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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 000-30707

First Northern Community Bancorp

(Exact name of registrant as specified in its charter)

California	68-0450397
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

195 N. First Street, Dixon, California	95620
(Address of principal executive offices)	(Zip Code)

707-678-3041

(Registrant’s telephone number including area code)

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

Title of each class		Trading symbols(s)		Name of each exchange on which registered
None		Not Applicable		Not Applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐

No ☒

The number of shares of Common Stock outstanding as of November 3, 2025 was 15,724,784.

Table of Contents

FIRST NORTHERN COMMUNITY BANCORP

INDEX

	Page
PART I – Financial Information	3

ITEM I. – Financial Statements (Unaudited)	3

Condensed Consolidated Balance Sheets (Unaudited)	3

Condensed Consolidated Statements of Income (Unaudited)	4

Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	6

Condensed Consolidated Statements of Cash Flows (Unaudited)	7

Notes to Condensed Consolidated Financial Statements	8

ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	51

ITEM 4. – CONTROLS AND PROCEDURES	51

PART II – OTHER INFORMATION	51

ITEM 1. – LEGAL PROCEEDINGS	51

ITEM 1A. – RISK FACTORS	51

ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	57

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES	57

ITEM 4. – MINE SAFETY DISCLOSURES	57

ITEM 5. – OTHER INFORMATION	57

ITEM 6. – EXHIBITS	58

SIGNATURES	59

Table of Contents

PART I – FINANCIAL INFORMATION

FIRST NORTHERN COMMUNITY BANCORP

ITEM I. – FINANCIAL STATEMENTS (UNAUDITED)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share amounts)	*September 30, 2025*			*December 31, 2024*

Assets

Cash and cash equivalents	$	149,510		$	119,448
Certificates of deposit		12,890			16,074
Investment securities – available-for-sale, at estimated fair value, net of allowance for credit losses of $0; amortized cost of $627,245 at September 30, 2025 and $682,346 at December 31, 2024		601,502			633,853
Loans, net of allowance for credit losses of $15,699 at September 30, 2025 and $15,885 at December 31, 2024		1,055,971			1,046,852
Stock in Federal Home Loan Bank and other equity securities, at cost		10,871			10,518
Premises and equipment, net		8,523			9,248
Other real estate owned		1,241			—
Core deposit intangible, net		2,771			3,321
Interest receivable and other assets		64,929			52,408

Total Assets	$	1,908,208		$	1,891,722

Liabilities and Stockholders’ Equity

Liabilities:
Deposits:
Demand deposits	$	700,088		$	715,424
Interest-bearing transaction deposits		384,376			376,250
Savings and MMDA's		459,649			458,445
Time, $250,000 or less		88,253			108,598
Time, over $250,000		54,050			41,372
Total deposits		1,686,416			1,700,089

Interest payable and other liabilities		17,023			15,301

Total Liabilities		1,703,439			1,715,390

Commitments and contingencies (Note 7)

Stockholders' Equity:
Common stock, no par value; 32,000,000 shares authorized; 15,720,784 shares issued and outstanding at September 30, 2025 and 15,943,051 shares issued and outstanding at December 31, 2024		125,605			127,902
Additional paid-in capital		977			977
Retained earnings		96,094			81,304
Accumulated other comprehensive loss, net		(17,907	)		(33,851	)
Total Stockholders’ Equity		204,769			176,332

Total Liabilities and Stockholders’ Equity	$	1,908,208		$	1,891,722

See notes to unaudited condensed consolidated financial statements.

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FIRST NORTHERN COMMUNITY BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	*Three months ended*			*Three months ended*			*Nine months ended*			*Nine months ended*
(in thousands, except per share amounts)	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			*September 30, 2024*
Interest and dividend income:
Loans	$	14,589		$	14,315		$	42,820		$	41,620
Due from banks interest bearing accounts		1,223			1,820			3,278			5,619
Investment securities:
Taxable		4,068			3,586			12,553			9,519
Non-taxable		419			312			1,203			825
Other earning assets		245			261			767			784
Total interest and dividend income		20,544			20,294			60,621			58,367
Interest expense:
Deposits		3,697			3,798			10,803			10,531
FHLB advances		—			—			75			—
Total interest expense		3,697			3,798			10,878			10,531
Net interest income		16,847			16,496			49,743			47,836
(Reversal of) provision for credit losses		—			(550	)		850			200
Net interest income after provision for credit losses		16,847			17,046			48,893			47,636
Non-interest income:
Service charges on deposit accounts		433			427			1,270			1,292
Gains on sales of loans held-for-sale		18			36			42			41
Investment and brokerage services income		145			146			446			422
Mortgage brokerage income		—			—			—			20
Loan servicing income		70			75			217			208
Debit card income		690			710			2,041			2,074
Losses on sales/calls of available-for-sale securities		(59	)		(75	)		(148	)		(155	)
Other income		361			219			780			627
Total non-interest income		1,658			1,538			4,648			4,529
Non-interest expenses:
Salaries and employee benefits		6,391			6,242			18,960			18,506
Occupancy and equipment		1,362			1,204			3,781			3,514
Data processing		1,236			1,079			3,431			3,065
Stationery and supplies		79			45			227			187
Advertising		126			109			356			303
Directors’ fees		77			74			211			229
Amortization of core deposit intangible		181			203			550			617
Other expense		2,471			1,978			6,890			6,039
Total non-interest expenses		11,923			10,934			34,406			32,460
Income before provision for income taxes		6,582			7,650			19,135			19,705
Provision for income taxes		569			2,162			3,985			5,517

Net income	$	6,013		$	5,488		$	15,150		$	14,188

Basic earnings per common share	$	0.39		$	0.35		$	0.97		$	0.89
Diluted earnings per common share	$	0.38		$	0.34		$	0.96		$	0.88

See notes to unaudited condensed consolidated financial statements.

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FIRST NORTHERN COMMUNITY BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	*Three months ended*		*Three months ended*		*Nine months ended*		*Nine months ended*
(in thousands)	*September 30, 2025*		*September 30, 2024*		*September 30, 2025*		*September 30, 2024*
Net income	$	6,013	$	5,488	$	15,150	$	14,188
Other comprehensive income, net of tax:
Unrealized holding gains arising during the period, net of tax effect of $1,939 and $5,084 for the three months ended September 30, 2025 and September 30, 2024, respectively and $6,762 and $4,462 for the nine months ended September 30, 2025 and September 30, 2024, respectively		4,692		12,114		15,840		10,631
Less: reclassification adjustment due to losses realized on sales of securities, net of tax effect of $17 and $22 for the three months ended September 30, 2025 and September 30, 2024, respectively and $44 and $46 for the nine months ended September 30, 2025 and September 30, 2024, respectively		42		53		104		109
Other comprehensive income, net of tax	$	4,734	$	12,167	$	15,944	$	10,740

Comprehensive income	$	10,747	$	17,655	$	31,094	$	24,928

See notes to unaudited condensed consolidated financial statements.

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FIRST NORTHERN COMMUNITY BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

												*Accumulated*
							*Additional*					*Other*
(in thousands, except share data)	*Common Stock*						*Paid-in*		*Retained*			*Comprehensive*
	*Shares*			*Amounts*			*Capital*		*Earnings*			*Loss, net of tax*			*Total*

Balance at December 31, 2023		15,482,332		$	123,235		$	977	$	68,760		$	(33,727	)	$	159,245
Net income										4,276						4,276
Other comprehensive loss, net of taxes													(1,461	)		(1,461	)
Stock dividend adjustment		2,671			325					(325	)					—
Cash in lieu of fractional shares		(148	)							(7	)					(7	)
Stock-based compensation					296											296
Common shares issued related to restricted stock grants, net of restricted stock forfeited		57,489			—											—
Stock options exercised, net of swapped shares		8,387			—											—
Balance at March 31, 2024		15,550,731		$	123,856		$	977	$	72,704		$	(35,188	)	$	162,349
Net income										4,424						4,424
Other comprehensive income, net of taxes													34			34
Stock-based compensation					159											159
Common shares issued related to restricted stock grants		4,470			—											—
Stock repurchase and retirement		(137,500	)		(1,239	)										(1,239	)
Stock options exercised, net of swapped shares		1,872			—											—
Balance at June 30, 2024		15,419,573		$	122,776		$	977	$	77,128		$	(35,154	)	$	165,727
Net income										5,488						5,488
Other comprehensive income, net of taxes													12,167			12,167
Stock-based compensation					171											171
Restricted stock forfeited		(768	)		—											—
Stock repurchase and retirement		(155,778	)		(1,556	)										(1,556	)
Balance at September 30, 2024		15,263,027		$	121,391		$	977	$	82,616		$	(22,987	)	$	181,997

Balance at December 31, 2024		15,943,051		$	127,902		$	977	$	81,304		$	(33,851	)	$	176,332
Net income										3,671						3,671
Other comprehensive income, net of taxes													8,886			8,886
Stock dividend adjustment		(616	)		352					(352	)					—
Cash in lieu of fractional shares		(129	)							(8	)					(8	)
Stock-based compensation					198											198
Common shares issued related to restricted stock grants		64,807			—											—
Stock options exercised, net of swapped shares		17,936			—											—
Stock repurchase and retirement		(127,120	)		(1,274	)										(1,274	)
Balance at March 31, 2025		15,897,929		$	127,178		$	977	$	84,615		$	(24,965	)	$	187,805
Net income										5,466						5,466
Other comprehensive income, net of taxes													2,324			2,324
Stock-based compensation					166											166
Stock options exercised, net of swapped shares		9,162			—											—
Stock repurchase and retirement		(88,763	)		(876	)										(876	)
Balance at June 30, 2025		15,818,328		$	126,468		$	977	$	90,081		$	(22,641	)	$	194,885
Net income										6,013						6,013
Other comprehensive income, net of taxes													4,734			4,734
Stock-based compensation					257											257
Stock repurchase and retirement		(97,544	)		(1,120	)										(1,120	)
Balance at September 30, 2025		15,720,784		$	125,605		$	977	$	96,094		$	(17,907	)	$	204,769

See notes to unaudited condensed consolidated financial statements.

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FIRST NORTHERN COMMUNITY BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	*Nine months ended*			*Nine months ended*
(in thousands)	*September 30, 2025*			*September 30, 2024*
Cash Flows From Operating Activities
Net income	$	15,150		$	14,188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		753			792
Accretion and amortization of investment securities premiums and discounts, net		(1,027	)		505
(Increase) decrease in deferred loan origination fees and costs, net		(120	)		43
Amortization of core deposit intangible		550			617
Provision for credit losses		850			200
Stock-based compensation		621			626
Losses on sales/calls of available-for-sale securities		148			155
Amortization of operating lease right-of-use asset		674			701
Gains on sales of loans held-for-sale		(42	)		(41	)
Proceeds from sales of loans held-for-sale		2,683			3,155
Originations of loans held-for-sale		(2,641	)		(3,114	)
Gain on purchase of tax credits		(1,215	)		—
Purchase of tax credits		(14,218	)		—
Changes in assets and liabilities:
Increase in interest receivable and other assets		(7,111	)		(1,128	)
Increase (decrease) in interest payable and other liabilities		4,265			(3,492	)
Net cash (used in) provided by operating activities		(680	)		13,207

Cash Flows From Investing Activities
Proceeds from calls or maturities of available-for-sale securities		39,800			59,785
Proceeds from sales of available-for-sale securities		29,426			4,652
Principal repayments on available-for-sale securities		64,229			54,745
Purchases of available-for-sale securities		(77,475	)		(164,641	)
Proceeds from maturities of certificates of deposit		4,124			6,166
Purchases of certificates of deposit		(940	)		(5,700	)
Net (increase) decrease in loans		(9,849	)		9,918
Purchases of Federal Home Loan Bank stock and other equity securities, at cost		(353	)		—
Purchases of premises and equipment		(1,269	)		(221	)
Net cash provided by (used in) investing activities		47,693			(35,296	)

Cash Flows From Financing Activities
Net (decrease) increase in deposits		(13,673	)		39,598
Cash dividends paid in lieu of fractional shares		(8	)		(7	)
Repurchases of common stock		(3,270	)		(2,795	)
Net cash (used in) provided by financing activities		(16,951	)		36,796

Net increase in Cash and Cash Equivalents		30,062			14,707
Cash and Cash Equivalents, beginning of period		119,448			149,211
Cash and Cash Equivalents, end of period	$	149,510		$	163,918

Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	11,372		$	10,753
Income taxes		3,970			6,320
Supplemental disclosures of non-cash investing and financing activities:
Stock dividend distributed		7,510			6,392
Unrealized holding gains on available-for-sale securities, net of taxes		15,944			10,740
Market value of shares tendered in-lieu of cash to pay for exercise of options		805			348
Recognition of right-of-use assets obtained in exchange for operating lease liabilities		2,543			—
Transfer of premises and equipment to other real estate owned		1,241			—

See notes to unaudited condensed consolidated financial statements.

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FIRST NORTHERN COMMUNITY BANCORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 and 2024 and December 31, 2024

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of First Northern Community Bancorp (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of results expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ("SEC"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. All material intercompany balances and transactions have been eliminated in consolidation.

2. ACCOUNTING POLICIES

The most significant accounting policies followed by the Company are presented in Note 1 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. These policies, along with the disclosures presented in the other financial statement notes and in this discussion, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company has evaluated this ASU and does not expect the adoption to have a material impact on the Company's consolidated financial statements.

In March 2024, the FASB issued guidance within ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments in the ASU apply to companies that provide employees and non-employees with profits interest and similar awards to align compensation with a company’s operating performance and provide those holders with the opportunity to participate in future profits and/or equity appreciation of the company. The purpose of the ASU is to clarify the application of the scope guidance in Accounting Standards Codification (ASC) paragraph 718-10-15-3 in determining if a profit interest award should be accounted for in accordance with Topic 718: Compensation—Stock Compensation. The amendment in ASC paragraph 718-10-15-3 is solely intended to improve the overall clarity and does not change the guidance. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. If a company adopts the amendments in an interim period, it should adopt them as of the beginning of the annual period that includes the interim period. The amendments should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) on a prospective basis. The Company has evaluated this ASU and does not expect the adoption to have a material impact on the Company’s consolidated financial statements, as the Company does not typically provide these types of awards.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2025-01 amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements.

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3. INVESTMENT SECURITIES

The amortized cost, unrealized gains and losses, estimated fair values, and allowance for credit losses (ACL) of investments in debt and other securities at September 30, 2025 are summarized as follows:

	*Amortized*		*Unrealized*		*Unrealized*			*Estimated*
(in thousands)	*cost*		*gains*		*losses*			*fair value*		*ACL*
Investment securities available-for-sale:
U.S. Treasury securities	$	92,385	$	384	$	(607	)	$	92,162	$	—
Securities of U.S. government agencies and corporations		86,522		426		(2,309	)		84,639		—
Obligations of states and political subdivisions		75,885		246		(4,127	)		72,004		—
Collateralized mortgage obligations		102,672		133		(11,538	)		91,267		—
Mortgage-backed securities		269,781		1,425		(9,776	)		261,430		—

Total debt securities	$	627,245	$	2,614	$	(28,357	)	$	601,502	$	—

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2024 are summarized as follows:

	Amortized		Unrealized		Unrealized			Estimated
(in thousands)	cost		gains		losses			fair value		ACL
Investment securities available-for-sale:
U.S. Treasury securities	$	107,188	$	134	$	(1,777	)	$	105,545	$	—
Securities of U.S. government agencies and corporations		100,218		62		(4,596	)		95,684		—
Obligations of states and political subdivisions		72,576		87		(5,072	)		67,591		—
Collateralized mortgage obligations		113,641		5		(18,701	)		94,945		—
Mortgage-backed securities		288,723		70		(18,705	)		270,088		—

Total debt securities	$	682,346	$	358	$	(48,851	)	$	633,853	$	—

The Company generated $2,111,000 and $1,720,000 in proceeds from sales of available-for-sale securities for the three-month periods ended September 30, 2025 and 2024, respectively. The Company generated $29,426,000 and $4,652,000 in proceeds from sales of available-for-sale securities for the nine-month periods ended September 30, 2025 and 2024, respectively. There were no gross realized gains on sales or calls of available-for-sale securities for the three-month periods ended September 30, 2025 and 2024, respectively. Gross realized gains on sales or calls of available-for-sale securities were $93,000 and $0 for the nine-month periods ended September 30, 2025 and 2024, respectively. Gross realized losses on sales or calls of available-for-sale securities were $59,000 and $75,000 for the three-month periods ended September 30, 2025 and 2024, respectively. Gross realized losses on sales or calls of available-for-sale securities were $241,000 and $155,000 for the nine-month periods ended September 30, 2025 and 2024, respectively.

The amortized cost and estimated fair value of debt and other securities at September 30, 2025, by contractual maturity, are shown in the following table:

	*Amortized*		*Estimated*
(in thousands)	*cost*		*fair value*

Maturity in years:
Due in one year or less	$	54,943	$	54,705
Due after one year through five years		118,246		116,335
Due after five years through ten years		37,586		36,587
Due after ten years		44,017		41,178
Subtotal		254,792		248,805
Mortgage-backed securities & collateralized mortgage obligations		372,453		352,697
Total	$	627,245	$	601,502

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, factors such as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities.

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An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of September 30, 2025, follows:

(in thousands)	*Less than 12 months*					*12 months or more*					*Total*
			*Unrealized*					*Unrealized*					*Unrealized*
	*Fair Value*		*losses*			*Fair Value*		*losses*			*Fair Value*		*losses*

U.S. Treasury securities	$	15,561	$	(43	)	$	23,177	$	(564	)	$	38,738	$	(607	)
Securities of U.S. government agencies and corporations		2,730		(12	)		51,952		(2,297	)		54,682		(2,309	)
Obligations of states and political subdivisions		17,834		(597	)		37,637		(3,530	)		55,471		(4,127	)
Collateralized mortgage obligations		4,633		(11	)		63,757		(11,527	)		68,390		(11,538	)
Mortgage-backed securities		25,712		(239	)		123,083		(9,537	)		148,795		(9,776	)
Total	$	66,470	$	(902	)	$	299,606	$	(27,455	)	$	366,076	$	(28,357	)

Fifty-two securities, all considered investment grade, which had an aggregate fair value of $66,470,000 and a total unrealized loss of $902,000, have been in an unrealized loss position for less than twelve months as of September 30, 2025. Three hundred and thirty-seven securities, all considered investment grade, which had an aggregate fair value of $299,606,000 and a total unrealized loss of $27,455,000, have been in an unrealized loss position for more than twelve months as of September 30, 2025. The unrealized losses on the Company's investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The decline in fair value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell the securities. The Company has concluded it is not more likely than not that the Company will be required to sell these securities prior to recovery of their anticipated cost basis. Therefore, as of September 30, 2025 and December 31, 2024, the Company had not recorded an allowance for credit losses on these securities and the unrecognized or unrealized losses on these securities have not been recognized into income.

The fair value of investment securities could decline in the future if the general economy deteriorates, inflation and interest rates increase, credit ratings decline, the issuer's financial condition deteriorates, or the liquidity for securities declines. As a result, an allowance for credit loss may occur in the future.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2024, follows:

(in thousands)	Less than 12 months					12 months or more					Total
			Unrealized					Unrealized					Unrealized
	Fair Value		losses			Fair Value		losses			Fair Value		losses

U.S. Treasury Securities	$	27,055	$	(431	)	$	42,603	$	(1,346	)	$	69,658	$	(1,777	)
Securities of U.S. government agencies and corporations		22,383		(471	)		58,585		(4,125	)		80,968		(4,596	)
Obligations of states and political subdivisions		33,078		(1,083	)		29,025		(3,989	)		62,103		(5,072	)
Collateralized Mortgage obligations		28,937		(1,860	)		62,320		(16,841	)		91,257		(18,701	)
Mortgage-backed securities		110,599		(2,715	)		143,892		(15,990	)		254,491		(18,705	)
Total	$	222,052	$	(6,560	)	$	336,425	$	(42,291	)	$	558,477	$	(48,851	)

Investment securities carried at $90,138,000 and $53,589,000 at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.

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4. LOANS AND ALLOWANCE FOR CREDIT LOSSES

The composition of the Company’s loan portfolio, by loan class, as of September 30, 2025 and December 31, 2024 was as follows:

(in thousands)	*September 30, 2025*			*December 31, 2024*

Commercial	$	140,830		$	117,921
Commercial Real Estate		710,651			723,650
Agriculture		95,008			92,564
Residential Mortgage		103,053			105,886
Residential Construction		6,498			6,858
Consumer		15,368			15,716

		1,071,408			1,062,595
Allowance for credit losses		(15,699	)		(15,885	)
Deferred origination fees and costs, net		262			142

Loans, net	$	1,055,971		$	1,046,852

At September 30, 2025 and December 31, 2024, all loans were pledged under a blanket collateral lien to secure actual or potential borrowings from the Federal Home Loan Bank (“FHLB”).

Allowance for Credit Losses

The following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the condensed consolidated balance sheet within other liabilities, as of and for the three and nine months ended September 30, 2025.

	*Allowance for Credit Losses – Three months ended September 30, 2025*
	*Beginning*							*Provision*			*Ending*
(in thousands)	*Balance*		*Charge-offs*			*Recoveries*		*(Recovery)*			*Balance*
Commercial	$	2,523	$	(261	)	$	200	$	22		$	2,484
Commercial Real Estate		9,782		—			—		409			10,191
Agriculture		1,983		(474	)		—		(321	)		1,188
Residential Mortgage		1,038		—			—		18			1,056
Residential Construction		499		—			—		(25	)		474
Consumer		297		(12	)		24		(3	)		306
Allowance for credit losses on loans		16,122		(747	)		224		100			15,699
Reserve for unfunded commitments		1,150		—			—		(100	)		1,050
Total	$	17,272	$	(747	)	$	224	$	—		$	16,749

	*Allowance for Credit Losses – Nine months ended September 30, 2025*
	*Beginning*							*Provision*			*Ending*
(in thousands)	*Balance*		*Charge-offs*			*Recoveries*		*(Recovery)*			*Balance*
Commercial	$	1,622	$	(456	)	$	267	$	1,051		$	2,484
Commercial Real Estate		10,245		(26	)		—		(28	)		10,191
Agriculture		1,555		(474	)		—		107			1,188
Residential Mortgage		1,779		(5	)		—		(718	)		1,056
Residential Construction		433		—			—		41			474
Consumer		251		(19	)		27		47			306
Allowance for credit losses on loans		15,885		(980	)		294		500			15,699
Reserve for unfunded commitments		700		—			—		350			1,050
Total	$	16,585	$	(980	)	$	294	$	850		$	16,749

The Company utilizes three economic variables, forecasted unemployment, gross domestic product and single-family home prices, as loss drivers for its allowance for credit losses. During the quarter ended September 30, 2025, the levels of forecasted economic variables remained relatively stable. This coupled with an increase in loans receivable contributed to an increase in reserves for collectively evaluated loans during the quarter ended September 30, 2025. This was offset by a decrease in specific reserves due to a decrease in nonaccrual loans requiring specific reserves. Specific reserves recorded during the quarter ended June 30, 2025 were released during the quarter ended September 30, 2025 primarily due to charge-offs of nonaccrual loans and paydowns on a nonaccrual loan relationship. The Company recorded no provision for credit losses for the three months ended September 30, 2025. During the nine months ended September 30, 2025, the Company recorded provision for credit losses totaling $850,000 primarily due to increases in loans receivable and unfunded commitments coupled with the negative trends in forecast factors. Management believes the allowance for credit losses at September 30, 2025 appropriately reflected expected credit losses in the loan portfolio at that date.

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The following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities as of and for the three and nine months ended September 30, 2024.

	*Allowance for Credit Losses – Three months ended September 30, 2024*
	*Beginning*							*Provision*			*Ending*
(in thousands)	*Balance*		*Charge-offs*			*Recoveries*		*(Recovery)*			*Balance*
Commercial	$	2,359	$	(49	)	$	—	$	(739	)	$	1,571
Commercial Real Estate		10,439		—			—		83			10,522
Agriculture		1,680		—			—		(29	)		1,651
Residential Mortgage		1,862		—			—		50			1,912
Residential Construction		380		—			—		86			466
Consumer		304		(5	)		2		(1	)		300
Allowance for credit losses on loans		17,024		(54	)		2		(550	)		16,422
Reserve for unfunded commitments		950		—			—		—			950
Total	$	17,974	$	(54	)	$	2	$	(550	)	$	17,372

	*Allowance for Credit Losses - Nine months ended September 30, 2024*
	*Beginning*							*Provision*			*Ending*
(in thousands)	*Balance*		*Charge-offs*			*Recoveries*		*(Recovery)*			*Balance*
Commercial	$	2,041	$	(606	)	$	47	$	89		$	1,571
Commercial Real Estate		10,864		—			—		(342	)		10,522
Agriculture		997		—			—		654			1,651
Residential Mortgage		2,005		—			—		(93	)		1,912
Residential Construction		334		—			—		132			466
Consumer		355		(19	)		4		(40	)		300
Allowance for credit losses on loans		16,596		(625	)		51		400			16,422
Reserve for unfunded commitments		1,150		—			—		(200	)		950
Total	$	17,746	$	(625	)	$	51	$	200		$	17,372

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Collateral-Dependent Loans

In accordance with ASC 326, a loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. All loans individually analyzed were collateral-dependent loans as of September 30, 2025 and December 31, 2024. The following table presents the amortized cost basis of collateral-dependent loans by class, which are individually evaluated to determine expected credit losses, as of September 30, 2025 and December 31, 2024:

September 30, 2025

(in thousands)	*Secured by 1-4 Family Residential Properties-1st lien*		*Secured by 1-4 Family Residential Properties-junior lien*		*Secured by 1-4 Family Residential Properties-revolving*		*Commercial*		*Construction and Land Development*
Commercial	$	—	$	—	$	—	$	401	$	—
Commercial Real Estate		—		—		—		—		—
Agriculture		—		—		—		—		—
Residential Mortgage		180		—		—		—		—
Residential Construction		—		—		—		—		—
Consumer		—		255		353		—		—
Total	$	180	$	255	$	353	$	401	$	—

					*Loans Secured by*		*Loans Secured by*
					*Owner-occupied,*		*Other*
			*Agriculture*		*Nonfarm*		*Nonfarm*
	*Secured by*		*Production*		*Nonresidential*		*Nonresidential*
(in thousands)	*Farmland*		*Loans*		*Properties*		*Properties*		*Total*
Commercial	$	—	$	—	$	—	$	—	$	401
Commercial Real Estate		—		—		672		—		672
Agriculture		662		4,280		—		—		4,942
Residential Mortgage		—		—		—		—		180
Residential Construction		—		—		—		—		—
Consumer		—		—		—		—		608
Total	$	662	$	4,280	$	672	$	—	$	6,803

December 31, 2024

(in thousands)	*Secured by 1-4 Family Residential Properties-1st lien*		*Secured by 1-4 Family Residential Properties-junior lien*		*Secured by 1-4 Family Residential Properties-revolving*		*Commercial*		*Construction and Land Development*
Commercial	$	—	$	—	$	—	$	139	$	—
Commercial Real Estate		—		—		—		—		—
Agriculture		—		—		—		—		—
Residential Mortgage		202		—		—		—		—
Residential Construction		—		—		—		—		—
Consumer		—		282		360		—		—
Total	$	202	$	282	$	360	$	139	$	—

					*Loans Secured by*		*Loans Secured by*
					*Owner-occupied,*		*Other*
					*Nonfarm*		*Nonfarm*
	*Secured by*		*Agriculture*		*Nonresidential*		*Nonresidential*
(in thousands)	*Farmland*		*Production Loans*		*Properties*		*Properties*		*Total*
Commercial	$	—	$	—	$	—	$	—	$	139
Commercial Real Estate		—		—		—		7,993		7,993
Agriculture		740		1,496		—		—		2,236
Residential Mortgage		—		—		—		—		202
Residential Construction		—		—		—		—		—
Consumer		—		—		—		—		642
Total	$	740	$	1,496	$	—	$	7,993	$	11,212

Foreclosure Proceedings

The Company had no residential real estate property in the process of foreclosure at September 30, 2025 and December 31, 2024.

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Non-accrual and Past Due Loans

The Company’s loans by delinquency and non-accrual status, as of September 30, 2025 and December 31, 2024, was as follows:

					*90 days*				*Total*
	*30-59 days*		*60-89 days*		*or More*				*Past Due &*		*Current &*				*Nonaccrual*
	*Past Due &*		*Past Due &*		*Past Due &*		*Nonaccrual*		*Nonaccrual*		*Accruing*		*Total*		*Loans with*
(in thousands)	*Accruing*		*Accruing*		*Accruing*		*Loans*		*Loans*		*Loans*		*Loans*		*No ACL*
September 30, 2025
Commercial	$	2,213	$	48	$	—	$	401	$	2,662	$	138,168	$	140,830	$	401
Commercial Real Estate		1,569		—		—		672		2,241		708,410		710,651		672
Agriculture		—		—		—		4,942		4,942		90,066		95,008		4,942
Residential Mortgage		120		72		—		180		372		102,681		103,053		180
Residential Construction		—		—		—		—		—		6,498		6,498		—
Consumer		—		—		—		608		608		14,760		15,368		608
Total	$	3,902	$	120	$	—	$	6,803	$	10,825	$	1,060,583	$	1,071,408	$	6,803

December 31, 2024
Commercial	$	2,287	$	—	$	—	$	139	$	2,426	$	115,495	$	117,921	$	139
Commercial Real Estate		—		—		—		7,993		7,993		715,657		723,650		7,993
Agriculture		1,354		500		—		2,236		4,090		88,474		92,564		2,236
Residential Mortgage		749		—		—		202		951		104,935		105,886		202
Residential Construction		—		—		—		—		—		6,858		6,858		—
Consumer		—		10		—		642		652		15,064		15,716		642
Total	$	4,390	$	510	$	—	$	11,212	$	16,112	$	1,046,483	$	1,062,595	$	11,212

The Company recognized $43,000 and $119,000 of interest income on nonaccrual loans during the three months ended September 30, 2025 and September 30, 2024, respectively. The Company recognized $421,000 and $438,000 of interest income on nonaccrual loans during the nine months ended September 30, 2025 and September 30, 2024, respectively.

Loan Modifications

Occasionally, the Company modifies loans to borrowers in financial difficulty by providing principal forgiveness, term extension, payment delays or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL.

In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the “combination” columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

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The following tables present the amortized cost basis of loans that were experiencing both financial difficulty and modification during the periods indicated, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below.

The amortized cost basis of loans that were experiencing both financial difficulty and modification during the three months ended September 30, 2025 were as follows:

(in thousands, except percentages)	*Term Extension*		*Combination Term Extension and Interest Rate Reduction*		*Total Class of Financing Receivable*

Commercial	$	1,108	$	—		0.79	%
Commercial Real Estate		374		—		0.05	%
Agriculture		—		548		0.58	%
Residential Mortgage		—		—		—
Residential Construction		—		—		—
Consumer		—		—		—
Total	$	1,482	$	548		0.19	%

The amortized cost basis of loans that were experiencing both financial difficulty and modification during the nine months ended September 30, 2025 were as follows:

(in thousands, except percentages)	*Term Extension*		*Combination Term Extension and Interest Rate Reduction*		*Combination Term Extension and Payment Delay*		*Total Class of Financing Receivable*

Commercial	$	1,238	$	—	$	73		0.93	%
Commercial Real Estate		1,708		—		—		0.24	%
Agriculture		—		548		—		0.58	%
Residential Mortgage		—		—		—		—
Residential Construction		—		—		—		—
Consumer		—		—		—		—
Total	$	2,946	$	548	$	73		0.33	%

The amortized cost basis of loans that were experiencing both financial difficulty and modification during the three months ended September 30, 2024 were as follows:

			*Combination*
			*Term Extension and*		*Total Class of*
(in thousands, except percentages)	*Term Extension*		*Interest Rate Reduction*		*Financing Receivable*

Commercial	$	11	$	47		0.05	%
Commercial Real Estate		—		—		—
Agriculture		—		—		—
Residential Mortgage		—		—		—
Residential Construction		—		—		—
Consumer		—		—		—
Total	$	11	$	47		0.01	%

The amortized cost basis of loans that were experiencing both financial difficulty and modification during the nine months ended September 30, 2024 were as follows:

			*Combination*
			*Term Extension and*		*Total Class of*
(in thousands, except percentages)	*Term Extension*		*Interest Rate Reduction*		*Financing Receivable*

Commercial	$	2,102	$	47		1.96	%
Commercial Real Estate		—		—		—
Agriculture		—		—		—
Residential Mortgage		—		—		—
Residential Construction		—		—		—
Consumer		—		—		—
Total	$	2,102	$	47		0.20	%

The Company had no commitments to lend additional funds to borrowers whose loans were modified at September 30, 2025 and September 30, 2024.

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The following table presents the financial effect of the loan modifications to borrowers experiencing financial difficulty during the three-month period ended September 30, 2025:

	*Weighted-Average*			*Weighted-Average*
	*Interest Rate*			*Term Extension*
	*Reduction*			*(in months)*
Commercial		—			2
Commercial Real Estate		—			8
Agriculture		1.00	%		36
Residential Mortgage		—			—
Residential Construction		—			—
Consumer		—			—
Total		1.00	%		12

The following table presents the financial effect of the loan modifications to borrowers experiencing financial difficulty during the nine-month period ended September 30, 2025:

	*Weighted-Average*			*Weighted-Average*
	*Interest Rate*			*Term Extension*
	*Reduction*			*(in months)*
Commercial		—			9
Commercial Real Estate		—			4
Agriculture		1.00	%		36
Residential Mortgage		—			—
Residential Construction		—			—
Consumer		—			—
Total		1.00	%		11

The following table presents the financial effect of the loan modifications to borrowers experiencing financial difficulty during the three-month period ended September 30, 2024:

	*Weighted-Average*			*Weighted-Average*
	*Interest Rate*			*Term Extension*
	*Reduction*			*(in months)*
Commercial		3.00	%		19
Commercial Real Estate		—			—
Agriculture		—			—
Residential Mortgage		—			—
Residential Construction		—			—
Consumer		—			—
Total		3.00	%		19

The following table presents the financial effect of the loan modifications to borrowers experiencing financial difficulty during the nine-month period ended September 30, 2024:

	*Weighted-Average*			*Weighted-Average*
	*Interest Rate*			*Term Extension*
	*Reduction*			*(in months)*
Commercial		3.00	%		9
Commercial Real Estate		—			—
Agriculture		—			—
Residential Mortgage		—			—
Residential Construction		—			—
Consumer		—			—
Total		3.00	%		9

A commercial real estate loan modified within the previous twelve months totaling $1,334,000 was past due as of September 30, 2025. Loans that were modified within the previous twelve months were current on payments as of September 30, 2024. There were no loans modified within the previous twelve months and for which there was a payment default during the three- and nine month periods ended September 30, 2025 and September 30, 2024.

Upon the Company's determination that a modified loan (or portion of a loan) has subsequently become uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount.

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Credit Quality Indicators

All loans are rated using the credit risk ratings and criteria adopted by the Company. Risk ratings are adjusted as future circumstances warrant. All credits risk rated 1, 2, 3, 4 or 5 equate to a Pass as indicated by Federal and State bank regulatory agencies; a 6 equates to a Special Mention; a 7 equates to Substandard; an 8 equates to Doubtful; and a 9 equates to a Loss. For the definitions of each risk rating, see Note 4 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables present the loan portfolio by loan class, origination year, and internal risk rating as of September 30, 2025. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to permanent loans, are presented by year of origination. Revolving loans converted to term loans totaled $2,291,000 and $3,121,000 as of September 30, 2025 and December 31, 2024, respectively.

(in thousands)
	*Term Loans Amortized Cost Basis by Origination Year - As of September 30, 2025*
																	*Revolving*
																	*Loans*
																	*Amortized*
	*2025*		*2024*			*2023*			*2022*			*2021*			*Prior*		*Cost Basis*			*Total*
Commercial
Pass	$	40,734	$	36,653		$	11,494		$	9,662		$	4,334		$	7,349	$	25,471		$	135,697
Special Mention		73		—			—			767			806			—		1,239			2,885
Substandard		48		46			262			—			—			755		1,137			2,248
Doubtful/Loss		—		—			—			—			—			—		—			—
Total Commercial loans	$	40,855	$	36,699		$	11,756		$	10,429		$	5,140		$	8,104	$	27,847		$	140,830
Year-to-date Period Charge-offs		—		(119	)		(83	)		—			(13	)		—		(241	)		(456	)
Year-to-date Recoveries		—		—			251			—			—			16		—			267
Year-to-date Net Charge-offs		—		(119	)		168			—			(13	)		16		(241	)		(189	)

Commercial Real Estate
Pass	$	39,775	$	59,728		$	110,098		$	157,813		$	163,355		$	145,478	$	1,203		$	677,450
Special Mention		1,334		2,868			—			12,691			2,037			3,978		—			22,908
Substandard		374		—			672			3,431			—			5,816		—			10,293
Doubtful/Loss		—		—			—			—			—			—		—			—
Total Commercial Real Estate loans	$	41,483	$	62,596		$	110,770		$	173,935		$	165,392		$	155,272	$	1,203		$	710,651
Year-to-date Charge-offs		—		—			(26	)		—			—			—		—			(26	)
Year-to-date Recoveries		—		—			—			—			—			—		—			—
Year-to-date Net Charge-offs		—		—			(26	)		—			—			—		—			(26	)

Agriculture
Pass	$	4,247	$	3,011		$	6,263		$	15,586		$	18,477		$	14,314	$	21,599		$	83,497
Special Mention		—		—			—			—			—			—		—			—
Substandard		—		—			58			2,741			4,739			—		3,973			11,511
Doubtful/Loss		—		—			—			—			—			—		—			—
Total Agriculture loans	$	4,247	$	3,011		$	6,321		$	18,327		$	23,216		$	14,314	$	25,572		$	95,008
Year-to-date Charge-offs		—		—			—			(176	)		—			—		(298	)		(474	)
Year-to-date Recoveries		—		—			—			—			—			—		—			—
Year-to-date Net Charge-offs		—		—			—			(176	)		—			—		(298	)		(474	)

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(in thousands)
	*Term Loans Amortized Cost Basis by Origination Year - As of September 30, 2025*
														*Revolving*
														*Loans*
														*Amortized*
	*2025*			*2024*		*2023*		*2022*		*2021*		*Prior*		*Cost Basis*		*Total*
Residential Mortgage
Pass	$	2,958		$	4,784	$	18,386	$	23,410	$	24,856	$	28,482	$	—	$	102,876
Special Mention		—			—		—		—		—		—		—		—
Substandard		—			—		—		—		32		145		—		177
Doubtful/Loss		—			—		—		—		—		—		—		—
Total Residential Mortgage loans	$	2,958		$	4,784	$	18,386	$	23,410	$	24,888	$	28,627	$	—	$	103,053
Year-to-date Charge-offs		(5	)		—		—		—		—		—		—		(5	)
Year-to-date Recoveries		—			—		—		—		—		—		—		—
Year-to-date Net Charge-offs		(5	)		—		—		—		—		—		—		(5	)

Residential Construction
Pass	$	2,310		$	1,415	$	1,183	$	491	$	1,099	$	—	$	—	$	6,498
Special Mention		—			—		—		—		—		—		—		—
Substandard		—			—		—		—		—		—		—		—
Doubtful/Loss		—			—		—		—		—		—		—		—
Total Residential Construction loans	$	2,310		$	1,415	$	1,183	$	491	$	1,099	$	—	$	—	$	6,498
Year-to-date Charge-offs		—			—		—		—		—		—		—		—
Year-to-date Recoveries		—			—		—		—		—		—		—		—
Year-to-date Net Charge-offs		—			—		—		—		—		—		—		—

FIRST NORTHERN COMMUNITY BANCORP 10-Q