes~~not ~~the~~receive ~~stock~~orders ~~benefits~~for ~~that~~at ~~our~~least ~~officers~~5,848,000 ~~directors~~shares ~~and~~of ~~employees~~common stock, we may ~~receive~~take ~~following~~one ~~the~~or ~~reorganization~~more ~~and~~ steps to complete the offering. Specifically, atwe may (1) increase the ~~adjusted~~purchase ~~maximum~~limitations, of(2) seek regulatory approval to extend the offering ~~range~~beyond ~~and~~the ~~assuming~~November 2, ~~that~~2026 ~~our~~expiration ~~employee~~date, ~~stock~~and/or ~~ownership~~(3) reduce ~~plan~~the ~~purchases~~valuation 8%and ofoffering ~~the~~range. ~~aggregate~~If ~~number~~one ofor ~~shares~~more purchase oflimitations ~~common~~are ~~stock~~increased, ~~sold~~subscribers in the subscription offering ~~and~~who ~~contributed~~ordered to the ~~charitable~~maximum ~~foundation~~amount and ~~that~~who ~~we implement~~indicated a desire to be resolicited on the stock~~-based~~ ~~benefit~~order ~~plan~~form ~~granting~~will ~~options~~be given the opportunity to ~~purchase~~increase ~~10%~~their ofsubscriptions up to the then-applicable ~~aggregate~~limit. ~~number~~If ofthe ~~shares~~offering ofis ~~common~~extended ~~stock~~beyond ofNovember 2, ~~Narragansett~~2026, ~~Bancorp~~subscribers will have the right to confirm, ~~Inc~~cancel or change their orders. ~~sold~~If you do not respond to the notice of extension, we will cancel your stock order and promptly return your funds with interest for funds received in the subscription offering and, ~~contributed~~if toheld, the ~~charitable~~community ~~foundation~~offering ~~and~~or ~~awarding~~cancel ~~shares~~your deposit account withdrawal authorization. If the number of ~~restricted~~shares to be sold in the offering is increased to ~~common~~more ~~stock~~than ~~equal~~9,098,800 shares or decreased to 4%less ofthan ~~the~~5,848,000 ~~aggregate~~shares, ~~number~~we ofwill resolicit subscribers, and all funds delivered to us to purchase shares of common stock ~~sold~~ in the ~~offering~~subscription and ~~contributed~~community toofferings ~~the~~will ~~charitable~~be ~~foundation~~returned promptly with interest.

	Individuals Eligibleto Receive Awards		Number of Sharesto be Granted orPurchased		Percentage ofCommon Stock tobe OutstandingFollowing theOffering			Dilution ResultingFrom Issuance ofShares for Stock-Based BenefitPlans			Value of Grants(In Thousands)(1)
Employee stock ownership plan		All employees		761,760		3.60	%		N/A	(2)	$	7,618
Restricted stock awards		Directors, officersand employees		380,880		1.80			1.77	%		3,809
Stock options		Directors, officersand employees		952,200		4.50			4.31	%		4,418
Total				2,094,840		9.90	%		5.93	% (2)	$	15,845

You May Not Sell or Transfer Your Subscription Rights

~~(1)~~Applicable ~~The~~regulations ~~fair~~prohibit ~~value~~you from transferring your subscription rights. If you order shares of common stock ~~options~~in the subscription offering, you will be required to certify that you are purchasing the common stock for yourself and that you have no agreement or understanding to sell or transfer your subscription rights or the shares that you are purchasing. We intend to take legal action, including reporting persons to federal or state agencies, against anyone who we believe has ~~been~~sold ~~estimated~~or attransferred $4his or her subscription rights.64 ~~per~~We ~~option~~will ~~using~~not accept your order if we have reason to believe you have sold or transferred your subscription rights. On the ~~Black-Scholes~~order ~~option~~form, ~~pricing~~you ~~model~~cannot ~~with~~add the ~~following~~names ~~assumptions:~~of aothers ~~grant-date~~for ~~share~~joint ~~price~~stock registration unless they are also named on the qualifying deposit account, and ~~option~~you ~~exercise~~cannot ~~price~~delete names of ~~$10.00;~~others noexcept ~~dividend~~in ~~yield;~~the ~~expected~~case ~~option~~of ~~life~~certain oforder placed ~~five~~through ~~years;~~an ~~risk~~IRA, ~~free~~Keogh, ~~interest~~401(k) ~~rate~~or similar plan, and except in the event of 4the death of a named eligible depositor.~~30%;~~ Doing so may jeopardize your subscription rights. In addition, the stock order form requires that you list all deposit accounts you held at your date of eligibility, giving all names on each account and the account number at the applicable eligibility date. Failure to provide this information, or providing incomplete or incorrect information, may result in a ~~volatility~~loss ~~rate~~of part or all of 25your share allocation.~~20%.~~

~~(2)~~Eligible Nodepositors ~~dilution~~who isenter ~~reflected~~into ~~for~~agreements to allow ineligible investors to participate in the subscription ~~employee~~offering ~~stock~~may ~~ownership~~be ~~plan~~violating ~~because~~federal ~~such~~and ~~shares~~state ~~are~~law ~~assumed~~and tomay be ~~purchased~~subject into ~~the~~civil ~~offering~~enforcement actions or criminal prosecution.

1512

RestrictionsTable on the Acquisition of Narragansett Bancorp, Inc. and BayCoast Bank Contents

~~Federal~~Proposed ~~and~~Stock ~~state~~Purchases ~~regulations,~~by asManagement well as provisions contained in the articles of incorporation and bylaws of Narragansett Bancorp, Inc., restrict the ability of any person, firm or entity to acquire Narragansett Bancorp, Inc., BayCoast Bank, or their respective capital stock. These restrictions include the requirement that a potential acquirer of common stock obtain prior regulatory approval before acquiring in excess of 10% of the voting stock of Narragansett Bancorp, Inc. or BayCoast Bank, as well as a provision in Narragansett Bancorp, Inc.’s articles of incorporation that generally provides that, no person, other than Narragansett Financial Corporation, may directly or indirectly offer to acquire or acquire the beneficial ownership of more than 10% of any class of equity security of Narragansett Bancorp, Inc., and that any shares acquired in excess of this limit would not be entitled to be voted and would not be counted as voting stock in connection with any matters submitted to the stockholders for a vote.

~~Because~~Our adirectors ~~majority~~and ofexecutive ~~the~~officers and their associates are expected to subscribe for 274,600 shares of ~~outstanding~~ common stock in the offering, which represents 4.7% of ~~Narragansett~~the ~~Bancorp~~shares to be offered for sale to the public, ~~Inc~~and 2.0% ~~must~~of the total shares to be outstanding after the offering (including shares sold to the public and owned by the charitable foundation and Narragansett Financial Corporation), ~~any~~each ~~acquisition~~at the minimum of ~~Narragansett~~the ~~Bancorp~~offering range, ~~Inc~~respectively. ~~must~~The bepurchase ~~approved~~price paid by ~~Narragansett~~them ~~Financial~~will ~~Corporation~~be the same $10.00 ~~Furthermore,~~per ~~Narragansett~~share ~~Financial~~purchase ~~Corporation~~price ~~would~~paid ~~not~~by beall ~~required~~other topersons ~~pursue~~who orpurchase ~~approve~~common astock ~~sale~~in the offering. Like all of ~~Narragansett~~our ~~Bancorp~~eligible depositor purchasers, ~~Inc.~~our ~~even if~~directors ~~such~~and ~~sale~~executive ~~were~~officers ~~favored~~and bytheir aassociates ~~majority~~have subscription rights based on their deposits and, in the event of ~~Narragansett~~an ~~Bancorp~~oversubscription, ~~Inc.’s~~their ~~public~~orders ~~stockholders~~will be subject to the allocation provisions set forth in our plan of reorganization.

~~Finally,~~See ~~although~~“Subscriptions ~~a mutual holding company may be acquired~~ by aDirectors ~~mutual~~and ~~institution~~Executive ~~or another mutual holding company in what is known as a “remutualization~~Officers” ~~transaction,~~for ~~current~~more ~~regulatory~~information ~~policy~~on ~~may make such transactions less likely because of~~ the ~~heightened regulatory~~proposed ~~scrutiny~~purchases ~~given to the structure and pricing~~ of ~~such~~shares ~~transactions. Specifically, current regulatory policy views remutualization transactions as raising significant issues concerning disparate treatment~~ of ~~minority~~common ~~stockholders~~stock ~~and~~by ~~mutual~~our ~~members~~directors ~~of the target entity,~~ and ~~raising~~executive ~~issues concerning the effect on the mutual members of the acquiring entity~~officers. As a result, a remutualization transaction for Narragansett Bancorp, Inc. is less likely unless the applicant can clearly demonstrate that the regulatory concerns are not warranted in the particular case.

~~See~~Possible ~~“Restrictions~~Change onin the ~~Acquisition~~Offering ofRange ~~Narragansett Bancorp, Inc. and BayCoast Bank” for more information.~~

~~Possible~~RP ~~Conversion~~Financial will update its appraisal before we complete the offering. If, as a result of ~~Narragansett~~demand for the shares or changes in market conditions, RP Financial ~~Corporation~~determines that our pro forma market value has increased, we may sell up to ~~Stock~~9,098,800 ~~Form~~shares in the offering without further notice to you. If our pro forma market value at that time is either below $136.0 million or above $211.6 million, then, after consulting with the Federal Reserve Board and the Massachusetts Commissioner of Banks, we may:

In• ~~the~~terminate ~~future, Narragansett Financial Corporation may convert from~~ the ~~mutual to stock form of ownership~~offering, incancel adeposit ~~transaction~~account ~~commonly~~withdrawal ~~referred~~authorizations to as a “second-step conversion.” However, our board of directors has no current plans to undertake a second-step conversion transaction. Any second-step conversion transaction would require the approval of holders of a majority of the outstanding shares of Narragansett Bancorp, Inc. common stock (excluding shares held by Narragansett Financial Corporation) and ~~the~~promptly ~~approval~~return ofall ~~the~~funds ~~corporators~~received ofin ~~Narragansett Financial Corporation. Public stockholders will not be able to force a second-step conversion transaction of Narragansett Financial Corporation without~~ the ~~consent~~offering ofwith ~~Narragansett~~interest ~~Financial~~at ~~Corporation since such transactions would require the approval of a majority of the outstanding shares of Narragansett Bancorp, Inc~~0.~~’s common stock.~~ 10%;

~~Delivery~~• ofset ~~Prospectus~~a new offering range; or

To• ~~ensure~~take ~~that each person receives a prospectus at least 48 hours before the deadline for orders for common stock, we may not mail prospectuses any later than five days prior to~~ such ~~date~~other oractions ~~hand-deliver~~as ~~prospectuses later than two days prior to that date. Stock order forms~~ may ~~only~~ be ~~delivered~~permitted ifby ~~accompanied~~the orFederal ~~preceded~~Reserve byBoard, athe ~~prospectus.~~Massachusetts WeCommissioner ~~are~~of ~~not~~Banks, ~~obligated~~the toFinancial ~~deliver~~Industry ~~a prospectus~~Regulatory orAuthority ~~stock~~(“FINRA”) ~~order~~and ~~form~~the bySecurities ~~means~~and ~~other~~Exchange ~~than U~~Commission.~~S. mail.~~

16If we set a new offering range, we will promptly return funds, with interest at 0.10% for funds received in the offering, cancel deposit account withdrawal authorizations and commence a resolicitation. In connection with the resolicitation, we will notify subscribers of their right to place a new stock order for a specified period of time.

~~Delivery~~Conditions ofto ~~Shares~~Completing ofthe ~~Common~~Reorganization ~~Stock~~and Offering

~~All~~We ~~shares~~cannot ofcomplete ~~common stock sold will be issued in book entry form. Stock certificates will not be issued. A statement reflecting ownership of shares of common stock issued in~~ the ~~subscription~~reorganization and community offerings will be mailed by our transfer agent to the persons entitled thereto at the registration address noted by them on their stock order forms as soon as practicable following consummation of the offering. ~~Shares~~unless: of common stock sold in a syndicated offering may be delivered electronically through the services of The Depository Trust Company, subject to any necessary regulatory approval. We expect trading in the stock to begin on the business day following the completion of the offering. Until a statement reflecting ownership of shares of common stock is available and delivered to purchasers, purchasers might not be able to sell the shares of common stock that they purchased, even though the common stock will have begun trading. Your ability to sell your shares of common stock before receiving your statement will depend on arrangements you may make with a brokerage firm.

~~Tax~~• ~~Consequences~~we sell at least 5,848,000 shares, which is the minimum of the offering range; and

~~BayCoast~~• ~~Bank~~we ~~and Narragansett~~receive ~~Bancorp,~~final ~~Inc.~~regulatory ~~have~~approvals ~~received~~or annon-objections ~~opinion~~from ~~of counsel, Luse Gorman, PC, regarding~~ the ~~material~~Massachusetts ~~federal~~Commissioner ~~income tax consequences~~ of ~~the~~Banks ~~reorganization~~ and ~~offering, and have also received an opinion of Wolf & Company, P.C. regarding~~ the ~~material~~Federal ~~Massachusetts~~Reserve ~~tax~~Board ~~consequences~~to ofcomplete the reorganization and offering. As a general matter, the offering will not be a taxable transaction for purposes of federal or state income taxes to BayCoast Bank, Narragansett Bancorp, Inc. or persons eligible to subscribe in the subscription offering. See “The Reorganization and Offering—Material Income Tax Consequences.”

~~Emerging Growth~~Market ~~Company~~for ~~Status~~the Common Stock

We ~~qualify~~have asnever anissued ~~“emerging~~capital ~~growth~~stock ~~company”~~and ~~under~~there ~~the~~is ~~Jumpstart~~no ~~Our~~established ~~Business~~market ~~Startups~~for ~~Act~~our ~~(the “JOBS~~common ~~Act”)~~stock. ~~For~~We asexpect ~~long~~that asour wecommon ~~are~~stock anwill be ~~emerging~~traded ~~growth~~on ~~company,~~the weNasdaq ~~may~~Capital ~~choose~~Market tounder ~~take~~the ~~advantage~~symbol of“NARA” ~~exemptions~~upon ~~from~~conclusion ~~various~~of ~~reporting~~the ~~requirements applicable to other public companies but not to emerging growth companies~~offering. See “~~Risk Factors—Risks~~Market ~~Related~~for tothe ~~Laws~~Common and Regulations—We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors” and “Supervision and Regulation—Emerging Growth Company StatusStock.”

An13 emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. Such an election is irrevocable during the period a company is an emerging growth company. We have elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, our financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards.

ImportantTable Risksof in Owning Narragansett Bancorp, Inc.’s Common Stock Contents

AnOur ~~investment~~Dividend inPolicy our common stock involves substantial risks and uncertainties. Investors should carefully consider all information in this prospectus, including the detailed discussion of these and other risks under “Risk Factors” beginning on page 20, before investing in our common stock.

~~Specific~~Following ~~areas~~completion of ~~risk~~the ~~related~~offering, our board of directors will have the authority to declare dividends on our ~~business~~common ~~include~~stock, ~~those~~subject ~~related~~to our capital requirements, our financial condition and results of operations, tax considerations, statutory and regulatory limitations, and general economic conditions. However, due to: regulatory restrictions described below, we do not currently anticipate paying cash dividends on our common stock.

•If ~~our~~Narragansett ~~lending~~Bancorp, ~~activities;~~Inc. pays dividends to its stockholders, it also will be required to pay dividends to Narragansett Financial Corporation, unless Narragansett Financial Corporation is permitted by the Federal Reserve Board to waive the receipt of dividends. The Federal Reserve Board’s current position is to not permit a mutual holding company that is regulated as a bank holding company (as opposed to a savings and loan holding company) to waive dividends declared by its subsidiary. In addition, Massachusetts banking regulations prohibit Narragansett Financial Corporation from waiving dividends declared and paid by Narragansett Bancorp, Inc. unless the Massachusetts Commissioner of Banks does not object to the waiver and provided the waiver is not detrimental to the safe and sound operation of BayCoast Bank. Accordingly, because dividends will be required to be paid to Narragansett Financial Corporation along with all other stockholders, the amount of dividends available for all other stockholders will be less than if Narragansett Financial Corporation were permitted to waive the receipt of dividends.

•Furthermore, ~~market~~our ~~interest~~ability ~~rates;~~to pay dividends may be limited due to the $95.0 million of subordinated debt as of March 31, 2026 currently held by Narragansett Financial Corporation that will be transferred to Narragansett Bancorp, Inc. following the completion of the reorganization and offering.

•Our ~~our~~Contribution ~~business~~to ~~strategy;~~the Charitable Foundation

•To ~~competitive~~further ~~matters;~~our commitment to our local communities, we intend to establish and fund a new charitable foundation, BayCoast Charitable Foundation, Inc., as part of the reorganization and offering. The charitable foundation will be dedicated exclusively to supporting charitable causes and community development activities in the communities in which we operate.

•We ~~laws~~intend to contribute to the charitable foundation shares of our common stock equal to 2% of the shares to be outstanding following the offering and ~~regulations;~~$600,000 in cash. At the minimum, midpoint, maximum and adjusted maximum of the offering range, we would contribute to the charitable foundation 272,000, 320,000, 368,000 and 423,200 shares of common stock, respectively. As a result of the contribution, we expect to record an after-tax expense of approximately $3.6 million during the quarter in which the offering is completed, assuming we sell 9,098,800 shares of common stock in the stock offering at the adjusted maximum of the offering range.

17The contribution of shares of common stock and cash to the charitable foundation will dilute the voting interests of purchasers of shares of our common stock in the offering. In addition, the amount of common stock that we would offer for sale would be greater if the offering were to be completed without the establishment and funding of the charitable foundation.

•See ~~economic~~“Risk ~~conditions;~~Factors—Risks Related to Our Contribution to the Charitable Foundation—Our contribution to the charitable foundation may not be tax deductible, which could reduce our profits.”, “—Our contribution to the charitable foundation will dilute your ownership interest.”, “—Our contribution to the charitable foundation will adversely affect net income.”, “The Charitable Foundation” and “Comparison of Valuation and Pro Forma Information With and Without the Charitable Foundation.”

•Our ~~mortgage~~Officers, ~~banking;~~Directors and Employees Will Receive Additional Benefits and Compensation After the Offering

•In ~~investment~~connection ~~advisory~~with ~~services;~~the offering, we are establishing an employee stock ownership plan, and, subject to stockholder approval, which will not occur until at least six months following the completion of the reorganization and offering, we intend to implement a stock-based benefit plan that will provide for grants of stock options and restricted stock.

•14 ~~operational matters;~~

•Table accountingof matters;Contents

•Employee Stock Ownership Plan. The board of directors of BayCoast Bank has adopted an employee stock ownership plan, which will award shares of our ~~reputation;~~common stock to eligible employees based on their compensation. It is expected that our employee stock ownership plan will purchase 8% of the aggregate of the number of shares sold in the offering and contributed to the charitable foundation with the proceeds of a loan to be made by Narragansett Bancorp, Inc. to the plan. If market conditions warrant, in the judgement of its trustees, the employee stock ownership plan may elect to purchase shares in the open market following the completion of the offering, subject to the prior approval of the Federal Reserve Board and the Massachusetts Commissioner of Banks.

•Stock-Based ~~legal~~Benefit ~~matters;~~Plan. We also intend to adopt a stock-based benefit plan. The plan will be designed to attract, motivate and retain qualified personnel in key positions and provide directors, officers and key employees with an ownership interest in Narragansett Bancorp, Inc., which will be an incentive to contribute to our success, and will reward key employees for their performance. In accordance with applicable regulations, we anticipate the plan will authorize a number of stock options and shares of restricted common stock equal to 10% and 4%, respectively, of the aggregate number of shares of common stock sold in the offering and contributed to the charitable foundation. These limitations will not apply if the plan is implemented more than one year after the completion of the offering.

•A ~~environmental~~stock-based ~~matters~~benefit plan will not be established sooner than six months after the completion of the reorganization and offering, and if adopted within one year after the completion of the reorganization and offering, the plan must be approved by a majority of the votes eligible to be cast by our stockholders, as well as a majority of the votes eligible to be cast by our stockholders other than Narragansett Financial Corporation. If a stock-based benefit plan is established more than one year after the reorganization and offering, it must be approved by a majority of votes cast by our stockholders, as well as a majority of votes cast by our stockholders other than Narragansett Financial Corporation. We have not determined when we will present a stock-based benefit plan for stockholder approval.

~~Specific~~The ~~risks~~following ~~related~~table summarizes the stock benefits that our officers, directors and employees may receive following the reorganization and offering, at the adjusted maximum of the offering range and assuming that our employee stock ownership plan purchases 8% of the aggregate number of shares of common stock sold in the offering and contributed to ~~this~~the charitable foundation and that we implement a stock-based benefit plan granting options to purchase 10% of the aggregate number of shares of common stock of Narragansett Bancorp, Inc. sold in the offering ~~include~~and ~~those~~contributed ~~related~~to the charitable foundation and awarding shares of restricted common stock equal to: 4% of the aggregate number of shares of common stock sold in the offering and contributed to the charitable foundation.

• the future trading price of the common stock;


	Individuals Eligible to Receive Awards	Number of Shares to be Granted or Purchased		Percentage of Common Stock to be Outstanding Following the Offering			Dilution Resulting From Issuance of Shares for Stock- Based Benefit Plans			Value of Grants (In Thousands) (1)
Employee stock ownership plan	All employees		761,760		3.60	%		N/A	(2)	$	7,618
Restricted stock awards	Directors, officers and employees		380,880		1.80			1.77	%		3,809
Stock options	Directors, officers and employees		952,200		4.50			4.31	%		4,418

Total			2,094,840		9.90	%		5.93	% (2)	$	15,845

•(1) ~~our~~The ~~mutual~~fair ~~holding~~value ~~company~~of ~~structure~~stock options has been estimated at $4.64 per option using the Black-Scholes option pricing model with the following assumptions: a grant-date share price and option exercise price of $10.00; no dividend yield; expected option life of five years; risk free interest rate of 4.30%; and a volatility rate of 25.20%.

•(2) ~~use~~No ofdilution is reflected for the ~~net~~employee ~~offering~~stock ~~proceeds;~~ownership plan because such shares are assumed to be purchased in the offering.

•15 ~~the trading market for the common stock;~~

•Table our return on equity after the completion of the offering;Contents

•Restrictions ~~intended~~on ~~new~~the ~~stock-based~~Acquisition ~~benefit~~of ~~plans;~~Narragansett Bancorp, Inc. and BayCoast Bank

•Federal ~~anti-takeover~~and ~~factors;~~state regulations, as well as provisions contained in the articles of incorporation and bylaws of Narragansett Bancorp, Inc., restrict the ability of any person, firm or entity to acquire Narragansett Bancorp, Inc., BayCoast Bank, or their respective capital stock. These restrictions include the requirement that a potential acquirer of common stock obtain prior regulatory approval before acquiring in excess of 10% of the voting stock of Narragansett Bancorp, Inc. or BayCoast Bank, as well as a provision in Narragansett Bancorp, Inc.’s articles of incorporation that generally provides that, no person, other than Narragansett Financial Corporation, may directly or indirectly offer to acquire or acquire the beneficial ownership of more than 10% of any class of equity security of Narragansett Bancorp, Inc., and that any shares acquired in excess of this limit would not be entitled to be voted and would not be counted as voting stock in connection with any matters submitted to the stockholders for a vote.

•Because a ~~forum~~majority ~~selection~~of ~~provision~~the ~~for~~shares ~~certain~~of ~~litigation;~~outstanding common stock of Narragansett Bancorp, Inc. must be owned by Narragansett Financial Corporation, any acquisition of Narragansett Bancorp, Inc. must be approved by Narragansett Financial Corporation. Furthermore, Narragansett Financial Corporation would not be required to pursue or approve a sale of Narragansett Bancorp, Inc. even if such sale were favored by a majority of Narragansett Bancorp, Inc.’s public stockholders.

•Finally, although a mutual holding company may be acquired by a mutual institution or another mutual holding company in what is known as a “remutualization” transaction, current regulatory policy may make such transactions less likely because of the ~~irrevocability~~heightened regulatory scrutiny given to the structure and pricing of ~~your~~such ~~investment~~transactions. ~~decision;~~Specifically, current regulatory policy views remutualization transactions as raising significant issues concerning disparate treatment of minority stockholders and mutual members of the target entity, and raising issues concerning the effect on the mutual members of the acquiring entity. As a result, a remutualization transaction for Narragansett Bancorp, Inc. is less likely unless the applicant can clearly demonstrate that the regulatory concerns are not warranted in the particular case.

•See ~~potential~~“Restrictions ~~adverse~~on ~~tax~~the ~~consequences~~Acquisition ~~related~~of toNarragansett ~~subscription~~Bancorp, ~~rights~~Inc. and BayCoast Bank” for more information.

~~Specific~~Possible ~~risks~~Conversion ~~related to our contribution to the charitable foundation include the effects on our net income, the tax deductibility~~ of ~~the contribution~~Narragansett ~~and~~Financial ~~the~~Corporation ~~dilution~~ to ~~stockholder~~Stock ~~ownership~~Form ~~interests.~~

~~How~~In ~~You~~the ~~May~~future, ~~Obtain~~Narragansett ~~Additional~~Financial ~~Information~~Corporation ~~Regarding~~may convert from the ~~Offering~~mutual to stock form of ownership, in a transaction commonly referred to as a “second-step conversion.” However, our board of directors has no current plans to undertake a second-step conversion transaction. Any second-step conversion transaction would require the approval of holders of a majority of the outstanding shares of Narragansett Bancorp, Inc. common stock (excluding shares held by Narragansett Financial Corporation) and the approval of the corporators of Narragansett Financial Corporation. Public stockholders will not be able to force a second-step conversion transaction of Narragansett Financial Corporation without the consent of Narragansett Financial Corporation since such transactions would require the approval of a majority of the outstanding shares of Narragansett Bancorp, Inc.’s common stock.

~~Our~~Delivery ~~banking~~of ~~personnel~~Prospectus may not, by law, assist with investment-related questions about the offering. If you have any questions regarding the reorganization and offering, please call the Stock Information Center at [stock center number]. The Stock Information Center will be open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern Time. The Stock Information Center will be closed on bank holidays.

18To ensure that each person receives a prospectus at least 48 hours before the deadline for orders for common stock, we may not mail prospectuses any later than five days prior to such date or hand-deliver prospectuses later than two days prior to that date. Stock order forms may only be delivered if accompanied or preceded by a prospectus. We are not obligated to deliver a prospectus or stock order form by means other than U.S. mail.

~~RISK~~16 ~~FACTORS~~

YouTable shouldof consider carefully the following risk factors, in addition to all other information in this prospectus, in evaluating an investment in our common stock. Contents

~~Risks~~Delivery ~~Related~~of toShares ~~our~~of ~~Business~~Common Stock

~~Risks~~All ~~Related~~shares toof common stock sold will be issued in book entry form. Stock certificates will not be issued. A statement reflecting ownership of shares of common stock issued in the subscription and community offerings will be mailed by our ~~Lending~~transfer ~~Activities~~agent to the persons entitled thereto at the registration address noted by them on their stock order forms as soon as practicable following consummation of the offering. Shares of common stock sold in a syndicated offering may be delivered electronically through the services of The Depository Trust Company, subject to any necessary regulatory approval. We expect trading in the stock to begin on the business day following the completion of the offering. Until a statement reflecting ownership of shares of common stock is available and delivered to purchasers, purchasers might not be able to sell the shares of common stock that they purchased, even though the common stock will have begun trading. Your ability to sell your shares of common stock before receiving your statement will depend on arrangements you may make with a brokerage firm.

~~Our portfolios~~Tax ofConsequences commercial real estate and multi-family real estate loans represent a significant portion of our loan portfolio, and we intend to continue originating these types of loans. These loans involve credit risks that could adversely affect our financial condition and results of operations.

AtBayCoast ~~March 31,~~Bank ~~2026, commercial real estate~~ and ~~multi-family loans totaled~~ ~~$1.09 billion~~Narragansett Bancorp, ~~or 47~~Inc.9% ofhave ~~our~~received ~~total~~an ~~loan~~opinion ~~portfolio. Given their larger balances and the complexity~~ of ~~the~~counsel, ~~underlying~~Luse ~~collateral~~Gorman, ~~commercial~~PC, ~~real~~regarding ~~estate loans and multi-family real estate loans generally have more risk than~~ the ~~owner-occupied~~material ~~one-~~federal toincome ~~four-family~~tax ~~residential~~consequences ~~real estate loans we originate. Because the repayment~~ of ~~these loans depends on~~ the ~~successful~~reorganization ~~management~~ and ~~operation of the borrower’s properties~~offering, and~~/or~~ ~~related~~have ~~businesses with~~also ~~respect~~received toan ~~commercial~~opinion ~~real~~of ~~estate~~Wolf & ~~loans~~Company, ~~repayment~~P.C. ofregarding the ~~such~~material ~~loans~~Massachusetts ~~can~~tax beconsequences ~~affected~~of ~~by adverse conditions in~~ the ~~local~~reorganization ~~real~~and ~~estate market or economy~~offering. ~~Also,~~As ~~many~~a ofgeneral ~~our commercial borrowers have more than one loan outstanding with us. Further~~matter, the offering will ~~allow~~not usbe toa ~~increase~~taxable ~~our~~transaction ~~loans-to-one~~for ~~borrower~~purposes ~~limit,~~of ~~which~~federal ~~may result in our originating larger loans. Consequently, an adverse development with respect to one loan~~ or ~~one~~state ~~credit~~income ~~relationship~~taxes ~~can expose us~~ to aBayCoast ~~significantly~~Bank, ~~greater~~Narragansett ~~risk~~Bancorp, ~~loss compared to an adverse development with respect to a one- to four-family residential real estate loan~~Inc. Ifor ~~we foreclose~~persons oneligible ~~these loans, our holding period for the collateral typically is longer than for a one-~~ to ~~four-family~~subscribe ~~residential~~in ~~property because there are fewer potential purchasers of~~ the ~~collateral~~subscription offering. InSee ~~addition, commercial~~“The ~~real~~Reorganization ~~estate loans~~ and ~~multifamily~~Offering—Material ~~real~~Income ~~estate~~Tax ~~loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential loans~~Consequences. ~~Accordingly,~~” ~~charge-offs on these types of loans may be larger than those incurred with our one- to four-family residential or consumer loan portfolios.~~

~~As our commercial real estate and multi-family real estate loan portfolios increase, the corresponding risks and potential for losses from~~Emerging ~~these~~Growth ~~loans~~Company ~~may~~Status ~~also increase, which could adversely affect our business, financial condition and results of operations.~~

We qualify as an “emerging growth company” under the Jumpstart Our ~~commercial~~Business ~~business~~Startups ~~loans~~Act (the ~~involve~~“JOBS ~~credit~~Act”). ~~risks~~For ~~that~~as ~~could~~long ~~adversely~~as ~~affect~~we are an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. See “Risk Factors—Risks Related to Laws and Regulations—We are an emerging growth company, and any decision on our ~~financial~~part ~~condition~~to comply only with certain reduced reporting and ~~results~~disclosure ofrequirements ~~operations~~applicable to emerging growth companies could make our common stock less attractive to investors” and “Supervision and Regulation—Emerging Growth Company Status.”

AtAn ~~March 31,~~emerging ~~2026,~~growth wecompany ~~had $200.8 million~~may inelect ~~commercial~~to ~~business~~use ~~loans, or 8.8% of our total loan portfolio. Unlike residential real estate loans, which generally are made on~~ the ~~basis~~extended oftransition ~~the~~period ~~borrower’s ability~~ to ~~make~~delay ~~repayment~~adoption ~~from~~of ~~his~~new or ~~her~~revised ~~employment~~accounting ~~or other~~pronouncements ~~income,~~applicable ~~and which are secured by real property whose value tends~~ to bepublic ~~more~~companies ~~easily~~until ~~ascertainable,~~such ~~commercial~~pronouncements ~~business loans~~ are ~~of higher risk and typically are~~ made onapplicable ~~the~~to ~~basis~~private ofcompanies, ~~the~~but ~~borrower’s~~must ~~ability to~~ make ~~repayment~~such ~~from~~election ~~the~~when ~~cash flow of~~ the ~~borrower’s~~company ~~business~~is ~~and~~first ~~the~~required ~~collateral~~to ~~securing~~file ~~these~~a ~~loans~~registration ~~may fluctuate in value~~statement. ~~Our~~Such ~~commercial~~an ~~business~~election ~~loans~~is ~~are~~irrevocable ~~originated~~during ~~primarily based on~~ the ~~identified~~period ~~cash~~a company ~~flow~~is ofan ~~the~~emerging ~~borrower~~growth ~~and~~company. ~~secondarily~~We onhave ~~the~~elected ~~underlying~~to ~~collateral provided~~use by the ~~borrower.~~extended ~~Most~~transition ~~often,~~period ~~this~~to ~~collateral~~delay ~~consists~~adoption of ~~real~~new ~~estate, accounts receivable, inventory~~ or ~~equipment~~revised ~~and~~accounting anpronouncements ~~all-business~~applicable ~~assets~~to ~~lien.~~public ~~Credit~~companies ~~support~~until ~~provided~~such bypronouncements ~~the~~are ~~borrower~~made ~~for most~~applicable ofto ~~these loans is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any~~private companies. ~~Further~~Accordingly, ~~any~~our ~~collateral~~financial ~~securing~~statements ~~such loans~~ may ~~depreciate~~not ~~over time, may~~ be ~~difficult~~comparable to ~~appraise and may fluctuate in value. As a result,~~ the ~~availability~~financial ofstatements ~~funds for the repayment~~ of ~~commercial~~public ~~business~~companies ~~loans~~that ~~may~~comply ~~depend~~with ~~substantially~~such onnew ~~the~~or ~~success~~revised ofaccounting ~~the business itself~~standards.

19Important Risks in Owning Narragansett Bancorp, Inc.’s Common Stock

~~Our~~An ~~construction~~investment ~~loans~~in ~~involve~~our ~~credit~~common stock involves substantial risks ~~that~~and ~~could~~uncertainties. ~~adversely~~Investors ~~affect~~should ~~our~~carefully ~~financial~~consider ~~condition~~all ~~and~~information in this ~~results~~prospectus, including the detailed discussion of ~~operations~~these and other risks under “Risk Factors” beginning on page 20, before investing in our common stock.

AtSpecific ~~March 31,~~areas ~~2026, we had $184.2 million in construction loans, or 8.1%~~ of ~~our~~risk total loan portfolio, $117.9 million, or 64.0%, of which consisted of commercial construction loans. Construction lending involves additional risks when compared with permanent finance lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the market value of the completed project and the effects of governmental regulation of real property, it can be difficult to accurately evaluate the total funds required to complete a project and the related ~~loan-~~to~~-value~~ ratio. In addition, generally during the term of a construction loan, interest may be funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. As our ~~construction loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase, which could adversely affect our~~ business, ~~financial~~include ~~condition~~those ~~and~~related ~~results~~to: ~~of operations.~~

~~Our~~• ~~emphasis~~our ~~on real estate loans exposes us to~~ lending ~~risks.~~ activities;

At• ~~March 31, 2026, the significant majority of our loan portfolio was secured by real estate, most of which is located in our primary lending~~ market ~~area~~interest in the South Coast of Massachusetts and the State of Rhode Island. Future declines in the real estate values in our primary lending market and surrounding markets could significantly impair the value of the real estate collateral securing our loans and our ability to sell the collateral upon foreclosure for an amount necessary to satisfy the borrower’s obligations to us. This could require increasing our allowance for credit losses to address the decrease in the value of the real estate securing our loans, which could have a material adverse effect on our business, financial condition, results of operations and growth prospects. rates;

~~The~~• ~~geographic concentration of~~ our ~~loan~~business ~~portfolio and lending activities makes us vulnerable to a downturn in our local market area.~~ strategy;

~~Unlike~~• ~~larger~~competitive financial institutions that are more geographically diversified, our profitability depends significantly on the general economic conditions in our primary market area. Local economic conditions have a significant impact on our lending, including the ability of borrowers to repay these loans and the value of the collateral securing these loans. matters;

A• ~~deterioration~~laws ~~in economic conditions in our primary market area could result in the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity~~ and ~~results of operations:~~ regulations;

•17 ~~demand for our products and services may decrease;~~

•Table loanof delinquencies, problem assets and foreclosures may increase;Contents

• ~~collateral~~economic ~~for loans, especially real estate, may decline in value, thereby reducing customers’ future borrowing power, and reducing the value of assets and collateral associated with existing loans~~conditions; ~~and/or~~

• ~~the~~mortgage ~~net worth and liquidity of loan guarantors may decrease, thereby impairing their ability to honor commitments made to us.~~banking;

20• investment advisory services;

~~Moreover,~~• aoperational significant decline in general economic conditions caused by inflation, recession, acts of terrorism, an outbreak of hostilities or other international or domestic calamities, or other factors beyond our control could further impact these local economic conditions and could further negatively affect our financial performance. In addition, deflationary pressures, while possibly lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and the values of underlying collateral securing loans, which could negatively affect our financial performance. matters;

If• ~~our~~accounting ~~allowance for credit losses is not sufficient to cover actual loan losses, our earnings could decrease.~~ matters;

We• ~~make various assumptions and judgments about the collectability of~~ our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for credit losses, we review our loans and our loss and delinquency experience, and we evaluate economic conditions. If our assumptions or the results of our analyses are incorrect, our allowance for credit losses may not be sufficient to cover expected credit losses in our loan portfolio, resulting in additions to our allowance. In addition, our emphasis on loan growth and on increasing our portfolio of commercial real estate and multi-family real estate loans, as well as any future credit deterioration, could require us to increase our allowance for credit losses in the future. At March 31, 2026, our allowance for credit losses was 1.31% of total loans and 66.15% of nonperforming loans. Material additions to our allowance would materially decrease our net income. reputation;

In• ~~addition,~~legal ~~bank~~matters; ~~regulators periodically review our allowance for credit losses~~ and, as a result of such reviews, we may be required to increase our provision for credit losses or recognize further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as a result of such review or otherwise may have a material adverse effect on our financial condition and results of operations.

~~Uncertainties~~• ~~associated~~environmental with increased originations of commercial real estate and multi-family loans may result in errors in judging collectability, which may lead to additional provisions for credit losses or charge-offs, which would negatively affect our operationsmatters.

~~Our~~Specific ~~intended~~risks ~~increases~~related ~~in the level of our commercial real estate and multi-family real estate originations would likely require us~~ to ~~lend~~this ~~to borrowers~~offering ~~with~~include ~~which~~those werelated ~~have limited or no experience. Newly originated loans do not have a significant payment history pattern with which~~ to: judge future collectability. Further, newly originated loans have not been subjected to unfavorable economic conditions. As a result, it may be difficult to predict the future performance of newly originated loans. These loans may have delinquency or charge-off levels above our recent historical experience, which could adversely affect our future performance. Further, commercial real estate and multi-family loans generally have larger balances and involve a greater risk than one- to four-family residential mortgage loans. Accordingly, if we make any errors in judgment in the collectability of these loans, any resulting charge-offs may be larger on a per loan basis than those incurred historically with our single-family residential mortgage loans.

~~The~~• ~~level~~the offuture ~~our~~trading ~~commercial~~price ~~real~~of ~~estate~~the ~~loan~~common ~~portfolio may subject us to additional regulatory scrutiny.~~ stock;

~~The~~• ~~FDIC~~our ~~and~~mutual ~~the~~holding ~~other~~company federal bank regulatory agencies have promulgated joint guidance on sound risk management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, a financial institution that, like us, is actively involved in commercial real estate lending should perform a risk assessment to identify concentrations. A financial institution may have a concentration in commercial real estate lending if, among other factors, (i) total reported loans for construction, land acquisition and development, and other land represent 100% or more of total capital, or (ii) total reported loans secured by multi-family and non-farm residential properties, loans for construction, land acquisition and development and other land, and loans otherwise sensitive to the general commercial real estate market, including loans to commercial real estate related entities, represent 300% or more of total capital and the outstanding balance of a financial institution’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months. Multi-family and commercial real estate lending represented 382% of total capital as of March 31, 2026. The guidance focuses on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be at greater risk to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or in an abundance of caution). The purpose of the guidance is to guide banks in structure;

21• use of the net offering proceeds;

~~developing~~• ~~risk management practices and determining capital levels commensurate with~~ the ~~level~~trading and nature of real estate concentrations. The guidance states that management should employ heightened risk management practices including board and management oversight and strategic planning, development of underwriting standards, risk assessment and monitoring through market ~~analysis~~for and stress testing. While we believe we have implemented policies and procedures with respect to our commercial real estate loan portfolio consistent with this guidance, bank regulators could require us to implement additional policies and procedures consistent with their interpretation of the ~~guidance~~ ~~that~~common ~~may result in additional costs to us or that may result in the curtailment of our commercial real estate and multi-family lending that would adversely affect our loan originations and profitability.~~ stock;

~~The~~• ~~foreclosure~~our ~~process~~return ~~may~~on ~~adversely~~equity ~~impact~~after ~~our~~the ~~recoveries~~completion onof ~~non-performing~~the ~~loans.~~ offering;

~~The~~• ~~judicial~~intended ~~foreclosure~~new ~~process is protracted, which delays our ability to resolve non~~stock-~~performing loans~~based ~~through~~benefit the sale of the underlying collateral. The longer timelines have been the result of many factors, including additional consumer protection initiatives related to the foreclosure process, increased documentary requirements and judicial scrutiny, and, both voluntary and mandatory programs under which lenders may consider loan modifications or other alternatives to foreclosure. These reasons and the legal and regulatory responses have impacted the foreclosure process and completion time of foreclosures for residential mortgage lenders. This may result in a material adverse effect on collateral values and our ability to minimize its losses. plans;

We• ~~are~~anti-takeover ~~subject to a variety of risks in connection with any sale of loans we may conduct, which could adversely affect our results of operations and financial condition.~~ factors;

We• routinely sell newly originated mortgage loans and manufactured home loans, and may also sell other loans or loan portfolios. When mortgage loans are sold, we are required to make customary representations and warranties to purchasers, guarantors and insurers, including government-sponsored entities, about the mortgage loans and the manner in which they were originated. Whole loan sale agreements require us to repurchase or substitute mortgage loans, or indemnify buyers against losses, in the event we breach these representations or warranties. In addition, we may be required to repurchase mortgage loans as a ~~result~~forum ofselection ~~early payment default of the borrower on a mortgage loan. If repurchase and indemnity demands increase and such demands are valid claims and are in excess of our~~ provision for ~~potential~~certain ~~losses, our results of operations and financial condition may be adversely affected.~~ litigation;

We• ~~are~~the ~~subject~~irrevocability toof ~~environmental~~your ~~liability~~investment ~~risk~~decision; ~~associated with lending activities or properties we own.~~ and

A• ~~significant~~potential ~~portion~~adverse oftax ~~our~~consequences ~~loan~~related ~~portfolio is secured by real estate, and we could become subject~~ to ~~environmental~~subscription ~~liabilities with respect to one or more of these properties, or with respect to properties that we own in operating our business~~rights. During the ordinary course of business, we may foreclose on and take title to properties securing defaulted loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Our policies, which require us to perform an environmental review before initiating any foreclosure action on non-residential real property, may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on us.

22Specific risks related to our contribution to the charitable foundation include the effects on our net income, the tax deductibility of the contribution and the dilution to stockholder ownership interests.

~~Risks~~How ~~Related~~You toMay ~~Market~~Obtain ~~Interest~~Additional ~~Rates~~Information Regarding the Offering

~~Future~~Our ~~changes~~banking inpersonnel ~~interest~~may ~~rates~~not, ~~could~~by ~~negatively~~law, ~~affect~~assist ~~our~~with ~~operating~~investment-related ~~results~~questions about the offering. If you have any questions regarding the reorganization and ~~asset~~offering, ~~values~~please call the Stock Information Center at (844) 301-2265. The Stock Information Center will be open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern Time. The Stock Information Center will be closed on bank holidays.

~~Net~~18 income is the amount by which net interest income and noninterest income exceed operating expenses and the provision for credit losses. Net interest income makes up a majority of our income and is based on the difference between:

•Table theof interest income we earn on interest-earning assets, such as loans and securities; andContents

•RISK ~~the~~FACTORS ~~interest expense we pay on interest-bearing liabilities, such as deposits and borrowings.~~

~~The~~You ~~rates~~should weconsider ~~earn~~carefully ~~on our assets and~~ the ~~rates~~following werisk ~~pay on our liabilities are generally fixed for a contractual period of time. Like many savings institutions~~factors, ~~our~~in ~~liabilities~~addition ~~generally~~to ~~have~~all ~~shorter~~other ~~contractual~~information ~~maturities~~in ~~than~~this ~~our assets. This imbalance can create earnings volatility because market interest rates change over time. In a period of rising interest rates~~prospectus, in ~~the~~evaluating ~~interest~~an ~~income~~investment ~~we earn on our assets may not increase as rapidly as the interest we pay on our liabilities. Furthermore, increases~~ in ~~interest rates may adversely affect the ability of~~ our ~~borrowers~~common ~~to make loan repayments on adjustable-rate loans, as the interest owed on such loans would increase as interest rates increase~~stock.

InRisks ~~addition,~~Related changes in interest rates can affect the average life of loans and mortgage-backed and related securities. A decline in interest rates generally results in increased prepayments of loans and mortgage-backed and related securities as borrowers refinance their debt to ~~reduce~~our ~~their borrowing~~Business costs. This creates reinvestment risk, which is the risk that we may not be able to reinvest prepayments at rates that are comparable to the rates we earned on the prepaid loans or securities. Furthermore, an inverted interest rate yield curve, where short-term interest rates (which are usually the rates at which financial institutions borrow funds) are higher than long-term interest rates (which are usually the rates at which financial institutions lend funds for fixed-rate loans) can reduce a financial institution’s net interest margin and create financial risk for financial institutions that originate primarily longer-term, fixed-rate mortgage loans.

~~Any~~Risks ~~increase~~Related ~~in market interest rates may reduce our mortgage banking income. We generate revenues primarily from gains on the sale of mortgage loans~~ to ~~investors, and from the amortization of deferred mortgage servicing rights. We also earn interest on loans held for sale while awaiting delivery to~~ our ~~investors. In~~Lending ~~addition,~~Activities our results of operations are affected by the amount of noninterest expense associated with mortgage banking activities, such as salaries and employee benefits, occupancy, equipment, data processing and other operating costs. During periods of reduced loan demand, our results of operations may continue to be adversely affected to the extent that we are unable to reduce expenses commensurate with the decline in mortgage loan origination activity.

WeOur portfolios ~~monitor~~of ~~interest~~commercial ~~rate~~real ~~risk~~estate ~~through~~and ~~the~~multi-family ~~use~~real ofestate ~~simulation~~loans ~~models,~~represent ~~including~~a ~~estimates~~significant portion of ~~the amounts by which~~ our ~~net~~loan ~~interest~~portfolio, ~~income~~and ~~would change~~we inintend ~~the~~to ~~event~~continue oforiginating athese ~~range~~types of ~~assumed changes in market interest rates~~loans. AsThese ofloans ~~April 30,~~involve ~~2026,~~credit inrisks ~~the event of an instantaneous 200 basis point increase in interest rates, we estimate~~ that wecould ~~would~~adversely ~~experience~~affect our afinancial ~~3.2%~~condition ~~decrease~~and inresults ~~net~~of ~~interest income~~operations.

At ~~April~~March 3031, 2026, ~~all~~commercial ~~estimated~~real ~~changes~~estate ~~described~~and ~~above~~multi-family ~~with~~loans ~~respect~~totaled $1.09 billion, or 47.9% of our total loan portfolio. Given their larger balances and the complexity of the underlying collateral, commercial real estate loans and multi-family real estate loans generally have more risk than the owner-occupied one- to ~~net~~four-family ~~interest~~residential ~~income~~real estate loans we originate. Because the repayment of these loans depends on the successful management and operation of the borrower’s properties, and/or related businesses with respect to ~~potential changes~~commercial real estate loans, repayment of such loans can be affected by adverse conditions in the local real estate market ~~interest~~or ~~rates~~economy. ~~were~~Also, many of our commercial borrowers have more than one loan outstanding with us. Further, the offering will allow us to increase our loans-to-one borrower limit, which may result in ~~compliance~~our originating larger loans. Consequently, an adverse development with respect to one loan or one credit relationship can expose us to a significantly greater risk loss compared to an adverse development with respect to a one- to four-family residential real estate loan. If we foreclose on these loans, our holding period for the ~~current~~collateral ~~policy~~typically ~~limits~~is ~~established~~longer bythan ~~management~~for ~~and~~a ~~approved~~one- byto four-family residential property because there are fewer potential purchasers of the ~~board~~collateral. In addition, commercial real estate loans and multifamily real estate loans typically involve larger loan balances to single borrowers or groups of ~~directors~~related borrowers compared to one- to four-family residential loans. Accordingly, charge-offs on these types of loans may be larger than those incurred with our one- to four-family residential or consumer loan portfolios.

~~Any~~As ~~substantial,~~our ~~unexpected,~~commercial ~~prolonged~~real ~~change~~estate inand ~~market~~multi-family ~~interest~~real ~~rates~~estate ~~could~~loan ~~have~~portfolios aincrease, ~~material~~the ~~adverse~~corresponding ~~effect~~risks ~~on our financial condition, liquidity~~ and ~~results~~potential offor ~~operations.~~losses ~~Changes~~from these inloans ~~the~~may ~~level~~also ofincrease, ~~interest~~which ~~rates~~could ~~also~~adversely ~~may negatively~~ affect ~~the~~our ~~value~~business, offinancial ~~our~~condition ~~assets~~ and ~~ultimately~~results ~~affect~~of ~~our earnings~~operations.

~~For~~Our ~~further~~commercial ~~discussion~~business ofloans involve ~~how~~credit ~~changes~~risks inthat ~~interest rates~~ could ~~impact~~adversely ~~us,~~affect ~~see~~our ~~“Management’s~~financial ~~Discussion~~condition and ~~Analysis~~results of ~~Financial Condition and Results of Operations—Management of Market Risk~~operations.”

23At March 31, 2026, we had $200.8 million in commercial business loans, or 8.8% of our total loan portfolio. Unlike residential real estate loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial business loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business and the collateral securing these loans may fluctuate in value. Our commercial business loans are originated primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Most often, this collateral consists of real estate, accounts receivable, inventory or equipment and an all-business assets lien. Credit support provided by the borrower for most of these loans is based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. As a result, the availability of funds for the repayment of commercial business loans may depend substantially on the success of the business itself.

~~Risks~~19 ~~Related to our Business Strategy~~

OurTable business strategy includes loan growth, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively. Growing our operations could also cause our expenses to increase faster than our revenues. Contents

Our ~~business strategy~~construction ~~includes~~loans ~~loan~~involve ~~growth,~~credit ~~primarily~~risks ~~funded by deposits. Achieving such growth may require us to attract customers~~ that ~~currently~~could ~~bank~~adversely ataffect ~~other financial institutions in~~ our ~~market area. Our ability to successfully grow will depend on a variety of factors, including the continued availability of desirable business opportunities, the level of competition from other~~ financial ~~institutions~~condition ~~in our market area, general economic conditions in our primary market area, our ability to attract~~ and ~~retain~~results experienced lenders and possibly increase our support staff and our ability to manage our growth. Growth opportunities may not be available or we may not be able to manage our growth successfully. Any such business expansion can be expected to negatively impact our earnings until certain economies of ~~scale are reached~~operations. Furthermore, there can be considerable costs involved in opening branches and expanding lending capacity, and generally a period of time is required to generate the necessary revenues to offset these costs. If we do not manage our growth effectively, our financial condition and operating results could be negatively affected.

~~Potential~~At ~~growth~~March 31, ~~may~~2026, ~~require~~we ushad to$184.2 million ~~raise~~in construction loans, or 8.1% of our total loan portfolio, $117.9 million, or 64.0%, of which consisted of commercial construction loans. Construction lending involves additional ~~capital~~risks when compared with permanent finance lending because funds are advanced upon the security of the project, which is of uncertain value before its completion. Because of the uncertainties inherent in estimating construction costs, as well as the ~~future~~market value of the completed project and the effects of governmental regulation of real property, ~~but~~it ~~that~~can ~~capital~~be difficult to accurately evaluate the total funds required to complete a project and the related loan-to-value ratio. In addition, generally during the term of a construction loan, interest may ~~not~~be funded by the borrower or disbursed from an interest reserve set aside from the construction loan budget. These loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property or obtain permanent take-out financing, rather than the ability of the borrower or guarantor to repay principal and interest. If the appraised value of a completed project proves to be ~~available~~overstated, ~~when~~we itmay ishave ~~needed~~inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. As our construction loan portfolio increases, the corresponding risks and potential for losses from these loans may also increase, which could adversely affect our business, financial condition and results of operations.

WeOur ~~are~~emphasis ~~required~~on byreal ~~banking~~estate ~~regulatory~~loans ~~authorities~~exposes tous ~~maintain adequate levels of capital~~ to ~~support~~lending ~~our operations~~risks. We may at some point need to raise additional capital to support potential growth or if required by regulatory agencies. If we raise capital through the issuance of additional shares of our common stock or other securities, it would dilute the ownership interests of stockholders and may dilute the per share book value of our common stock. New investors may also have rights, preferences and privileges senior to our current stockholders, which may adversely impact our then current stockholders. Also, the need to raise additional capital may force our management to spend more time in managerial and financing-related activities than in operational activities.

~~Our~~At ~~ability~~March 31, to2026, ~~raise~~the ~~additional~~significant ~~capital,~~majority ifof ~~needed~~our loan portfolio was secured by real estate, ~~will~~most ~~depend~~of onwhich ~~conditions~~is located in ~~the~~our ~~capital~~primary lending ~~markets~~market atarea ~~that~~in ~~time,~~the ~~which~~South ~~are~~Coast ~~outside~~ of ~~our control,~~Massachusetts and onthe ~~our~~State ~~financial~~of ~~performance~~Rhode Island. In ~~addition,~~Future ~~our~~declines ~~ability~~in tothe ~~raise~~real ~~capital~~estate ~~may~~values bein ~~limited~~our byprimary ~~our~~lending ~~mutual~~market ~~holding~~and ~~company~~surrounding ~~structure,~~markets ascould ~~Narragansett~~significantly ~~Financial~~impair ~~Corporation~~the isvalue ~~required~~of tothe ~~own~~real aestate ~~majority~~collateral securing ofour loans and our ~~outstanding~~ability ~~shares~~to ofsell ~~common stock~~the collateral upon foreclosure for asan ~~long~~amount asnecessary itto issatisfy inthe ~~existence~~borrower’s obligations to us. ~~Accordingly,~~This wecould ~~may~~require ~~not~~increasing beour ~~able~~allowance tofor ~~raise~~credit ~~additional~~losses ~~capital,~~to ifaddress ~~needed,~~the ~~with~~decrease ~~favorable~~in ~~terms. If~~the wevalue of ~~cannot~~the ~~raise~~real ~~additional~~estate ~~capital~~securing ~~when~~our ~~needed~~loans, ~~our~~which ~~ability~~could tohave ~~further~~a ~~expand~~material adverse effect on our ~~operations~~business, ~~through internal~~financial ~~growth~~condition, ~~and~~results ~~acquisitions~~of ~~could~~operations beand ~~materially~~growth ~~impaired~~prospects.

~~Our~~The ~~inability~~geographic toconcentration ~~tailor~~of our ~~retail~~loan ~~delivery~~portfolio ~~model~~and tolending ~~respond~~activities makes us vulnerable to ~~consumer~~a ~~preferences~~downturn in ~~banking~~ ~~may~~our ~~negatively~~local ~~affect earnings~~market area.

~~Our~~Unlike ~~branch~~larger ~~network~~financial ~~continues~~institutions tothat beare amore ~~very~~geographically ~~significant~~diversified, ~~source~~our ~~of new business~~profitability ~~generation,~~depends ~~however,~~significantly ~~consumers~~on ~~continue~~the togeneral ~~migrate~~economic ~~much~~conditions ofin ~~their~~our ~~routine~~primary ~~banking~~market ~~to self-service channels~~area. InLocal ~~recognition~~economic ofconditions ~~this~~have ~~shift~~a insignificant ~~consumer~~impact ~~patterns,~~on ~~we regularly review~~ our ~~branch network~~lending, ~~which~~including ~~can result in branch consolidation accompanied by~~ the ~~enhancement~~ability of ~~our~~borrowers ~~capabilities~~ to ~~serve~~repay ~~its customers through alternate delivery channels. In that regard, we expect to continue to devote substantial time and resources to improving our digital products and services. The success of~~ these ~~initiatives~~loans ~~will depend on, among other things, whether our upgraded technology~~ and ~~digital solutions are received favorably by our customers and employees and improves their experiences and interactions with us. If we are unable to fully implement~~ the ~~digital~~value ~~offerings~~of ~~or successfully achieve these objectives with customers,~~ the ~~anticipated~~collateral ~~benefits of~~ securing these ~~initiatives may not be realized fully, or at all, or may take longer to realize than expected or we may experience significant customer attrition~~loans.

24A deterioration in economic conditions in our primary market area could result in the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity and results of operations:

We• ~~depend~~demand onfor our ~~management~~products ~~team~~ and ~~other key personnel to implement our business strategy and execute successful operations, and we could be harmed by the loss of their~~ services ormay ~~the inability to hire additional personnel.~~ decrease;

We• ~~depend on~~loan the services of the members of our senior management team who direct our strategy and operations. Our executive officers and lending personnel possess substantial expertise as well as extensive knowledge of our markets and key business relationships. Any one of them could be difficult to replace. Our loss of these personsdelinquencies, orproblem ~~our~~assets ~~inability to hire additional qualified personnel, could impact our ability to implement our business strategy~~ and ~~could~~foreclosures ~~have~~may a material adverse effect on our results of operations and our ability to compete in our markets. Specifically, our Chief Executive Officer and our Chief Lending Officer are expected to retire in 2027. See “Management.” increase;

~~Risks~~• ~~Related~~collateral tofor ~~Competitive~~loans, ~~Matters~~especially real estate, may decline in value, thereby reducing customers’ future borrowing power, and reducing the value of assets and collateral associated with existing loans; and/or

We• ~~face significant~~the ~~competition~~net inworth ~~the~~and ~~financial~~liquidity ~~services~~of ~~industry.~~loan guarantors may decrease, thereby impairing their ability to honor commitments made to us.

We20 operate in a highly competitive environment that includes financial and non-financial services firms, including traditional banks, online banks, financial technology companies, and investment management and wealth advisory firms, including commercial banks and trust companies, investment advisory firms, mutual fund companies, and stock brokerage firms. These companies compete on the basis of, among other factors, size, location, quality and type of products and services offered, price, technology, brand recognition, and reputation. Emerging technologies, such as artificial intelligence (including machine learning and generative artificial intelligence) and quantum computing, have the potential to further intensify competition and accelerate disruption in the financial services industry. In recent years, non-financial services firms, such as financial technology companies, have begun to offer services traditionally provided by financial institutions. These firms attempt to use technology and mobile platforms to enhance the ability of companies and individuals to borrow, save and invest money. We may also experience the emerging competition for deposits from tokenized deposits and stablecoins, and from financial technology companies that have obtained bank charters. Many of these non-financial services competitors have fewer regulatory constraints and may have lower cost structures than we do. Our long-term success depends on our ability to develop and execute strategic plans and initiatives; to develop competitive products and technologies; and to attract, retain and develop a highly skilled employee workforce. We may not be as timely or successful in assessing the evolving competitive landscape and developing or introducing new products and services as our competitors. Our business may be negatively impacted if we, or our third-party providers, do not timely develop and apply emerging technologies, or if our initiatives in these areas are deficient or fail. Our, or our third-party providers’, inability, or resistance to timely innovate or adapt operations, products and services to evolving regulatory and market environments, industry standards and consumer preferences could result in service disruptions, harm our business, and adversely affect our results of operations and reputation. For additional information see “Business of BayCoast Bank—Market Area” and “—Competition.”

OurTable smallerof size may make it more difficult for us to compete. Contents

~~Our~~Moreover, ~~smaller~~a ~~size~~significant ~~may~~decline ~~make~~in itgeneral ~~more~~economic ~~difficult~~conditions tocaused ~~compete~~by ~~with other financial institutions that are larger and can more easily afford to invest~~inflation, inrecession, ~~the~~acts ~~marketing~~of ~~and~~terrorism, ~~technologies~~an ~~needed~~outbreak ~~to attract and retain customers. Because a majority~~ of ~~our~~hostilities ~~income~~or isother ~~the~~international ~~net~~or ~~interest~~domestic ~~income~~calamities, weor ~~earn on our loans and investments after deducting interest paid on deposits and~~ other ~~sources~~factors ofbeyond ~~funds,~~ our ~~ability~~ tocontrol ~~generate~~could ~~the~~further ~~revenues~~impact ~~needed~~these tolocal ~~cover~~economic ~~our~~conditions ~~expenses~~ and ~~finance~~could ~~such~~further ~~investments~~negatively ~~may~~affect ~~be limited by the size of~~ our ~~loan~~financial performance. ~~and~~In ~~investment~~addition, ~~portfolios.~~deflationary ~~Accordingly~~pressures, wewhile ~~may~~possibly ~~not~~lowering ~~always~~our beoperating ~~able~~costs, tocould ~~offer~~have ~~new~~a ~~products~~significant ~~and~~negative ~~services~~effect ason ~~quickly as~~ our ~~competitors.~~ ~~Our lower earnings may also make it more difficult to offer competitive salaries and benefits. Furthermore~~borrowers, asespecially aour ~~smaller~~business ~~institution~~borrowers, weand ~~are~~the ~~disproportionately~~values ~~affected~~of byunderlying ~~the~~collateral ~~continually~~securing ~~increasing~~loans, which ~~costs~~could ofnegatively ~~compliance~~affect ~~with~~our ~~new~~financial ~~banking and other regulations~~performance.

25If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings could decrease.

We ~~have~~make avarious ~~continuing~~assumptions ~~need~~and ~~for~~judgments ~~technological~~about ~~change~~the collectability of our loan portfolio, including the creditworthiness of our borrowers and wethe ~~may~~value ~~not~~of ~~have~~the real estate and other assets serving as collateral for the ~~resources~~repayment toof ~~implement~~many ~~new technology~~of ~~effectively,~~our orloans. In determining the amount of the allowance for credit losses, we ~~may~~review our loans and our loss and delinquency experience, ~~operational~~and ~~challenges~~we ~~when~~evaluate ~~implementing~~economic ~~new~~conditions. ~~technology~~If our assumptions or ~~technology~~the ~~needed~~results toof ~~compete~~our ~~effectively~~analyses ~~with~~are ~~larger~~incorrect, ~~institutions~~our allowance for credit losses may not be ~~available~~sufficient to uscover expected credit losses in our loan portfolio, resulting in additions to our allowance. In addition, our emphasis on aloan ~~cost~~growth and on increasing our portfolio of commercial real estate and multi-~~effective~~family ~~basis~~real estate loans, as well as any future credit deterioration, could require us to increase our allowance for credit losses in the future. At March 31, 2026, our allowance for credit losses was 1.31% of total loans and 66.15% of nonperforming loans. Material additions to our allowance would materially decrease our net income.

The financial services industry undergoes rapid technological changes with frequent introductions of new technology-driven products and services, including developments in artificial intelligence and machine learning. In addition ~~to serving clients better~~, ~~the~~bank ~~effective~~regulators ~~use~~periodically ofreview ~~technology increases efficiency and enables financial institutions to reduce costs. Our future success will depend, at least in part, upon~~ our ~~ability~~allowance tofor ~~address~~credit ~~the~~losses ~~needs of our clients by using technology to provide products~~ and ~~services that will satisfy client demands for convenience~~, as ~~well~~a asresult toof ~~create~~such ~~additional~~reviews, ~~efficiencies~~we inmay ~~our~~be ~~operations~~required asto weincrease ~~continue~~our toprovision ~~grow~~for ~~and~~credit ~~expand~~losses ~~our~~or ~~products~~recognize ~~and~~further ~~service~~loan ~~offerings~~charge-offs. WeAny ~~offer~~increase ~~electronic~~in ~~banking~~our ~~services~~allowance for ~~consumer~~credit ~~and~~losses ~~business~~or ~~customers~~loan ~~via~~charge-offs ~~our website, including Internet banking and electronic bill payment,~~ as ~~well~~a asresult ~~mobile~~of ~~banking.~~such Wereview ~~also offer~~or ~~debit~~otherwise ~~cards, ATM cards, and automatic and ACH transfers. We~~ may ~~experience~~have ~~operational~~a ~~challenges~~material asadverse weeffect ~~implement~~on ~~these new technology enhancements or products, which could impair~~ our ~~ability~~financial ~~to realize the anticipated benefits from such new~~condition ~~technology~~and orresults ~~require~~of ~~us to incur significant costs to remedy any such challenges in a timely manner~~operations.

~~Many~~Uncertainties ofassociated ~~our~~with ~~larger~~increased ~~competitors~~originations ~~have substantially~~of ~~greater~~commercial ~~resources~~real toestate ~~invest in technological improvements. We may not be as timely or successful in assessing the competitive landscape~~ and ~~developing~~multi-family orloans ~~introducing new products and services as these larger competitors. Our business~~ may beresult ~~negatively impacted if we, or our third-party providers, do not timely develop and apply emerging technologies, like artificial intelligence and quantum computing, or if our initiatives~~ in ~~these areas are deficient or fail. Our, or our~~errors third-party providers’, inability or resistance to timely innovate or adapt operations, products and services to evolving regulatory and market environments, industry standards and consumer preferences could result in ~~service~~judging ~~disruptions~~collectability, ~~harm our business and adversely affect our results of operations and reputation. Third parties upon~~ which ~~we rely for our technology needs~~ may ~~not~~lead ~~be able~~ to ~~develop~~additional onprovisions afor ~~cost-effective~~credit ~~basis~~losses ~~the systems that will enable us to keep pace with such developments. As a result, competitors may be able to offer additional~~ or ~~superior products compared to those that we will be able to provide~~charge-offs, which would ~~put~~negatively us at a competitive disadvantage. We may lose clients seeking new technology-driven products and services to the extent we are unable to provide such products and services. Accordingly, the ability to keep pace with technological change is important and the failure to do so could adversely affect our ~~business, financial condition and results of~~ operations.

~~Risks~~Our ~~Related~~intended increases in the level of our commercial real estate and multi-family real estate originations would likely require us to ~~Laws~~lend to borrowers with which we have limited or no experience. Newly originated loans do not have a significant payment history pattern with which to judge future collectability. Further, newly originated loans have not been subjected to unfavorable economic conditions. As a result, it may be difficult to predict the future performance of newly originated loans. These loans may have delinquency or charge-off levels above our recent historical experience, which could adversely affect our future performance. Further, commercial real estate and ~~Regulations~~multi-family loans generally have larger balances and involve a greater risk than one- to four-family residential mortgage loans. Accordingly, if we make any errors in judgment in the collectability of these loans, any resulting charge-offs may be larger on a per loan basis than those incurred historically with our single-family residential mortgage loans.

~~Changes~~The inlevel ~~laws and regulations and the cost~~ of ~~regulatory~~our ~~compliance~~commercial ~~with~~real ~~new~~estate ~~laws~~loan ~~and~~portfolio ~~regulations~~ may ~~adversely~~subject ~~affect~~us ~~our~~to ~~operations~~additional ~~and/or~~regulatory ~~increase our costs of operations~~scrutiny.

~~BayCoast~~The ~~Bank~~FDIC and the other federal bank regulatory agencies have promulgated joint guidance on sound risk management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, a financial institution that, like us, is ~~subject~~actively involved in commercial real estate lending should perform a risk assessment to ~~extensive~~identify ~~regulation~~concentrations. A financial institution may have a concentration in commercial real estate lending if, ~~supervision~~among other factors, (i) total reported loans for construction, land acquisition and ~~examination~~development, byand ~~the~~other ~~Massachusetts~~land ~~Commissioner~~ represent 100% or more of ~~Banks~~total capital, or (ii) total reported loans secured by multi-family and ~~the~~non-farm ~~FDIC~~residential properties, loans for construction, land acquisition and ~~Narragansett~~development ~~Bancorp~~and other land, ~~Inc.~~and ~~will~~loans beotherwise ~~subject~~sensitive to ~~extensive~~the ~~regulation~~general commercial real estate market, ~~supervision~~including ~~and~~loans ~~examination~~to bycommercial real ~~the~~estate ~~Federal~~related ~~Reserve~~entities, ~~Board.~~represent ~~Such~~300% ~~regulation~~or ~~and~~more ~~supervision~~of ~~govern~~total ~~the~~capital ~~activities~~and inthe ~~which~~outstanding anbalance ~~insured~~of ~~depository~~a financial institution’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months. Multi-family and ~~its~~commercial ~~holding~~real ~~company~~estate ~~may~~lending ~~engage~~represented 382% of total capital as of March 31, ~~and~~2026. ~~are~~The ~~intended~~guidance ~~primarily~~focuses ~~for~~on exposure to commercial real estate loans that are dependent on the ~~protection~~cash offlow from the ~~federal~~real ~~deposit~~estate ~~insurance~~held ~~fund~~as collateral and that are likely to be at greater risk to conditions in the ~~depositors~~commercial ~~and~~real ~~borrowers~~estate ofmarket ~~BayCoast~~(as ~~Bank,~~opposed ~~rather~~to ~~than~~real ~~for~~estate ~~our~~collateral ~~stockholders~~held as a secondary source of repayment or in an abundance of caution). The purpose of the guidance is to guide banks in

~~Regulatory~~21 authorities have extensive discretion in their supervisory and enforcement activities, including the imposition of restrictions on our operations, the classification of our assets and determination of the level of our allowance for credit losses. These regulations, along with existing tax, accounting, securities, insurance and monetary laws, rules, standards, policies, and interpretations, control the methods by which financial institutions conduct business, implement strategic initiatives and tax compliance, and govern financial reporting and disclosures. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations. Further, changes in accounting standards can be both difficult to predict and involve judgment and discretion in their interpretation by us and our independent registered public accounting firm. These changes could materially impact, potentially even retroactively, how we report our financial condition and results of operations.

26Table of Contents

~~Non-compliance~~ developing risk management practices and determining capital levels commensurate with the ~~USA~~level ~~PATRIOT~~and ~~Act~~nature of real estate concentrations. The guidance states that management should employ heightened risk management practices including board and management oversight and strategic planning, ~~Bank~~development ~~Secrecy~~of ~~Act~~underwriting standards, orrisk assessment and monitoring through market analysis and stress testing. While we believe we have ~~other~~implemented ~~laws~~policies and ~~regulations~~procedures with respect to our commercial real estate loan portfolio consistent with this guidance, bank regulators could require us to implement additional policies and procedures consistent with their interpretation of the guidance that may result in ~~fines~~additional costs to us or ~~sanctions~~that may result in the curtailment of our commercial real estate and multi-family lending that would adversely affect our loan originations and profitability.

The ~~USA~~foreclosure ~~PATRIOT~~process ~~and~~may ~~Bank~~adversely ~~Secrecy~~impact ~~Acts~~our ~~require~~recoveries financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with the U.S. Treasury’s Office of Financial Crimes Enforcement Network (FinCEN). These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions, including restrictions on ~~pursuing~~non-performing ~~acquisitions or establishing new branches~~loans. The policies and procedures we have adopted that are designed to assist in compliance with these laws and regulations may not be effective in preventing violations of these laws and regulations. We have not been subject to any fines or other penalties, nor have suffered business or reputational harm, as a result of money laundering activities in recent years.

WeThe ~~provide~~judicial ~~banking~~foreclosure ~~services~~process is protracted, which delays our ability to ~~customers~~resolve ~~who~~non-performing loans dothrough ~~business~~the insale of the ~~cannabis~~underlying ~~industry~~collateral. ~~and~~The ~~the~~longer ~~strict~~timelines ~~enforcement~~have been the result of ~~federal~~many ~~laws~~factors, including additional consumer protection initiatives related to the foreclosure process, increased documentary requirements and judicial ~~regarding~~scrutiny, ~~cannabis~~and, ~~would~~both ~~likely~~voluntary ~~result~~and inmandatory ~~our~~programs ~~inability~~under towhich ~~continue~~lenders tomay ~~provide~~consider ~~banking~~loan ~~services~~modifications or other alternatives to ~~these~~foreclosure. ~~customers~~These reasons and wethe ~~could~~legal and regulatory responses have ~~legal~~impacted ~~action~~the ~~taken~~foreclosure ~~against~~process usand bycompletion time ~~the~~of ~~federal~~foreclosures ~~government~~for residential mortgage lenders. This may result in a material adverse effect on collateral values and our ability to minimize its losses.

We ~~have deposit and loan customers that~~ are ~~licensed~~subject into ~~various~~a ~~states~~variety toof dorisks ~~business~~ in ~~the~~connection ~~cannabis~~with ~~industry~~any assale ~~growers, processors, and dispensaries. While cannabis is legal in each~~ of ~~these~~loans ~~states,~~we itmay ~~remains classified as a Schedule I controlled substance under the Federal Controlled Substances Act~~conduct, orwhich ~~CSA.~~could Asadversely ~~such,~~affect ~~the~~our ~~cultivation,~~results ~~use, distribution, and possession~~ of ~~cannabis~~operations ~~is a violation of federal law that is punishable by imprisonment~~ and ~~fines. Moreover, the U.S. Supreme Court ruled in USA v. Oakland Cannabis Buyers’ Coop. that the federal government has the authority to regulate and~~ ~~criminalize~~financial ~~cannabis, including medical marijuana~~condition.

InWe ~~2018,~~routinely ~~the~~sell ~~U.S.~~newly ~~Department~~originated ofmortgage ~~Justice~~loans ~~(“DOJ”)~~and ~~rescinded~~manufactured ~~the~~home ~~“Cole Memo”~~loans, and ~~related~~may ~~memoranda~~also ~~which~~sell ~~characterized~~other ~~the~~loans ~~enforcement~~or loan ofportfolios. ~~the~~When ~~CSA~~mortgage ~~against~~loans ~~persons~~are sold, we are required to make customary representations and ~~entities~~warranties ~~complying~~to ~~with~~purchasers, ~~state~~guarantors ~~regulatory~~and ~~systems~~insurers, ~~permitting~~including ~~the~~government-sponsored ~~use~~entities, ~~manufacture~~about the mortgage loans and the manner in which they were originated. Whole loan sale ofagreements ~~medical~~require ~~marijuana~~us asto anrepurchase ~~inefficient~~or ~~use~~substitute ofmortgage ~~their prosecutorial~~loans, ~~resources~~or ~~and~~indemnify ~~discretion~~buyers against losses, in the event we breach these representations or warranties. ~~The~~In ~~impact~~addition, we may be required to repurchase mortgage loans as a result of ~~the~~early ~~DOJ’s~~payment ~~rescission~~default of the ~~Cole~~borrower ~~Memo~~on a mortgage loan. If repurchase and ~~related~~indemnity ~~memoranda~~demands isincrease ~~unclear,~~and ~~but~~such ~~may~~demands ~~result~~are valid claims and are in ~~the~~excess ~~DOJ~~of ~~increasing~~our ~~its~~provision ~~enforcement~~for ~~actions~~potential ~~against~~losses, ~~the~~our ~~regulated~~results ~~cannabis~~of ~~industry~~operations ~~generally~~and financial condition may be adversely affected.

InWe ~~2025,~~are ~~the~~subject ~~U.S. Congress did not re-enact a spending bill provision prohibiting the DOJ and the U.S. Drug Enforcement Administration from using funds appropriated by that bill~~ to ~~prevent~~environmental ~~states~~liability ~~from~~risk ~~implementing~~associated ~~their~~with ~~medical-use~~lending ~~cannabis~~activities ~~laws.~~or Asproperties awe ~~result, the ability of medical cannabis businesses to act in this area, and our ability to provide banking products and services to such businesses, may be impeded~~own.

~~Federal~~A ~~prosecutors have~~ significant ~~discretion~~portion of our loan portfolio is secured by real estate, and ~~there~~we ~~can~~could bebecome nosubject ~~assurance~~to ~~that~~environmental aliabilities ~~federal~~with respect ~~prosecutor~~to inone ~~any~~or more of ~~the~~these ~~federal~~properties, ~~districts~~or with respect to properties that we own in ~~which~~operating our business. During the ordinary course of business, we ~~operate~~may ~~will~~foreclose ~~not~~on ~~choose~~and take title to ~~strictly~~properties ~~enforce~~securing ~~the~~defaulted ~~federal~~loans. ~~laws~~In ~~governing~~doing ~~cannabis~~so, ~~including~~there is ~~medical-use~~a ~~cannabis~~risk that hazardous or toxic substances could be found on these properties. ~~Any~~If ~~change~~hazardous inconditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the ~~federal~~hazardous ~~government~~conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement ~~position~~policies with respect to existing laws may increase our exposure to environmental liability. Our policies, ~~could~~which ~~cause~~require us to ~~immediately~~perform ~~cease~~an ~~providing~~environmental ~~banking~~review ~~services~~before initiating any foreclosure action on non-residential real property, may not be sufficient to ~~the~~detect all ~~medical-use~~potential ~~cannabis~~environmental ~~industry~~hazards. inThe ~~the~~remediation ~~states~~costs ~~where~~and weany ~~operate~~other financial liabilities associated with an environmental hazard could have a material adverse effect on us.

~~Additionally,~~22 as the possession and use of cannabis remains illegal under the CSA, we may be deemed to be aiding and abetting illegal activities through the services that we provide to these customers and could have legal action taken against us by the Federal government, including imprisonment and fines. Any change in position or potential action taken against us could result in significant financial damage to us and our stockholders.

FinCENTable published guidelines in 2014 for financial institutions servicing state legal cannabis business. These guidelines were issued for the explicit purpose so “that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity.” Any adverse change in this FinCEN guidance, any new regulations or legislation, any change in existing regulations or oversight, whether a change in regulatory policy or a change in a regulator’s interpretation of a law or regulation, could have a negative impact on our interest income and noninterest income, as well as the cost of our operations, increasing our cost of regulatory compliance and of doing business, and/or otherwise affect us, which may materially affect our profitability. Contents

27Risks Related to Market Interest Rates

InFuture ~~2025,~~changes anin ~~executive~~interest ~~order~~rates ~~was~~could ~~executed~~negatively ~~directing~~affect ~~the~~our ~~Department~~operating ofresults ~~Justice to move cannabis from a Schedule I to a Schedule III substance, a category for substances with accepted medical use~~ and ~~lower~~asset ~~abuse potential~~values. While not full legalization, the change is designed to ease financial and tax burdens on the cannabis industry, including, to some extent, banking access. Schedule III classification allows state-legal cannabis businesses to deduct ordinary business expenses under the Internal Revenue Code, which is expected to boost cash flow and profitability and it aims to encourage banks and financial institutions to work with the cannabis industry, as the risk of violating federal anti-money laundering laws is reduced.

WeNet ~~are~~income ~~subject~~is tothe ~~stringent~~amount ~~capital~~by ~~requirements,~~ which ~~may~~net ~~adversely~~interest ~~impact~~income ~~our~~and ~~return~~noninterest onincome ~~equity,~~exceed ~~require~~operating usexpenses toand ~~raise~~the ~~additional~~provision ~~capital,~~for orcredit ~~limit~~losses. ~~our~~Net ~~ability~~interest toincome ~~pay~~makes ~~dividends~~up ora ~~repurchase~~majority ~~shares.~~of our income and is based on the difference between:

~~Federal~~• regulations establish minimum capital requirements for insured depository institutions, including minimum risk-based capital and leverage ratios, and define “capital” for calculating these ratios. The regulations establish a “capital conservation buffer” of 2.5%, which, when added to the ~~minimum capital~~interest ~~ratios,~~income ~~result~~we inearn ~~the~~on ~~following minimum ratios: (1) a common equity Tier 1 capital ratio of 7.0%, (2) a Tier 1 to risk~~interest-~~based~~earning assets ~~capital ratio of 8.5%~~, and (3) a total capital ratio of 10.5%. The application of these capital requirements could, among other things, result in lower returns on equity, and result in regulatory actions if we are unable to comply with such ~~requirements.~~as Anloans ~~institution will be subject to limitations on paying dividends, engaging in share repurchases~~ and ~~paying~~securities; ~~discretionary bonuses if its capital level falls below the capital conservation buffer amount. See “Supervision~~ and ~~Regulation—Federal Banking Regulation—Capital Requirements.”~~

At• ~~March 31,~~the ~~2026,~~interest ~~BayCoast~~expense ~~Bank~~we ~~exceeded~~pay ~~all~~on ~~applicable~~interest-bearing ~~regulatory~~liabilities, ~~capital~~such ~~requirements~~as ~~and~~deposits ~~was considered “well capitalized.” See “Historical~~ and ~~Pro Forma Regulatory Capital Compliance of BayCoast Bank~~borrowings.”

The ~~Federal~~rates ~~Reserve~~we ~~Board~~earn ~~may~~on ~~require~~our assets and the rates we pay on our liabilities are generally fixed for a contractual period of ustime. toLike ~~commit~~many ~~capital~~savings ~~resources~~institutions, toour ~~support~~liabilities ~~BayCoast~~generally ~~Bank~~have shorter contractual maturities than our assets. This imbalance can create earnings volatility because market interest rates change over time. In a period of rising interest rates, the ~~and~~interest income we earn on our assets may not ~~have~~increase ~~sufficient~~as ~~access~~rapidly as the interest we pay on our liabilities. Furthermore, increases in interest rates may adversely affect the ability of our borrowers to make loan repayments on adjustable-rate loans, as the interest owed on such ~~capital~~loans ~~resources~~would increase as interest rates increase.

~~Federal~~In ~~law requires~~addition, ~~that~~changes ain ~~holding~~interest ~~company~~rates ~~act~~can asaffect the aaverage ~~source~~life of ~~financial~~loans and ~~managerial~~mortgage-backed ~~strength to its subsidiary bank~~ and torelated ~~commit resources to support such subsidiary bank~~securities. ~~Under~~A ~~the~~decline ~~“source~~in ofinterest ~~strength”~~rates ~~doctrine,~~generally ~~the~~results ~~Federal~~in ~~Reserve~~increased ~~Board~~prepayments ~~may require~~of aloans ~~holding company to make capital injections into a troubled subsidiary bank~~ and ~~may~~mortgage-backed ~~charge the holding company with engaging in unsafe~~ and ~~unsound~~related ~~practices~~securities ~~for~~as ~~failure~~borrowers torefinance ~~commit~~their ~~resources~~debt to areduce ~~subsidiary~~their borrowing ~~bank~~costs. AThis ~~capital~~creates ~~injection~~reinvestment ~~may~~risk, ~~be required~~which atis ~~times when~~ the ~~holding~~risk ~~company~~that we may not ~~have~~be ~~the~~able ~~resources~~ to ~~provide~~reinvest itprepayments ~~and~~at ~~therefore~~rates ~~may~~that beare ~~required~~comparable to ~~attempt~~the torates ~~borrow~~we earned on the ~~funds~~prepaid loans or ~~raise capital~~securities. ~~Thus~~Furthermore, ~~any~~an ~~borrowing~~inverted ~~that~~interest ~~must~~rate beyield curve, ~~done~~where byshort-term ~~Narragansett~~interest ~~Bancorp,~~rates ~~Inc.~~(which toare ~~make~~usually athe ~~required capital~~rates ~~injection~~at ~~becomes~~which ~~more~~financial ~~difficult~~institutions ~~and~~borrow ~~expensive~~funds) ~~and~~are ~~could~~higher ~~have~~than anlong-term ~~adverse~~interest ~~effect~~rates on(which ~~our~~are ~~business,~~usually the rates at which financial ~~condition~~institutions ~~and~~lend ~~results~~funds offor ~~operations.~~fixed-rate ~~Moreover,~~loans) can itreduce isa ~~possible~~financial ~~that~~institution’s wenet ~~will~~interest bemargin ~~unable~~and tocreate ~~borrow~~financial ~~funds~~risk orfor ~~otherwise~~financial ~~raise~~institutions ~~capital~~that ~~when we~~originate ~~need~~primarily tolonger-term, dofixed-rate somortgage loans.

~~Monetary~~Any ~~policies~~increase ~~and~~in ~~regulations~~market interest rates may reduce our mortgage banking income. We generate revenues primarily from gains on the sale of mortgage loans to investors, and from the ~~Federal~~amortization ~~Reserve~~of ~~Board~~deferred ~~could~~mortgage ~~adversely~~servicing ~~affect~~rights. We also earn interest on loans held for sale while awaiting delivery to our ~~business~~investors. In addition, ~~financial~~our ~~condition~~results of operations are affected by the amount of noninterest expense associated with mortgage banking activities, such as salaries and employee benefits, occupancy, equipment, data processing and other operating costs. During periods of reduced loan demand, our results of operations may continue to be adversely affected to the extent that we are unable to reduce expenses commensurate with the decline in mortgage loan origination activity.

InWe ~~addition~~monitor tointerest ~~being~~rate ~~affected~~risk bythrough ~~general economic conditions, our earnings and growth are affected by~~ the ~~policies~~use of ~~the~~ ~~Federal~~simulation ~~Reserve~~models, ~~Board.~~including Anestimates ~~important function~~ of the ~~Federal~~amounts ~~Reserve~~by ~~Board~~which isour tonet ~~regulate~~interest ~~the~~income ~~money~~would change ~~supply~~in ~~and credit conditions. Among~~ the ~~instruments~~event ~~used by the Federal Reserve Board to implement these objectives are open market purchases and sales~~ of ~~U.S.~~a ~~government~~range ~~securities, adjustments~~ of ~~the~~assumed ~~discount rate and~~ changes in ~~banks’~~market ~~reserve~~interest ~~requirements against bank deposits~~rates. ~~These~~As ~~instruments~~of ~~are~~April 30, ~~used~~2026, in ~~varying combinations to influence overall economic growth and~~ the ~~distribution~~ event of ~~credit,~~an ~~bank~~instantaneous ~~loans,~~200 ~~investments~~basis ~~and~~point ~~deposits.~~increase ~~Their~~in ~~use also affects~~ interest rates, ~~charged~~we onestimate ~~loans~~that orwe ~~paid~~would onexperience ~~deposits. The monetary policies and regulations of the Federal Reserve Board have had~~ a ~~significant~~3.2% ~~effect~~decrease ~~on the operating results of financial institutions~~ in ~~the~~net ~~past and are expected to continue to do so in the future~~interest income.

28At April 30, 2026, all estimated changes described above with respect to net interest income with respect to potential changes in market interest rates were in compliance with the current policy limits established by management and approved by the board of directors.

~~Changes~~Any substantial, unexpected, prolonged change in ~~policies~~market ~~and~~interest ~~regulations~~rates ~~generally~~could ~~are~~have ~~beyond~~a ~~our~~material ~~control,~~adverse ~~and~~effect weon ~~are~~our ~~unable~~financial tocondition, ~~predict~~liquidity ~~what~~and ~~changes~~results ~~may~~of ~~occur~~operations. orChanges in the ~~manner~~level inof ~~which~~interest ~~any~~rates ~~future~~also ~~changes~~ may negatively affect ~~our~~the ~~business,~~value ~~financial~~of ~~condition~~our assets and ~~results~~ultimately ofaffect ~~operations~~our earnings.

~~We may~~For ~~become~~further ~~subject~~discussion toof ~~enforcement~~how ~~actions~~changes ~~even~~in ~~though~~interest ~~noncompliance~~rates ~~was~~could ~~inadvertent~~impact orus, ~~unintentional~~see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Management of Market Risk.”

~~The~~23 financial services industry is subject to intense scrutiny from bank supervisors in the examination process and aggressive enforcement of federal and state regulations, particularly with respect to mortgage-related practices and other consumer compliance matters, and compliance with anti-money laundering, Bank Secrecy Act and Office of Foreign Assets Control regulations, and economic sanctions against certain foreign countries and nationals. Enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. We maintain systems and procedures designed to ensure that we comply with applicable laws and regulations; however, some legal/regulatory frameworks provide for the imposition of fines or penalties for noncompliance even though the noncompliance was inadvertent or unintentional and even though there was in place at the time systems and procedures designed to ensure compliance. Failure to comply with these and other regulations, and supervisory expectations related thereto, may result in fines, penalties, lawsuits, regulatory sanctions, reputation damage, or restrictions on our business.

We faceTable significantof legal risks, both from regulatory investigations and proceedings and from private actions brought against us. Contents

AsRisks ~~a participant~~Related ~~in the financial services industry, many aspects of our business involve substantial risk of legal liability. From time~~ to ~~time, customers and others make claims and take legal action pertaining to the performance of~~ our ~~responsibilities.~~ ~~Whether~~Business ~~customer~~Strategy claims and legal action related to the performance of our responsibilities are founded or unfounded, if such claims and legal actions are not resolved in a manner favorable to us, they may result in significant expenses, attention from management and financial liability. Any financial liability or reputational damage could have a material adverse effect on our business, which, in turn, could have a material adverse effect on our financial condition and results of operations. There is no assurance that litigation with private parties will not increase in the future. Actions currently pending against us may result in judgments, settlements, fines, penalties or other results adverse to us, which could materially adversely affect our business, financial condition and results of operations.

WeOur ~~are~~business anstrategy ~~emerging~~includes ~~growth~~loan ~~company~~growth, and ~~any~~our ~~decision~~financial ~~on our~~condition ~~part~~and toresults ~~comply~~of ~~only~~operations ~~with~~could ~~certain~~be ~~reduced~~negatively ~~reporting~~affected ~~and~~if ~~disclosure~~we ~~requirements~~fail ~~applicable~~to grow or fail to manage ~~emerging~~our growth ~~companies~~effectively. Growing our operations could ~~make~~also cause our ~~common~~expenses ~~stock~~to ~~less~~increase ~~attractive~~faster tothan ~~investors~~our revenues.

WeOur ~~are~~business strategy anincludes ~~emerging~~loan growth ~~company~~, ~~and,~~primarily ~~for~~funded asby ~~long~~deposits. asAchieving wesuch ~~continue~~growth tomay berequire anus ~~emerging~~to ~~growth~~attract ~~company,~~customers wethat ~~may~~currently ~~choose~~bank toat ~~take~~other ~~advantage~~financial ~~of exemptions~~institutions ~~from~~in ~~various~~our ~~reporting~~market ~~requirements~~area. ~~applicable~~Our ability to ~~other~~successfully ~~public~~grow ~~companies~~will ~~but~~depend ~~not~~on toa ~~“emerging~~variety of ~~growth companies~~factors,” including, ~~but~~the ~~not~~continued ~~limited~~availability ~~to,~~of ~~reduced~~desirable ~~disclosure~~business ~~obligations~~opportunities, ~~regarding~~the ~~executive~~level ~~compensation~~of incompetition ~~our~~from ~~periodic reports~~other ~~and~~financial ~~proxy~~institutions ~~statements,~~in ~~and~~our ~~exemptions~~market ~~from~~area, ~~the~~general ~~requirements~~economic ofconditions ~~holding~~in aour ~~nonbinding~~primary ~~advisory~~market ~~vote~~area, onour ~~executive~~ability ~~compensation~~to attract and retain ~~stockholder~~experienced ~~approval~~lenders ofand ~~any~~possibly ~~golden~~increase ~~parachute~~our ~~payments~~support ~~not~~staff ~~previously~~and ~~approved.~~our Asability anto ~~emerging~~manage our growth. ~~company,~~Growth ~~we also~~opportunities ~~will~~may not be ~~subject~~available toor ~~Section 404(b)~~we ofmay ~~the~~not ~~Sarbanes-Oxley~~be ~~Act,~~able ~~which~~to ~~would~~manage ~~require~~our ~~that~~growth ~~our~~successfully. ~~independent~~Any ~~auditors~~such ~~review~~business ~~and~~expansion ~~attest~~can asbe expected to ~~the~~negatively ~~effectiveness~~impact of our ~~internal~~earnings ~~control~~until ~~over~~certain ~~financial~~economies ~~reporting.~~of Wescale ~~have~~are ~~also~~reached. ~~elected~~Furthermore, tothere ~~use~~can ~~the extended~~be ~~transition~~considerable ~~period~~costs toinvolved ~~delay~~in ~~adoption~~opening ofbranches ~~new~~and orexpanding ~~revised~~lending ~~accounting~~capacity, ~~pronouncements~~and ~~applicable~~generally toa ~~public~~period ~~companies~~of ~~until~~time ~~such~~is ~~pronouncements~~required ~~are~~to ~~made~~generate ~~applicable~~the necessary revenues to ~~private~~offset ~~companies~~these costs. ~~Accordingly,~~If ~~our~~we ~~financial~~do ~~statements~~not ~~may~~manage ~~not~~our begrowth ~~comparable to~~effectively, ~~the~~our financial ~~statements~~condition ofand ~~public~~operating ~~companies~~results ~~that~~could ~~comply~~be ~~with~~negatively ~~such new or revised accounting standards~~affected.

WePotential ~~could remain an “emerging~~ growth ~~company”~~may ~~for~~require upus to ~~five~~raise ~~years,~~additional orcapital ~~until~~in the ~~earliest of (a) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion~~future, ~~(b) the~~but ~~date~~ that wecapital ~~become~~may anot ~~“large accelerated~~be ~~filer”~~available aswhen ~~defined~~it ~~in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our common stock that~~ is ~~held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (c) the date on which we have issued more than $1~~needed.~~0 billion~~ ~~in non-convertible debt during the preceding three-year period.~~

29We are required by banking regulatory authorities to maintain adequate levels of capital to support our operations. We may at some point need to raise additional capital to support potential growth or if required by regulatory agencies. If we raise capital through the issuance of additional shares of our common stock or other securities, it would dilute the ownership interests of stockholders and may dilute the per share book value of our common stock. New investors may also have rights, preferences and privileges senior to our current stockholders, which may adversely impact our then current stockholders. Also, the need to raise additional capital may force our management to spend more time in managerial and financing-related activities than in operational activities.

AsOur aability ~~result~~to raise additional capital, ~~our~~if ~~stockholders~~needed, ~~may~~will ~~not~~depend ~~have~~on ~~access~~conditions toin ~~certain~~the ~~information~~capital ~~they~~markets ~~may~~at ~~deem~~that time, which are outside of our ~~important~~control, and ~~investors~~on our financial performance. In addition, our ability to raise capital may ~~find~~be limited by our ~~common~~mutual holding company structure, as Narragansett Financial Corporation is required to own a majority of our outstanding shares of common stock ~~less~~for ~~attractive~~as iflong as it is in existence. Accordingly, we ~~choose~~may not be able to ~~rely~~raise onadditional ~~these~~capital, ~~exemptions.~~if ~~This~~needed, ~~could~~with ~~result~~favorable interms. If awe ~~less~~cannot ~~active~~raise ~~trading~~additional ~~market~~capital ~~for~~when needed, our ~~common~~ability ~~stock~~to ~~and~~further ~~the~~expand ~~price~~our ofoperations ~~our~~through internal ~~common~~growth ~~stock~~and ~~may~~acquisitions could be ~~more~~materially ~~volatile~~impaired.

WeOur ~~qualify~~inability asto atailor ~~smaller~~our ~~reporting~~retail ~~company,~~delivery ~~and~~model ~~any~~to ~~decision~~respond ~~on our part~~ to ~~comply~~consumer ~~only~~preferences ~~with certain reduced reporting and disclosure requirements~~in ~~applicable~~banking tomay ~~smaller~~negatively ~~reporting~~affect ~~companies could make our common stock less attractive to investors~~earnings.

WeOur ~~are~~branch network continues to be a ~~smaller~~very ~~reporting~~significant source of new business ~~company~~generation, ~~and~~however, ~~for~~consumers ascontinue ~~long~~to asmigrate wemuch ~~continue~~of their routine banking to ~~qualify~~self-service aschannels. aIn ~~smaller~~recognition ~~reporting~~of ~~company~~this shift in consumer patterns, we ~~may~~regularly ~~choose~~review toour ~~take~~branch ~~advantage~~network, ofwhich ~~exemptions~~can ~~from~~result ~~various~~in ~~reporting~~branch ~~requirements~~consolidation accompanied ~~applicable~~by tothe ~~other~~enhancement ~~public~~of ~~companies~~our ~~but~~capabilities ~~not~~ to ~~smaller~~serve ~~reporting~~its ~~companies, including,~~customers ~~but~~through ~~not~~alternate ~~limited~~delivery ~~to,~~channels. ~~reduced~~In ~~disclosure~~that ~~obligations~~regard, ~~regarding~~we ~~executive~~expect ~~compensation~~to incontinue ~~our~~to ~~periodic~~devote ~~reports~~substantial time and ~~proxy~~resources ~~statements~~to ~~and~~improving ~~two~~our ~~years~~digital ofproducts ~~audited~~and ~~financial~~services. ~~statements~~The insuccess of ~~our~~these ~~annual~~initiatives ~~report~~will ~~instead~~depend ofon, ~~three~~among ~~years.~~other Asthings, ~~long~~whether asour weupgraded ~~are a~~technology ~~smaller~~and ~~reporting~~digital ~~company~~solutions ~~that~~are isreceived ~~also~~favorably ~~not~~by anour ~~accelerated~~customers ~~filer,~~and weemployees ~~will~~and ~~not~~improves betheir ~~subject~~experiences toand ~~Section 404(b)~~interactions ofwith ~~the~~us. ~~Sarbanes-Oxley~~If ~~Act,~~we ~~which~~are ~~requires~~unable ~~that~~to ~~our~~fully implement ~~independent~~the ~~registered~~digital ~~public~~offerings ~~accounting~~or ~~firm~~successfully ~~review~~achieve ~~and~~these ~~attest~~objectives aswith tocustomers, the ~~effectiveness~~ ofanticipated ~~our~~benefits ~~internal~~of ~~control~~these ~~over~~initiatives ~~financial~~may ~~reporting.~~not Inbe ~~addition~~realized fully, asor aat ~~non-accelerated filer~~all, weor ~~will~~may ~~have~~take longer ~~deadlines~~ to ~~file~~realize ~~our~~than ~~periodic~~expected ~~reports~~or ~~with~~we ~~the~~may ~~Securities~~experience ~~and~~significant customer ~~Exchange Commission~~attrition.

We24 would remain a smaller reporting company and a non-accelerated filer for so long as our voting and non-voting equity held by non-affiliates (“public float”) is less than $250 million or our annual revenues are less than $100 million and our public float is less than $700 million. Public float is determined each year as of the end of a company’s second fiscal quarter applicable at the end of the fiscal year involved.

AsTable a result of our smaller reporting company status and non-accelerated filer status, our stockholders may not have access to certain information they may deem important, and investors may find our common stock less attractive if we choose to rely on these exemptions. This could result in a less active trading market for our common stock and the price of our common stock may be more volatile. Contents

~~Risks~~We ~~Related~~depend on our management team and other key personnel to ~~Economic~~implement ~~Conditions~~our business strategy and execute successful operations, and we could be harmed by the loss of their services or the inability to hire additional personnel.

~~Inflation~~We ~~can~~depend on ~~have~~the anservices ~~adverse~~of the members of our senior management team who direct our strategy and operations. Our executive officers and lending personnel possess substantial expertise as well as extensive knowledge of our markets and key business relationships. Any one of them could be difficult to replace. Our loss of these persons, or our inability to hire additional qualified personnel, could impact onour ability to implement our business strategy and could have a material adverse effect on our results of operations and our ~~customers~~ability to compete in our markets. Specifically, our Chief Executive Officer and our Chief Lending Officer are expected to retire in 2027. See “Management.”

~~Inflation~~Risks ~~risk~~Related is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. After rising sharply at the end of 2021, inflation remained elevated through the first half of calendar 2024, before beginning to ~~moderate~~Competitive inMatters the latter half of 2024 and into 2025. However, inflation continues to exceed the Federal Reserve Board’s long-term target inflation rate of 2.0%. As inflation increases, the value of our investment securities, particularly those with longer maturities, would decrease, although this effect can be less pronounced for floating rate instruments. In addition, inflation increases the cost of goods and services we use in our business operations, such as electricity and other utilities, which increases our operating expenses. Furthermore, our customers are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.

We ~~have~~face significant acompetition ~~high concentration of loans secured by real estate~~ in ~~our~~the ~~market area. Adverse economic conditions, both generally and in our market area, could adversely affect our~~ financial ~~condition~~services ~~and results of operations~~industry.

We ~~have~~operate ~~relatively~~in ~~few~~a ~~loans~~highly ~~outside~~competitive ofenvironment ~~our~~that ~~market~~includes ~~area.~~financial and ~~Consequently~~non-financial services firms, weincluding ~~have~~traditional abanks, ~~greater~~online ~~risk~~banks, offinancial ~~loan~~technology ~~defaults~~companies, and ~~losses~~investment inmanagement and wealth advisory firms, including commercial banks and trust companies, investment advisory firms, mutual fund companies, and stock brokerage firms. These companies compete on the ~~event~~basis of, aamong other factors, size, location, quality and type of products and services offered, price, technology, brand recognition, and reputation. Emerging technologies, such as artificial intelligence (including machine learning and generative artificial intelligence) and quantum computing, have the potential to further ~~economic~~intensify ~~downturn~~competition and accelerate disruption in ~~our~~the financial ~~market~~services ~~area~~industry. In recent years, asnon-financial ~~adverse~~services ~~economic~~firms, ~~conditions~~such ~~may~~as financial technology companies, have abegun ~~negative~~to ~~effect~~offer onservices traditionally provided by financial institutions. These firms attempt to use technology and mobile platforms to enhance the ability of companies and individuals to borrow, save and invest money. We may also experience the emerging competition for deposits from tokenized deposits and stablecoins, and from financial technology companies that have obtained bank charters. Many of these non-financial services competitors have fewer regulatory constraints and may have lower cost structures than we do. Our long-term success depends on our ~~borrowers~~ability to ~~make~~develop and execute strategic plans and initiatives; to develop competitive products and technologies; and to attract, retain and develop a highly skilled employee workforce. We may not be as timely ~~payments~~or ofsuccessful in ~~their~~assessing ~~loans~~the evolving competitive landscape and developing or introducing new products and services as our competitors. AOur ~~return~~business ofmay ~~recessionary~~be ~~conditions~~negatively impacted if we, or our third-party providers, do not timely develop and/ apply emerging technologies, or ~~negative~~if ~~developments~~our initiatives in ~~the~~these ~~domestic~~areas are deficient or fail. Our, or our third-party providers’, inability, or resistance to timely innovate or adapt operations, products and ~~international~~services ~~credit~~to ~~markets~~evolving ~~may~~regulatory and market environments, industry standards and consumer preferences could result in service disruptions, harm our business, and adversely affect our results of operations and reputation. For additional information see “Business of BayCoast Bank—Market Area” and “—Competition.”

30Our smaller size may make it more difficult for us to compete.

~~significantly~~Our ~~affect~~smaller ~~the~~size ~~markets~~may inmake ~~which~~it wemore dodifficult ~~business,~~to ~~the~~compete ~~value~~with ofother ~~our~~financial ~~loans,~~institutions ~~investments,~~that are larger and ~~collateral~~can ~~securing~~more ~~our~~easily ~~loans,~~afford to invest in the marketing and ~~our~~technologies ~~ongoing~~needed ~~operations,~~to ~~costs~~attract and ~~profitability~~retain customers. ~~Any~~Because a majority of ~~these negative~~our ~~events~~income ~~may~~is ~~result~~the innet ~~higher-than~~interest ~~expected~~income ~~loan~~we ~~delinquencies,~~earn ~~increase~~on our ~~levels~~loans ofand ~~non-performing~~investments after deducting interest paid on deposits and ~~classified~~other ~~assets~~sources of funds, our ability to generate the revenues needed to cover our expenses and ~~reduce~~finance ~~demand~~such ~~for~~investments may be limited by the size of our ~~products~~loan and ~~services~~investment portfolios. Accordingly, ~~which~~we may ~~cause~~not usalways be able to ~~incur losses~~offer new products and ~~may~~services ~~adversely~~as ~~affect~~quickly as our competitors. ~~capital,~~Our ~~liquidity~~lower ~~and~~earnings ~~financial~~may ~~condition.~~also ~~According~~make toit ~~published~~more ~~data,~~difficult ~~our~~to ~~market~~offer ~~area~~competitive ~~has~~salaries ~~not~~and ~~experienced~~benefits. ~~any~~Furthermore, ~~material~~as ~~declines~~a insmaller ~~real~~institution, ~~estate~~we ~~values~~are ~~during~~disproportionately ~~the~~affected ~~last~~by ~~year~~the orcontinually ~~any~~increasing ~~material~~costs ~~increase~~of incompliance ~~the~~with ~~number~~new banking ofand ~~foreclosure~~other ~~proceedings~~regulations.

A25 worsening of economic conditions could reduce demand for our products and services and/or increase our level of non-performing loans, which could adversely affect our financial condition and results of operations.

UnlikeTable largerof financial institutions that are more geographically diversified, our profitability depends primarily on the general economic conditions in our primary market area. We believe the current general economic conditions in our primary market area are healthy and stable. Contents

InWe ~~addition~~have toa ~~local~~continuing ~~economic~~need ~~conditions,~~for ~~which~~technological ~~could~~change, ~~have~~and awe ~~significant~~may ~~impact~~not onhave the ~~ability~~resources ~~of our borrowers~~ to ~~repay~~implement ~~their loans and on~~new ~~the~~technology ~~value~~effectively, ofor ~~the~~we ~~collateral~~may ~~securing~~experience ~~their~~operational ~~loans,~~challenges ~~deterioration~~when inimplementing ~~general~~new ~~economic~~technology ~~conditions,~~or ~~including~~technology ~~due~~needed to ~~changes~~compete ineffectively ~~laws~~with ~~and~~larger ~~regulations.~~institutions ~~could~~may ~~result~~not inbe ~~the~~available ~~following~~to ~~consequences,~~us ~~any~~on ~~of which could have~~ a ~~material~~cost-effective ~~adverse~~basis. ~~effect on our business, financial condition, liquidity and results of operations:~~

•The ~~demand~~financial services industry undergoes rapid technological changes with frequent introductions of new technology-driven products and services, including developments in artificial intelligence and machine learning. In addition to serving clients better, the effective use of technology increases efficiency and enables financial institutions to reduce costs. Our future success will depend, at least in part, upon our ability to address the needs of our clients by using technology to provide products and services that will satisfy client demands for convenience, as well as to create additional efficiencies in our operations as we continue to grow and expand our products and service offerings. We offer electronic banking services for consumer and business customers via our website, including Internet banking and electronic bill payment, as well as mobile banking. We also offer debit cards, ATM cards, and automatic and ACH transfers. We may ~~decline;~~experience operational challenges as we implement these new technology enhancements or products, which could impair our ability to realize the anticipated benefits from such new technology or require us to incur significant costs to remedy any such challenges in a timely manner.

•Many ~~loan~~of ~~delinquencies~~our larger competitors have substantially greater resources to invest in technological improvements. We may not be as timely or successful in assessing the competitive landscape and developing or introducing new products and services as these larger competitors. Our business may be negatively impacted if we, ~~problem~~or ~~assets~~our third-party providers, do not timely develop and ~~foreclosures~~apply emerging technologies, like artificial intelligence and quantum computing, or if our initiatives in these areas are deficient or fail. Our, or our third-party providers’, inability or resistance to timely innovate or adapt operations, products and services to evolving regulatory and market environments, industry standards and consumer preferences could result in service disruptions, harm our business and adversely affect our results of operations and reputation. Third parties upon which we rely for our technology needs may ~~increase;~~not be able to develop on a cost-effective basis the systems that will enable us to keep pace with such developments. As a result, competitors may be able to offer additional or superior products compared to those that we will be able to provide, which would put us at a competitive disadvantage. We may lose clients seeking new technology-driven products and services to the extent we are unable to provide such products and services. Accordingly, the ability to keep pace with technological change is important and the failure to do so could adversely affect our business, financial condition and results of operations.

•Risks ~~collateral~~Related ~~for~~to ~~loans,~~Laws ~~especially real estate, may decline in value, reducing customers’ future borrowing power~~ and ~~the~~Regulations ~~value of assets and collateral associated with existing loans; and~~

•Changes ~~the~~in ~~net~~laws ~~worth~~and regulations and ~~liquidity~~the cost of ~~loan~~regulatory ~~guarantors~~compliance with new laws and regulations may ~~decline,~~adversely ~~impairing~~affect ~~their~~our ~~ability~~operations toand/or ~~honor~~increase ~~commitments~~our costs toof usoperations.

~~Moreover,~~BayCoast aBank ~~significant~~is ~~decline~~subject into ~~general~~extensive ~~economic conditions~~regulation, ~~caused~~supervision and examination by ~~inflation,~~the ~~recession,~~Massachusetts ~~tariffs~~Commissioner of Banks and ~~international~~the ~~trade disputes~~FDIC, ~~acts~~and ofNarragansett ~~terrorism~~Bancorp, anInc. ~~outbreak~~will ofbe ~~hostilities~~subject orto ~~other~~extensive ~~international or domestic calamities~~regulation, ~~unemployment~~supervision orand ~~other~~examination ~~factors~~by ~~beyond~~the ~~our~~Federal ~~control~~Reserve ~~could~~Board. ~~further~~Such ~~impact~~regulation ~~these local economic conditions~~ and ~~could~~supervision ~~further~~govern ~~negatively affect~~ the ~~financial~~ ~~results~~activities ofin ~~our~~which ~~banking~~an ~~operations.~~insured Indepository ~~addition,~~institution and ~~deflationary~~its ~~pressures,~~holding ~~while~~company ~~possibly~~may ~~lowering our operating costs~~engage, ~~could~~and ~~have~~are aintended ~~significant~~primarily ~~negative~~for ~~effect~~the onprotection ~~our~~of ~~borrowers,~~the ~~especially~~federal ~~our~~deposit ~~business~~insurance ~~borrowers,~~fund and the ~~values~~depositors ofand ~~underlying collateral~~borrowers ~~securing~~of ~~loans~~BayCoast Bank, ~~which~~rather ~~could~~than ~~negatively~~for ~~affect~~ our ~~financial performance~~stockholders.

~~Significant~~Regulatory ~~changes~~authorities tohave ~~the~~extensive ~~size~~discretion in their supervisory and enforcement activities, ~~structure~~including the imposition of restrictions on our operations, ~~powers~~the classification of our assets and ~~operations~~ determination of the ~~federal~~level ~~government,~~of ~~changes~~our toallowance Ufor credit losses.S. ~~economic~~These ~~policies~~regulations, along with existing tax, accounting, securities, insurance and ~~uncertainties~~monetary ~~regarding~~laws, rules, standards, policies, and interpretations, control the ~~potential~~methods ~~for~~by ~~these~~which ~~changes~~financial ~~may~~institutions ~~cause~~conduct ~~economic~~business, ~~disruptions~~implement ~~that~~strategic ~~could~~initiatives and tax compliance, and govern financial reporting and disclosures. Any change in ~~turn~~such regulation and oversight, ~~adversely~~whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our ~~business~~operations. Further, ~~results~~changes ofin ~~operations~~accounting standards can be both difficult to predict and ~~financial~~involve judgment and discretion in their interpretation by us and our independent registered public accounting firm. These changes could materially impact, potentially even retroactively, how we report our financial condition and results of operations.

~~The~~26 current U.S. administration has implemented significant changes in federal priorities and has taken steps to change the operations, structure, and policy focus of various federal agencies, as well as regulatory priorities, policy approaches and interpretations of existing laws by those federal agencies. For example, recent executive actions and proposed legislation has changed agency mandates, modified or reduced federal program funding, altered regulatory frameworks, or adjusted the size and composition of the federal workforce. Moreover, leadership transitions at key federal agencies have impacted or may impact rulemaking, supervision, enforcement, and examination priorities across the financial regulatory landscape. These developments in the federal government may have varying effects on the banking and financial services industry that are difficult to predict, which makes it difficult for us to anticipate and mitigate attendant risks. Compliance with changing federal and regulatory priorities could, among other things, increase the costs of operating our business, reduce the demand for our products and services, impact our ability to achieve our business goals, and increase our legal, operational and reputational risks, any or all of which could materially adversely affect our results of operations.

31Table of Contents

~~The~~Non-compliance ~~current~~with ~~U.S.~~the ~~administration~~USA ~~also~~PATRIOT ~~has implemented rapid shifts in macroeconomic policies~~Act, ~~such~~ asBank ~~those~~Secrecy ~~relating to trade restrictions and tariffs~~Act, ~~which~~or other ~~have~~laws ~~created significant uncertainties regarding U.S. economic growth, the potential for recession,~~ and ~~concerns~~regulations ~~over~~could anresult ~~increase~~ in ~~inflation.~~fines ~~Slow economic growth, economic contraction~~ or recession, or shifts in broader consumer and business trends would significantly impact our ability to originate loans, the ability of borrowers to repay loans, and the value of the collateral securing loanssanctions.

~~Other~~The ~~political~~USA PATRIOT and ~~economic~~Bank ~~events~~Secrecy ~~within~~Acts ~~the~~require ~~United~~financial ~~States,~~institutions ~~including~~to develop aprograms ~~contentious~~to ~~domestic~~prevent ~~political~~financial ~~environment~~institutions from being used for money laundering and terrorist activities. If such activities are detected, ~~changes~~financial ininstitutions ~~or disagreements~~are ~~over~~obligated to file suspicious activity reports with the U.S. Treasury’s ~~monetary~~Office ~~policy~~of Financial Crimes Enforcement Network (FinCEN). These rules require financial institutions to establish procedures for identifying and ~~actions~~verifying the identity of ~~the~~customers ~~Federal~~seeking ~~Reserve~~to ~~Board,~~open ~~disagreements~~new ~~over~~financial ~~long-term~~accounts. ~~federal~~Failure to ~~budget~~comply ~~and~~with ~~deficit~~these ~~reduction~~regulations ~~plans,~~could ~~disagreements~~result ~~over~~in fines or sanctions, including restrictions on pursuing acquisitions or ~~threats~~establishing ~~not~~new branches. The policies and procedures we have adopted that are designed to ~~increase,~~assist ~~the~~in ~~U.S.~~compliance ~~government’s~~with ~~borrowing~~these ~~limit~~laws ~~(or~~and ~~“debt~~regulations ~~ceiling”),~~may ~~and~~not ~~risk~~be ofeffective ~~further~~in ~~downgrade~~preventing violations of ~~the~~these ~~ratings~~laws ofand Uregulations.S. ~~government~~We ~~debt~~have ~~obligations~~not been subject to any fines or other penalties, ~~also~~nor ~~may~~have ~~negatively~~suffered ~~impact~~business ~~financial~~or ~~markets~~reputational ~~and~~harm, ~~the~~as ~~U.S.~~a ~~economy~~result of money laundering activities in recent years.

~~Regional~~We ~~business~~provide ~~and~~banking ~~economic~~services ~~conditions~~to ~~are~~customers awho ~~major~~do ~~driver~~business ~~of our results of operations. Difficult conditions~~ in the ~~regional~~cannabis ~~business~~industry and ~~economic~~ ~~environment,~~the ~~including~~strict ~~those~~enforcement ~~caused~~of byfederal ~~the~~laws regarding ~~lack~~cannabis ofwould ~~stability~~likely ~~and~~result ~~predictability~~in ofour ~~U.S.~~inability ~~policymaking,~~to ~~may~~continue ~~materially~~to ~~adversely~~provide ~~affect~~banking ~~our~~services ~~operating~~to ~~expenses,~~these ~~the~~customers ~~quality~~and ofwe ~~our~~could ~~assets,~~have ~~credit~~legal ~~losses,~~action ~~and~~taken ~~the~~against ~~demand~~us ~~for~~by ~~our~~the ~~products~~federal ~~and services~~government.

~~Risks~~We ~~Related~~have deposit and loan customers that are licensed in various states to ~~Mortgage~~do ~~Banking~~business ~~Operations~~in the cannabis industry as growers, processors, and dispensaries. While cannabis is legal in each of these states, it remains classified as a Schedule I controlled substance under the Federal Controlled Substances Act, or CSA. As such, the cultivation, use, distribution, and possession of cannabis is a violation of federal law that is punishable by imprisonment and fines. Moreover, the U.S. Supreme Court ruled in USA v. Oakland Cannabis Buyers’ Coop. that the federal government has the authority to regulate and criminalize cannabis, including medical marijuana.

~~Secondary~~In ~~mortgage~~2018, ~~market~~the ~~conditions~~U.S. ~~could~~Department ~~have~~of aJustice ~~material~~(“DOJ”) ~~impact~~rescinded onthe ~~our~~“Cole Memo” ~~financial~~and ~~condition~~related memoranda which characterized the enforcement of the CSA against persons and ~~results~~entities complying with state regulatory systems permitting the use, manufacture and sale of ~~operations~~medical marijuana as an inefficient use of their prosecutorial resources and discretion. The impact of the DOJ’s rescission of the Cole Memo and related memoranda is unclear, but may result in the DOJ increasing its enforcement actions against the regulated cannabis industry generally.

~~Our~~In ~~mortgage~~2025, ~~banking~~the ~~operations~~U.S. ~~provide~~Congress adid ~~significant~~not ~~portion of our non~~re-~~interest~~enact ~~income.~~a Inspending ~~addition to~~bill ~~being~~provision ~~affected~~prohibiting bythe ~~interest~~DOJ ~~rates,~~and the ~~secondary~~U.S. Drug ~~mortgage~~Enforcement ~~markets~~Administration ~~are~~from ~~also~~using ~~subject~~funds toappropriated ~~investor~~by ~~demand~~that ~~for~~bill ~~residential~~to ~~mortgage~~prevent ~~loans~~states ~~and~~from ~~increased~~implementing ~~investor~~their ~~yield~~medical-use ~~requirements~~cannabis ~~for these loans~~laws. ~~These~~ ~~conditions~~As ~~may~~a ~~fluctuate~~result, ~~or worsen in~~ the ~~future. A~~ ~~prolonged~~ability ~~period~~ of ~~secondary~~medical ~~market~~cannabis ~~illiquidity~~businesses ~~may~~to ~~reduce~~act ~~our~~in this ~~loan~~area, ~~production volumes~~ and ~~could~~our ~~have~~ability ato ~~material~~provide ~~adverse~~banking ~~effect~~products onand ~~our~~services ~~financial~~to ~~condition~~such ~~and~~businesses, ~~results~~may ofbe ~~operations~~impeded.

~~Changes~~Federal prosecutors have significant discretion and there can be no assurance that a federal prosecutor in any of the ~~programs~~federal ~~offered~~districts byin ~~secondary~~which ~~market~~we ~~purchasers~~operate orwill ~~our~~not ~~ability~~choose to ~~qualify~~strictly ~~for~~enforce ~~their~~the ~~programs~~federal ~~may~~laws ~~reduce~~governing ~~our~~cannabis, ~~mortgage~~including medical-use ~~banking~~cannabis. ~~revenues~~Any change in the federal government’s enforcement position, ~~which would~~could ~~negatively~~cause ~~impact~~us ~~our~~to ~~non~~immediately cease providing banking services to the medical-~~interest~~use ~~income~~cannabis industry in the states where we operate.

WeAdditionally, ~~generate~~as ~~mortgage~~the ~~revenues~~possession ~~primarily from~~and ~~gains~~use ~~on the sale~~ of ~~single-family~~cannabis ~~mortgage~~remains ~~loans~~illegal ~~pursuant~~under tothe ~~programs~~CSA, ~~currently~~we ~~offered~~may bybe ~~Fannie~~deemed ~~Mae,~~to ~~Freddie~~be ~~Mac,~~aiding ~~Ginnie Mae~~ and ~~non-government-sponsored~~abetting ~~enterprise~~illegal ~~investors. These~~activities ~~entities~~through ~~account for a substantial portion of~~ the ~~secondary~~services ~~market~~that inwe ~~residential~~provide ~~mortgage~~to ~~loans. Any~~these ~~future~~customers ~~changes~~and incould ~~these~~have ~~programs,~~legal ~~our~~action ~~eligibility~~taken toagainst ~~participate~~us inby ~~such~~the ~~programs~~Federal government, ~~the~~including imprisonment ~~criteria~~and ~~for~~fines. ~~loans~~Any tochange bein ~~accepted~~position or ~~laws~~potential ~~that~~action ~~significantly~~taken ~~affect~~against ~~the activity~~us ofcould ~~such~~result ~~entities~~in ~~could,~~significant infinancial ~~turn,~~damage ~~materially~~to ~~adversely~~us ~~affect~~and our ~~results of operations~~stockholders.

IfFinCEN wepublished ~~are~~guidelines ~~required~~in to2014 ~~repurchase~~for ~~mortgage~~financial ~~loans~~institutions servicing state legal cannabis business. These guidelines were issued for the explicit purpose so “that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity.” Any adverse change in wethis ~~have~~FinCEN ~~previously~~guidance, ~~sold~~any new regulations or legislation, itany change in existing regulations or oversight, whether a change in regulatory policy or a change in a regulator’s interpretation of a law or regulation, could ~~negatively~~have a negative impact on our interest income and noninterest income, as well as the cost of our operations, increasing our cost of regulatory compliance and of doing business, and/or otherwise affect us, which may materially affect our ~~earnings~~profitability.

~~Our~~27 mortgage banking activities involve originating residential mortgage loans for sale in the secondary market under agreements that contain representations and warranties related to, among other things, the origination and characteristics of the mortgage loans. We may be required to repurchase mortgage loans that we have sold in cases of borrower default or breaches of these representations and warranties. If we are required to repurchase mortgage loans or provide indemnification or other recourse, this could increase our costs and thereby affect our future earnings.

ChangesTable in the fair value of our mortgage banking derivatives could adversely affect our financial condition and results of operations. Contents

~~Mortgage~~In ~~loan~~2025, ~~commitments~~an ~~qualify~~executive asorder ~~derivative~~was ~~loan~~executed ~~commitments~~directing if the ~~loan~~Department ~~that~~of ~~will~~Justice ~~result~~to move cannabis from ~~exercise~~a ofSchedule ~~the commitment~~I ~~will~~to bea ~~held~~Schedule ~~for~~III ~~sale~~substance, ~~upon~~a ~~funding. Forward~~category ~~loan~~for ~~sale~~substances ~~commitments~~with ~~mitigate~~accepted ~~the~~medical ~~risk~~use ofand lower abuse potential. ~~decreases~~While innot full legalization, the ~~values~~change ofis ~~loans~~designed ~~that~~to ~~would~~ease ~~result~~financial ~~from~~and tax burdens on the ~~exercise~~cannabis ofindustry, including, ~~mortgage~~to ~~loan~~some ~~commitments~~extent, banking access. ~~These~~Schedule ~~derivatives,~~III ifclassification ~~material, are~~allows ~~recognized~~state-legal atcannabis ~~fair~~businesses ~~value~~to ondeduct ordinary business expenses under the ~~consolidated~~Internal ~~balance~~Revenue ~~sheets~~Code, inwhich ~~other~~is ~~assets~~expected to boost cash flow and ~~other~~profitability ~~liabilities~~and it aims to encourage banks and financial institutions to work with ~~changes~~the incannabis ~~their~~industry, ~~fair~~as ~~values~~the ~~recorded~~risk inof ~~other~~violating ~~income~~federal anti-money laundering laws is reduced.

32We are subject to stringent capital requirements, which may adversely impact our return on equity, require us to raise additional capital, or limit our ability to pay dividends or repurchase shares.

WeFederal ~~enter~~regulations ~~into~~establish ~~commitments~~minimum tocapital ~~fund~~requirements ~~residential~~for ~~mortgage~~insured ~~loans~~depository institutions, atincluding ~~specified~~minimum ~~times~~risk-based incapital ~~the future~~and leverage ratios, ~~with~~and ~~the~~define ~~intention~~“capital” ~~that~~for calculating these ~~loans~~ratios. ~~will~~The ~~subsequently~~regulations beestablish ~~sold~~a in“capital ~~the~~conservation ~~secondary~~buffer” ~~market~~of 2.5%, Awhich, ~~mortgage~~when ~~loan~~added ~~commitment~~to ~~binds~~the usminimum capital toratios, ~~lend~~result ~~funds~~in tothe afollowing ~~potential~~minimum ~~borrower~~ratios: at (1) a ~~specified~~common ~~interest~~equity ~~rate~~Tier ~~and~~1 ~~within~~capital aratio ~~specified~~of ~~period~~7.0%, ~~Outstanding~~(2) a ~~interest rate~~Tier ~~lock~~1 ~~commitments expose us~~ to ~~the~~ risk-based ~~that~~assets ~~the~~capital ~~price~~ratio of ~~the~~8.5%, ~~loans~~and ~~arising~~(3) a ~~from~~total ~~exercise~~capital ratio of ~~the~~10.5%. ~~loan~~The ~~commitment~~application ~~might~~of ~~decline~~these capital ~~from~~requirements ~~inception~~could, ofamong ~~the~~other ~~rate~~things, ~~lock~~result toin ~~funding~~lower ofreturns ~~the~~on ~~loan~~equity, ~~due~~and toresult ~~increases~~ in ~~mortgage~~regulatory ~~interest~~actions ~~rates.~~if Ifwe ~~interest~~are ~~rates increase,~~unable ~~the~~to ~~value~~comply ofwith ~~these~~such ~~loan~~requirements. ~~commitments~~An ~~decreases.~~institution ~~Conversely,~~will ifbe ~~interest~~subject ~~rates~~to ~~decrease,~~limitations ~~the~~on ~~value~~paying ofdividends, ~~these~~engaging ~~loan~~in share ~~commitments~~repurchases ~~increases.~~and ~~The~~paying ~~notional~~discretionary ~~amount~~bonuses ofif ~~rate-locked~~its ~~mortgage~~capital ~~loan~~level ~~commitments~~falls atbelow ~~March 31,~~the ~~2026~~capital ~~was $45~~conservation buffer amount.~~9 million,~~ ~~with~~See a“Supervision ~~fair~~and ~~value~~Regulation—Federal ~~asset~~Banking ofRegulation—Capital ~~$375,000~~Requirements.”

WeAt also utilize best efforts and mandatory delivery forward loan sale commitments to mitigate the risk of potential decreases in the values of loans held for sale and loan commitments that would result from the exercise of the derivative loan commitments.March ~~With~~31, ~~a mandatory delivery contract~~2026, weBayCoast ~~commit~~Bank toexceeded ~~deliver~~all aapplicable ~~certain principal~~regulatory ~~amount~~capital ofrequirements ~~mortgage~~and ~~loans~~was toconsidered ~~an investor at a specified price on or before a specified date~~“well capitalized.” IfSee ~~we fail to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, we are obligated to pay a~~ “~~pair-off”~~Historical fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With best efforts commitments, we commit to deliver an individual mortgage loan of a specified principal amount and ~~quality~~Pro toForma anRegulatory ~~investor~~Capital ifCompliance ~~the underlying loan closes. Generally, the price the investor will pay is specified prior to the loan being funded. The notional amount~~ of ~~forward~~BayCoast ~~loan sale commitments at March 31, 2026 was $21~~Bank.~~2 million,~~” ~~with a fair value liability of $223,000.~~

~~Risks~~The ~~Related~~Federal Reserve Board may require us to ~~Our~~commit ~~Investment~~capital ~~Management~~resources ~~Business~~ to support BayCoast Bank, and we may not have sufficient access to such capital resources.

~~Our~~Federal ~~investment~~law requires ~~management~~that ~~business~~a isholding ~~subject~~company act as a source of financial and managerial strength to ~~risks~~its ~~associated~~subsidiary ~~with~~bank and to commit resources to support such subsidiary bank. Under the ~~industry~~“source of strength” doctrine, the Federal Reserve Board may require a holding company to make capital injections into a troubled subsidiary bank and ~~strong~~may ~~competition~~charge the holding company with engaging in unsafe and unsound practices for ~~clients~~failure to commit resources to a subsidiary bank. A capital injection may be required at times when the holding company may not have the resources to provide it and therefore may be required to attempt to borrow the funds or raise capital. Thus, any borrowing that must be done by Narragansett Bancorp, Inc. to make a required capital injection becomes more difficult and expensive and could have an adverse effect on our business, financial condition and results of operations. Moreover, it is possible that we will be unable to borrow funds or otherwise raise capital when we need to do so.

AtMonetary ~~March 31,~~policies 2026, our investment management subsidiary, Plimoth Investment Advisors, had approximately $1.07 billion in assets under management. Plimoth Investment Advisors’ operations may present risks not borne by institutions that focus exclusively on other traditional retail and ~~commercial~~regulations ~~banking products. For example, the investment advisory industry and Plimoth Investment Advisors’ results~~ of ~~operations are subject to fluctuations in~~ the ~~stock~~Federal ~~market~~Reserve ~~that~~Board ~~may~~could ~~have~~adversely a significant adverse effect on investment management fees which are directly tied to asset values, client activity and client investment portfolio gains and losses. Significant fluctuations in interest rates and securities prices may affect ~~the~~our ~~value of the assets managed by Plimoth Investment Advisors and may also influence investor decisions regarding whether to invest in~~business, ~~or maintain an investment in, one or more of our wealth management solutions. The clients of Plimoth Investment Advisors are generally free to change~~ financial ~~advisors~~condition orand ~~withdraw the funds they have invested at any time. Significant changes in~~results ~~investing patterns or large-scale withdrawal~~ of ~~investment funds could have an adverse effect on this line of business~~operations. ~~In addition, new or modified regulations may adversely affect our wealth management services.~~

~~Due~~In addition to ~~strong~~being ~~competition~~affected by general economic conditions, our ~~investment~~earnings ~~management~~and ~~business~~growth ~~may~~are ~~not~~affected beby ~~able~~the topolicies ~~retain~~of the ~~existing~~Federal ~~clients~~Reserve orBoard. ~~attract~~An ~~new~~important ~~clients.~~function ~~Competition is~~of ~~strong~~the ~~because~~Federal ~~there~~Reserve ~~are~~Board ~~numerous~~is ~~well-established~~to ~~and~~regulate ~~successful~~the ~~investment~~money ~~management~~supply and ~~wealth~~credit ~~advisory~~conditions. ~~firms~~Among ~~including~~the ~~commercial~~instruments ~~banks~~used ~~and~~by ~~trust~~the ~~companies,~~Federal ~~investment~~Reserve ~~advisory~~Board ~~firms,~~to ~~mutual~~implement ~~fund~~these ~~companies,~~objectives ~~stock~~are ~~brokerage~~open ~~firms,~~market ~~and~~purchases ~~other~~and ~~financial~~sales ~~companies~~of U.S. ~~Many~~government ofsecurities, ~~our~~adjustments ~~competitors~~of ~~have~~the ~~greater~~discount ~~resources~~rate ~~than~~and wechanges ~~have.~~in ~~Our~~banks’ ~~ability~~reserve torequirements ~~successfully~~against ~~attract~~bank ~~and~~deposits. ~~retain~~These ~~investment~~instruments ~~management~~are ~~clients~~used ~~depends~~in ~~upon~~varying ~~our~~combinations ~~ability~~ to ~~compete~~influence ~~with~~overall ~~competitors’~~economic ~~investment~~growth ~~products,~~and ~~level~~the distribution of ~~investment~~ ~~performance~~credit, ~~client~~bank ~~services~~loans, investments and ~~marketing~~deposits. ~~and~~Their ~~distribution~~use ~~capabilities~~also affects interest rates charged on loans or paid on deposits. IfThe wemonetary ~~are~~policies ~~not~~and ~~successful,~~regulations ~~our~~of the Federal Reserve Board have had a significant effect on the operating results of ~~operations~~financial institutions in the past and ~~financial~~are ~~condition~~expected ~~may~~to becontinue to do so in the future.

3328

RisksTable Relatedof to Operations and Operational Matters Contents

~~Our~~Changes ~~cost~~in ofpolicies ~~operations~~and isregulations ~~high~~generally ~~relative~~are tobeyond our ~~earnings.~~control, ~~Our~~and ~~failure~~we are unable to predict ~~maintain~~what changes may occur or ~~reduce~~the ~~our~~manner ~~operating~~in ~~expenses~~which any future changes may ~~reduce~~affect our ~~profits~~business, financial condition and results of operations.

~~Our non-interest expenses totaled $29.4 million, $113.9 million and $98.9 million for~~We ~~the three~~may ~~months~~become ~~ended~~subject ~~March 31, 2026 and the years ended December 31, 2025 and 2024, respectively. Although we have achieved certain efficiencies, our efficiency ratio, comparative~~ to ~~peers,~~enforcement ~~remains~~actions ~~high.~~even ~~Our~~though ~~efficiency~~noncompliance ~~ratio,~~was ~~which is~~inadvertent calculated as operating expense divided by the sum of net interest income and other income, totaled 90.58%, 89.61% and 87.58% for the three months ended March 31, 2026 the years ended December 31, 2025 and 2024, respectively. Our business strategy includes growth, expansion of our market area, and improvements in technology and product offerings, which are intended to produce efficiencies, reduce manual work and create long-term cost savings but may increase our expenses in the short-term. Failure to control or ~~maintain our expenses may reduce future profits~~unintentional.

~~Our~~The ~~funding~~financial ~~sources~~services ~~may~~industry is ~~prove~~subject ~~insufficient~~to intense scrutiny from bank supervisors in the examination process and aggressive enforcement of federal and state regulations, particularly with respect to ~~replace~~mortgage-related practices and other consumer compliance matters, and ~~deposits~~compliance atwith ~~maturity~~anti-money laundering, Bank Secrecy Act and ~~support~~Office ~~potential~~of ~~growth~~Foreign Assets Control regulations, and economic sanctions against certain foreign countries and nationals. AEnforcement ~~lack~~actions may be initiated for violations of ~~liquidity~~laws ~~could~~and regulations ~~adversely~~and ~~affect~~unsafe ~~our~~or ~~financial~~unsound ~~condition~~practices. We maintain systems and ~~results~~procedures designed to ensure that we comply with applicable laws and regulations; however, some legal/regulatory frameworks provide for the imposition of ~~operations~~fines or penalties for noncompliance even though the noncompliance was inadvertent or unintentional and even though there was in place at the time systems and procedures designed to ensure compliance. Failure to comply with these and other regulations, and supervisory expectations related thereto, may result in fines, penalties, lawsuits, regulatory ~~limits~~sanctions, ~~being~~reputation ~~placed~~damage, or restrictions on usour business.

We face ~~must~~significant ~~maintain~~legal ~~sufficient funds to respond to the needs of depositors and borrowers. As a part of our liquidity management~~risks, weboth ~~use~~from aregulatory ~~number of~~investigations ~~funding sources in addition to core deposit growth~~ and ~~repayments~~proceedings and ~~maturities~~from ofprivate ~~loans~~actions ~~and~~brought ~~investments.~~against ~~As we grow, we are likely to depend more on these sources, which may include Federal Home Loan Bank of Boston advances, federal funds purchased and brokered certificates of deposit~~us. While we emphasize the generation of low-cost core deposits as a source of funding, there is strong competition for such deposits in our market area. Additionally, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff. Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources. Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates.

~~Further~~As a participant in the financial services industry, ifmany weaspects ~~are~~of ~~required~~our tobusiness ~~rely~~involve ~~more~~substantial ~~heavily~~risk onof ~~more~~legal ~~expensive~~liability. ~~funding~~From ~~sources~~time to ~~support~~time, ~~liquidity~~customers and ~~future~~others ~~growth,~~make ~~our~~claims ~~revenues~~and ~~may~~take legal action pertaining to the performance of our ~~not~~responsibilities. ~~increase~~Whether ~~proportionately~~customer claims and legal action related to ~~cover~~the performance of our ~~increased~~responsibilities ~~costs.~~are Infounded ~~this~~or ~~case~~unfounded, ~~our~~if ~~operating~~such ~~margins~~claims and ~~profitability~~legal ~~would~~actions beare ~~adversely~~not ~~affected.~~resolved ~~Alternatively,~~in wea ~~may~~manner ~~need~~favorable to ~~sell~~us, athey ~~portion~~may ofresult ~~our~~in ~~investment~~significant expenses, attention from management and/ financial liability. Any financial liability or ~~loan~~reputational ~~portfolio~~damage tocould ~~raise~~have ~~funds~~a material adverse effect on our business, which, ~~depending~~ ~~upon~~in ~~market conditions~~turn, could have a material adverse effect on our financial condition and results of operations. There is no assurance that litigation with private parties will not increase in the future. Actions currently pending against us may result in judgments, settlements, fines, penalties or other results adverse to us, ~~realizing~~which could amaterially ~~loss~~adversely onaffect ~~the~~our ~~sale~~business, offinancial ~~such~~condition ~~assets~~and results of operations.

AWe ~~lack~~are ofan ~~liquidity~~emerging ~~could~~growth ~~also~~company, ~~attract increased regulatory scrutiny~~ and ~~potential~~any ~~restraints~~decision ~~imposed~~ on our uspart ~~by regulators. Depending on the capitalization status and regulatory treatment of depository institutions, including whether an institution is subject~~ to acomply ~~supervisory~~only ~~prompt corrective~~with ~~action directive,~~ certain ~~additional~~reduced ~~regulatory~~reporting ~~restrictions~~ and ~~prohibitions~~disclosure ~~may~~requirements ~~apply,~~applicable ~~including~~to ~~restrictions~~emerging on growth, ~~restrictions~~companies oncould ~~interest~~make ~~rates~~our ~~paid~~common onstock ~~deposits,~~less ~~restrictions~~attractive orto ~~prohibitions on payment of dividends and restrictions on the acceptance of brokered deposits~~investors.

AtWe ~~March 31,~~are ~~2026,~~an weemerging ~~had~~growth ~~$95.5 million~~company, ~~outstanding~~and, infor ~~advances~~as ~~from~~long ~~the Federal~~as ~~Home~~we ~~Loan~~continue ~~Bank~~to ofbe ~~Boston.~~an Atemerging ~~March 31,~~growth ~~2026~~company, we ~~had~~may ~~the~~choose ~~ability~~ to ~~borrow~~take ~~$498.2 million~~advantage ~~in additional Federal Home Loan Bank~~ of exemptions ~~Boston~~from ~~advances.~~various Atreporting ~~March 31,~~requirements ~~2026,~~applicable weto ~~also~~other ~~had~~public acompanies ~~$7.0 million~~but ~~line~~not ofto ~~credit~~“emerging ~~with~~growth ~~the Federal~~companies,” ~~Home~~including, ~~Loan~~but ~~Bank~~not oflimited ~~Boston~~to, ~~none~~reduced ofdisclosure ~~which~~obligations ~~was~~regarding ~~drawn~~executive atcompensation ~~that~~in ~~date.~~our ~~Additionally,~~periodic reports atand ~~March 31,~~proxy ~~2026~~statements, weand ~~had~~exemptions afrom ~~$162.7 million~~the ~~secured~~requirements ~~line~~ of ~~credit~~holding ~~through~~a ~~the~~nonbinding ~~Federal~~advisory ~~Reserve~~vote ~~Borrower~~on inexecutive ~~Custody~~compensation ~~program.~~and Westockholder ~~also~~approval ~~have~~of ~~available unsecured~~any ~~lines~~golden ofparachute ~~credit~~payments ~~with~~not ~~correspondent~~previously ~~banks~~approved. atAs ~~interest~~an ~~rates~~emerging ~~that~~growth ~~adjust daily~~company, ~~with~~we also ~~borrowing~~will ~~capacity~~not ofbe ~~$25.0 million~~subject atto ~~March~~Section ~~31,~~404(b) ~~2026.~~of Inthe ~~addition~~Sarbanes-Oxley Act, wewhich ~~have~~would anrequire ~~agreement~~that ~~with~~our ~~the~~independent ~~American~~auditors ~~Financial~~review ~~Exchange,~~and ~~LLC (“AFX”)~~attest ~~that~~as ~~provides~~to usthe ~~access~~effectiveness toof ~~unsecured~~our ~~overnight~~internal ~~borrowings~~control ~~with~~over ~~various~~financial ~~counterparties~~reporting. AtWe ~~March 31,~~have ~~2026,~~also weelected ~~had~~to ause ~~credit~~the extended ~~limit~~transition ofperiod ~~$400.0 million.~~to Atdelay ~~March 31,~~adoption ~~2026,~~of nonew ~~advances~~or ~~were~~revised ~~outstanding~~accounting ~~under~~pronouncements ~~these~~applicable ~~lines of~~to ~~credit~~public ofcompanies ~~the~~until ~~agreement~~such ~~with~~pronouncements ~~AFX.~~are ~~Lastly,~~made asapplicable ofto ~~March 31,~~private ~~2026~~companies. Accordingly, weour ~~can~~financial ~~access~~statements ~~$288.5 million~~may innot ~~funding~~be ~~through~~comparable to ~~Intrafi~~the ~~One-Way-Buy,~~financial ~~which~~statements ~~enables~~of ~~banks~~public ~~to purchase~~companies ~~wholesale~~that ~~funding~~comply atwith ~~fixed~~such new or ~~floating~~revised ~~rates~~accounting ~~without collateralization requirements~~standards.

34We could remain an “emerging growth company” for up to five years, or until the earliest of (a) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (b) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (c) the date on which we have issued more than $1.0 billion in non-convertible debt during the preceding three-year period.

We29 anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained.

ForTable further information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Contents

~~The~~As ~~development~~a ofresult, ~~new~~our ~~products~~stockholders may not have access to certain information they may deem important, and ~~services~~investors may ~~impose~~find ~~additional~~our ~~costs~~common stock less attractive if we choose to rely on usthese exemptions. This could result in a less active trading market for our common stock and ~~may~~the ~~expose us~~price toof ~~increased~~our ~~operational~~common ~~risk~~stock may be more volatile.

~~The~~We ~~introduction~~qualify ofas ~~new~~a ~~products~~smaller ~~and~~reporting ~~services can entail significant investments in time and resources~~company, ~~financial or otherwise, including regulatory approvals. Substantial risks~~ and ~~uncertainties~~any ~~are~~decision ~~associated~~on ~~with the introduction of new products and services, including technical and control requirements that may need to be developed and implemented, rapid technological change in the industry,~~ our ~~ability~~part to ~~access~~comply ~~technical~~only ~~and~~with ~~other~~certain ~~information~~reduced ~~from~~reporting ~~its clients, the significant~~ and ~~ongoing~~disclosure investments required to bring new products and services to market in a timely manner at competitive prices and the preparation of marketing, sales and other materials that fully and accurately describe the product or service and its underlying risks. Our failure to manage these risks and uncertainties also exposes us to enhanced risk of operational lapses which may result in the recognition of financial statement liabilities. Regulatory and internal control requirements~~, capital requirements, competitive alternatives, vendor relationships and shifting market preferences may also~~ ~~determine~~applicable ~~if such initiatives can be brought~~ to ~~market~~smaller inreporting acompanies ~~manner~~could ~~that~~make ~~is timely and attractive to~~ our ~~clients.~~common ~~Products~~stock ~~and~~less ~~services~~attractive ~~relying on internet and mobile technologies may expose us~~ to ~~fraud and cybersecurity risks~~investors. Failure to successfully manage these risks in the development and implementation of new products or services could have a material adverse effect on our business and reputation, as well as on its consolidated results of operations and financial condition.

We ~~face~~are ~~significant~~a ~~operational~~smaller ~~risks~~reporting company, ~~because~~and, for as long as we continue to qualify as a smaller reporting company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to smaller reporting companies, including, but not limited to, reduced disclosure obligations regarding executive compensation in our ~~reliance~~periodic onreports ~~technology~~and proxy statements and two years of audited financial statements in our annual report instead of three years. ~~Our~~As ~~information~~long ~~technology~~as ~~systems~~we ~~may~~are a smaller reporting company that is also not an accelerated filer, we will not be subject to ~~failure~~Section 404(b) of the Sarbanes-Oxley Act, ~~interruption~~which orrequires that our independent registered public accounting firm review and attest as to the ~~security~~effectiveness ~~breaches~~of our internal control over financial reporting. In addition, as a non-accelerated filer, we will have longer deadlines to file our periodic reports with the Securities and Exchange Commission.

~~Information~~We ~~technology~~would ~~systems~~remain ~~are~~a ~~critical~~smaller toreporting ~~our~~company ~~business. Our business requires us to collect, process, transmit~~ and ~~store~~a ~~significant~~non-accelerated ~~amounts~~filer offor ~~confidential~~so ~~information~~long ~~regarding~~as our ~~customers, employees and our own business, operations, plans and business strategies. We use various technology systems to manage our customer relationships, general ledger,~~voting ~~securities investments, deposits,~~ and ~~loans.~~non-voting ~~Our~~equity ~~computer~~held ~~systems, data management and internal processes, as well as those of third parties, are integral to our performance. Our operational risks include the risk of malfeasance~~ by ~~employees~~non-affiliates ~~or persons~~(“public ~~outside~~float”) ~~our~~is ~~company,~~less ~~errors~~than ~~relating~~$250 million ~~to transaction processing and technology, systems failures~~ or ~~interruptions, breaches of~~ our ~~internal~~annual ~~control~~revenues ~~systems~~are ~~and~~less ~~compliance~~than ~~requirements,~~$100 million and ~~business continuation and disaster recovery. There~~our ~~have~~public ~~been~~float ~~increasing~~is ~~efforts~~less bythan ~~third parties to breach data security at financial institutions~~$700 million. ~~Such~~Public ~~attacks~~float ~~include~~is ~~computer~~determined ~~viruses,~~each ~~malicious~~year oras ~~destructive code, phishing attacks, denial~~ of ~~service or information or other security breaches that could result in~~ the ~~unauthorized~~end ~~release, gathering, monitoring, misuse, loss or destruction~~ of ~~confidential,~~a ~~proprietary~~company’s ~~and~~second ~~other~~fiscal ~~information,~~quarter ~~damages~~applicable toat ~~systems, or other material disruptions to network access or business operations. Although we take protective measures and believe that we have not experienced any of~~ the ~~types~~end of ~~data breaches described above,~~ the ~~security~~fiscal ofyear our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information securityinvolved. ~~Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.~~

InAs ~~the~~a ~~event~~result of ~~a breakdown in~~ our ~~internal~~smaller ~~control~~reporting ~~systems,~~company ~~improper~~status ~~operation~~and ofnon-accelerated ~~our~~filer ~~systems or improper employee actions~~status, ~~or a breach of~~ our ~~security~~stockholders may ~~systems,~~not ~~including~~have ifaccess ~~confidential~~to orcertain ~~proprietary~~ information ~~were~~they tomay bedeem ~~mishandled~~important, ~~misused~~and orinvestors ~~lost,~~may wefind ~~could~~our ~~suffer~~common ~~financial~~stock ~~loss,~~less ~~loss~~attractive ofif ~~customers~~we ~~and~~choose ~~damage~~ to ~~our~~rely ~~reputation,~~on ~~and~~these ~~face regulatory action or civil litigation~~exemptions. ~~Any~~This ~~of these events~~ could ~~have~~result in a ~~material~~less ~~adverse~~active ~~effect~~trading onmarket for our ~~financial~~common ~~condition~~stock and ~~results~~the price of ~~operations.~~our ~~Insurance~~common ~~coverage~~stock may ~~not~~ be ~~available~~more ~~for such losses, or where available, such losses may exceed insurance limits~~volatile.

35Risks Related to Economic Conditions

WeInflation ~~rely~~can onhave ~~third-party~~an ~~vendors,~~adverse ~~which~~impact ~~could~~on ~~expose~~our usbusiness toand ~~additional~~on ~~cybersecurity~~our ~~risks~~customers.

~~Third-party~~Inflation ~~vendors~~risk ~~provide~~is ~~key~~the ~~components~~risk ofthat ~~our~~the ~~business~~value ~~infrastructure,~~of ~~including~~assets ~~certain~~or ~~data~~income ~~processing~~from ~~and~~investments ~~information~~will ~~services. Accordingly,~~be ~~our~~worth ~~operations~~less ~~are~~in ~~exposed~~the tofuture ~~risk~~as ~~that~~inflation ~~these~~decreases ~~vendors~~the value ~~will~~of ~~not~~money. ~~perform~~After inrising ~~accordance~~sharply ~~with~~at ~~our~~the ~~contractual~~end ~~agreements~~of ~~with them~~2021, orinflation weremained ~~also~~elevated ~~could~~through bethe ~~adversely~~first ~~affected~~half ifof ~~such~~calendar an2024, ~~agreement~~before isbeginning ~~not~~to ~~renewed~~moderate byin the ~~third-party~~latter ~~vendor~~half orof ~~is renewed~~2024 onand ~~terms~~into ~~less favorable to us~~2025. ~~If our third-party providers encounter difficulties~~However, orinflation ifcontinues weto ~~have~~exceed ~~difficulty~~the ~~communicating~~Federal Reserve ~~with~~Board’s ~~those~~long-term ~~service~~target ~~providers,~~inflation ~~our~~rate ~~ability~~of to2.0%. ~~adequately~~As ~~process~~inflation ~~and~~increases, ~~account~~the ~~for~~value ~~transactions~~of ~~could~~our beinvestment ~~affected~~securities, ~~and our~~particularly ~~business~~those ~~operations~~with ~~could~~longer bematurities, ~~adversely~~would ~~affected~~decrease, ~~which~~although ~~could~~this ~~have a material adverse~~ effect oncan ~~our~~be ~~financial~~less ~~condition~~pronounced ~~and~~for ~~results~~floating ~~of operations~~rate instruments. ~~Threats~~In toaddition, ~~information~~inflation ~~security~~increases ~~also exist in~~ the ~~processing~~cost of ~~customer~~goods ~~information through various other vendors~~ and ~~their~~services ~~personnel.~~we Touse in our ~~knowledge~~business operations, ~~the~~such ~~services~~as electricity and ~~programs~~other ~~provided~~utilities, towhich usincreases byour ~~third~~operating ~~parties~~expenses. ~~have~~Furthermore, ~~not~~our ~~experienced~~customers ~~any~~are ~~material~~also ~~security~~affected ~~breaches.~~by inflation ~~However,~~and the ~~existence~~rising costs of ~~cyber-attacks~~goods orand ~~security~~services ~~breaches~~used atin ~~third~~their ~~parties with~~households ~~access~~and tobusinesses, ~~our~~which ~~data,~~could ~~such~~have asa ~~vendors,~~negative ~~may~~impact ~~not~~on betheir ~~disclosed~~ability to usrepay intheir aloans ~~timely~~with ~~manner~~us.

We ~~may~~have bea ~~subject~~high toconcentration ~~risks~~of ~~and~~loans ~~losses~~secured ~~resulting~~by ~~from fraudulent~~real ~~activities~~estate ~~that~~in ~~could~~our market area. Adverse economic conditions, both generally and in our market area, could adversely ~~impact~~affect our financial ~~performance~~condition and results of operations.

AsWe ahave ~~bank,~~relatively wefew ~~are~~loans ~~susceptible to~~outside ~~fraudulent~~of ~~activity~~our ~~that~~market ~~may~~area. Consequently, bewe ~~committed~~have ~~against~~a usgreater orrisk ~~our~~of ~~clients,~~loan ~~which~~defaults ~~may~~and ~~result~~losses in ~~financial~~the ~~losses~~event orof ~~increased~~a ~~costs~~further toeconomic usdownturn orin our ~~clients~~market area, ~~disclosure~~as oradverse ~~misuse~~economic ofconditions ~~our~~may ~~information~~have ora ~~our~~negative ~~client~~effect ~~information,~~on ~~misappropriation~~the ability of ~~assets, privacy breaches against~~ our ~~clients,~~borrowers ~~litigation~~to ormake ~~damage~~timely topayments ~~our~~of their ~~reputation~~loans. WeA ~~are~~return ~~most~~of ~~subject~~recessionary toconditions ~~compliance~~ and/or ~~fraud~~negative ~~risk~~developments in ~~connection with ACH and wire transactions,~~ the ~~origination~~domestic ~~of loans, checking transactions,~~ and ~~debit~~international ~~cards~~credit ~~that~~markets ~~we have~~may ~~issued to our customers, and ATM/ITM transactions.~~

We30 maintain a system of internal controls and insurance coverage to mitigate against such risks, including data processing system failures and errors, and customer fraud. If our internal controls fail to prevent or detect any such occurrence, or if any resulting loss is not insured or exceeds applicable insurance limits, it could have a material adverse effect on our business, financial condition and results of operations.

FraudTable byof merchants or others could have a material adverse effect on our business and financial condition. Contents

We significantly ~~may~~affect bethe ~~liable~~markets ~~for~~in ~~fraudulent~~which ~~transactions~~we ~~initiated~~do bybusiness, ~~merchants or~~the ~~others.~~value ~~Examples~~ of ~~fraud~~our ~~include~~loans, ~~when~~investments, aand ~~merchant~~collateral orsecuring ~~other~~our ~~party~~loans, ~~knowingly~~and ~~uses~~our aongoing ~~stolen~~operations, orcosts ~~counterfeit~~and ~~card~~profitability. toAny ~~make~~of athese negative ~~transaction,~~events ormay ifresult ain ~~merchant~~higher-than ~~intentionally~~expected ~~fails~~loan todelinquencies, ~~deliver~~increase ~~the~~our ~~merchandise~~levels orof ~~services~~non-performing ~~sold~~and inclassified anassets, ~~otherwise~~and ~~valid transaction.~~reduce ~~Criminals~~demand ~~are~~for ~~using~~our ~~increasingly~~products ~~sophisticated~~and ~~methods~~services, towhich ~~engage~~may incause ~~illegal~~us ~~activities~~to ~~such~~incur losses ~~as counterfeiting~~ and ~~fraud.~~may Itadversely isaffect ~~possible~~our ~~that~~capital, ~~incidents~~liquidity ofand ~~fraud~~financial ~~could increase in the future~~condition. ~~Failure~~According to ~~effectively~~published ~~manage~~data, ~~risk~~our ~~and~~market ~~prevent fraud~~area ~~would~~has ~~increase~~not ~~our~~experienced ~~chargeback~~any ~~liability~~material ordeclines ~~other~~in ~~liability.~~real ~~Increases~~estate invalues ~~chargebacks~~during orthe ~~other~~last ~~liability~~year ~~could~~or ~~have~~any a material ~~adverse~~increase ~~effect~~in onthe ~~our business, financial condition, and results~~ number of ~~operations~~foreclosure proceedings.

WeA ~~face~~worsening ~~funds~~of ~~transfer~~economic conditions could reduce demand for our products and ~~payments~~services and/or increase our level of non-~~related~~performing ~~risks~~loans, which could adversely affect our financial condition and results of operations.

AsUnlike alarger financial ~~institution,~~institutions wethat bear funds transfer risks of different types, which result from large transaction volumes and large dollar amounts of incoming and outgoing money transfers. Loss exposure may result if money is transferred before it is received, or legal rights to reclaim monies transferred are ~~asserted,~~more ~~including~~geographically ~~payments made to merchants for payment clearing~~diversified, ~~while customers~~our ~~have~~profitability ~~statutory~~depends ~~periods~~primarily toon ~~reverse their payments. Exposure also results from payments made prior to~~ the ~~collection~~general ~~of funds, which is performed as accommodations to customers. We are subject to unique settlement risks as our transfers may~~economic beconditions ~~larger~~in ~~than typical financial institutions of~~ our ~~size.~~primary ~~Transfers~~market ~~could also be made in error or as a result of fraud~~area. ~~Additionally,~~We asbelieve ~~with~~the ~~other~~current ~~financial~~general ~~institutions,~~economic weconditions ~~may incur legal liability or reputational risk, if we unknowingly process payments for companies~~ in ~~violation~~our ofprimary ~~money~~market ~~laundering~~area ~~laws~~are orhealthy ~~other~~and ~~regulations or immoral activities~~stable.

36In addition to local economic conditions, which could have a significant impact on the ability of our borrowers to repay their loans and on the value of the collateral securing their loans, deterioration in general economic conditions, including due to changes in laws and regulations. could result in the following consequences, any of which could have a material adverse effect on our business, financial condition, liquidity and results of operations:

~~Future~~• ~~potential~~demand ~~reliance~~for on and integration of artificial intelligence (AI) and machine learning (ML) technologies could expose us to various risks, including operational, data, regulatory, and reputational risks, which could materially affect our ~~business~~products and ~~financial~~services ~~results.~~may decline;

~~The~~• ~~enhanced~~loan ~~use~~delinquencies, ofproblem AIassets and MLforeclosures bymay ~~financial institutions can lead to a variety of risks.~~ increase;

• ~~Operational~~collateral ~~& Model Risk: AI/ML models that can be used~~ for ~~credit scoring~~loans, ~~fraud~~especially ~~detection,~~real ~~customer service~~estate, ~~and~~may ~~investment~~decline ~~decisions can rely on complex algorithms and vast datasets. Errors, biases, or “hallucinations” (generating false information)~~ in ~~these models~~value, orreducing ~~unexpected~~customers’ ~~system~~future ~~failures,~~borrowing ~~could~~power ~~lead~~and tothe ~~flawed~~value ~~decisions,~~of ~~financial~~assets ~~losses,~~and ~~compliance~~collateral ~~failures,~~associated orwith ~~degraded~~existing ~~customer~~loans; ~~experiences, impacting profitability~~ and ~~client retention.~~

• ~~Data~~the ~~Security~~net &worth ~~Privacy:~~and AIliquidity ~~systems~~of ~~process~~loan ~~sensitive~~guarantors ~~customer~~may ~~data.~~decline, ~~Security~~impairing ~~breaches~~their orability ~~unauthorized access~~ to ~~these~~honor ~~systems~~commitments ~~could~~to ~~result in data theft, loss of intellectual property, and significant penalties, damaging customer trust~~us.

•Moreover, ~~Regulatory~~a &significant ~~Compliance~~decline ~~Risk:~~in ~~The~~general ~~regulatory~~economic ~~landscape~~conditions, ~~for~~caused AIby isinflation, ~~rapidly~~recession, ~~evolving.~~tariffs ~~New~~and ~~laws~~international ~~could~~trade disputes, ~~impose~~acts ~~costly~~of ~~compliance burdens~~terrorism, ~~restrict~~an AIoutbreak ~~use,~~of hostilities or ~~introduce~~other ~~liabilities~~international or domestic calamities, ~~particularly~~unemployment ~~concerning~~or ~~algorithmic~~other ~~bias~~factors beyond our control could further impact these local economic conditions and ~~fair~~could ~~lending~~further ~~practices~~negatively (eaffect the financial results of our banking operations.g. In addition, ~~“digital~~deflationary ~~redlining”)~~pressures, ~~potentially~~while ~~increasing~~possibly ~~operational~~lowering our operating costs, could have a significant negative effect on our borrowers, especially our business borrowers, and ~~limiting~~the ~~service~~values ~~offerings~~of underlying collateral securing loans, which could negatively affect our financial performance.

•Significant ~~Talent~~changes &to ~~Third-Party~~the ~~Risk:~~size, ~~Attracting~~structure, powers and ~~retaining~~operations of ~~skilled~~the AIfederal ~~professionals~~government, ischanges ~~crucial~~to ~~and competitive~~U.S. ~~Financial~~economic ~~institutions~~policies, ~~may~~and ~~also~~uncertainties ~~have~~regarding ~~greater~~the ~~dependence~~potential onfor ~~third-party~~these AIchanges ~~vendors,~~may ~~creating~~cause ~~dependency~~economic ~~risks~~disruptions ~~and~~that ~~potential~~could, ~~issues~~in ~~with data handling~~turn, ~~model~~adversely ~~reliability,~~impact ~~and~~our ~~licensing~~business, ~~all~~results of ~~which~~operations ~~could~~and ~~disrupt operations~~financial condition.

•The ~~Reputational~~current &U.S. ~~Ethical~~administration ~~Risk:~~has ~~Misuse~~implemented significant changes in federal priorities and has taken steps to change the operations, structure, and policy focus of AIvarious federal agencies, ~~biased~~as ~~outcomes~~well as regulatory priorities, policy approaches and interpretations of existing laws by those federal agencies. For example, recent executive actions and proposed legislation has changed agency mandates, modified or ~~privacy~~reduced ~~violations~~federal ~~can~~program ~~harm~~funding, aaltered ~~financial~~regulatory ~~institution’s~~frameworks, ~~brand~~or adjusted the size and composition of the federal workforce. Moreover, ~~erode~~leadership ~~customer~~transitions ~~confidence~~at key federal agencies have impacted or may impact rulemaking, supervision, enforcement, and ~~attract~~examination ~~negative~~priorities ~~public~~across ~~attention~~the financial regulatory landscape. These developments in the federal government may have varying effects on the banking and financial services industry that are difficult to predict, ~~potentially~~which ~~affecting~~makes ~~demand~~it difficult for us to anticipate and mitigate attendant risks. Compliance with changing federal and regulatory priorities could, among other things, increase the costs of operating our business, reduce the demand for our products and services, impact our ability to achieve our business goals, and increase our legal, operational and reputational risks, any or all of which could materially adversely affect our results of operations.

If31 we cannot effectively manage these challenges, including adapting to rapid technological change and ensuring responsible AI governance, our reputation, competitive position, and financial performance could be significantly harmed.

WeTable maintain a defined pension benefit plan for the benefit of our employees. We may determine to terminate this plan in the future. We could incur an expense in connection with the termination, which could negatively affect our income during the year of the termination. Contents

WeThe ~~maintain~~current aU.S. ~~defined~~administration ~~pension~~also ~~benefit~~has ~~plan~~implemented ~~for~~rapid ~~the~~shifts ~~benefit~~in ofmacroeconomic ~~employees~~policies, such ofas ~~BayCoast~~those ~~Bank.~~relating ~~We may choose~~ to ~~terminate~~trade ~~this~~restrictions ~~plan~~and intariffs, ~~the~~which ~~future. The~~have ~~cost~~created tosignificant ~~terminate~~uncertainties ~~the~~regarding ~~plan~~U.S. ~~primarily~~economic ~~depends~~growth, on the ~~value~~potential offor ~~the~~recession, ~~plan’s assets~~ and ~~applicable~~concerns ~~interest~~over ~~rates~~an atincrease ~~the~~in ~~time~~inflation. ofSlow ~~such~~economic ~~termination.~~growth, Weeconomic contraction ~~cannot~~or ~~estimate~~recession, ~~the~~or ~~actual~~shifts ~~costs~~in ~~associated~~broader ~~with~~consumer ~~potential~~and ~~termination~~business ~~from~~trends ~~the~~would ~~plan~~significantly ~~until~~impact ~~the date~~our ofability ~~the~~to ~~termination~~originate loans, ~~but~~the ifability ~~these~~of ~~costs~~borrowers ~~were~~to ~~material~~repay loans, itand ~~would~~the ~~negatively~~value ~~impact~~of ~~future earnings in~~ the ~~year~~collateral ofsecuring ~~termination~~loans.

~~The~~Other ~~cost~~political ofand economic events within the United States, including a contentious domestic political environment, changes in or ~~additional~~disagreements ~~finance~~over U.S. monetary policy and ~~accounting~~actions ~~systems~~of the Federal Reserve Board, ~~procedures~~disagreements over long-term federal budget and ~~controls~~deficit inreduction ~~order~~plans, disagreements over, or threats not to ~~satisfy~~increase, ~~our~~the ~~new~~U.S. ~~public~~government’s ~~company~~borrowing ~~reporting~~limit (or ~~requirements~~“debt ~~will~~ceiling”), ~~increase~~and ~~our~~risk ~~expenses~~of further downgrade of the ratings of U.S. government debt obligations, also may negatively impact financial markets and the U.S. economy.

AsRegional abusiness ~~result~~and ofeconomic ~~the~~conditions ~~completion~~are ofa ~~this~~major ~~offering,~~driver weof ~~will~~our ~~become~~results aof ~~public reporting company~~operations. WeDifficult ~~expect~~conditions ~~that~~in the ~~obligations~~regional ofbusiness ~~being a public~~and ~~company~~economic environment, including ~~the~~those ~~substantial~~caused ~~public~~by ~~reporting~~the ~~obligations,~~lack ~~will~~of ~~require~~stability ~~significant expenditures~~ and ~~place~~predictability ~~additional~~of ~~demands on our management team~~U.S. ~~We have made~~policymaking, ~~and~~may ~~will~~materially ~~continue~~adversely toaffect ~~make, changes to~~ our ~~internal~~operating ~~controls~~expenses, ~~and~~the ~~procedures~~quality ~~for financial~~of ~~reporting and accounting systems to meet~~ our ~~reporting~~assets, ~~obligations~~credit ~~as a stand-alone public company. However~~losses, and the ~~measures~~demand wefor ~~take may not be sufficient to satisfy~~ our ~~obligations~~products ~~as a public company~~and services. ~~Section 404 of the Sarbanes-Oxley Act requires annual management~~

37Risks Related to Mortgage Banking Operations

~~assessments~~Secondary ofmortgage ~~the~~market ~~effectiveness~~conditions of our internal control over financial reporting, starting with the second Annual Report on Form 10-K that we would expect to file with the Securities and Exchange Commission. Any failure to achieve and maintain an effective internal control environment could have a material ~~adverse~~impact ~~effect~~ on our ~~business and stock price. In addition, we may need to hire additional compliance, accounting and~~ financial ~~staff~~condition ~~with appropriate public company experience~~ and ~~technical~~results ~~knowledge,~~of and we may not be able to do so in a timely fashion. As a result, we may need to rely on outside consultants to provide these services for us until qualified personnel are hired. These obligations will increase our operating expenses and could divert our management’s attention from our operations.

WeOur ~~are~~mortgage banking operations provide a ~~holding~~significant ~~company~~portion ~~and~~of ~~will~~our ~~depend~~non-interest onincome. ~~BayCoast~~In ~~Bank~~addition to ~~for~~being ~~dividends,~~affected ~~distributions~~by interest rates, the secondary mortgage markets are also subject to investor demand for residential mortgage loans and ~~other~~increased ~~payments~~investor yield requirements for these loans. These conditions may fluctuate or worsen in the future. A prolonged period of secondary market illiquidity may reduce our loan production volumes and could have a material adverse effect on our financial condition and results of operations.

~~Narragansett~~Changes Bancorp, Inc. is a legal entity separate and distinct from BayCoast Bank. Revenues and cash flows of Narragansett Bancorp, Inc. (on a non-consolidated basis) will be derived primarily from dividends paid to it by BayCoast Bank. The right of Narragansett Bancorp, Inc., and consequently the right of our stockholders, to participate in ~~any~~ ~~distribution of~~ the ~~assets~~programs oroffered ~~earnings~~by ofsecondary ~~BayCoast~~market ~~Bank,~~purchasers ~~through the payment of such dividends~~ or ~~otherwise,~~our isability ~~necessarily subject~~ to ~~the~~qualify ~~prior~~for ~~claims~~their ofprograms ~~creditors~~may ofreduce ~~BayCoast~~our ~~Bank~~mortgage ~~(including~~banking ~~depositors)~~revenues, ~~except to the extent that certain~~which ~~claims~~would ofnegatively ~~Narragansett~~impact ~~Bancorp, Inc. in a creditor capacity may be recognized. See “Our Policy Regarding Dividends” for a discussion of~~ our ~~expected~~non-interest ~~dividend policy following the completion of the offering~~income.

~~Risks~~We ~~Related~~generate mortgage revenues primarily from gains on the sale of single-family mortgage loans pursuant to ~~Accounting~~programs ~~Matters~~currently offered by Fannie Mae, Freddie Mac, Ginnie Mae and non-government-sponsored enterprise investors. These entities account for a substantial portion of the secondary market in residential mortgage loans. Any future changes in these programs, our eligibility to participate in such programs, the criteria for loans to be accepted or laws that significantly affect the activity of such entities could, in turn, materially adversely affect our results of operations.

~~Changes~~If inwe are required to repurchase mortgage loans that ~~accounting~~we ~~standards~~have previously sold, it could negatively affect ~~reported~~our earnings.

~~The~~Our ~~bodies~~mortgage ~~responsible~~banking ~~for~~activities ~~establishing~~involve ~~accounting~~originating ~~standards, including the~~residential ~~Financial~~mortgage ~~Accounting~~loans ~~Standards~~for ~~Board~~sale ~~(“FASB”),~~in the ~~Securities~~secondary ~~and~~market ~~Exchange~~under ~~Commission~~agreements that contain representations and ~~other~~warranties ~~regulatory~~related ~~bodies~~to, ~~periodically~~among ~~change~~other things, the ~~financial~~origination ~~accounting~~ and ~~reporting~~characteristics ~~guidance~~of ~~that~~the ~~governs~~mortgage ~~the~~loans. We ~~preparation~~may ofbe ~~our~~required ~~financial~~to repurchase mortgage ~~statements.~~loans ~~These~~that ~~changes~~we ~~can~~have besold ~~hard~~in tocases ~~predict~~of ~~and~~borrower ~~can~~default ~~materially~~or ~~impact~~breaches ~~how~~of wethese ~~record~~representations and ~~report~~warranties. ~~our~~If ~~financial~~we ~~condition~~are ~~and~~required ~~results~~to ofrepurchase ~~operations.~~mortgage Inloans ~~some~~or ~~cases~~provide indemnification or other recourse, wethis could beincrease ~~required~~our tocosts ~~apply~~and ~~new~~thereby oraffect our ~~revised~~future ~~guidance retroactively~~earnings.

Changes in ~~management’s~~the ~~estimates~~fair ~~and~~value ~~assumptions~~of ~~may~~our ~~have~~mortgage abanking ~~material~~derivatives ~~impact~~could onadversely ~~our~~affect ~~consolidated financial statements and~~ our financial condition ~~or operating~~and results of operations.

InMortgage ~~preparing~~loan ~~this~~commitments ~~prospectus~~qualify as ~~well~~derivative asloan ~~periodic~~commitments ~~reports~~if wethe ~~will~~loan bethat ~~required~~will toresult ~~file~~from ~~under~~exercise ~~the~~of ~~Securities Exchange~~the ~~Act~~commitment ~~of 1934, including our consolidated financial statements, our management is and~~ will be ~~required~~held ~~under~~for ~~applicable~~sale ~~rules~~upon ~~and~~funding. Forward ~~regulations~~loan tosale ~~make~~commitments ~~estimates~~mitigate ~~and~~the ~~assumptions~~risk as of apotential ~~specified~~decreases ~~date.~~in ~~These~~the ~~estimates~~values ~~and~~of ~~assumptions~~loans ~~are~~that ~~based~~would ~~on management’s~~result ~~best~~from ~~estimates~~the ~~and~~exercise ~~experience as~~ of ~~that~~mortgage ~~date~~loan ~~and are subject to substantial risk and uncertainty~~commitments. These ~~Materially~~derivatives, ~~different~~if ~~results may occur as circumstances change and additional information becomes known. Areas requiring~~material, ~~significant~~are ~~estimates~~recognized ~~and~~at ~~assumptions~~fair byvalue ~~management~~on ~~include our evaluation of~~ the ~~adequacy~~consolidated ofbalance ~~our~~sheets ~~allowance~~in ~~for~~other ~~credit losses, the calculation of our deferred tax~~ assets and ~~our~~other ~~determinations~~liabilities with ~~respect~~changes toin ~~the~~their fair values ofrecorded ~~financial instruments~~in other income.

~~Other~~32 ~~Risks Related to Our Business~~

LegalTable andof regulatory proceedings and related matters could adversely affect us. Contents

We ~~have~~enter ~~been~~into ~~and~~commitments ~~may~~to fund residential mortgage loans at specified times in the future, ~~become~~with ~~involved~~the intention that these loans will subsequently be sold in ~~legal~~the secondary market. A mortgage loan commitment binds us to lend funds to a potential borrower at a specified interest rate and ~~regulatory~~within ~~proceedings~~a specified period. WeOutstanding ~~consider~~interest rate ~~most~~lock ofcommitments ~~the~~expose ~~proceedings~~us to bethe inrisk that the ~~normal course~~price of ~~our~~the ~~business~~loans orarising ~~typical~~from ~~for~~exercise of the ~~industry;~~loan ~~however,~~commitment itmight isdecline ~~inherently~~from ~~difficult~~inception toof ~~assess~~ the ~~outcome~~rate oflock ~~these~~to ~~matters,~~funding ~~and~~of wethe ~~may~~loan ~~not~~due ~~prevail~~to increases in ~~any~~mortgage ~~proceedings~~interest ~~or litigation~~rates. ~~There~~If ~~could~~interest berates increase, ~~substantial~~the ~~costs~~value ~~and~~of ~~management~~these ~~diversion~~loan ~~in such~~commitments ~~litigation~~decreases. ~~and~~Conversely, ~~proceedings~~if interest rates decrease, ~~and~~the ~~any~~value ~~adverse~~of ~~determination~~these ~~could~~loan ~~have~~commitments aincreases. ~~materially~~The ~~adverse~~notional ~~effect~~amount onof ~~our~~rate-locked ~~business,~~mortgage ~~brand~~loan orcommitments ~~image~~at March 31, or2026 ~~our~~was $45.9 million, ~~financial~~with ~~condition~~a ~~and~~fair ~~results~~value asset of ~~our operations~~$375,000.

38We also utilize best efforts and mandatory delivery forward loan sale commitments to mitigate the risk of potential decreases in the values of loans held for sale and loan commitments that would result from the exercise of the derivative loan commitments. With a mandatory delivery contract, we commit to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If we fail to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, we are obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With best efforts commitments, we commit to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the underlying loan closes. Generally, the price the investor will pay is specified prior to the loan being funded. The notional amount of forward loan sale commitments at March 31, 2026 was $21.2 million, with a fair value liability of $223,000.

WeRisks ~~are~~Related ~~a community bank and our ability~~ to ~~maintain~~Our ~~our~~Investment ~~reputation~~Mana

Filing Compare · Narragansett Bancorp, Inc.