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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 ~~March~~June 3130, 2024

 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. 001-40609

1895 Bancorp of Wisconsin, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		61-1993378
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

7001 West Edgerton Avenue Greenfield, Wisconsin		53220
(Address of Principal Executive Offices)		(Zip Code)

(414) 421-8200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.01 per share

     BCOW

     The NASDAQ Stock Market, LLC

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

Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§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. (Check one)


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 

65,~~002~~980,~~335~~948 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of ~~April~~July 3031, 2024.

1895 Bancorp of Wisconsin, Inc.

Form 10-Q

Table of Contents

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023	1
	Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited)	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (unaudited)	3
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3335
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4246
Item 4.	Controls and Procedures	4246
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	4247
Item 1A.	Risk Factors	4247
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	4247
Item 3.	Defaults Upon Senior Securities	4247
Item 4.	Mine Safety Disclosures	4247
Item 5.	Other Information	4247
Item 6.	Exhibits	4348
	SIGNATURES	4449

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

1895 Bancorp of Wisconsin, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	March 31,2024			December 31,2023
	June 30,2024			December 31,2023
	(unaudited)
Assets
Cash and due from banks	$	1415,~~032~~180		$	11,220
Fed funds sold		81,~~970~~639			2,030
Cash and cash equivalents		2316,~~002~~819			13,250
Marketable equity securities, stated at fair value		34,~~976~~133			3,625
Available-for-sale securities, stated at fair value (amortized cost $116,634 and $119,055)		106,388			109,559
Available-for-sale securities, stated at fair value (amortized cost $113,365 and $119,055)		103,356			109,559
Loans held for sale		~~826~~1,586			704
Loans, net of deferred costs		~~397~~402,~~120~~674			398,568
Allowance for credit losses for loans		(3,~~679~~871	)		(3,734	)
Total loans, net of deferred loan costs and allowance for credit losses		~~393~~398,~~441~~803			394,834
Premises and equipment, net		5,~~086~~067			5,182
Mortgage servicing rights, net		1,~~690~~664			1,720
Federal Home Loan Bank (FHLB) stock, at cost		4,564			4,164
Accrued interest receivable		1,~~521~~564			1,554
Cash value of life insurance		14,~~138~~249			14,027
Other assets		9,~~617~~649			8,988
TOTAL ASSETS	$	~~564~~561,~~249~~454		$	557,607
Liabilities and Stockholders’ Equity
Deposits	$	~~399~~398,~~285~~851		$	403,683
Advance payments by borrowers for taxes and insurance		37,~~918~~110			1,233
FHLB advances		8074,~~014~~520			71,007
Accrued interest payable		1,~~239~~394			1,106
Other liabilities		8,~~283~~518			7,817
TOTAL LIABILITIES		~~492~~490,~~739~~393			484,846
Preferred stock, $0.01 par value, 10,000,000 shares authorized at March 31, 2024 and December 31, 2023		—			—
Preferred stock, $0.01 par value, 10,000,000 shares authorized at June 30, 2024 and December 31, 2023		—			—
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at March 31, 2024 and December 31, 2023; Issued – 6,041,510 at March 31, 2024 and 6,114,183 at December 31, 2023 (includes 134,263 and 144,297 unvested shares, respectively); Outstanding – 6,011,992 at March 31, 2024 and 6,084,665 at December 31, 2023 (includes 134,263 and 144,297 unvested shares, respectively)		60			61
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at June 30, 2024 and December 31, 2023; Issued – 5,998,692 at June 30, 2024 and 6,114,183 at December 31, 2023 (includes 121,242 and 144,297 unvested shares, respectively); Outstanding – 5,969,174 at June 30, 2024 and 6,084,665 at December 31, 2023 (includes 121,242 and 144,297 unvested shares, respectively)		60			61
Additional paid-in capital		49,~~379~~212			49,778
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 429,157 and 434,062 shares at March 31, 2024 and December 31, 2023, respectively		(4,073	)		(4,120	)
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 424,251 and 434,062 shares at June 30, 2024 and December 31, 2023, respectively		(4,026	)		(4,120	)
Less treasury stock at cost, 29,518 shares at March 31, 2024 and December 31, 2023		(295	)		(295	)
Less treasury stock at cost, 29,518 shares at June 30, 2024 and December 31, 2023		(295	)		(295	)
Retained earnings		33,~~586~~070			33,892
Accumulated other comprehensive loss, net of income taxes		(76,~~147~~960	)		(6,555	)
Total stockholders’ equity		71,~~510~~061			72,761
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	~~564~~561,~~249~~454		$	557,607

See accompanying notes to the unaudited consolidated financial statements.

1895 BANCORP OF WISCONSIN, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts) – Unaudited

	Three months endedMarch 31,
	Three months endedJune 30,						Six months endedJune 30,
	2024			2023			2024			2023
Interest and dividend income:
Loans, including fees	$	4,~~799~~934		$	34,~~826~~238		$	9,734		$	8,064
Securities, taxable		1,~~040~~007			~~602~~588			2,047			1,191
Other		~~194~~262			~~284~~191			456			476
Total interest and dividend income		6,~~033~~203			45,~~712~~017			12,237			9,731
Interest expense:
Interest-bearing deposits		2,~~391~~506			~~982~~1,296			4,897			2,278
Borrowed funds		~~578~~536			~~493~~654			1,114			1,148
Other interest-bearing funds		12			21			3			3
Total interest expense		23,~~970~~044			1,~~477~~951			6,014			3,429
Net interest income		3,~~063~~159			3,~~235~~066			6,223			6,302
Provision for credit losses		75			75			150			150
Net interest income after provision for credit losses		23,~~988~~084			32,~~160~~991			6,073			6,152
Noninterest income:
Service charges and other fees		~~219~~221			~~224~~239			440			464
Loan servicing, net		~~163~~164			~~174~~157			327			330
Net gain on sale of loans		67140			3830			207			68
Increase in cash surrender value of insurance		~~111~~112			~~108~~110			222			217
Unrealized gain on marketable equity securities		~~337~~141			~~220~~225			478			444
Other		738			6159			46			165
Total noninterest income		~~904~~816			~~770~~920			1,720			1,688
Noninterest expense:
Salaries and employee benefits		2,~~365~~550			2,~~693~~835			4,915			5,529
Unrealized gain on marketable equity securities		~~337~~141			~~220~~225			478			444
Advertising and promotions		87			4921			15			71
Data processing		~~227~~197			~~225~~222			424			446
Occupancy and equipment		~~299~~267			~~338~~299			566			637
FDIC assessment		8176			3785			158			121
Other		~~981~~1,337			~~880~~1,005			2,318			1,885
Total noninterest expense		4,~~298~~575			4,~~442~~692			8,874			9,133
Loss before income taxes		(~~406~~675	)		(~~512~~781	)		(1,081	)		(1,293	)
Income tax benefit		(~~100~~159	)		(~~151~~273	)		(259	)		(424	)
Net loss	$	(~~306~~516	)	$	(~~361~~508	)	$	(822	)	$	(869	)
Loss per share:
Basic	$	(0.0609	)	$	(0.0709	)	$	(0.15	)	$	(0.16	)
Diluted(1)	$	(0.0609	)	$	(0.0709	)	$	(0.15	)	$	(0.16	)
Average common shares outstanding:
Basic		5,~~467~~447,~~653~~507			5,~~535~~545,~~489~~335			5,449,648			5,548,562
Diluted(1)		5,~~467~~447,~~653~~507			5,~~535~~545,~~489~~335			5,449,648			5,548,562

See accompanying notes to the unaudited consolidated financial statements.

(1) Diluted loss per share and average shares outstanding excludes all common shares if their effect is anti-dilutive.

1895 Bancorp of Wisconsin, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands) - Unaudited

	Three months endedMarch 31,
	Three months endedJune 30,						Six months endedJune 30,
	2024			2023			2024			2023
Net loss	$	(~~306~~516	)	$	(~~361~~508	)	$	(822	)	$	(869	)
Other comprehensive (loss) income:
Other comprehensive income (loss):
Unrealized holding (losses) gains arising during the period on available-for-sale securities		(750	)		2,230
Unrealized holding gains (losses) arising during the period on available-for-sale securities		237			(1,841	)		(513	)		388
Other comprehensive (loss) income before tax effect		(750	)		2,230
Other comprehensive income (loss) before tax effect		237			(1,841	)		(513	)		388
Tax effect of other comprehensive (loss) income items		158			(602	)
Tax effect of other comprehensive income (loss) items		(50	)		497			108			(104	)
Other comprehensive (loss) income, net of tax		(592	)		1,628
Other comprehensive income (loss), net of tax		187			(1,344	)		(405	)		284
Comprehensive (loss) income	$	(898	)	$	1,267
Comprehensive income (loss)	$	(329	)	$	(1,852	)	$	(1,227	)	$	(585	)

See accompanying notes to the unaudited consolidated financial statements.

1895 Bancorp of Wisconsin, Inc.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands) - Unaudited

	Common Stock			Additional Paid-In Capital			Unallocated Common Stock of ESOP			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance as of March 31, 2023	$	62		$	49,977		$	(4,260	)	$	(301	)	$	40,324		$	(9,863	)	$	75,939
Net loss		—			—			—			—			(508	)		—			(508	)
Other comprehensive (loss)		—			—			—			—			—			(1,344	)		(1,344	)
ESOP shares committed to be released (4,918 shares)		—			(16	)		46			—			—			—			30
Sale of common stock by Rabbi Trust		—			—			—			6			—			—			6
Repurchase and cancellation of shares-stock repurchase program (14,400 shares)		—			(103	)		—			—			—			—			(103	)
Retirement of common stock		—			(43	)		—			—			—			—			(43	)
Stock compensation expense		—			149			—			—			—			—			149
Balance as of June 30, 2023	$	62		$	49,964		$	(4,214	)	$	(295	)	$	39,816		$	(11,207	)	$	74,126
Balance as of March 31, 2024	$	60		$	49,379		$	(4,073	)	$	(295	)	$	33,586		$	(7,147	)	$	71,510
Net loss		—			—			—			—			(516	)		—			(516	)
Other comprehensive income		—			—			—			—			—			187			187
ESOP shares committed to be released (4,906 shares)		—			(11	)		47			—			—			—			36
Repurchase and cancellation of shares-stock repurchase program (66,756 shares)		—			(307	)		—			—			—			—			(307	)
Retirement of common stock		—			(17	)		—			—			—			—			(17	)
Stock compensation expense		—			168			—			—			—			—			168
Balance as of June 30, 2024	$	60		$	49,212		$	(4,026	)	$	(295	)	$	33,070		$	(6,960	)	$	71,061
Balance as of January 1, 2023	$	62		$	49,931		$	(4,307	)	$	(301	)	$	41,468		$	(11,491	)	$	75,362
Net loss		—			—			—			—			(~~361~~869	)		—			(~~361~~869	)
Other comprehensive income		—			—			—			—			—			~~1,628~~284			~~1,628~~284
Cumulative effect of change in accounting principle due to adoption of ASU 2016-13		—			—			—			—			(783	)		—			(783	)
ESOP shares committed to be released (4,864 shares)		—			—			47			—			—			—			47
ESOP shares committed to be released (9,782 shares)		—			(16	)		93			—			—			—			77
Repurchase and cancellation of shares-stock repurchase program (12,903 shares)		—			(129	)		—			—			—			—			(129	)
Repurchase and cancellation of shares-stock repurchase program (27,303 shares)		—			(232	)		—			—			—			—			(232	)
Retirement of common stock		—			(13	)		—			—			—			—			(13	)
Sale of common stock by Rabbi Trust		—			—			—			6			—			—			6
Stock compensation expense		—			188			—			—			—			—			188
Retirement of common stock		—			(56	)		—			—			—			—			(56	)
Balance as of March 31, 2023	$	62		$	49,977		$	(4,260	)	$	(301	)	$	40,324		$	(9,863	)	$	75,939
Stock compensation expense		—			337			—			—			—			—			337
Balance as of June 30, 2023	$	62		$	49,964		$	(4,214	)	$	(295	)	$	39,816		$	(11,207	)	$	74,126
Balance as of January 1, 2024	$	61		$	49,778		$	(4,120	)	$	(295	)	$	33,892		$	(6,555	)	$	72,761
Net loss		—			—			—			—			(~~306~~822	)		—			(~~306~~822	)
Other comprehensive loss		—			—			—			—			—			(592	)		(592	)
Other comprehensive (loss)		—			—			—			—			—			(405	)		(405	)
ESOP shares committed to be released (4,905 shares)		—			(10	)		47			—			—			—			37
ESOP shares committed to be released (9,811 shares)		—			(21	)		94			—			—			—			73
Repurchase and cancellation of shares-stock repurchase program (69,648 shares)		(1	)		(547	)														(548	)
Repurchase and cancellation of shares-stock repurchase program (136,404 shares)		(1	)		(854	)		—			—			—			—			(855	)
Retirement of common stock		—			(825	)		—			—			—			—			(825	)
Stock compensation expense		—			~~166~~334			—			—			—			—			~~166~~334
Balance as of March 31, 2024	$	60		$	49,379		$	(4,073	)	$	(295	)	$	33,586		$	(7,147	)	$	71,510
Balance as of June 30, 2024	$	60		$	49,212		$	(4,026	)	$	(295	)	$	33,070		$	(6,960	)	$	71,061

See accompanying notes to the unaudited consolidated financial statements.

1895 BANCORP OF WISCONSIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) - Unaudited

	Three months ended March 31,
	Six months ended June 30,
	2024			2023
Cash flows from operating activities
Net loss	$	(~~306~~822	)	$	(~~361~~869	)
Adjustments to reconcile net loss to net cash from operating activities
Net amortization of investment securities		3475			2037
Depreciation		~~118~~236			~~128~~252
Provision for credit losses		75150			75150
Net change in fair value of marketable equity securities		(337	)		(220	)
Net gain on insurance proceeds from premises and equipment		(28	)		—
Stock compensation expense		166			188
Net change in fair value of marketable equity securities		(478	)		(444	)
Benefit from deferred income tax		(100	)		(151	)
Stock compensation expense		334			337
Originations of mortgage loans held for sale		(2,151	)		(2,300	)
Benefit from deferred income tax		(259	)		(424	)
Proceeds from sales of mortgage loans held for sale		2,096			2,464
Originations of mortgage loans held for sale		(9,458	)		(4,043	)
Net gain on sale of mortgage loans held for sale		(67	)		(38	)
Proceeds from sales of mortgage loans held for sale		8,783			4,236
ESOP compensation		37			47
Net gain on sale of mortgage loans held for sale		(207	)		(68	)
Net change in cash value of life insurance		(111	)		(108	)
ESOP compensation		73			77
Net change in cash value of life insurance		(222	)		(217	)
Changes in operating assets and liabilities
Net change in mortgage servicing rights		3056			3783
Accrued interest receivable and other assets		(~~338~~289	)		(~~481~~135	)
Accrued interest payable and other liabilities		~~456~~862			~~(387~~192	)
Net cash used in operating activities		(~~398~~1,194	)		(~~1,087~~836	)
Cash flows from investing activities
Maturities, prepayments, and calls of available-for-sale securities		27,~~387~~619			37,~~287~~212
Purchase of marketable equity securities		(14	)		(26	)
Purchases of available-for-sale securities		(2,004	)		—
Net decrease (increase) in loans		1,461			(7,615	)
Purchase of marketable equity securities		(30	)		(54	)
Net increase in FHLB stock, net		(400	)		(1,382	)
Net increase in loans		(3,992	)		(21,371	)
Net capital expenditures for premises and equipment		(22	)		(80	)
Net increase in FHLB stock, net		(400	)		(1,441	)
Net cash provided by (used in) investing activities		3,412			(5,816	)
Proceeds from insurance claim from premises and equipment		23			—
Proceeds from cash value life insurance death benefits		—			720
Distribution of marketable equity securities		—			12
Net capital expenditures for premises and equipment		(131	)		(108	)
Net cash provided by (used in) investing activities		1,085			(15,030	)
Cash flows from financing activities
Net decrease in deposits		(4,~~398~~832	)		(1516,~~755~~531	)
Net increase in advance payments by borrowers for taxes and insurance		25,~~685~~877			27,~~957~~112
Proceeds from the issuance of Federal Home Loan Bank advances		5350,000			6499,500
Principal payments on Federal Home Loan Bank advances		(4346,~~993~~487	)		(4379,~~986~~476	)
Repurchase and cancellation of common stock		(~~548~~855	)		(~~129~~232	)
Retirement of common stock		(825	)		(1356	)
Net cash provided by financing activities		63,~~738~~678			710,~~574~~317
Net increase in cash and cash equivalents		9,752			671
Net increase (decrease) in cash and cash equivalents		3,569			(5,549	)
Cash and cash equivalents at beginning of period		13,250			28,344
Cash and cash equivalents at end of period	$	2316,~~002~~819		$	2922,~~015~~795
Supplemental cash flow information
Cash paid during the year for interest	$	25,~~837~~726		$	13,~~278~~022
Noncash activities
Receivable for insurance claim proceeds from premises and equipment	$	15			—

See accompanying notes to the unaudited consolidated financial statements.

1895 BANCORP OF WISCONSIN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

1895 Bancorp of Wisconsin, Inc., a Maryland corporation (the “Company” or “New 1895 Bancorp”) was formed to serve as the stock holding company for PyraMax Bank, FSB (the “Bank”) as part of the mutual-to-stock conversion of 1895 Bancorp of Wisconsin, MHC. Upon completion of the conversion, which occurred on July 14, 2021, 1895 Bancorp of Wisconsin, MHC and 1895 Bancorp of Wisconsin, a federal corporation (“Old 1895 Bancorp”), ceased to exist and New 1895 Bancorp became the successor corporation to Old 1895 Bancorp. The conversion was accomplished by the merger of 1895 Bancorp of Wisconsin, MHC with and into Old 1895 Bancorp followed by the merger of Old 1895 Bancorp with and into New 1895 Bancorp. The shares of New 1895 Bancorp common stock that were offered for sale in connection with the conversion represented the majority ownership interest in Old 1895 Bancorp owned by 1895 Bancorp of Wisconsin, MHC. On July 14, 2021, public stockholders of Old 1895 Bancorp received 1.3163 shares of common stock of New 1895 Bancorp in exchange for each of their shares of Old 1895 Bancorp common stock. The shares of Old 1895 Bancorp common stock owned by 1895 Bancorp of Wisconsin, MHC were canceled at that time. The conversion and offering were completed on July 14, 2021, and New 1895 Bancorp was organized as a fully public stock holding company, with 100% of the common stock being held by the public. The consolidated financial statements and other financial information contained in these consolidated financial statements are for New 1895 Bancorp.

The cost of the reorganization and the issuing of the common stock totaling $2.0 million were deferred and deducted from the sales proceeds of the offering.

PyraMax Bank is a stock savings bank headquartered in Greenfield, Wisconsin. PyraMax Bank operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin area. PyraMax Bank is subject to competition from other financial and nonfinancial institutions providing financial products. In addition, PyraMax Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies.

The accompanying unaudited interim consolidated financial statements and the notes thereto have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations, changes in stockholders' equity and cash flows as of and for the periods presented. Certain amounts from prior periods have been reclassified to conform with current period presentation.

The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on March 29, 2024.

In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, mortgage servicing rights, the fair value of financial instruments and the valuation of deferred income tax assets.

On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies and define an “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company intends to take advantage of the benefits of the extended transition periods allowed under the JOBS Act.

Accordingly, the Company’s financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the recent accounting standards in Note 2 reflect those that relate to non-issuer companies.

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION (continued)

Subsequent Events

Management has reviewed the Company's operations for potential disclosure or financial statement impacts related to events occurring after ~~March~~June 3130, 2024, but prior to the release of the unaudited consolidated financial statements contained in this quarterly report on Form 10-Q were issued.

There were no additional subsequent event disclosures or financial statement impacts related to events occurring after ~~March~~June 3130, 2024 that warranted adjustment to or disclosure in these unaudited consolidated financial statements.

NOTE 2 – RECENT ACCOUNTING STANDARDS

The following Accounting Standards Updates (“ASUs”) have been issued by the Financial Accounting Standards Board (the “FASB”) and may impact the Company’s consolidated financial statements in future reporting periods:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that requires presentation of specific categories of reconciling items, as well reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The standard also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. We do not expect the adoption of this accounting standard to have an impact on our Consolidated Financial Statements but will require certain additional disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker and included within each reported measure of segment profit or loss. The standard also requires disclosure of the composition of other segment items included in the measure of segment profit or loss that are not separately disclosed. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this accounting standard to have an impact on our Consolidated Financial Statements.

NOTE 3 – AVAILABLE-FOR-SALE SECURITIES

The amortized costs and fair values of available-for-sale securities were as follows:

	March 31, 2024
	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Obligations of states and political subdivisions	$	1716,~~029~~850	$	1—	$	(2,~~916~~818	)	$	14,~~114~~032
Government-sponsored mortgage-backed securities		9593,~~504~~499		71120		(7,~~398~~310	)		8886,~~177~~309
Asset-backed securities		3,~~356~~016		53		(64	)		3,~~355~~015
Certificates of deposit		745		—		(3	)		742
Total	$	113,365	$	123	$	(10,132	)	$	103,356
Total	$	116,634	$	77	$	(10,323	)	$	106,388


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Obligations of states and political subdivisions	$	17,043	$	3	$	(2,815	)	$	14,231
Government-sponsored mortgage-backed securities		97,674		305		(6,960	)		91,019
Asset-backed securities		3,593		—		(21	)		3,572
Certificates of deposit		745		—		(8	)		737
Total	$	119,055	$	308	$	(9,804	)	$	109,559

The fair value of available-for-sale securities that were pledged as collateral at ~~March~~June 3130, 2024 and December 31, 2023, were $910.39 million and $426,000, respectively.

The amortized costs and fair values of available-for-sale securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities and asset-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below.

	March 31, 2024
	June 30, 2024
	Amortized Cost		Fair Value
	(in thousands)
Debt and other securities:
Due in one year or less	$	~~1,560~~730	$	~~1,541~~718
Due after one through 5 years		~~340~~260		~~341~~260
Due after 5 through 10 years		12,~~959~~945		10,~~718~~777
Due after 10 years		2,915		2,~~256~~277
Total debt and other securities		1716,~~774~~850		14,~~856~~032
Mortgage-related securities		9593,~~504~~499		8886,~~177~~309
Asset-backed securities		3,~~356~~016		3,~~355~~015
Total	$	~~116~~113,~~634~~365	$	~~106~~103,~~388~~356

NOTE 3 – AVAILABLE-FOR-SALE SECURITIES (continued)

Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows:

	March 31, 2024
	June 30, 2024
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
Obligations of states and political subdivisions	$	—260	$	—		$	13,~~773~~772	$	(2,~~916~~818	)	$	1314,~~773~~032	$	(2,~~916~~818	)
Government-sponsored mortgage-backed securities		3134,~~194~~851		(~~218~~285	)		3938,~~581~~572		(7,~~180~~025	)		7073,~~775~~423		(7,~~398~~310	)
Asset-backed securities		—1,036		—(2	)		~~1,726~~540		(62	)		1,~~726~~576		(64	)
Certificates of deposit		—		—			742		(3	)		742		(3	)
Total	$	36,147	$	(287	)	$	52,884	$	(9,845	)	$	89,031	$	(10,132	)
Total	$	31,194	$	(218	)	$	55,822	$	(10,105	)	$	87,016	$	(10,323	)


	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
Obligations of states and political subdivisions	$	—	$	—		$	13,889	$	(2,815	)	$	13,889	$	(2,815	)
Government-sponsored mortgage-backed securities		—		—			40,983		(6,960	)		40,983		(6,960	)
Asset-backed securities		1,740		(5	)		1,832		(16	)		3,572		(21	)
Certificates of deposit		—		—			737		(8	)		737		(8	)
Total	$	1,740	$	(5	)	$	57,441	$	(9,799	)	$	59,181	$	(9,804	)

The following table presents the number of debt securities in an unrealized loss position and the aggregate depreciation from their unamortized cost basis, by security type, as of ~~March~~June 3130, 2024 and December 31, 2023.

	March 31, 2024					December 31, 2023
	June 30, 2024					December 31, 2023
	Number of Securities		Aggregate Depreciation			Number of Securities		Aggregate Depreciation
Obligations of states and political subdivisions		16		1716.57	%		16		16.9	%
Government-sponsored mortgage-backed securities		3233		9.51	%		25		14.5	%
Asset-backed securities		3		0.3	%		4		0.6	%
Certificates of deposit		3—		~~0.4~~—	%		3		1.1	%
Total		5452		10.62	%		48		14.2	%

The Company does not consider these unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. As a result, no allowance for credit losses on available-for-sale securities was recognized as of ~~March~~June 3130, 2024 or December 31, 2023.

NOTE 4 – LOANS

Major classifications of loans, reported at amortized cost, are summarized as follows:

	March 31,2024			December 31,2023
	June 30,2024			December 31,2023
	(in thousands)
Commercial:
Real estate	$	~~233~~237,~~861~~645		$	231,893
Other		4346,~~355~~078			47,898
Residential real estate:
First mortgage		9998,~~092~~419			97,747
Construction		~~701~~691			359
Consumer:
Home equity and lines of credit		1918,~~216~~943			19,683
Other		8380			134
Subtotal (1)		~~396~~401,~~308~~856			397,714
Net deferred loan costs		~~812~~818			854
Allowance for credit losses for loans		(3,~~679~~871	)		(3,734	)
Loans, net	$	~~393~~398,~~441~~803		$	394,834

(1) Totals do not include accrued interest receivable, which was $1.1 million at both ~~March~~June 3130, 2024 and December 31, 2023, and which is recorded separately on the Company’s Consolidated Balance Sheets.

Deposit accounts in an overdrawn position and reclassified as loans totaled $3018,000 and $78,000 at ~~March~~June 3130, 2024 and December 31, 2023, respectively.

The Company provides several types of loans to its customers, including commercial, residential, construction and consumer loans. Significant loan concentrations are considered to exist when there are amounts loaned to one borrower, or to multiple borrowers engaged in similar activities, that would cause them to be similarly impacted by economic or other conditions. While credit risks tend to be geographically concentrated in the Company's metropolitan Milwaukee market area, and while a significant portion of the Company’s loan portfolio is secured by commercial and residential real estate, there are no significant concentrations whose primary sources of repayment are reliant upon an individual or group of related borrowers.

The Company also purchases loan participations from other financial institutions. The outstanding balance of loans purchased are included in the totals above and totaled $5665.01 million as of ~~March~~June 3130, 2024 and $50.8 million as of December 31, 2023. In addition, the amount available for future draws totaled $56.02 million at ~~March~~June 3130, 2024. Loans purchased are primarily comprised of commercial real estate and other commercial loans and are subject to the same underwriting standards as loans that are originated by the Company.

During the normal course of business, the Company may transfer a portion of a loan as a participation loan to another financial institution in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, and rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. As of ~~March~~June 3130, 2024 and December 31, 2023, respectively, the Company had transferred $2827.89 million and $29.0 million in participation loans which were eligible for sales treatment to other financial institutions, all of which continue to be serviced by the Company.

NOTE 4 – LOANS (continued)

A summary of activity in the allowance for credit losses for loans and the allowance for credit losses for unfunded loan commitments for the three and six months ended ~~March~~June 3130, 2024 and ~~March~~June 3130, 2023, is presented below:

	Commercial			Residential			Consumer			Total
	(in thousands)
Three months ended March 31, 2024
Three months ended June 30, 2024
Allowance for credit losses for loans
Beginning balance	$	2,~~693~~649		$	~~849~~839		$	~~192~~191		$	3,~~734~~679
Provision for credit losses		~~(49~~66	)		~~(16~~21	)		(34	)		~~(68~~91	)
Loans charged-off		—			—			(12	)		(12	)
Recoveries		599			6—			34			14103
Ending balance	$	2,~~649~~814		$	~~839~~860		$	~~191~~197		$	3,~~679~~871
Allowance for credit losses for unfunded loan commitments(1)
Beginning balance	$	~~847~~987		$	2831		$	—		$	~~875~~1,018
Provision for credit losses		~~140~~(15	)		3(1	)		—			~~143~~(16	)
Ending balance	$	~~987~~972		$	3130		$	—		$	1,~~018~~002
Total Allowance for credit losses for loans and unfunded loan commitments	$	3,~~636~~786		$	~~870~~890		$	~~191~~197		$	4,~~697~~873
Three months ended March 31, 2023
Three months ended June 30, 2023
Allowance for credit losses for loans
Beginning balance	$	12,~~944~~669		$	~~752~~848		$	~~507~~176		$	3,~~203~~693
Provision for credit losses		54(42	)		21(17	)		—1			75(58	)
CECL Adoption Adjustment(2)		666			75			(329	)		412
Loans charged-off		—			—			(1	)		(1	)
Loans charged-off		—			—			(6	)		(6	)
Recoveries		5			—			4			9
Ending balance	$	2,~~669~~632		$	~~848~~831		$	~~176~~180		$	3,~~693~~643
Allowance for credit losses for unfunded loan commitments(1)
Beginning balance	$	—640		$	—25		$	—		$	—665
Provision for credit losses		—131			—2			—			—133
CECL Adoption Adjustment(2)		640			25			—			665
Ending balance	$	771		$	27		$	—		$	798
Ending balance	$	640		$	25		$	—		$	665
Total Allowance for credit losses for loans and unfunded loan commitments	$	3,403		$	858		$	180		$	4,441
Total Allowance for credit losses for loans and unfunded loan commitments	$	3,309		$	873		$	176		$	4,358

NOTE 4 – LOANS (continued)


	Commercial		Residential		Consumer			Total
	(in thousands)
Six months ended June 30, 2024
Allowance for credit losses for loans
Beginning balance	$	2,693	$	849	$	192		$	3,734
Provision for credit losses		17		5		1			23
Loans charged-off		—		—		(3	)		(3	)
Recoveries		104		6		7			117
Ending balance	$	2,814	$	860	$	197		$	3,871

Allowance for credit losses for unfunded loan commitments(1)
Beginning balance	$	847	$	28	$	—		$	875
Provision for credit losses		125		2		—			127
Ending balance	$	972	$	30	$	—		$	1,002

Total Allowance for credit losses for loans and unfunded loan commitments	$	3,786	$	890	$	197		$	4,873

Six months ended June 30, 2023
Allowance for credit losses for loans
Beginning balance	$	1,944	$	752	$	507		$	3,203
Provision for credit losses		12		4		1			17
CECL Adoption Adjustment(2)		666		75		(329	)		412
Loans charged-off		—		—		(7	)		(7	)
Recoveries		10		—		8			18
Ending balance	$	2,632	$	831	$	180		$	3,643

Allowance for credit losses for unfunded loan commitments(1)
Beginning balance	$	—	$	—	$	—		$	—
Provision for credit losses		131		2		—			133
CECL Adoption Adjustment(2)		640		25		—			665
Ending balance	$	771	$	27	$	—		$	798

Total Allowance for credit losses for loans and unfunded loan commitments	$	3,403	$	858	$	180		$	4,441

(1) The allowance for credit losses for unfunded loan commitments is included in other liabilities on the Company's Consolidated Balance Sheets.

(2) On January 1, 2023, the Company adopted ASU 2016-13 ("CECL"). See Note 2 for additional information regarding the adoption of ASU 2016-13.

1112

NOTE 4 – LOANS (continued)

The provision for credit losses is determined by the Company as the amount that is to be added to the ~~ACL~~allowance for credit losses accounts to bring the ~~ACL~~allowance to a level that, in management's judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. The following table presents the components of the provision for credit losses:

	Three months ended March 31,
	Three months ended June 30,
	2024			2023
	(in thousands)
Provision for credit losses for:
Loans	$	~~(68~~91	)	$	75(58	)
Unfunded loan commitments		~~143~~(16	)		—133
Total	$	75		$	75


	Six months ended June 30,
	2024		2023
	(in thousands)
Provision for credit losses for:
Loans	$	23	$	17
Unfunded loan commitments		127		133
Total	$	150	$	150

The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for credit losses. The credit quality indicators monitored differ depending on the class of loan. The credit quality indicators for commercial real estate and other commercial loans are based on the following ratings:

•

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

•

"Watch and Special Mention" ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.

•

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

•

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

Residential real estate and consumer loans are generally evaluated based on whether or not the loan is performing or in nonaccrual status. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K, filed with the SEC on March 29, 2024, for additional information on our nonaccrual policy.

NOTE 4 – LOANS (continued)

The following tables presents the amortized cost basis of our loans by credit quality indicator and origination year, at March 31, 2024 and December 31, 2023:

	March 31, 2024
	2024		2023		2022		2021		2020		2019 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial real estate:
Pass	$	1,078	$	24,273	$	80,764	$	40,253	$	40,515	$	40,627	$	54	$	-	$	227,564
Watch and special mention		-		-		230		-		-		2,461		-		-		2,691
Substandard		-		-		1,875		-		-		1,310		-		-		3,185
Nonperforming		-		-		78		-		-		343		-		-		421
Total commercial real estate		1,078		24,273		82,947		40,253		40,515		44,741		54		-		233,861
Other commercial loans:
Pass		2,556		15,711		10,262		4,101		713		1,180		6,898		-		41,421
Watch and special mention		-		-		-		179		16		50		741		-		986
Substandard		-		-		220		135		-		103		490		-		948
Total other commercial loans		2,556		15,711		10,482		4,415		729		1,333		8,129		-		43,355
Total commercial loans		3,634		39,984		93,429		44,668		41,244		46,074		8,183		-		277,216
Residential real estate - first mortgage:
Performing		2,745		13,410		14,306		33,309		15,546		19,133		-		-		98,449
Nonaccrual		-		-		-		-		-		643		-		-		643
Total residential real estate - first mortgage		2,745		13,410		14,306		33,309		15,546		19,776		-		-		99,092
Residential real estate - construction:
Performing		-		701		-		-		-		-		-		-		701
Nonaccrual		-		-		-		-		-		-		-		-		-
Total residential real estate - construction		-		701		-		-		-		-		-		-		701
Total residential real estate		2,745		14,111		14,306		33,309		15,546		19,776		-		-		99,793
Consumer - home equity and lines of credit:
Performing		-		73		46		138		65		1,375		16,250		1,239		19,186
Nonaccrual		-		-		-		-		-		30		-		-		30
Total consumer - home equity and lines of credit		-		73		46		138		65		1,405		16,250		1,239		19,216
Consumer - other
Performing		7		28		42		-		6		-		-		-		83
Nonaccrual		-		-		-		-		-		-		-		-		-
Total consumer - other		7		28		42		-		6		-		-		-		83
Total consumer		7		101		88		138		71		1,405		16,250		1,239		19,299
Total loans	$	6,386	$	54,196	$	107,823	$	78,115	$	56,861	$	67,255	$	24,433	$	1,239	$	396,308

	December 31, 2023
	2023		2022		2021		2020		2019		2018 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial real estate:
Pass	$	22,486	$	78,098	$	40,597	$	40,914	$	8,881	$	34,342	$	42	$	-	$	225,360
Watch and special mention		-		232		-		-		1,706		328		-		-		2,266
Substandard		-		1,885		598		-		287		1,075		-		-		3,845
Nonaccrual		-		79		-		-		-		343		-		-		422
Total commercial real estate		22,486		80,294		41,195		40,914		10,874		36,088		42		-		231,893
Other commercial loans:
Pass		16,949		11,347		4,729		974		64		1,488		9,905		-		45,456
Watch and special mention		-		-		197		31		15		48		828		-		1,119
Substandard		-		236		411		-		-		116		560		-		1,323
Total other commercial loans		16,949		11,583		5,337		1,005		79		1,652		11,293		-		47,898
Total commercial loans		39,435		91,877		46,532		41,919		10,953		37,740		11,335		-		279,791
Residential real estate - first mortgage:
Performing		13,485		14,419		33,619		15,854		3,033		16,680		-		-		97,090
Nonaccrual		-		-		-		-		-		657		-		-		657
Total residential real estate - first mortgage		13,485		14,419		33,619		15,854		3,033		17,337		-		-		97,747
Residential real estate - construction:
Performing		359		-		-		-		-		-		-		-		359
Nonaccrual		-		-		-		-		-		-		-		-		-
Total residential real estate - construction		359		-		-		-		-		-		-		-		359
Total residential real estate		13,844		14,419		33,619		15,854		3,033		17,337		-		-		98,106
Consumer - home equity and lines of credit:
Performing		74		53		142		66		167		1,504		16,939		707		19,652
Nonaccrual		-		-		-		-		-		31		-		-		31
Total consumer - home equity and lines of credit		74		53		142		66		167		1,535		16,939		707		19,683
Consumer - other
Performing		73		46		-		7		-		8		-		-		134
Nonaccrual		-		-		-		-		-		-		-		-		-
Total consumer - other		73		46		-		7		-		8		-		-		134
Total consumer		147		99		142		73		167		1,543		16,939		707		19,817
Total loans	$	53,426	$	106,395	$	80,293	$	57,846	$	14,153	$	56,620	$	28,274	$	707	$	397,714

NOTE 4 – LOANS (continued)

~~There~~The ~~were~~following notables ~~commercial~~presents the amortized cost basis of our loans ~~rated~~by ~~Doubtful~~credit orquality ~~Loss~~indicator asand oforigination ~~March~~year, 31at June 30, 2024 orand December 31, 2023.:


	June 30, 2024
	2024		2023		2022		2021		2020		2019 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial real estate:
Pass	$	3,456	$	27,562	$	81,857	$	39,104	$	38,829	$	41,451	$	60	$	-	$	232,319
Watch and special mention		-		1,669		-		202		-		389		-		-		2,260
Substandard		-		-		1,864		-		-		1,202		-		-		3,066
Nonperforming		-		-		-		-		-		-		-		-		-
Total commercial real estate		3,456		29,231		83,721		39,306		38,829		43,042		60		-		237,645
Other commercial loans:
Pass		3,079		6,811		5,279		3,132		470		1,045		10,661		-		30,477
Watch and special mention		2,944		7,327		3,867		429		45		41		35		-		14,688
Substandard		-		-		203		123		-		87		500		-		913
Total other commercial loans		6,023		14,138		9,349		3,684		515		1,173		11,196		-		46,078
Total commercial loans		9,479		43,369		93,070		42,990		39,344		44,215		11,256		-		283,723
Residential real estate - first mortgage:
Performing		3,797		13,688		13,749		32,919		15,245		18,322		-		-		97,720
Nonaccrual		-		-		-		-		-		699		-		-		699
Total residential real estate - first mortgage		3,797		13,688		13,749		32,919		15,245		19,021		-		-		98,419
Residential real estate - construction:
Performing		211		480		-		-		-		-		-		-		691
Nonaccrual		-		-		-		-		-		-		-		-		-
Total residential real estate - construction		211		480		-		-		-		-		-		-		691
Total residential real estate		4,008		14,168		13,749		32,919		15,245		19,021		-		-		99,110
Consumer - home equity and lines of credit:
Performing		75		72		43		134		63		1,101		15,908		1,458		18,854
Nonaccrual		-		-		-		-		-		85		4		-		89
Total consumer - home equity and lines of credit		75		72		43		134		63		1,186		15,912		1,458		18,943
Consumer - other
Performing		10		26		39		-		5		-		-		-		80
Nonaccrual		-		-		-		-		-		-		-		-		-
Total consumer - other		10		26		39		-		5		-		-		-		80
Total consumer		85		98		82		134		68		1,186		15,912		1,458		19,023
Total loans	$	13,572	$	57,635	$	106,901	$	76,043	$	54,657	$	64,422	$	27,168	$	1,458	$	401,856

NOTE 4 – LOANS (continued)

The following tables present gross charge-offs of our loans for each portfolio class, by origination year, that occurred during the three months ended March 31, 2024 and three months ended March 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy.


	December 31, 2023
	2023		2022		2021		2020		2019		2018 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial real estate:
Pass	$	22,486	$	78,098	$	40,597	$	40,914	$	8,881	$	34,342	$	42	$	-	$	225,360
Watch and special mention		-		232		-		-		1,706		328		-		-		2,266
Substandard		-		1,885		598		-		287		1,075		-		-		3,845
Nonaccrual		-		79		-		-		-		343		-		-		422
Total commercial real estate		22,486		80,294		41,195		40,914		10,874		36,088		42		-		231,893
Other commercial loans:
Pass		16,949		11,347		4,729		974		64		1,488		9,905		-		45,456
Watch and special mention		-		-		197		31		15		48		828		-		1,119
Substandard		-		236		411		-		-		116		560		-		1,323
Total other commercial loans		16,949		11,583		5,337		1,005		79		1,652		11,293		-		47,898
Total commercial loans		39,435		91,877		46,532		41,919		10,953		37,740		11,335		-		279,791
Residential real estate - first mortgage:
Performing		13,485		14,419		33,619		15,854		3,033		16,680		-		-		97,090
Nonaccrual		-		-		-		-		-		657		-		-		657
Total residential real estate - first mortgage		13,485		14,419		33,619		15,854		3,033		17,337		-		-		97,747
Residential real estate - construction:
Performing		359		-		-		-		-		-		-		-		359
Nonaccrual		-		-		-		-		-		-		-		-		-
Total residential real estate - construction		359		-		-		-		-		-		-		-		359
Total residential real estate		13,844		14,419		33,619		15,854		3,033		17,337		-		-		98,106
Consumer - home equity and lines of credit:
Performing		74		53		142		66		167		1,504		16,939		707		19,652
Nonaccrual		-		-		-		-		-		31		-		-		31
Total consumer - home equity and lines of credit		74		53		142		66		167		1,535		16,939		707		19,683
Consumer - other
Performing		73		46		-		7		-		8		-		-		134
Nonaccrual		-		-		-		-		-		-		-		-		-
Total consumer - other		73		46		-		7		-		8		-		-		134
Total consumer		147		99		142		73		167		1,543		16,939		707		19,817
Total loans	$	53,426	$	106,395	$	80,293	$	57,846	$	14,153	$	56,620	$	28,274	$	707	$	397,714

	For the three months ended March 31, 2024
	2024		2023		2022		2021		2020		2019 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial:
Real estate	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-		-		-		-		-
Total commercial loans		-		-		-		-		-		-		-		-		-
Residential real estate:
First mortgage		-		-		-		-		-		-		-		-		-
Construction		-		-		-		-		-		-		-		-		-
Total residential real estate		-		-		-		-		-		-		-		-		-
Consumer:
Home equity and lines of credit		-		-		-		-		-		-		-		-		-
Other		-		1		-		-		-		-		-		-		1
Total consumer		-		1		-		-		-		-		-		-		1
Total current period charge-offs	$	-	$	1	$	-	$	-	$	-	$	-	$	-	$	-	$	1

There were no commercial loans rated Doubtful or Loss as of June 30, 2024 or December 31, 2023.

	For the three months ended March 31, 2023
	2023		2022		2021		2020		2019		2018 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial:
Real estate	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-		-		-		-		-
Total commercial loans		-		-		-		-		-		-		-		-		-
Residential real estate:
First mortgage		-		-		-		-		-		-		-		-		-
Construction		-		-		-		-		-		-		-		-		-
Total residential real estate		-		-		-		-		-		-		-		-		-
Consumer:
Home equity and lines of credit		-		-		-		-		-		-		-		-		-
Other		-		4		-		-		-		2		-		-		6
Total consumer		-		4		-		-		-		2		-		-		6
Total current period charge-offs	$	-	$	4	$	-	$	-	$	-	$	2	$	-	$	-	$	6

NOTE 4 – LOANS (continued)

The following tables present gross charge-offs of our loans for each portfolio class, by origination year, that occurred during the three and six months ended June 30, 2024 and three and six months ended June 30, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy.


	For the three months ended June 30, 2024
	2024		2023		2022		2021		2020		2019 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial:
Real estate	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-		-		-		-		-
Total commercial loans		-		-		-		-		-		-		-		-		-
Residential real estate:
First mortgage		-		-		-		-		-		-		-		-		-
Construction		-		-		-		-		-		-		-		-		-
Total residential real estate		-		-		-		-		-		-		-		-		-
Consumer:
Home equity and lines of credit		-		-		-		-		-		-		-		-		-
Other		-		-		-		1		-		1		-		-		2
Total consumer		-		-		-		1		-		1		-		-		2
Total current period charge-offs	$	-	$	-	$	-	$	1	$	-	$	1	$	-	$	-	$	2


	For the three months ended June 30, 2023
	2023		2022		2021		2020		2019		2018 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial:
Real estate	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-		-		-		-		-
Total commercial loans		-		-		-		-		-		-		-		-		-
Residential real estate:
First mortgage		-		-		-		-		-		-		-		-		-
Construction		-		-		-		-		-		-		-		-		-
Total residential real estate		-		-		-		-		-		-		-		-		-
Consumer:
Home equity and lines of credit		-		-		-		-		-		-		-		-		-
Other		-		-		-		1		-		-		-		-		1
Total consumer		-		-		-		1		-		-		-		-		1
Total current period charge-offs	$	-	$	-	$	-	$	1	$	-	$	-	$	-	$	-	$	1

NOTE 4 – LOANS (continued)


	For the six months ended June 30, 2024
	2024		2023		2022		2021		2020		2019 and Prior		Revolving Lines of Credit		Revolving Lines of Credit Converted to Term Loans		Total Loans
	(in thousands)
Commercial:
Real estate	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Land development		-		-		-		-		-		-		-		-		-
Other		-		-		-		-		-		-		-		-		-
Total commercial loans		-		-		-		-		-		-		-		-		-
Residential real estate:
First mortgage		-

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