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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended 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 No. 333-284191

Steele Bancorp, Inc.

(Exact name of Registrant as specified in its Charter)

Pennsylvania		23-2362874
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
250 East Chestnut Street Mifflinburg, PA		17844
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (570) 966-1041

Mifflinburg Bancorp, Inc.

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

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

As of November 14, 2025, the registrant had 3,405,061 shares of voting common stock outstanding.

Table of Contents

Table of Contents




Part I - Financial Information	3

Item 1. Financial Statements

Consolidated Balance Sheets, September 30, 2025 (unaudited) and December 31, 2024	3

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	4

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	5

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	6

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	7

Notes to Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

Item 3. Quantitative and Qualitative Disclosures About Market Risk	56

Item 4. Controls and Procedures	56

Part II - Other Information	56

Item 1. Legal Proceedings	56

Item 1A. Risk Factors	56

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

Item 3. Defaults Upon Senior Securities	56

Item 4. Mine Safety Disclosure	56

Item 5. Other Information	56

Item 6. Exhibit Index	57

Signatures	58

Table of Contents

Part I - Financial Information

Item 1. Financial Statements

Steele Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets

(in thousands, except share and per share data)

	(Unaudited)
	*September 30,*			December 31,
	*2025*			2024 *
Assets
Cash and due from banks	$	7,215		$	4,580
Interest-bearing demand deposits		41,776			3,213
Federal funds sold		5,027			1,386

Total cash and cash equivalents		54,018			9,179

Interest-bearing time deposits		7,654			10,369
Debt securities available-for-sale, at fair value		223,633			116,053
Marketable equity securities, at fair value		518			268
Restricted investments in bank stock, at cost		2,780			2,300

Loans		900,610			436,339
Allowance for credit losses		(9,512	)		(4,379	)

Loans, net		891,098			431,960

Premises and equipment, net		18,110			8,251
Accrued interest receivable		3,984			1,804
Core deposit intangible, net		14,218			-
Bank owned life insurance		28,070			12,966
Net deferred tax asset		4,570			2,247
Other assets		4,923			1,305

Total Assets	$	1,253,576		$	596,702

Liabilities and Stockholders' Equity

Liabilities
Deposits:
Noninterest-bearing deposits	$	214,926		$	69,746
Interest-bearing deposits		891,004			419,783

Total deposits		1,105,930			489,529

Repurchase agreements		1,414			1,143
Federal Home Loan Bank advances		8,000			43,050
Subordinated debt, at fair value		9,808			-
Accrued interest payable		2,051			1,736
Other liabilities		11,473			5,327

Total Liabilities		1,138,676			540,785
Commitments and Contingencies

Redeemable Common Stock Held By Employee Stock Ownership Plan		4,162			1,877

Stockholders' Equity
Common stock, par value $1.00 per share; authorized 5,000,000 shares; issued 3,706,725 (2025) and 2,160,000 (2024) shares; outstanding 3,405,061 and 1,858,536 shares as of September 30, 2025 and December 31, 2024, respectively.		3,707			2,160
Capital surplus		40,595			1,899
Retained earnings		79,941			64,013
Accumulated other comprehensive loss		(1,187	)		(4,424	)
Unearned ESOP shares		(425	)		-
Treasury stock, at cost: 2025: 301,664 shares; 2024: 301,464 shares		(7,731	)		(7,731	)

Total Stockholders' Equity		114,900			55,917

Less maximum cash obligation to ESOP shares		4,162			1,877
Total Stockholders’ Equity Less Maximum Cash Obligations Related to ESOP Shares		110,738			54,040

Total Liabilities and Stockholders' Equity	$	1,253,576		$	596,702

See accompanying notes to consolidated financial statements

* Derived from consolidated audited financial statements

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Income

(Unaudited)

(in thousands, except per share data)

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
Interest and Dividend Income
Interest and fees on loans	$	12,232		$	5,732		$	25,372		$	16,315
Interest-bearing deposits in banks and time deposits		316			133			553			419
Federal funds sold		45			123			55			147
Securities:
Taxable		1,224			471			2,244			1,413
Tax-exempt		501			299			1,089			915
Dividends		101			51			215			150

Total Interest and Dividend Income		14,419			6,809			29,528			19,359

Interest Expense
Deposits		4,222			2,236			8,781			6,347
Federal Home Loan Bank advances		258			155			1,078			511
Federal Discount Window borrowings		-			117			-			348
Subordinated debt		75			-			76			-

Total Interest Expense		4,555			2,508			9,935			7,206

Net Interest Income		9,864			4,301			19,593			12,153

Provision for credit losses		4,228			138			4,390			169

Net Interest Income after provision for credit losses		5,636			4,163			15,203			11,984

Noninterest Income
Service charges on deposit accounts		225			113			486			330
ATM fees and debit card income		368			201			738			579
Mortgage banking revenue		134			52			243			187
Trust and investment fee income		129			19			207			64
Gain on sale of premises		-			-			52			-
Loss on sale of securities		(8	)		-			(8	)		-
Net marketable equity security gains (losses)		60			(80	)		57			(112	)
Earnings on bank owned life insurance		130			65			256			192
Bargain purchase gain		17,827			-			17,827			-
Other		203			40			323			150

Total Noninterest Income		19,068			410			20,181			1,390

Noninterest Expense
Salaries and employee benefits		4,310			1,779			7,997			5,303
Net occupancy and equipment expense		442			270			1,040			871
Amortization of core deposit intangible		444			-			444			-
Data processing fees		252			171			598			514
Pennsylvania shares tax		108			114			332			335
Professional fees		112			30			191			108
Advertising expense		67			32			141			97
FDIC deposit insurance		127			64			263			190
Merger-related expenses		3,873			105			4,120			105
Other		1,187			345			2,023			1,041

Total Noninterest Expense		10,922			2,910			17,149			8,564

Income Before Income Taxes		13,782			1,663			18,235			4,810

Income Taxes		105			282			932			750

Net Income	$	13,677		$	1,381		$	17,303		$	4,060

Earnings Per Share - Basic and Diluted	$	4.77		$	0.74		$	7.87		$	2.18

See accompanying notes to consolidated financial statements.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Net Income	$	13,677	$	1,381	$	17,303	$	4,060

Other Comprehensive Income

Unrealized holding gains on debt securities available-for-sale, net of income taxes of $620 and $522 for the three months ended and $859 and $180 for the nine months ended, respectively		2,333		1,966		3,231		677

Reclassification adjustment for losses on available-for- sale securities included in net income, net of income taxes of $2 and $-0- for the three months ended and $2 and $-0- for the nine months ended, respectively		6		-		6		-


Other comprehensive income		2,339		1,966		3,237		677

Total Comprehensive Income	$	16,016	$	3,347	$	20,540	$	4,737

See accompanying notes to consolidated financial statements.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

(in thousands)

								Accumulated Other						Maximum Cash Obligation
	Common Stock		Capital Surplus		Retained Earnings			Comprehensive (Loss)			Treasury Stock			Related to ESOP Shares			Total
Balance, December 31, 2023	$	2,160	$	1,899	$	62,227		$	(3,769	)	$	(7,731	)	$	(1,764	)	$	53,022

Net income		-		-		1,356			-			-			-			1,356
Other comprehensive loss		-		-		-			(602	)		-			-			(602	)
Change related to ESOP shares		-		-		-			-			-			(105	)		(105	)
Balance, March 31, 2024	$	2,160	$	1,899	$	63,583		$	(4,371	)	$	(7,731	)	$	(1,869	)	$	53,671

Net income		-		-		1,323			-			-			-			1,323
Other comprehensive loss		-		-		-			(687	)		-			-			(687	)
Change related to ESOP shares		-		-		-			-			-			367			367
Cash dividends declared ($0.72 per share)		-		-		(1,338	)		-			-			-			(1,338	)
Balance, June 30, 2024	$	2,160	$	1,899	$	63,568		$	(5,058	)	$	(7,731	)	$	(1,502	)	$	53,336

Net income		-		-		1,381			-			-			-			1,381
Other comprehensive income		-		-		-			1,966			-			-			1,966
Change related to ESOP shares		-		-		-			-			-			(450	)		(450	)
Balance, September 30, 2024	$	2,160	$	1,899	$	64,949		$	(3,092	)	$	(7,731	)	$	(1,952	)	$	56,233

								Accumulated Other									Maximum Cash Obligation
	Common Stock		Capital Surplus		Retained Earnings			Comprehensive (Loss)			Treasury Stock			Unearned ESOP Shares			Related to ESOP Shares			Total
Balance, December 31, 2024	$	2,160	$	1,899	$	64,013		$	(4,424	)	$	(7,731	)	$	-		$	(1,877	)	$	54,040

Net income		-		-		1,806			-			-			-			-			1,806
Other comprehensive income		-		-		-			642			-			-			-			642
Change related to ESOP shares		-		-		-			-			-			-			75			75
Balance, March 31, 2025	$	2,160	$	1,899	$	65,819		$	(3,782	)	$	(7,731	)	$	-		$	(1,802	)	$	56,563

Net income		-		-		1,820			-			-			-			-			1,820
Other comprehensive income		-		-		-			256			-			-			-			256
Change related to ESOP shares		-		-		-			-			-			-			(148	)		(148	)
Cash dividends declared ($0.74 per share)		-		-		(1,375	)		-			-			-			-			(1,375	)
Balance, June 30, 2025	$	2,160	$	1,899	$	66,264		$	(3,526	)	$	(7,731	)	$	-		$	(1,950	)	$	57,116

Net income		-		-		13,677			-			-			-			-			13,677
Other comprehensive income		-		-		-			2,339			-			-			-			2,339
NUBC Acquisition		1,547		38,696		-			-			-			-			-			40,243
Unearned ESOP shares assumed		-		-		-			-			-			(425	)		-			(425	)
Change related to ESOP shares		-		-		-			-			-			-			(2,212	)		(2,212	)
Balance, September 30, 2025	$	3,707	$	40,595	$	79,941		$	(1,187	)	$	(7,731	)	$	(425	)	$	(4,162	)	$	110,738

See accompanying notes to consolidated financial statements.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	*Nine Months Ended September 30,*
Cash Flows from Operating Activities	*2025*			*2024*
Net income	$	17,303		$	4,060
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		417			360
Net accretion of acquisition accounting adjustments		(242	)		-
Net accretion of discounts and premiums on securities		(542	)		(188	)
Bargain purchase gain		(17,827	)		-
Deferred income tax benefit		(335	)		(61	)
Provision for credit losses		4,390			169
Decrease (increase) in accrued interest receivable		81			(210	)
(Decrease) increase in accrued interest payable		(239	)		591
Increase in cash surrender value of bank owned life insurance		(256	)		(192	)
Net marketable equity security (gains) losses		(57	)		112
Origination of loans held for sale		(2,922	)		(3,462	)
Proceeds from loans sold		3,087			3,424
Gain on sale of loans		(104	)		(75	)
(Gain) loss on disposition of premises and equipment		(52	)		-
Realized loss on sale of securities		8			-
(Gain) loss on sale of foreclosed real estate		(36	)		6
Change in other assets and liabilities, net		3,249			(195	)

Net Cash Provided by Operating Activities		5,923			4,339

Cash Flows from Investing Activities
Debt securities available-for-sale:
Purchases		(3,946	)		(10,407	)
Proceeds from paydowns, maturities and calls		17,825			11,749
Proceeds from sales		48,641			-
Net increase in loans		(36,390	)		(22,843	)
Decrease of interest-bearing time deposits		2,715			5,439
Increase (decrease) in restricted investments in bank stock		2,468			(170	)
Proceeds from sale of premises and equipment		122			-
Proceeds from sale of foreclosed real estate		113			50
Purchases of premises and equipment		(87	)		(193	)
Cash acquired in the acquisition of NUBC, net of cash paid		43,399			-

Net Cash Provided By (Used in) Investing Activities		74,860			(16,375	)

Cash Flows from Financing Activities
Increase in deposits		20,210			23,803
Proceeds from Federal Home Loan Bank advances		-			2,000
Repayment of Federal Home Loan Bank advances		(55,050	)		(1,200	)
Decrease in Federal Funds purchased		-			(435	)
Increase (decrease) in repurchase agreements		271			(151	)
Dividends paid on common stock		(1,375	)		(1,338	)

Net Cash (Used In) Provided by Financing Activities		(35,944	)		22,679

Net increase in cash and cash equivalents		44,839			10,643

Cash and Cash Equivalents, Beginning of Year		9,179			12,206

Cash and Cash Equivalents, End of Year	$	54,018		$	22,849

Supplementary Cash Flows Information
Interest paid	$	9,975		$	6,615
Income taxes paid	$	1,327		$	620
Supplementary Disclosure of Noncash Transactions
Other real estate acquired in settlement of loans	$	77		$	-
Increase in maximum cash obligation related to ESOP shares	$	2,285		$	188
ROU assets acquired in exchange for lease liabilities	$	132		$	-

See accompanying notes to consolidated financial statements.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

1. Description of Business and Summary of Significant Accounting Policies

Steele Bancorp, Inc. (the Bancorp) is a Pennsylvania Corporation organized as the holding company of Central Penn Bank & Trust (the Bank) (collectively, the "Company"). The Bank is a state chartered commercial bank located in Mifflinburg, Pennsylvania, whose principal sources of revenues are derived from its commercial, mortgage, residential real estate, and consumer loan financing as well as a variety of deposit services provided to customers serviced by its thirteen offices. Milestone Insurance Services, LLC (Milestone) was formed in 2003 and is a wholly owned subsidiary of the Bank. Milestone is licensed to sell title insurance. The Bancorp is supervised by the Board of Governors of the Federal Reserve System while the Bank is subject to regulation and supervision by the Federal Deposit Insurance Company and the Pennsylvania Department of Banking and Securities.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles ("GAAP") for interim reporting and with applicable quarterly reporting regulations for the U.S. Securities and Exchange Commission ("SEC"). They do not include all of the information and notes required by GAAP for complete financial statements. As such, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, included in the Company's Special Financial Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K").

Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may reflect different estimates, assumptions and judgements. Certain policies inherently rely more extensively on the use of estimates, assumptions, and judgements and as such may have a greater possibility of producing results that could be materially different than originally reported. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans and acquisition accounting.

The results of operations for the three and nine months ended September 30, 2025, is not necessarily indicative of results of operations for the full year or any other interim period. The Company's significant accounting policies followed in preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the 2024 Form 10-K. In addition to applying significant accounting policies disclosed in Note 1 of the 2024 Form 10-K, the Company implemented accounting policies appropriate for its merger with Northumberland Bancorp (“NUBC”). Business combinations are accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations, using the acquisition method of accounting. The acquisition method of accounting requires an acquirer to recognize the assets acquired and the liabilities assumed at the acquisition date measured at their fair values as of that date. To determine the fair values, the Company relies on internal or third-party valuations, such as appraisals, valuations based on discounted cash flow analyses, or other valuation techniques.

Under the acquisition method of accounting, the Company identifies the acquirer and the closing date and applies applicable recognition principles and conditions. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants and advertising costs. The Company accounts for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received, with one exception. The costs to issue debt or equity securities are recognized in accordance with other applicable GAAP. These acquisition-related costs have been and will be included within the consolidated statements of income classified within the noninterest expenses caption.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The most significant assessment of fair value in the Company’s accounting for business combinations relates to the valuation of an acquired loan portfolio. At acquisition, loans are classified as either (i) purchase credit-deteriorated (“PCD”) loans or (ii) non-PCD loans and are recorded at fair value on the date of acquisition. PCD loans are those for which there is more than insignificant evidence of credit deterioration since origination. Fair values are determined primarily through a discounted cash flow approach which considers the acquired loans’ underlying characteristics, including account types, remaining terms, annual interest rates, interest types, timing of principal and interest payments, current market rates, and remaining balances. Estimates of fair value also include estimates of default, loss severity, and estimated prepayments.

At acquisition, an allowance for credit losses (“ACL”) for PCD loans is determined based upon the Company’s methodology for estimating the ACL on loans. This allowance is credited to the ACL on loans with a corresponding adjustment to the amortized cost basis of the loan on the date of the acquisition. The difference between the new amortized cost basis and the unpaid principal balance is either a noncredit discount or premium that is amortized or accreted to interest income over the remaining life of the loan. Disposals of PCD loans, which may include sale of loans to third parties, receipt of payments in full or in part from the borrower or foreclosure of the collateral, result in removal of the loan from the loan portfolio at its carrying amount.

For non-PCD loans, an ACL is established in a manner that is consistent with the Company’s originated loans. The ACL is determined using the Company’s methodology and the related ACL for non-PCD loans is recorded through a charge to the provision for credit losses in the period in which the loans are purchased or acquired. The entirety of any purchase discount or premium on non-PCD loans is amortized or accreted to interest income over the remaining life of the loan.

In accordance with ASC 805, the Company also identified intangible assets acquired. Other intangible assets lack physical substance but have contractual or other legal rights or are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Intangible assets are initially recorded at fair value. Determining fair value is subjective, requiring the use of estimates, assumptions and management judgment. Intangible assets that have finite lives are amortized over their estimated useful lives and are subject to impairment testing. Upon acquisition of NUBC, the Company recognized a core deposit intangible asset, which represents the value of customer deposit relationships. Core deposit intangible assets are amortized over an estimated useful life of 10 years using an accelerated method which approximates the estimated attrition of the acquired deposits.

Certain items in the prior period financial statement have been reclassified to conform to the current presentation. These reclassifications had no effect on prior year net income or stockholder's equity.

The accounting policies followed by the Company and the methods of applying these policies conform with accounting principles generally accepted in the United States of America (GAAP) and with general practices within the banking industry. All significant intercompany accounts and transactions between the Company and its subsidiary have been eliminated. The accompanying interim period financial statements are unaudited; however, in the opinion of the Company's management, all adjustments consisting of normal recurring adjustments, which are necessary for a fair presentation of the consolidated financial statements have been included.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specified information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

In January 2025, the Financial Accounting Standards Board (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 Update ASU 2024-03 is permitted. The Company does not expect the adoption of ASU-2025-01 to have a material impact on its consolidated financial statements.

Common stock held by ESOP

The Company classifies equity securities as temporary equity if those securities are redeemable at the option of the holder or upon the occurrence of an event not solely within the issuer control. Thus, shares of common stock held by an ESOP, whether non-leveraged or leveraged, that are redeemable at the option of the participant must be classified within temporary equity and classified as Redeemable Common Stock Held By Employee Stock Ownership Plan. Changes in the value of the redeemable ESOP shares are recognized in the Maximum Cash Obligation Related to ESOP shares as a component of stockholders’ equity.

The Company’s maximum cash obligations related to these shares is classified outside stockholders’ equity because the shares are not readily traded and could be put to the Company for cash.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

2. Business Combinations

On August 1, 2025 (the “Acquisition Date”), the Company completed the acquisition of Northumberland Bancorp ("NUBC"), in accordance with the definitive agreement that was entered into on September 24, 2024, as amended on December 4, 2024, by and among the Company and NUBC. The primary reasons for the merger included: expansion of the branch network and increased market share positions in central Pennsylvania; attractive low-cost funding base; strong cultural alignment and a deep commitment to shareholders, customers, employees, and communities served by Steele and NUBC, meaningful value creation to shareholders; and increased trading liquidity for both companies and increased dividends for NUBC shareholders. In connection with the completion of the merger, former NUBC shareholders received 1.185 shares of the Company’s common stock. The value of the total transaction consideration was approximately $40.4 million. The consideration included the issuance of 1,546,725 shares of the Company’s common stock, which had a value of $26.00 per share, which was the closing price of the Company’s common stock on July 31, 2025, the last trading day prior to the consummation of the acquisition. Also included in the total consideration were cash in lieu of any fractional shares and the cash paid for dissenter's rights effectively settled upon closing.

The acquisition of NUBC was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid are recorded at estimated fair values on the Acquisition Date. The provisional amount of bargain purchase gain as of the Acquisition Date was approximately $17.8 million. The exchange ratio was determined at the time of announcement with mergers of equals as a consideration between the Company and NUBC. The exchange ratio and lower than book value stock price of the Company was the primary driver in recording a bargain purchase gain on this transaction. The Company will continue to keep the measurement of bargain purchase gain open for any additional adjustments to the fair value of certain accounts, for example loans, that may arise during the Company’s final review procedures of any updated information. If considered necessary, any subsequent adjustments to the fair value of assets acquired and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to bargain purchase gain within the first 12 months following the Acquisition Date. The bargain purchase gain is not expected to be included as taxable income for tax purposes.

As a result of the integration of operations of NUBC, it is not practicable to determine revenue or net income included in the Company’s consolidated operating results relating to NUBC since the Acquisition Date, as NUBC’s results cannot be separately identified. Comparative pro-forma financial statements for the prior year period were not presented, as adjustments to those statements would not be indicative of what would have occurred had the acquisition taken place on January 1, 2025. In particular, adjustments that would have been necessary to be made to record the loans at fair value, the provision of credit losses or the core deposit intangible would not be practical to estimate.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The following table summarizes the consideration paid for NUBC and the amounts of the assets acquired and liabilities assumed
recognized at the acquisition date of August 1, 2025:
(in thousands, Except Share and Per Share Data)
Purchase Price Consideration
Mifflinburg Bancorp, Inc. shares to be issued		1,546,725
Per share value assigned to shares issued	$	26.00
Total purchase price assigned to shares issued				$	40,215
Cash in lieu of fractional shares					3
Dissenter's shares (1)		6,493
Fair value of Dissenter's shares	$	28.80
Total fair value of Dissenter's shares					187
Fair value of total consideration transferred				$	40,405


Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value
Cash and cash equivalents	$	43,589
Securities, available for sale		165,660
Loans held for sale		61
Loans gross		427,066
Allowance for credit losses		(725	)
Loans, net of allowance		426,341

Bank owned life insurance		14,848
Premises		9,226
Furniture, fixtures and equipment		515
Accrued interest receivable		2,261
Restricted investment in bank stock		2,948
Deferred tax asset		2,849
Core deposit intangible		14,662
Customer list intangibles		1,406
Operating lease right of use asset		132
Other assets		3,679
Total identifiable assets acquired at fair value	$	688,177

Deposits	$	597,060
Borrowings		20,117
Subordinated debt		9,753
Accrued interest payable		554
Operating lease liability		132
Other liabilities		2,329
Total liabilities assumed	$	629,945
Total identifiable net assets, at fair value				$	58,232
Preliminary bargain purchase gain				$	17,827

(1) NUBC stockholder with 6,493 shares exercised their Dissenter’s rights. The Company made a settlement with the stockholder and paid a cash settlement of $28.80 per share for a total payment of $187 thousand.

The Company recorded all loans acquired at the estimated fair value on the acquisition date with no carryover of the related allowance for loan losses. The Company determined the net discounted value of cash flows on gross loans totaling $427.1 million, including 5,023 of Non-Purchase Credit Deteriorated ("PCD") loans and 379 PCD loans. The valuation took into consideration the loans’ underlying characteristics, including account types, remaining terms, annual interest rates, interest types, past delinquencies, timing of principal and interest payments, current market rates, loan-to-loan value ratios, loss exposures, and remaining balances. These Non-PCD loans were segregated into pools based on loan and payment type. The effect of the valuation process was a total net discount $19.6 million at the Acquisition Date.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

Management made significant estimates and exercised significant judgement in accounting for the acquisition of NUBC. The following is a brief description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company utilized a valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities.

Cash and equivalents

Included in cash and equivalents are an investment in time deposits of other financial institutions, valued at the present value of the expected contractual payments discounted at market rates for instruments with similar terms.

Securities

The estimated fair value of the acquired portfolio of debt securities was based on quoted market prices. The Company sold available-for-sale securities with a total par value of $52.8 million of the acquired portfolio upon completion of the acquisition.

Loans

The fair valuation process identified loans with credit risk indicators that qualified for “purchase credit deteriorated” (“PCD”) status. PCD and non-PCD loans were then evaluated for credit risk and other fair value indicators. Consistent with GAAP, FCB’s related allowance for credit losses on loans and deferred fees and costs were not recorded.

Credit risk was quantified using a probability of default (“PD”)/loss given default(“LGD”) methodology from a market participant perspective and applied to each loan’s outstanding principal balance. PD/LGD rates were tailored to PCD or non-PCD status. Other fair value indicators were quantified using a discounted cash flow methodology, with discounts applied for current market rates, credit risk and liquidity. Cash flows were generated based upon the loans’ underlying characteristics and estimated prepayment speeds.

The following table provides information on PCD and non-PCD loans as of the Acquisition Date:

August 1, 2025
(Dollars in Thousands)	PCD Loans			Non-PCD Loans
Number of loans		379			5,023
NUBC recorded value	$	53,676		$	392,745
Discount for credit risk		(194	)		(4,474	)
Discount for non-credit factors		(1,238	)		(13,396	)
Fair value	$	52,244		$	374,875

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

Premises and equipment

The fair value of premises acquired was based on a recent third-party appraisal. Acquired equipment was based on the remaining net book value of NUBC, which approximated fair value.

Core Deposit Intangible

Core deposit relationships provide a stable source of funds for lending and contribute to profitability. The core deposit intangible was valued using an income approach focused on cost savings, which recognizes the cost savings represented by the expense of maintaining the core deposit base versus the cost of an alternative funding source. The valuation incorporates assumptions related to account retention, discount rates, deposit interest rates, deposit maintenance costs and alternative funding rates.

Leases: right of use asset, lease liability and fair value

Right of use assets (included in other assets) and lease liabilities (included in other liabilities) for branch locations were measured at the acquisition date. The fair value of leases was determined by applying a discounted cash flow methodology discounted by current lease rates within the appropriate market.

Deposits

Deposits were valued using methods appropriate to their characteristics. The fair value of noninterest bearing demand deposits, interest bearing demand deposits, money market and savings deposit accounts were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Time deposits were valued at the present value of the expected contractual payments discounted at market rates for instruments with similar terms.

Borrowings

The estimated fair value of borrowings was determined by obtaining payoff quotes from the lender. Borrowings were paid off upon completion of the acquisition.

Subordinated Debt

The estimated fair value of subordinated debt was determined by the present value of the expected contractual payments discounted by market rates for similar subordinated debt market rates estimate.

Customer List Intangible Asset ("CLI")

The customer list intangible asset fair value is derived from the revenues generated by NUBC's Trust and Financial Services Divisions.

Mortgage Servicing Rights

The estimated fair value of mortgage servicing rights was determined through a discounted cash flow analysis and calculated using a computer pricing model.

Deferred Tax Asset

Application of fair value measurements resulted in an increase to the deferred tax asset, included in other assets.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

3. Securities

The amortized cost and fair value of debt securities available-for-sale along with gross unrealized gains and losses as of the dates indicated are summarized as follows (in thousands):

	*September 30, 2025*									December 31, 2024
			Gross		Gross							Gross		Gross
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value

U.S. Treasury	$	2,956	$	32	$	-		$	2,988	$	2,194	$	9	$	(1	)	$	2,202
U.S. government agencies		49,596		104		(143	)		49,557		25,865		11		(427	)		25,449
Taxable state and municipal		34,124		371		(330	)		34,165		6,142		-		(511	)		5,631
Tax exempt state and municipal		88,881		870		(2,316	)		87,435		55,696		3		(3,903	)		51,796
U.S. government sponsored enterprise mortgage-backed		45,491		292		(315	)		45,468		27,723		31		(656	)		27,098
Corporate		4,086		16		(82	)		4,020		4,034		-		(157	)		3,877

Total debt securities available-for-sale	$	225,134	$	1,685	$	(3,186	)	$	223,633	$	121,654	$	54	$	(5,655	)	$	116,053

Accrued interest receivable on available-for-sale securities totaled $1,478,000 and $620,000 at September 30, 2025 and December 31, 2024, respectively and is included in Accrued Interest Receivable on the Consolidated Balance Sheets. These amounts were excluded from the estimate of credit losses.

The deferred tax asset for the net unrealized loss on securities available for sale was $1,909,000 as of September 30, 2025 and $1,176,000 as of December 31, 2024. The deferred tax asset is included in net deferred tax asset on the Consolidated Balance Sheets.

The amortized cost and estimated fair value of debt securities available-for-sale at September 30, 2025, by expected maturity for mortgage-backed securities and debt securities with call features and by contractual maturity for all other securities, are shown below. 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 thousands).

	Amortized		Fair
	Cost		Value

Due in one year or less	$	34,914	$	34,768
Due after one year through five years		128,998		129,028
Due after five years through ten years		56,269		55,306
Due after ten years		4,953		4,531

Total	$	225,134	$	223,633

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The following tables show the Company's debt securities available-for-sale gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025

Less than 12 Months

12 Months or Longer

Total

Unrealized

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

U.S. Treasury

U.S. government agencies

25,559

7,597

33,156

143

Taxable state and municipal

2,848

4,675

318

7,523

330

Tax-exempt state and municipal

499

42,301

2,315

42,800

2,316

U.S. government sponsored enterprise mortgage-backed

5,039

11,697

289

16,736

315

Corporate

2,947

Total debt securities available-for-sale

33,945

69,217

3,088

103,162

3,186

December 31, 2024	Less than 12 Months				12 Months or Longer				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

U.S. Treasury	$	-	$	-	$	248	$	1	$	248	$	1
U.S. government agencies		11,650		235		10,169		192		21,819		427
Taxable state and municipal		-		-		5,631		511		5,631		511
Tax-exempt state and municipal		6,646		96		43,673		3,807		50,319		3,903
U.S. government sponsored enterprise mortgage-backed		11,450		140		9,492		516		20,942		656
Corporate		498		-		3,379		157		3,877		157

Total debt securities available-for-sale	$	30,244	$	471	$	72,592	$	5,184	$	102,836	$	5,655

At September 30, 2025, the $98,000 unrealized loss (less than 12 months) was attributed to 94 different securities. The $3,088,000 unrealized loss (12 months or more) was attributed to 166 securities. At December 31, 2024, the $471,000 unrealized loss (less than 12 months) was attributed to 42 different securities. The $5,184,000 unrealized loss (12 months or more) was attributed to 192 securities. None of the unrealized losses are individually significant. Management believes, based upon an evaluation of the issuers of the debt securities, that the unrealized losses on debt securities were the result of fluctuations in market interest rates subsequent to purchase and not a result of credit risk. Management has the intent and ability to hold investments and does not believe it will have to sell the securities until the earlier of maturity or market price recovery.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The Company considers payment history, risk ratings from external parties, financial statements for municipal and corporate securities, public statements from issuers and other available credible published sources in evaluating credit risk. No credit risk was found and no Allowance for Credit Loss on securities available for sale was recorded as of September 30, 2025 and December 31, 2024. The unrealized losses are attributed to noncredit-related factors, including changes in interest rates and other market conditions.

During the three and nine months ended September 30, 2025, the Company sold available-for-sale securities with a total par value of $52.8 million resulting in a gross pre-tax loss of $8,000.

The Company did not sell or recognize any gain or loss for any securities for the three and nine months ended September 30, 2024.

Securities with a carrying value of $136,551,000 and $73,585,000 at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and for other purposes as required by law.

As of September 30, 2025 and December 31, 2024, the Company had $518,000 and $268,000, respectively, in marketable equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on marketable equity securities during the three and nine months ended September 30, 2025 and 2024 (in thousands):

	*Three Months Ended September 30, 2025*		Three Months Ended September 30, 2024			*Nine Months Ended September 30, 2025*		Nine Months Ended September 30, 2024
Net change in the unrealized gain (loss) recognized during the period on marketable equity securities	$	60	$	(80	)	$	57	$	(112	)
Add: Net realized gain (loss) recognized on marketable equity securities sold during the period		-		-			-		-

Net gain (loss) recognized in net income during the period on marketable equity securities still held at the reporting date	$	60	$	(80	)	$	57	$	(112	)

Restricted Investments in Bank and Other Stock

Restricted investments in bank stock represent required investments in the common stock of correspondent banks and consist of common stock of the Federal Home Loan Bank of Pittsburgh (FHLB) of $2,508,000 and $2,255,000 at September 30, 2025 and December 31, 2024, respectively, and other correspondent banks of $45,000 at September 30, 2025 and December 31, 2024. Also included as of September 30, 2025 is other restricted stock of $227,000. As a member of the FHLB, the Bank is required to maintain an investment in FHLB stock based on mortgage loans, advances and other criteria. As no active market exists for this stock, it is carried at cost. All FHLB stock is pledged as collateral for FHLB advances. The Company evaluated its holding of FHLB stock for impairment and deemed the stock to not be impaired at September 30, 2025 and December 31, 2024. In making this determination, management concluded that recovery of total outstanding par value, which equals the carrying value, is expected. The decision was based upon review of financial information the FHLB has made publicly available.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

4. Loans and Other Real Estate Owned ("OREO")

Major categories of loans are summarized as follows as of September 30, 2025 and December 31, 2024 (in thousands):

	*2025*			2024

Commercial	$	161,695		$	87,990
Commercial real estate		341,595			212,595
Residential mortgage		354,070			121,345
Home equity		31,224			7,186
Consumer, other		4,442			1,526
Consumer, automobile		8,598			6,516

		901,624			437,158
Less: net deferred loan fees		(1,014	)		(819	)

Total loans net of deferred loan fees		900,610			436,339

Less: allowance for credit losses		(9,512	)		(4,379	)

Net Loans	$	891,098		$	431,960

The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the allowance for credit losses for loans, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $2,444,000 and $1,179,000 at September 30, 2025 and December 31, 2024, respectively, and is included in “Accrued Interest Receivable” on the Company’s Consolidated Balance Sheets.

An initial allowance for credit losses on non-PCD loans of $4.0 million was recorded through the provision for credit losses within the Consolidated Statements of Income. At the date of acquisition, of the $446.4 million of loans acquired from NNB, $53.7 million, or 12.0%, of NNB’s loan portfolio, was accounted for as PCD loans.

The following table provides details related to the fair value of acquired PCD loans:

(Dollars in Thousands)

Par Value

Purchase (Premium) Discount

Allowance

Purchase Price

Commercial

18,083

(891

)

423

17,615

Commercial Real Estate

14,180

(860

)

114

13,434

Residential Mortgage

20,073

(437

)

178

19,814

Home Equity

1,077

1,132

Consumer - Other

263

(17

)

249

Consumer - Auto

Total

53,676

(2,157

)

725

52,244

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Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The following table provides details related to the fair value of acquired Non-PCD loans:

(Dollars in Thousands)

Par Value

Purchase (Premium) Discount

Purchase Price

Commercial

67,002

(4,645

)

62,357

Commercial Real Estate

82,855

(4,944

)

77,911

Residential Mortgage

209,109

(7,169

)

201,940

Home Equity

28,180

(971

)

27,209

Consumer - Other

5,599

(141

)

5,458

Consumer - Auto

Total

392,745

(17,870

)

374,875

Other Real Estate Owned

Foreclosed assets held for sale consist of real estate acquired in settlement of foreclosed loans and is initially recorded at fair value less estimated costs to sell at the time of transfer from loans to foreclosed, establishing a new cost basis. Subsequent to the transfer, foreclosed assets are carried at the lower of the adjusted cost or fair value less costs to sell. Additional write-downs are charged against operating expenses. Costs related to the acquisition and holding of foreclosed assets are charged to operations when incurred. The fair value of real estate acquired through foreclosure is generally determined by reference to an outside appraisal. The Company did not hold any foreclosed assets as of September 30, 2025 and December 31, 2024. At September 30, 2025 there were two residential loans and two commercial loans totaling $457,000 in the process of foreclosure. There was one residential loan in the amount of $75,000 in the process of foreclosure as of December 31, 2024.

Mortgage Servicing

The Company retains the servicing rights on certain mortgage loans sold to the FHLB and Fannie Mae and receives mortgage banking fee income based upon the principal balance outstanding. The mortgage servicing rights recorded as an asset are not material. Total loans serviced for the FHLB and Fannie Mae amounted to $157,785,000 and $54,863,000 at September 30, 2025 and December 31, 2024, respectively. These mortgage loans sold and serviced by the Company are not reflected in the Company’s Consolidated Balance Sheets.

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Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

5. Allowance for Credit Losses

Credit Quality Indicators

A Loan Risk Rating Grading System has been developed and is being utilized to categorize loans with similar characteristics. There are six (6) “Pass” Ratings and the standard “Classified” Watchlist Ratings. The loans are assessed based upon the information in the Loan Committee Package and a lender identified score. Further, any reassessment would be performed when the annual loan review is performed or when the loan account exhibits signs of financial difficulty or improvement. The definition of each Loan Risk Rating is outlined below:

Pass (Grades 1-6) – These loans are to customers with credit quality ranging from an acceptable to very high quality and are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral.

Special Mention (Grade 7) – This loan grade is in accordance with regulatory guidance and includes loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected.

Substandard (Grade 8) – This loan grade is in accordance with regulatory guidance and includes loans that have a well-defined weakness based on objective evidence and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful (Grade 9) – This loan grade is in accordance with regulatory guidance and includes loans that have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances.

Loss (Grade 10) – This loan grade is in accordance with regulatory guidance and includes loans that are considered uncollectible, or of such value that continuance as an asset is not warranted.

To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay the loan as agreed, the Company’s loan rating process includes several layers of internal and external oversight. The Company’s loan officers are responsible for the timely and accurate risk rating of the loans in each of their portfolios at origination and on an ongoing basis under the supervision of management. All commercial, agricultural and state and political relationships over $500,000 are reviewed annually to ensure the appropriateness of the loan grade. In addition, the Company engages an external consultant on an annual basis to: 1) review a minimum of 50% of the dollar volume of the commercial and agricultural loan portfolios, including 2) review of a sample of existing or new credit relationships with aggregate commitments greater than or equal to $1.0 million, 3) review a sample of loan relationships which are over 90 days past due, or classified Special Mention, Substandard, Doubtful, or Loss, 4) review a sample of borrowings extended to directors or executive officers, including any new borrowings made in the last year, and 5) review of other loans which management may deem appropriate.

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of September 30, 2025 and December 31, 2024 and gross year-to-date charge-offs for the respective periods (in thousands):

	*Term Loans by Year of Origination*
*September 30, 2025*	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving*		*Total*

Commercial
Pass	$	4,512	$	15,794	$	7,520	$	10,861	$	33,798	$	30,392	$	53,681	$	156,558
Special Mention		-		52		361		-		820		1,577		988		3,798
Substandard		-		-		49		1,100		-		-		190		1,339
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Commercial – Total		4,512		15,846		7,930		11,961		34,618		31,969		54,859		161,695

Current Year Gross Charge-Offs		-		-		25		-		-		-		-		25

Commercial Real Estate
Pass		45,768		56,386		41,221		55,104		49,348		67,409		17,287		332,523
Special Mention		-		-		289		564		1,703		4,359		9		6,924
Substandard		-		-		5		-		-		343		1,800		2,148
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Commercial Real Estate – Total		45,768		56,386		41,515		55,668		51,051		72,111		19,096		341,595

Current Year Gross Charge-Offs		-		-		-		-		-		-		-		-

Residential Mortgage
Pass		40,275		42,822		36,379		55,729		49,367		120,919		3,227		348,718
Special Mention		-		265		191		-		100		1,705		-		2,261
Substandard		-		-		197		26		-		2,676		192		3,091
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Residential Mortgage – Total		40,275		43,087		36,767		55,755		49,467		125,300		3,419		354,070

Current Year Gross Charge-Offs		-		-		-		-		-		-		-		-

Home Equity
Pass		3,732		4,383		2,637		2,363		2,126		7,151		8,776		31,168
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		25		-		-		-		31		-		56
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Home Equity – Total		3,732		4,408		2,637		2,363		2,126		7,182		8,776		31,224

Current Year Gross Charge-Offs		-		-		-		-		-		-		-		-

Consumer - Other
Pass		1,223		1,185		857		307		79		235		518		4,404
Special Mention		-		1		-		-		-		-		-		1
Substandard		-		1		2		12		-		-		1		16
Doubtful		-		-		21		-		-		-		-		21
Loss		-		-		-		-		-		-		-		-

Consumer - Other – Total		1,223		1,187		880		319		79		235		519		4,442

Current Year Gross Charge-Offs		-		21		3		-		-		-		-		24

Consumer – Auto
Pass		2,302		2,611		2,089		1,246		221		75		-		8,544
Special Mention		-		-		26		-		-		-		-		26
Substandard		-		-		-		11		17		-		-		28
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Consumer - Auto – Total		2,302		2,611		2,115		1,257		238		75		-		8,598

Current Year Gross Charge-Offs		-		36		6		6		-		-		-		48

Overall – Total	$	97,812	$	123,525	$	91,844	$	127,323	$	137,579	$	236,872	$	86,669	$	901,624

Table of Contents

Steele Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

(Unaudited)

	*Term Loans by Year of Origination*
*December 31, 2024*	*2024*		*2023*		*2022*		*2021*		*2020*		*Prior*		*Revolving*		*Total*

Commercial
Pass	$	6,909	$	4,500	$	6,221	$	14,788	$	3,968	$	4,812	$	45,006	$	86,204
Special Mention		55		381		-		-		451		-		899		1,786
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Commercial – Total		6,964		4,881		6,221		14,788		4,419		4,812		45,905		87,990

Current Year Gross Charge-Offs		-		-		-		-		-		-		-		-

Commercial Real Estate
Pass		44,433		35,523		26,801		34,436		16,420		46,684		56		204,353
Special Mention		240		289		573		-		-		2,677		-		3,779
Substandard		-		-		-		4,449		-		14		-		4,463
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Commercial Real Estate – Total		44,673		35,812		27,374		38,885		16,420		49,375		56		212,595

Current Year Gross Charge-Offs		-		-		-		-		-		-		-		-

Residential Mortgage
Pass		14,439		14,932		15,320		19,923		18,859		35,550		128		119,151
Special Mention		453		277		-		364		-		624		-		1,718
Substandard		-		-		-		-		-		476		-		476
Doubtful		-		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-		-

Residential Mortgage – Total		14,892		15,209		15,320		20,287		18,859		36,650		128		121,345

Current Year Gross Charge-Offs		-

STEELE BANCORP INC 10-Q