STLE 10-Q Quarterly Report June 30, 2025 | Alphaminr
MIFFLINBURG BANCORP INC
ALPHAMINR

STLE 10-Q Quarter ended June 30, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
MIFFLINBURG BANCORP INC
miff20250630_10q.htm
0000779227 Steele Bancorp, Inc. false --12-31 Q2 2025 1.00 1.00 5,000,000 5,000,000 2,160,000 2,160,000 1,858,536 1,858,536 301,464 301,464 68 182 239 342 0.72 0.74 7 http://fasb.org/us-gaap/2025#InterestReceivable http://fasb.org/us-gaap/2025#InterestReceivable 0 0 0 0 0 45,000 0 0 http://fasb.org/us-gaap/2025#InterestReceivable http://fasb.org/us-gaap/2025#InterestReceivable 0 0 0 0 0 0 0 0 0 1 21 4 2 6 1 21 0 0 2 6 10 3 0 10 10 49 19 0 182 68 342 239 false false false 0000779227 2025-01-01 2025-06-30 xbrli:shares 0000779227 2025-08-14 thunderdome:item iso4217:USD 0000779227 2025-06-30 0000779227 2024-12-31 0000779227 us-gaap:FederalReserveBankAdvancesMember 2025-06-30 0000779227 us-gaap:FederalReserveBankAdvancesMember 2024-12-31 iso4217:USD xbrli:shares 0000779227 2025-04-01 2025-06-30 0000779227 2024-04-01 2024-06-30 0000779227 2024-01-01 2024-06-30 0000779227 us-gaap:DepositAccountMember 2025-04-01 2025-06-30 0000779227 us-gaap:DepositAccountMember 2024-04-01 2024-06-30 0000779227 us-gaap:DepositAccountMember 2025-01-01 2025-06-30 0000779227 us-gaap:DepositAccountMember 2024-01-01 2024-06-30 0000779227 us-gaap:CreditAndDebitCardMember 2025-04-01 2025-06-30 0000779227 us-gaap:CreditAndDebitCardMember 2024-04-01 2024-06-30 0000779227 us-gaap:CreditAndDebitCardMember 2025-01-01 2025-06-30 0000779227 us-gaap:CreditAndDebitCardMember 2024-01-01 2024-06-30 0000779227 us-gaap:CommonStockMember 2023-12-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000779227 us-gaap:RetainedEarningsMember 2023-12-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000779227 us-gaap:TreasuryStockCommonMember 2023-12-31 0000779227 us-gaap:NoncontrollingInterestMember 2023-12-31 0000779227 2023-12-31 0000779227 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0000779227 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0000779227 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0000779227 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-03-31 0000779227 2024-01-01 2024-03-31 0000779227 us-gaap:CommonStockMember 2024-03-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000779227 us-gaap:RetainedEarningsMember 2024-03-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000779227 us-gaap:TreasuryStockCommonMember 2024-03-31 0000779227 us-gaap:NoncontrollingInterestMember 2024-03-31 0000779227 2024-03-31 0000779227 us-gaap:CommonStockMember 2024-04-01 2024-06-30 0000779227 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0000779227 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000779227 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0000779227 us-gaap:NoncontrollingInterestMember 2024-04-01 2024-06-30 0000779227 us-gaap:CommonStockMember 2024-06-30 0000779227 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000779227 us-gaap:RetainedEarningsMember 2024-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000779227 us-gaap:TreasuryStockCommonMember 2024-06-30 0000779227 us-gaap:NoncontrollingInterestMember 2024-06-30 0000779227 2024-06-30 0000779227 us-gaap:CommonStockMember 2024-12-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000779227 us-gaap:RetainedEarningsMember 2024-12-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000779227 us-gaap:TreasuryStockCommonMember 2024-12-31 0000779227 us-gaap:NoncontrollingInterestMember 2024-12-31 0000779227 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0000779227 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0000779227 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-31 0000779227 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-03-31 0000779227 2025-01-01 2025-03-31 0000779227 us-gaap:CommonStockMember 2025-03-31 0000779227 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000779227 us-gaap:RetainedEarningsMember 2025-03-31 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000779227 us-gaap:TreasuryStockCommonMember 2025-03-31 0000779227 us-gaap:NoncontrollingInterestMember 2025-03-31 0000779227 2025-03-31 0000779227 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0000779227 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0000779227 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0000779227 us-gaap:TreasuryStockCommonMember 2025-04-01 2025-06-30 0000779227 us-gaap:NoncontrollingInterestMember 2025-04-01 2025-06-30 0000779227 us-gaap:CommonStockMember 2025-06-30 0000779227 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000779227 us-gaap:RetainedEarningsMember 2025-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000779227 us-gaap:TreasuryStockCommonMember 2025-06-30 0000779227 us-gaap:NoncontrollingInterestMember 2025-06-30 xbrli:pure 0000779227 us-gaap:USTreasurySecuritiesMember 2025-06-30 0000779227 us-gaap:USTreasurySecuritiesMember 2024-12-31 0000779227 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:TaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:TaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:NontaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:NontaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-06-30 0000779227 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2024-12-31 0000779227 us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:AssetPledgedAsCollateralMember 2025-06-30 0000779227 us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0000779227 miff:OtherCorrespondentBanksMember 2025-06-30 0000779227 miff:OtherCorrespondentBanksMember 2024-12-31 0000779227 2024-01-01 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000779227 miff:CommercialAgriculturalAndStateAndPoliticalRelationshipsMember 2025-06-30 utr:D 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2025-01-01 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2025-01-01 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-01-01 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-01-01 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:PassMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:SpecialMentionMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:SubstandardMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:DoubtfulMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-01-01 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-01-01 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-01-01 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-01-01 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:PassMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:SpecialMentionMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:SubstandardMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:DoubtfulMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 miff:FinancingReceivables30To89DaysPastDueMember 2025-06-30 0000779227 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-06-30 0000779227 us-gaap:FinancialAssetPastDueMember 2025-06-30 0000779227 us-gaap:FinancialAssetNotPastDueMember 2025-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 miff:FinancingReceivables30To89DaysPastDueMember 2024-12-31 0000779227 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000779227 us-gaap:FinancialAssetPastDueMember 2024-12-31 0000779227 us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember 2023-12-31 0000779227 us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-06-30 0000779227 us-gaap:CommercialPortfolioSegmentMember 2024-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2023-12-31 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-01-01 2024-06-30 0000779227 us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2023-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-01-01 2024-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2023-12-31 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-01-01 2024-06-30 0000779227 us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2023-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-01-01 2024-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2023-12-31 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-06-30 0000779227 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-06-30 0000779227 us-gaap:UnallocatedFinancingReceivablesMember 2023-12-31 0000779227 us-gaap:UnallocatedFinancingReceivablesMember 2024-01-01 2024-06-30 0000779227 us-gaap:UnallocatedFinancingReceivablesMember 2024-06-30 0000779227 us-gaap:UnallocatedFinancingReceivablesMember 2024-01-01 2024-12-31 0000779227 us-gaap:UnallocatedFinancingReceivablesMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:CommercialPortfolioSegmentMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:CommercialPortfolioSegmentMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:CommercialPortfolioSegmentMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-06-30 0000779227 miff:OtherCollateralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-06-30 0000779227 us-gaap:RealEstateMember 2025-06-30 0000779227 miff:OtherCollateralMember 2025-06-30 0000779227 us-gaap:CollateralPledgedMember 2025-06-30 0000779227 us-gaap:RealEstateMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateLoanMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-12-31 0000779227 us-gaap:RealEstateMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000779227 miff:OtherCollateralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000779227 us-gaap:RealEstateMember 2024-12-31 0000779227 miff:OtherCollateralMember 2024-12-31 0000779227 us-gaap:CollateralPledgedMember 2024-12-31 0000779227 us-gaap:UnfundedLoanCommitmentMember 2025-06-30 0000779227 us-gaap:UnfundedLoanCommitmentMember 2024-12-31 0000779227 us-gaap:UnfundedLoanCommitmentMember 2025-01-01 2025-06-30 0000779227 us-gaap:UnfundedLoanCommitmentMember 2023-12-31 0000779227 us-gaap:UnfundedLoanCommitmentMember 2024-01-01 2024-06-30 0000779227 us-gaap:UnfundedLoanCommitmentMember 2024-06-30 0000779227 srt:FederalHomeLoanBankOfPittsburghMember 2025-06-30 0000779227 srt:FederalHomeLoanBankOfPittsburghMember 2024-06-30 utr:Y 0000779227 miff:Section401kPlanMember 2025-01-01 2025-06-30 0000779227 miff:Section401kPlanMember 2025-06-30 0000779227 miff:Section401kPlanMember 2024-01-01 2024-06-30 0000779227 miff:ProfitsharingEmployerContributionComponentToThe401kPlanMember 2025-01-01 2025-06-30 0000779227 miff:ProfitsharingEmployerContributionComponentToThe401kPlanMember 2024-01-01 2024-06-30 0000779227 miff:EmployeeStockOptionPlanMember 2025-01-01 2025-06-30 0000779227 miff:EmployeeStockOptionPlanMember 2025-06-30 0000779227 miff:EmployeeStockOptionPlanMember 2024-01-01 2024-06-30 0000779227 miff:EmployeeStockOptionPlanMember 2024-12-31 0000779227 us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember 2025-01-01 2025-06-30 0000779227 us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember 2025-06-30 0000779227 us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember 2024-12-31 0000779227 us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember 2024-01-01 2024-12-31 0000779227 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2025-06-30 0000779227 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2024-12-31 0000779227 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2025-01-01 2025-06-30 0000779227 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2024-01-01 2024-12-31 0000779227 us-gaap:PostemploymentRetirementBenefitsMember 2025-06-30 0000779227 us-gaap:PostemploymentRetirementBenefitsMember 2024-12-31 0000779227 us-gaap:PostemploymentRetirementBenefitsMember 2025-01-01 2025-06-30 0000779227 us-gaap:PostemploymentRetirementBenefitsMember 2024-01-01 2024-06-30 0000779227 us-gaap:DefinedBenefitPostretirementLifeInsuranceMember 2025-06-30 0000779227 us-gaap:DefinedBenefitPostretirementLifeInsuranceMember 2024-12-31 0000779227 us-gaap:DefinedBenefitPostretirementLifeInsuranceMember srt:DirectorMember 2025-06-30 0000779227 us-gaap:DefinedBenefitPostretirementLifeInsuranceMember srt:ExecutiveOfficerMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:TaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:NontaxableMunicipalNotesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputCostToSellMember miff:ValuationAppraisalOfCollateralApproachMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputCostToSellMember srt:WeightedAverageMember miff:ValuationAppraisalOfCollateralApproachMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputAppraisedValueMember miff:ValuationAppraisalOfCollateralApproachMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputAppraisedValueMember srt:WeightedAverageMember miff:ValuationAppraisalOfCollateralApproachMember 2025-06-30 0000779227 us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0000779227 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-06-30 0000779227 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-06-30 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-06-30 0000779227 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0000779227 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000779227 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-03-31 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-04-01 2024-06-30 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-06-30 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-03-31 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-04-01 2025-06-30 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-06-30 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000779227 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-06-30 0000779227 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0000779227 miff:NorthumberlandBancorpMember 2024-09-25

Table of Contents

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 June 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 August 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 , June 30, 2025 (unaudited) and December 31, 2024

3

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)

4

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)

5

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

6

Consolidated Statements of Cash Flows for the Six Months Ended June 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

32

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46
Item 4. Controls and Procedures 46
Part II - Other Information 46
Item 1. Legal Proceedings 46
Item 1A. Risk Factors 46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Item 3. Defaults Upon Senior Securities 46
Item 4. Mine Safety Disclosure 46
Item 5. Other Information 46

Item 6. Exhibit Index

47

Signatures

48

2
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)

June 30,

December 31,

2025

2024 *

Assets

Cash and due from banks

$ 7,224 $ 4,580

Interest-bearing demand deposits

4,681 3,213

Federal funds sold

9,111 1,386

Total cash and cash equivalents

21,016 9,179

Interest-bearing time deposits

8,646 10,369

Debt securities available-for-sale, at fair value

107,137 116,053

Marketable equity securities, at fair value

265 268

Restricted investments in bank stock, at cost

2,533 2,300

Loans

467,613 436,339

Allowance for credit losses

( 4,636 ) ( 4,379 )

Loans, net

462,977 431,960

Premises and equipment, net

7,989 8,251

Accrued interest receivable

1,903 1,804

Other real estate owned

78 -

Bank owned life insurance

13,092 12,966

Net deferred tax asset

2,068 2,247

Other assets

1,535 1,305

Total Assets

$ 629,239 $ 596,702

Liabilities and Stockholders' Equity

Liabilities

Deposits:

Noninterest-bearing deposits

$ 81,741 $ 69,746

Interest-bearing deposits

432,867 419,783

Total deposits

514,608 489,529

Repurchase agreements

1,242 1,143

Federal Home Loan Bank advances

47,085 43,050

Accrued interest payable

1,951 1,736

Other liabilities

5,287 5,327

Total Liabilities

570,173 540,785

Commitments and Contingencies

Redeemable Common Stock Held By Employee Stock Ownership Plan

1,950 1,877

Stockholders' Equity

Common stock, par value $ 1.00 per share; authorized 5,000,000 shares; issued 2,160,000 shares; outstanding 1,858,536 shares as of June 30, 2025 and December 31, 2024

2,160 2,160

Capital surplus

1,899 1,899

Retained earnings

66,264 64,013

Accumulated other comprehensive loss

( 3,526 ) ( 4,424 )

Treasury stock, at cost: 2025: 301,464 shares; 2024: 301,464 shares

( 7,731 ) ( 7,731 )

Total Stockholders' Equity

59,066 55,917

Less maximum cash obligation to ESOP shares

1,950 1,877

Total Stockholders’ Equity Less Maximum Cash Obligations Related to ESOP Shares

57,116 54,040

Total Liabilities and Stockholders' Equity

$ 629,239 $ 596,702

See accompanying notes to consolidated financial statements

* Derived from consolidated audited financial statements

3
Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Income

(Unaudited)

(in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Interest and Dividend Income

Interest and fees on loans

$ 6,735 $ 5,416 $ 13,142 $ 10,583

Interest-bearing deposits in banks

121 140 237 286

Federal funds sold

4 16 10 24

Securities:

Taxable

486 470 1,017 943

Tax-exempt

292 309 587 616

Dividends

69 52 117 98

Total Interest and Dividend Income

7,707 6,403 15,110 12,550

Interest Expense

Deposits

2,341 2,082 4,559 4,112

Federal Home Loan Bank advances

378 185 820 356

Other borrowings

- 115 1 231

Total Interest Expense

2,719 2,382 5,380 4,699

Net Interest Income

4,988 4,021 9,730 7,851

Provision for credit losses

156 30 162 30

Net Interest Income after provision for credit losses

4,832 3,991 9,568 7,821

Noninterest Income

Service charges on deposit accounts

130 112 261 217

ATM fees and debit card income

187 196 370 378

Mortgage banking revenue

66 59 108 136

Commissions from investment product sales

29 14 78 44

Gain on sale of premises

- - 52 -

Net marketable equity security loss

( 10 ) ( 83 ) ( 3 ) ( 32 )

Earnings on bank owned life insurance

63 63 126 127

Other

62 54 120 118

Total Noninterest Income

527 415 1,112 988

Noninterest Expense

Salaries and employee benefits

1,892 1,774 3,687 3,525

Net occupancy and equipment expense

296 301 598 600

Loss on sale of other real estate owned

- - - 6

Data processing fees

169 172 346 344

Pennsylvania shares tax

109 114 223 221

Professional fees

33 29 79 79

Advertising expense

44 31 75 65

FDIC deposit insurance

68 64 136 126

Merger expenses

85 - 248 -

Other

436 360 835 695

Total Noninterest Expense

3,132 2,845 6,227 5,661

Income Before Income Taxes

2,227 1,561 4,453 3,148

Income Taxes

407 238 827 469

Net Income

$ 1,820 $ 1,323 $ 3,626 $ 2,679

Earnings Per Share - Basic and Diluted

$ 0.98 $ 0.71 $ 1.95 $ 1.44

See accompanying notes to consolidated financial statements.

4
Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Net Income

$ 1,820 $ 1,323 $ 3,626 $ 2,679

Other Comprehensive Income

Unrealized holding gains (losses) on debt securities available-for-sale, net of income taxes of $ 68 and ($ 182 ) as of the three months ended and $ 239 and ($ 342 ) as of the six months ended, respectively

256 ( 687 ) 898 ( 1,289 )

Other comprehensive income (loss)

256 ( 687 ) 898 ( 1,289 )

Total Comprehensive Income

$ 2,076 $ 636 $ 4,524 $ 1,390

See accompanying notes to consolidated financial statements.

5
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

Accumulated Other

Maximum Cash Obligation

Common Stock

Capital Surplus

Retained Earnings

Comprehensive (Loss)

Treasury Stock

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 loss

- - - 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

See accompanying notes to consolidated financial statements.

6
Table of Contents

Steele Bancorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

Six Months Ended June 30,

Cash Flows from Operating Activities

2025

2024

Net income

$ 3,626 $ 2,679

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

235 239

Net accretion of discounts and premiums on securities

( 209 ) ( 125 )

Deferred income tax (benefit) expense

( 60 ) 3

Provision for credit losses

162 30

Increase in accrued interest receivable

( 99 ) ( 129 )

Increase in accrued interest payable

215 312

Increase in cash surrender value of bank owned life insurance

( 126 ) ( 127 )

Net marketable equity security losses

3 32

Origination of loans held for sale

( 1,692 ) ( 2,604 )

Proceeds from loans sold

1,733 2,663

Gain on sale of loans

( 41 ) ( 59 )

Gains on disposition of premises and equipment

( 52 ) -

Loss on sale of foreclosed real estate

- 6

Change in other assets and liabilities, net

( 169 ) ( 223 )

Net Cash Provided by Operating Activities

3,526 2,697

Cash Flows from Investing Activities

Debt securities available-for-sale:

Purchases

- ( 395 )

Proceeds from paydowns, maturities and calls

10,261 5,173

Net increase in loans

( 31,357 ) ( 16,386 )

Decrease of interest-bearing time deposits

1,723 3,704

Increase in restricted investments in bank stock

( 233 ) ( 42 )

Proceeds from sale of premises and equipment

121 -

Proceeds from sale of foreclosed real estate

- 50

Purchases of premises and equipment

( 42 ) ( 182 )

Net Cash Used in Investing Activities

( 19,527 ) ( 8,078 )

Cash Flows from Financing Activities

Increase in deposits

25,079 6,796

Proceeds from Federal Home Loan Bank advances

38,585 2,521

Repayment of Federal Home Loan Bank advances and Federal Funds Purchased

( 34,550 ) ( 1,200 )

(Decrease) in Federal Funds purchased

- ( 435 )

Increase in repurchase agreements

99 4

Dividends paid on common stock

( 1,375 ) ( 1,338 )

Net Cash Provided by Financing Activities

27,838 6,348

Net increase in cash and cash equivalents

11,837 967

Cash and Cash Equivalents, Beginning of Year

9,179 12,206

Cash and Cash Equivalents, End of Year

$ 21,016 $ 13,173

Supplementary Cash Flows Information

Interest paid

$ 5,165 $ 4,387

Supplementary Disclosure of Noncash Transactions

Other real estate acquired in settlement of loans

$ 78 $ -

Increase (decrease) in maximum cash obligation related to ESOP shares

$ 73 $ ( 262 )

See accompanying notes to consolidated financial statements.

7
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 seven 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.

The results of operations for the three and six months ended June 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.  There have been no significant changes to the application of significant accounting policies since December 31, 2024 .

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 Bancorp and the Bank 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.

8
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, specific 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.

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.

9
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

2. 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):

June 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

$ 2,202 $ 21 $ - $ 2,223 $ 2,194 $ 9 $ ( 1 ) $ 2,202

U.S. government agencies

20,942 41 ( 184 ) 20,799 25,865 11 ( 427 ) 25,449

Taxable state and municipal

6,066 - ( 401 ) 5,665 6,142 - ( 511 ) 5,631

Tax exempt state and municipal

54,162 9 ( 3,480 ) 50,691 55,696 3 ( 3,903 ) 51,796

U.S. government sponsored enterprise mortgage-backed

25,197 79 ( 432 ) 24,844 27,723 31 ( 656 ) 27,098

Corporate

3,031 - ( 116 ) 2,915 4,034 - ( 157 ) 3,877

Total debt securities available-for-sale

$ 111,600 $ 150 $ ( 4,613 ) $ 107,137 $ 121,654 $ 54 $ ( 5,655 ) $ 116,053

Accrued interest receivable on available-for-sale securities totaled $ 570,000 and $ 620,000 at June 30, 2025 and December 31, 2024 , respectively and is included in Accrued Interest Receivable on Consolidated Balance Sheets. Amount was excluded from the estimate of credit losses.

The deferred tax asset for the net unrealized loss on securities available for sale was $ 937,000 as of June 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 June 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

$ 12,558 $ 12,422

Due after one year through five years

66,574 65,216

Due after five years through ten years

28,586 26,193

Due after ten years

3,882 3,306

Total

$ 111,600 $ 107,137

10
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 June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025

Less than 12 Months

12 Months or Longer

Total

Unrealized

Unrealized

Unrealized

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

U.S. Treasury

$ - $ - $ 250 $ - $ 250 $ -

U.S. government agencies

9,945 82 5,235 102 15,180 184

Taxable state and municipal

- - 5,165 401 5,165 401

Tax-exempt state and municipal

5,712 55 43,043 3,425 48,755 3,480

U.S. government sponsored enterprise mortgage-backed

7,024 69 9,270 363 16,294 432

Corporate

- - 2,916 116 2,916 116

Total debt securities available-for-sale

$ 22,681 $ 206 $ 65,879 $ 4,407 $ 88,560 $ 4,613

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 June 30, 2025 , the $ 206,000 unrealized loss (less than 12 months) was attributed to 32 different securities. The $ 4,407,000 unrealized loss ( 12 months or more) was attributed to 174 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.

11
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 June 30, 2025 and December 31, 2024 . The unrealized losses are attributed to noncredit-related factors, including changes in interest rates and other market conditions.

The Company did not sell or recognize any gain or loss for any securities for the three and six months ended June 30, 2025 and 2024 .

Securities with a carrying value of $ 71,687,000 and $ 73,585,000 at June 30, 2025 and December 31, 2024 , respectively, were pledged to secure public deposits and for other purposes as required by law.

As of June 30, 2025 and December 31, 2024 , the Company had $ 265,000 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 six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Net change in the unrealized gain (loss) recognized during the period on marketable equity securities

$ ( 10 ) $ ( 83 ) $ ( 3 ) $ ( 32 )

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

$ ( 10 ) $ ( 83 ) $ ( 3 ) $ ( 32 )

Restricted Investments in Bank 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 $ 2,488,000 and $ 2,255,000 at June 30, 2025 and December 31, 2024 , respectively, and other correspondent banks of $ 45,000 at June 30, 2025 and December 31, 2024 . 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 June 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.

12
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

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

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

2025

2024

Commercial

$ 87,496 $ 87,990

Commercial real estate

243,121 212,595

Residential mortgage

121,913 121,345

Home equity

8,423 7,186

Consumer, other

1,169 1,526

Consumer, automobile

6,387 6,516
468,509 437,158

Less: net deferred loan fees

( 896 ) ( 819 )

Total loans net of deferred loan fees

467,613 436,339

Less: allowance for credit losses

( 4,636 ) ( 4,379 )

Net Loans

$ 462,977 $ 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 $ 1,286,000 and $ 1,179,000 at June 30, 2025 and December 31, 2024 , respectively, and is included in “Accrued Interest Receivable” on the Company’s Consolidated Balance Sheets.

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 held $ 78,000 in foreclosed assets as of June 30, 2025 . The Company did not hold any foreclosed assets as of December 31, 2024 .  At June 30, 2025 there were no loans 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 $ 54,087,000 and $ 54,863,000 at June 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.

13
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

4. 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.

14
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 June 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

June 30, 2025

2025

2024

2023

2022

2021

Prior

Revolving

Total

Commercial

Pass

$ 2,238 $ 7,629 $ 2,201 $ 5,660 $ 13,421 $ 7,671 $ 46,914 $ 85,734

Special Mention

- 55 361 - - 451 895 1,762

Substandard

- - - - - - - -

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Commercial – Total

2,238 7,684 2,562 5,660 13,421 8,122 47,809 87,496

Current Year Gross Charge-Offs

- - - - - - - -

Commercial Real Estate

Pass

29,832 48,380 32,743 26,103 36,413 55,152 10,314 238,937

Special Mention

- 238 289 567 - 2,641 8 3,743

Substandard

- - - - 430 11 - 441

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Commercial Real Estate – Total

29,832 48,618 33,032 26,670 36,843 57,804 10,322 243,121

Current Year Gross Charge-Offs

- - - - - - - -

Residential Mortgage

Pass

9,697 15,274 13,247 14,150 18,993 47,633 1,117 120,111

Special Mention

- 450 225 - 101 636 - 1,412

Substandard

- - - - - 390 - 390

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Residential Mortgage – Total

9,697 15,724 13,472 14,150 19,094 48,659 1,117 121,913

Current Year Gross Charge-Offs

- - - - - - - -

Home Equity

Pass

- 49 - - - 360 8,014 8,423

Special Mention

- - - - - - - -

Substandard

- - - - - - - -

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Home Equity – Total

- 49 - - - 360 8,014 8,423

Current Year Gross Charge-Offs

- - - - - - - -

Consumer - Other

Pass

258 447 241 83 17 - 99 1,145

Special Mention

- 2 - - - - - 2

Substandard

- - - - - - - -

Doubtful

- - 22 - - - - 22

Loss

- - - - - - - -

Consumer - Other – Total

258 449 263 83 17 - 99 1,169

Current Year Gross Charge-Offs

- 9 - - - - - 9

Consumer – Auto

Pass

1,274 2,143 1,708 870 239 119 - 6,353

Special Mention

- 11 4 - - 1 - 16

Substandard

- - - 12 6 - - 18

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Consumer - Auto – Total

1,274 2,154 1,712 882 245 120 - 6,387

Current Year Gross Charge-Offs

- 7 - - - - - 7

Overall – Total

$ 43,299 $ 74,678 $ 51,041 $ 47,445 $ 69,620 $ 115,065 $ 67,361 $ 468,509

15
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

- - - - - - - -

Home Equity

Pass

109 - - - - 369 6,708 7,186

Special Mention

- - - - - - - -

Substandard

- - - - - - - -

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Home Equity – Total

109 - - - - 369 6,708 7,186

Current Year Gross Charge-Offs

- - - - - - - -

Consumer - Other

Pass

707 445 200 31 7 5 109 1,504

Special Mention

- - - - - - - -

Substandard

- - - - - - - -

Doubtful

- 22 - - - - - 22

Loss

- - - - - - - -

Consumer - Other – Total

707 467 200 31 7 5 109 1,526

Current Year Gross Charge-Offs

10 - - - - - - 10

Consumer – Auto

Pass

2,574 2,113 1,138 367 130 155 - 6,477

Special Mention

8 5 15 - - - - 28

Substandard

- - - 8 - 3 - 11

Doubtful

- - - - - - - -

Loss

- - - - - - - -

Consumer - Auto – Total

2,582 2,118 1,153 375 130 158 - 6,516

Current Year Gross Charge-Offs

13 26 - 13 - - - 52

Overall – Total

$ 69,927 $ 58,487 $ 50,268 $ 74,366 $ 39,835 $ 91,369 $ 52,906 $ 437,158

There were no revolving to term loans as of June 30, 2025 and December 31, 2024 .

16
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by past due and nonaccrual status as of June 30, 2025 and December 31, 2024 (in thousands):

Greater

Total Past

than 90

Due and

Total

30-89 Days

Days and

Non-

Non-

Loans

June 30, 2025

Past Due

Accruing

accrual

accrual

Current

Receivable

Commercial

$ 29 $ - $ - $ 29 $ 87,467 $ 87,496

Commercial real estate

391 - - 391 242,730 243,121

Residential mortgage

258 - 148 406 121,507 121,913

Home equity

- - - - 8,423 8,423

Consumer, other

2 - - 2 1,167 1,169

Consumer, automobile

47 - 31 78 6,309 6,387

Total

$ 727 $ - $ 179 $ 906 $ 467,603 $ 468,509

Greater

Total Past

than 90

Due and

Total

30-89 Days

Days and

Non-

Non-

Loans

December 31, 2024

Past Due

Accruing

accrual

accrual

Current

Receivable

Commercial

$ 18 $ - $ - $ 18 $ 87,972 $ 87,990

Commercial real estate

- - - - 212,595 212,595

Residential mortgage

282 - 420 702 120,643 121,345

Home equity

- - - - 7,186 7,186

Consumer, other

2 - - 2 1,524 1,526

Consumer, automobile

121 - 18 139 6,377 6,516

Total

$ 423 $ - $ 438 $ 861 $ 436,297 $ 437,158

The following tables present nonaccrual loans, by loan class, as of June 30, 2025 and December 31, 2024 (in thousands):

Nonaccruals

Nonaccruals

with No

with an

Allowance

Allowance

for Credit

for Credit

June 30, 2025

Losses

Losses

Commercial

$ - $ -

Commercial real estate

- -

Residential mortgage

148 -

Home equity

- -

Consumer, other

- -

Consumer, automobile

31 -

Total

$ 179 $ -

17
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Nonaccruals

Nonaccruals

with No

with an

Allowance

Allowance

for Credit

for Credit

December 31, 2024

Losses

Losses

Commercial

$ - $ -

Commercial real estate

- -

Residential mortgage

420 -

Home equity

- -

Consumer, other

- -

Consumer, automobile

18 -

Total

$ 438 $ -

During the three and six months ended June 30, 2025 and 2024 , no accrued interest receivable was reversed against interest income.

The following tables summarize the activity in the allowance for credit losses by loan class for the six months ended June 30, 2025 and 2024 , and the year ended December 31, 2024 and information in regard to the allowance for credit losses and the recorded investment in loans receivable by loan class as of June 30, 2025 and December 31, 2024 (in thousands):

Beginning

Provisions

Ending

June 30, 2025

Balance

Charge-offs

Recoveries

(Credits)

Balance

Commercial

$ 1,007 $ - $ 2 $ ( 68 ) $ 941

Commercial real estate

2,366 - - 289 2,655

Residential mortgage

823 - - 24 847

Home equity

83 - - 17 100

Consumer, other

18 ( 9 ) - 5 14

Consumer, automobile

82 ( 7 ) 9 ( 5 ) 79

Total

$ 4,379 $ ( 16 ) $ 11 $ 262 $ 4,636

Beginning

Provisions

Ending

June 30, 2024

Balance

Charge-offs

Recoveries

(Credits)

Balance

Commercial

$ 793 $ - $ - $ ( 68 ) $ 725

Commercial real estate

1,741 - - 247 1,988

Residential mortgage

792 - - 12 804

Home equity

60 - - 9 69

Consumer, other

44 - - ( 3 ) 41

Consumer, automobile

85 ( 8 ) 3 5 85

Unallocated

346 - - ( 172 ) 174

Total

$ 3,861 $ ( 8 ) $ 3 $ 30 $ 3,886

Beginning

Provision

Ending

December 31, 2024

Balance

Charge-offs

Recoveries

(Credits)

Balance

Commercial

$ 793 $ - $ 2 $ 212 $ 1,007

Commercial real estate

1,741 - - 625 2,366

Residential mortgage

792 - - 31 823

Home equity

60 - - 23 83

Consumer, other

44 ( 10 ) - ( 16 ) 18

Consumer, automobile

85 ( 52 ) 9 40 82

Unallocated

346 - - ( 346 ) -

Total

$ 3,861 $ ( 62 ) $ 11 $ 569 $ 4,379

18
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Allowance for Credit Losses

Loans Receivable

Ending Balance June 30, 2025

Ending Balance June 30, 2025

Individually

Collectively

Individually

Collectively

Evaluated

Evaluated

Total

Evaluated

Evaluated

Total

Commercial

$ - $ 941 $ 941 $ - $ 87,496 $ 87,496

Commercial real estate

- 2,655 2,655 238 242,883 243,121

Residential mortgage

- 847 847 331 121,582 121,913

Home equity

- 100 100 - 8,423 8,423

Consumer, other

14 14 1,169 1,169

Consumer, automobile

- 79 79 - 6,387 6,387

Total

$ - $ 4,636 $ 4,636 $ 569 $ 467,940 $ 468,509

Allowance for Credit Losses

Loans Receivable

Ending Balance December 31, 2024

Ending Balance December 31, 2024

Individually

Collectively

Individually

Collectively

Evaluated

Evaluated

Total

Evaluated

Evaluated

Total

Commercial

$ 17 $ 990 $ 1,007 $ 964 $ 87,026 $ 87,990

Commercial real estate

- 2,366 2,366 289 212,306 212,595

Residential mortgage

3 820 823 852 120,493 121,345

Home equity

- 83 83 - 7,186 7,186

Consumer, other

- 18 18 - 1,526 1,526

Consumer, automobile

- 82 82 - 6,516 6,516

Total

$ 20 $ 4,359 $ 4,379 $ 2,105 $ 435,053 $ 437,158

The Company individually evaluates loans for impairment when a loan meets the following criteria: credit risk rated substandard or doubtful and on non-accrual status, or a previously modified loan that is now past due 30 days or more.

The Company has certain loans for which repayment is dependent upon the operation or sale of collateral when the borrower is experiencing financial difficulty. Under ASU 2016 - 13, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of the collateral. The allowance for credit losses is calculated on an individual loan basis on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The following table details the amortized costs of the collateral dependent loans as of June 30, 2025 and December 31, 2024 (in thousands):

Real Estate

Other

June 30, 2025

Collateral

Collateral

Total

Commercial

$ - $ - $ -

Commercial real estate

238 - 238

Residential mortgage

331 - 331

Home equity

- - -

Consumer, other

- - -

Consumer, automobile

- - -

Total

$ 569 $ - $ 569

19
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Real Estate

Other

December 31, 2024

Collateral

Collateral

Total

Commercial

$ 97 $ - $ 97

Commercial real estate

- - -

Residential mortgage

590 - 590

Home equity

- - -

Consumer, other

- - -

Consumer, automobile

- - -

Total

$ 687 $ - $ 687

Modifications

In situations where a borrower is experiencing financial difficulty, management grants a concession to the borrower that it would not otherwise consider, and the modification results in a more than insignificant change in contractual cash flows, the related loan is subject to specific disclosure requirements.  Management strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before their loans reach nonaccrual status.  These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. Occasionally, we may modify a loan by providing principal forgiveness. In some cases, we will modify a loan by providing multiple types, or combinations, of concessions.

There were no loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2025 and 2024 .

There were no loans to borrowers experiencing financial difficulty that defaulted during the three and six months ended June 30, 2025 and 2024 and were modified in the twelve months prior.

20
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Unfunded Commitments

The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable by the Company. The allowance for off-balance sheet credit exposures is adjusted as a provision for (or recovery of) credit losses and is included in provision for (recovery of) credit losses in the Consolidated Statements of Income. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for loan credit losses. The allowance for credit losses for unfunded loan commitments of $ 277,000 and $ 377,000 at June 30, 2025 and December 31, 2024, respectively, is separately classified within Other Liabilities on the Consolidated Balance Sheets. The following tables present the balance and activity in the allowance for credit losses for unfunded loan commitments for the six months ended June 30, 2025 and 2024 (in thousands):

Allowance for

Credit Losses

Unfunded

Commitments

Beginning balance, December 31, 2024

$ 377

(Recovery of) provision for credit losses

( 100 )

Ending balance, June 30, 2025

$ 277

Allowance for

Credit Losses

Unfunded

Commitments

Beginning balance, December 31, 2023

$ 266

Provision for (recovery of) credit losses

-

Ending balance, June 30, 2024

$ 266

5. Borrowings

The Company maintains a borrowing agreement with the FHLB of Pittsburgh with an available funding capacity of approximately $ 155 million as of June 30, 2025 . This agreement is subject to annual renewal, incurs no service charges, and is secured by FHLB stock and a blanket security agreement on outstanding residential mortgage loans.

Federal Home Loan Bank advances consist of separate loans with the FHLB of Pittsburgh as of June 30, 2025 and December 31, 2024 as follows (dollars in thousands):

2025

2024

Weighted

Weighted

Amount

Average Rate

Amount

Average Rate

FHLB fixed-rate advances maturing:

2025

$ 41,585 4.76 % $ 37,550 4.40 %

2026

4,500 4.02 4,500 4.02

2027

500 1.19 500 1.19

2029

500 1.22 500 1.22

Total

$ 47,085 $ 43,050

21
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

6. Benefits Plans

Section 401 (k) Plan

The Company sponsors a contributory defined contribution Section 401 (k) plan covering substantially all employees who have completed one year of service, have worked 1,000 hours and have attained age twenty -one. The plan permits employees to make pretax contributions which are matched by the Company up to four percent of the employee's compensation. The Company's contributions were $ 89,000 and $ 81,000 for the six months ended June 30, 2025 and 2024 , respectively. Contributions made by the Company vest immediately.

The Company has a profit-sharing employer contribution component to the 401 (k) Plan. The profit-sharing employer contribution is made at the discretion of management and the Board of Directors based upon current year earnings. The Company's contributions were $ 162,000 and $ 153,000 for the six months ended June 30, 2025 and 2024 , respectively. Contributions made by the Company vest ratably beginning after the second year of service and are fully vested after an employee completes six years of service.

Employee Stock Ownership Plan

The Company sponsors an Employee Stock Ownership Plan (ESOP) covering substantially all employees who have completed one year of service, have worked 1,000 hours and have attained age twenty -one. Contributions to the plan are permitted based upon management’s discretion. The Company did not make any contributions to the plan during the six months ended June 30, 2025 and 2024 . Contributions made by the Company vest ratably beginning after the second year of service and are fully vested after an employee completes six years of service. The number of shares held by the plan were 74,715 at June 30, 2025 and 75,080 at December 31, 2024 . All shares are allocated to participants.

In the event a terminated plan participant desires to sell his or her shares of the Company stock, or for certain employees who elect to diversify their account balances, the Company may be required to purchase the shares from the participant at their fair value. To the extent that shares of common stock held by the ESOP are not readily traded, a sponsor must reflect the maximum cash obligation related to those securities outside of stockholders’ equity.

22
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

As of June 30, 2025 and December 31, 2024 , the shares held by the ESOP, fair value and maximum cash obligation were as follows:

As of

June 30, 2025

December 31, 2024

Shares held by the ESOP

74,715 75,080

Fair value per share

$ 26.10 $ 25.00

Maximum cash obligation

$ 1,950,062 $ 1,877,000

Deferred Directors' Compensation

The Company maintains deferred compensation plans with directors through which the payments of the directors' fees are deferred. The future liability of these agreements, which is payable in ten annual installments, was financed through the purchase of life insurance contracts.

The present value of the future liability of the plans at June 30, 2025 and December 31, 2024 was $ 862,000 and $ 890,000 , respectively, and is included in Other Liabilities in the consolidated balance sheets. The related expenses amounted to $ 40,000 and $ 89,000 for June 30, 2025 and December 31, 2024 , respectively.

Supplemental Retirement Plans

The Company has an unfunded, non-qualified supplemental executive retirement plan (SERP) for certain key executives. The SERP is designed to provide certain executives, upon attaining age 65 , with projected annual distributions. The liability of the SERP at June 30, 2025 and December 31, 2024 was $ 1,569,000 and $ 1,521,000 , respectively, and is included in Other Liabilities in the consolidated balance sheets. The related expense amounted to $ 86,000 and $ 90,000 for the periods ended June 30, 2025 and December 31, 2024 , respectively. The Company offsets the cost of these plans through the purchase of bank-owned life insurance as noted below.

Bank Owned Life Insurance

The Company invests in bank owned life insurance (BOLI) as a source of funding for employee and director benefit expenses. BOLI involves the purchasing of life insurance by the Company on a chosen group of officers and directors. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from the increase in the cash surrender value of the policies is included with noninterest income on the Consolidated Statements of Income. The policies can be liquidated, if necessary, with tax costs associated. However, the Company intends to hold these policies and accordingly, the Company has not provided for deferred income taxes on the earnings from the increase in cash surrender value.

The Company recognizes a liability for postretirement benefits provided through an endorsed split-dollar life insurance arrangement. The liability for post-retirement benefits under these arrangements was $ 866,000 and $ 843,000 at June 30, 2025 and December 31, 2024 , respectively, and is included in Other Liabilities on the Consolidated Balance Sheets. Expense in the six months ended June 30, 2025 and 2024 was $ 23,000 and $ 2,000 , respectively.

The Company holds bank-owned life insurance (BOLI) with a cash value of $ 13,092,000 and $ 12,966,000 at June 30, 2025 and December 31, 2024 , respectively. No additional split-dollar life insurance policies were added during the six months ended June 30, 2025 or the year-ended December 31, 2024 . The Plan provides that the Company and the officers and directors share in the rights to the death benefits of bank owned split-dollar life insurance policies (the "BOLI Policies") and provides for additional compensation to the officers and directors, equal to any income tax consequences related to the Supplemental Plan until retirement. The amount of the BOLI Policies has been calculated so that the projected increases in their cash surrender value will substantially offset the Company's expense related to the Supplemental Retirement Plans. In addition, the BOLI Policies are intended to provide the directors with $ 100,000 of supplemental life insurance and the executive officers with supplemental life insurance equal to three times salary. Neither the insurance company nor the Company has guaranteed any minimum cash value.

23
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

7. Regulatory Matters

Cash and Due from Banks

Deposits with correspondent financial institutions are insured up to $250,000 per institution. The Company maintains cash and cash equivalents with certain correspondent financial institutions in excess of the insured amount.

Regulatory Capital Requirements

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the following table) of total capital, Tier 1 capital (as defined in the regulations) and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. A capital conservation buffer of 2.50 percent, comprised of common equity Tier I capital, is also established above the regulatory minimum capital requirements and must be maintained to avoid limitations on capital distributions.

The Bank has elected the community bank leverage ratio framework. This framework simplifies the regulatory capital requirements by requiring the Bank meet only the Tier 1 capital to average assets (leverage) ratio. The Bank must only maintain a leverage ratio greater than the 9 percent required minimum to be considered well capitalized under this framework. The Bank can opt out of the new framework and return to the risk-weighting framework at any time.

Management believes, as of June 30, 2025 , that the Bank meets all capital adequacy requirements to which they are subject. As of June 30, 2025 , the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum ratios as set forth in the following tables. There are no conditions or events since that notification that management believes have changed the Bank's category. The Bank's actual capital amounts and ratios are as follows as of June 30, 2025 and December 31, 2024 (dollar in thousands):

To be Well Capitalized

under Prompt Corrective

June 30, 2025

Actual

Action Provisions (CBLR)

Amount

Ratio

Amount

Ratio

Tier 1 (Core) Capital to average total assets Bank

$ 59,765 9.79 % $ 54,960 9.00 %

To be Well Capitalized

under Prompt Corrective

December 31, 2024

Actual

Action Provisions (CBLR)

Amount

Ratio

Amount

Ratio

Tier 1 (Core) Capital to average total assets Bank

$ 57,520 9.67 % $ 53,531 9.00 %

The Federal Reserve Bank has established capital guidelines for bank holding companies. These guidelines allow small bank holding companies, as defined, an exemption from regulatory capital requirements. The Bancorp meets the eligibility criteria and is exempt from regulatory capital requirements.

24
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Dividends

Banking regulations limit the amount of dividends that may be paid by the Bank to the Company without prior regulatory approval and are subject to the minimum capital ratio requirements noted above.

8. Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value measurements and disclosure topic specifies a hierarchy of valuation techniques based on whether the inputs to these valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.

Fair Value Hierarchy

U.S. GAAP establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are:

Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 - Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 - Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation.

An asset or liability's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

25
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements:

Securities Available for Sale & Equity Securities

Debt securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 ). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2 ). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity then the security would fall to the lowest level of the hierarchy (Level 3 ).

The Company's investment portfolio is valued using fair value measurements that are considered to be Level 1 or Level 2. The Bank has contracted with a securities portfolio accounting service provider for valuation of its securities portfolio. Most security types are priced using the vendor’s internally developed pricing software, however, subscription pricing services may be used to supplement the internal pricing system. The software uses the discounted cash flow analysis based on the net present value of a security’s projected cash flow to arrive at fair market value. Generally, the methodology involves market quotes, current yields, proprietary models, as well as extensive quality control programs. Valuations for direct obligations of the U.S. Treasury, exchange listed stock and preferred stock are obtained from on-line real-time databases.

The vendor utilizes proprietary valuation matrices for valuing all municipal securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance and rating to incorporate additional spreads to the industry benchmark curves.

26
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

The following table presents the balances of financial assets measured at fair value on a recurring basis (in thousands):

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

June 30, 2025

Total

(Level 1)

(Level 2)

(Level 3)

Debt securities available-for-sale:

U.S. Treasury

$ 2,223 $ 2,223 $ - $ -

U.S. government agencies

20,799 - 20,799 -

Taxable state and municipal

5,665 - 5,665 -

Tax-exempt state and municipal

50,691 - 50,691 -

U.S. government sponsored enterprise mortgage-backed

24,844 - 24,844 -

Corporate

2,915 - 2,915 -

Total Debt Securities Available-for-Sale

$ 107,137 $ 2,223 $ 104,914 $ -

Marketable equity securities

$ 265 $ 265 $ - $ -

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

December 31, 2024

Total

(Level 1)

(Level 2)

(Level 3)

Debt securities available-for-sale:

U.S. Treasury

$ 2,202 $ 2,202 $ - $ -

U.S. government agencies

25,449 - 25,449 -

Taxable state and municipal

5,631 - 5,631 -

Tax-exempt state and municipal

51,796 - 51,796 -

U.S. government sponsored enterprise mortgage-backed

27,098 - 27,098 -

Corporate

3,877 - 3,877 -

Total Debt Securities Available-for-Sale

$ 116,053 $ 2,202 $ 113,851 $ -

Marketable equity securities

$ 268 $ 268 $ - $ -

27
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Assets Measured at Fair Value on a Non-recurring Basis

Certain assets are measured at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Loans Held for Sale

Loans held for sale are carried at the lower of cost of fair value.  These loans currently consist of one -to- four family residential loans originated for sale in the secondary market.  Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2 ).  As such, the Company records any fair value adjustments on a recurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale at June 30, 2025 or December 31, 2024 .

Collateral Dependent Loans with an ACL

In accordance with ASC 326, we may determine that an individual loan exhibits unique risk characteristics which differentiate it from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the ACL are determined by analyzing the borrower's ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower's industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on a quarterly basis. The fair value of real estate collateral supporting collateral dependent loans is evaluated by appraisal services using a methodology that is consistent with the Uniform Standards of Professional Appraisal Practice. The bank held no collateral dependent loans with an allowance at June 30, 2025 and December 31, 2024 .

Other Real Estate Owned

Other real estate owned (OREO) is measured at fair value less costs to sell. Valuation of OREO is determined using current appraisals from independent parties, a Level 2 input. If current appraisals cannot be obtained, or if declines in value are identified after a recent appraisal is received, appraisal values may be discounted, resulting in a Level 3 estimate. If the Company markets the property with a realtor, estimated selling costs reduce the fair value, resulting in a valuation based on Level 3 inputs. Fair value adjustments are recorded in the period incurred and expensed against current earnings. The Bank held one OREO property at June 30, 2025 totaling $ 78,000 . The Bank held no OREO at December 31, 2024 .

The following table presents the Company's assets that were measured at fair value on a nonrecurring basis as of June 30, 2025 (dollars in thousands).

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

June 30, 2025

Total

(Level 1)

(Level 2)

(Level 3)

OREO

$ 78 $ - $ - $ 78

28
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value at June 30, 2025 (in thousands):

Valuation

Unobservable

Range

June 30, 2025

Fair Value

Technique

Input

(Weighted Average)

Liquidation expenses

10% (10)%

OREO

$ 78

Appraisal of collateral

Appraisal adjustments

49% (49)%

The Company had no financial liabilities measured at fair value on a nonrecurring basis as of June 30, 2025 or December 31, 2024 .

The following information should not be interpreted as an estimate of the fair value of the entire Company since the fair value calculation is only provided for a limited portion of the Company's assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful.

The estimated fair values (in thousands) of the Company's financial instruments were as follows at June 30, 2025 and December 31, 2024 .

Carrying

Fair

June 30, 2025

Value

Value

Level 1

Level 2

Level 3

Financial assets:

Cash and cash equivalents

$ 21,016 $ 21,016 $ 21,016 $ - $ -

Interest-bearing time deposits

8,646 8,659 - 8,659 -

Debt securities available-for-sale

107,137 107,137 2,223 104,914 -

Marketable equity securities

265 265 265 - -

Restricted investments in bank stock

2,533 2,533 - 2,533 -

Loans, net

462,977 457,343 - - 457,343

Accrued interest receivable

1,903 1,903 - 1,903 -

Bank owned life insurance

13,092 13,092 - 13,092 -

Financial liabilities:

Deposits

514,608 514,218 - 514,218 -

Repurchase agreements

1,242 1,242 - 1,242 -

FHLB advances

47,085 47,045 - 47,045 -

Accrued interest payable

1,951 1,951 - 1,951 -

29
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

Carrying

Fair

December 31, 2024

Value

Value

Level 1

Level 2

Level 3

Financial assets:

Cash and cash equivalents

$ 9,179 $ 9,179 $ 9,179 $ - $ -

Interest-bearing time deposits

10,369 10,355 - 10,355 -

Debt securities available-for-sale

116,053 116,053 2,202 113,851 -

Marketable equity securities

268 268 268 - -

Restricted investments in bank stock

2,300 2,300 - 2,300 -

Loans, net

431,960 426,034 - - 426,034

Accrued interest receivable

1,804 1,804 - 1,804 -

Bank owned life insurance

12,966 12,966 - 12,966 -

Financial liabilities:

Deposits

489,529 489,001 - 489,001 -

Repurchase agreements

1,143 1,143 - 1,143 -

FHLB advances

43,050 42,839 - 42,839 -

Accrued interest payable

1,736 1,736 - 1,736 -

9. Earnings Per Share

Earnings Per Share

The Company does not have any common stock equivalents and, therefore, basic earnings per share, which represents net income divided by the weighted average shares outstanding during the period is the same as diluted earnings per share. ESOP shares are considered outstanding for this calculation unless unearned.

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except per share amounts)

2025

2024

2025

2024

Net income attributable to common stock

$ 1,820 $ 1,323 $ 3,626 $ 2,679

Denominator:

Weighted average common shares outstanding (basic)

1,858,536 1,858,536 1,858,536 1,858,536

Weighted average common shares outstanding (diluted)

1,858,536 1,858,536 1,858,536 1,858,536

Earnings per share:

Basic

$ 0.98 $ 0.71 $ 1.95 $ 1.44

Diluted

$ 0.98 $ 0.71 $ 1.95 $ 1.44

30
Table of Contents
Steele Bancorp, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(Unaudited)

10. Accumulated Other Comprehensive Income

The following tables provide information about components of accumulated other comprehensive income (loss) as of the dates indicated:

Net Unrealized Loss on Securities

Accumulated Other Comprehensive Loss

Balance at March 31, 2024

$ ( 4,371 ) $ ( 4,371 )

Unrealized holding loss on available for sale securities, net of tax ($ 182 )

( 687 ) ( 687 )

Balance at June 30, 2024

$ ( 5,058 ) $ ( 5,058 )

Balance at March 31, 2025

$ ( 3,782 ) $ ( 3,782 )

Unrealized holding gain on available for sale securities, net of tax $ 68

256 256

Balance at June 30, 2025

$ ( 3,526 ) $ ( 3,526 )

Balance at December 31, 2023

$ ( 3,769 ) $ ( 3,769 )

Unrealized holding loss on available for sale securities, net of tax ($ 342 )

( 1,289 ) ( 1,289 )

Balance at June 30, 2024

$ ( 5,058 ) $ ( 5,058 )

Balance at December 31, 2024

$ ( 4,424 ) $ ( 4,424 )

Unrealized holding gain on available for sale securities, net of tax $ 239

898 898

Balance at June 30, 2025

$ ( 3,526 ) $ ( 3,526 )

11. Acquisition of Northumberland Bancorp

Mifflinburg Bancorp, Inc. (“MIFF”), the bank holding company for Mifflinburg Bank and Trust Company, and Northumberland Bancorp (“NUBC”), the bank holding company for The Northumberland National Bank, jointly announced on July 2, 2025 that, in connection with their proposed strategic merger of equals, they have received the requisite regulatory approvals and waivers from the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation and the Federal Reserve Bank of Philadelphia to complete their transaction on the terms and subject to the conditions of the Agreement and Plan of Merger, dated as of September 24, 2024, as amended on December 4, 2024, by and between MIFF and NUBC.

On August 1, 2025, Jeffrey J. Kapsar, President and Chief Executive Officer of Steele Bancorp, Inc., announced the completion of the merger of Northumberland Bancorp (“Northumberland”) with and into Mifflinburg Bancorp, Inc. (“Mifflinburg”), and the merger of The Northumberland National Bank (“Norry Bank”) with and into Mifflinburg Bank and Trust Company (“Mifflinburg Bank”).  In connection with the mergers, effective August 1, 2025, Mifflinburg changed its name to Steele Bancorp, Inc. (“Steele”), and Mifflinburg Bank changed its name to Central Penn Bank & Trust (“Central Penn”).

Upon the terms and subject to the conditions set forth in the Merger Agreement, Northumberland Bancorp shareholders will receive a fixed exchange ratio of 1.1850 shares of Mifflinburg for each Northumberland share they own. The transaction is expected to qualify as a tax-free reorganization (except to the extent of cash received for fractional shares). Additional information about the proposed merger is available in the registration statement on form S- 4 filed by Mifflinburg with the SEC and other documents filed by Mifflinburg and Northumberland with the SEC.

31
Table of Contents

Item 2. MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF STEELE BANCORP, INC.

Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of the financial condition and results of operations of Steele Bancorp, Inc. (“Steele”). Please refer to the financial statements and other information in this report as well as the Company's Form SP 15D2 for an understanding of the following discussion and analysis.

Subsequent events have been considered through the date of this filing on Form 10-Q.

Steele is a financial holding company that, through its sole subsidiary Central Penn Bank & Trust “CPBT”, provides full-service banking to individual, municipality and corporate customers. CPBT operates thirteen offices spanning the counties of Union, Snyder, Northumberland and Centre in Northcentral Pennsylvania. Gathering deposits and making loans are the major lines of business. The deposits are mainly deposits of individuals and small businesses and include various types of checking accounts, statement savings, money market accounts, interest checking accounts, individual retirement accounts, and certificates of deposit. Milestone Insurance Services, LLC (Milestone) was formed in 2003 and is a wholly owned subsidiary of the CPBT. Milestone is licensed to sell title insurance. Steele is supervised by the Board of Governors of the Federal Reserve System while CPBT is subject to regulation and supervision by the Federal Deposit Insurance Company and the Pennsylvania Department of Banking and Securities.

Steele’s core strategy is to further its mission of being an independent bank which strives to be the community bank you keep for life by providing quality financial services to its customers, a rewarding work environment for its employees, exceptional long-term value for its shareholders and an unwavering commitment to community reinvestment.

Steele’s revenues consist primarily of interest income it earns on loans and investments. Interest income is partially offset by interest expense incurred on deposits, borrowings and other interest-bearing liabilities. Net interest income is affected by the balances of interest-earning assets and interest-bearing liabilities and their relative interest rates. Net interest income is typically further reduced by Steele’s provision for credit losses.

Non-interest income also contributes to Steele’s operating results, consisting of service charges and fees, interchange fees, brokerage, and gains and losses on the sales of securities and loans. Non-interest expenses, which include salaries and employee benefits, occupancy and equipment costs, data processing, professional services, advertising and other general and administrative expenses, are Steele’s primary expenditures incurred as a result of Steele’s operations.

Financial institutions like Steele are significantly affected by economic conditions, competition, and the monetary and fiscal policies of the federal government. Lending activities are influenced by the demand for and supply of housing and commercial real estate, competition among lenders, interest rate conditions, and funds availability. Steele’s operations and lending are concentrated in Northcentral Pennsylvania in Union, Snyder, Northumberland, and Centre Counties, and Steele’s operations are influenced by local economic conditions. Deposit balances and cost of funds are influenced by prevailing market rates on competing investments, customer preferences, and levels of personal income and savings in Steele’s primary market area. Operations are also significantly impacted by government policies and actions of regulatory authorities. Future changes in applicable law, regulations or government policies may materially impact Steele.

To operate successfully, Steele must manage various types of risk, including but not limited to: interest rate risk, credit risk, liquidity risk, operational and information technology risk, reputation risk, and compliance risk.

Cautionary Note Regarding Forward Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward -looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as “anticipates,” “believes,” estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the merger with Northumberland Bancorp; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the other factors discussed in other reports Steele may file with the U.S. Securities and Exchange Commission (the “SEC”) . We do not undertake and specifically disclaim any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, expect as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.

Market Conditions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to measure Steele’s financial position and operating results primarily in terms of historic dollars. Changes in the relative value of money due to inflation or recession are generally not considered. The primary effect of inflation on Steele’s operations is related to increases in operating expenses. Management considers changes in interest rates to impact our financial condition and results of operations to a far greater degree than changes in prices due to inflation. Although interest rates are influenced by changes in the inflation rate, they do not necessarily change at the same rate or in the same magnitude as the inflation rate. Steele manages interest rate risk in several ways. There can be no assurance that Steele will not be materially adversely affected by future changes in interest rates, as interest rates are highly sensitive to many factors that are beyond its control. Additionally, inflation may adversely impact the financial condition of Steele’s borrowers and could impact their ability to repay their loans, which could negatively affect Steele’s asset quality through higher delinquency rates and increased charge-offs. Management carefully considers the impact of inflation and rising interest rates on Steele borrowers in managing credit risk related to the loan portfolio.

Critical Accounting Policies

Critical accounting policies are most important to the portrayal of the Company's financial condition or results of operations and require management's most difficult, subjective, and complex judgements about matters that are inherently uncertain.  If conditions occur that differ from our assumptions, depending upon the severity of such differences, the Company's financial condition or results of operations may be materially impacted.  The Company has designated the governing of the allowance for credit losses on loans as the critical accounting policy.  The Company evaluates its critical accounting estimates and assumptions on an ongoing basis and updates them as needed.  Please refer to the Company's Note 1: Description of Business and Summary of Significant Accounting Policies in the Financial Statements included in Item 1 of this report for information on these and other accounting policies.

Non-GAAP Financial Measures

This report refers to certain financial measures that are computed under a basis other than GAAP ("non-GAAP).  The Company uses certain non-GAAP financial measures, including tax-equivalent net interest income and efficiency ratio, to provide meaningful supplemental information regarding the Company's operational performance and to enhance investors' overall understanding of such financial performance.  The methodology for determining these non-GAAP measures may differ among companies.  Non-GAAP measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

32
Table of Contents

Performance Summary

The following table presents CPBT's key ratios and other performance data year-to-date as of the periods indicated.

($ in thousands)

June 30, 2025

December 31, 2024

June 30, 2024

Average Balances

Cash and due from banks

$ 5,567 $ 5,510 $ 5,481

Interest-bearing deposits

11,596 15,540 17,243

Securities available for sale, at fair value

120,237 125,023 126,069

Mortgage loans held for sale

39 48 61

Loans, gross

451,466 405,159 395,084

Loans, net of allowance for credit losses

447,057 401,292 391,247

Total assets

606,629 573,353 561,944

Noninterest bearing deposits

82,370 81,328 79,091

Interest-bearing and savings deposits

288,586 282,389 276,761

Time deposits

132,316 117,729 114,854

Total deposits

503,272 481,446 470,706

Stockholders' equity

$ 58,014 $ 56,129 $ 55,112

Financial Ratios

Return on average assets

1.21 % 0.78 % 0.96 %

Return on average equity

12.60 % 7.98 % 9.78 %

Efficiency ratio

58.31 % 70.08 % 64.26 %

Allowance for Loan Credit Losses

Beginning balance

$ 4,379 $ 3,861 $ 3,861

Provision for credit losses

262 569 30

Charge-Offs

(16 ) (62 ) (8 )

Recoveries

11 11 3

Ending balance

$ 4,636 $ 4,379 $ 3,886

33
Table of Contents

Comparison of Financial Condition at June 30, 2025 and December 31, 2024

Total assets at June 30, 2025, were $629.2 million, an increase of $32.5 million, or 5.5 percent from $596.7 million at December 31, 2024. The increase in total assets was primarily due to the net increase in gross loans receivable of $31.3 million and an increase in cash and cash equivalents of $11.8 million, offset by a decrease of $8.9 million in securities available-for-sale, and a decrease of $1.7 million in interest-bearing time deposits.

Total average assets increased  5.8 percent from $573.4 million at December 31, 2024 to $606.6 million at June 30, 2025.  Average earning assets were $550.5 million at December 31, 2024 and $583.8 million at June 30, 2025. Average interest-bearing liabilities were $429.2 million at December 31, 2024 and $459.1 million at June 30, 2025.

Cash and cash equivalents increased $11.8 million or 129.0 percent from $9.2 million at December 31, 2024 to $21.0 million at June 30, 2025. The increase is primarily due to securities available-for-sale decreasing $8.9 million, federal funds sold increasing $7.7 million, deposits increasing $25.1 million, offset by loans increasing $31.3 million.

Loans increased  7.2 percent to $467.6 million at June 30, 2025 from $436.3 million at December 31, 2024.

Interest bearing deposits increased 3.1 percent to $432.9 million at June 30, 2025 from $419.8 million at December 31, 2024. Noninterest-bearing deposits increased 17.2 percent from $69.7 million at December 31, 2024 to $81.7 million at June 30, 2025.

Total stockholder’s equity increased by $3.1 million, or 5.6 percent, from $55.9 million at December 31, 2024, to $59.1 million at June 30, 2025. The increase is primarily attributable to an increase in retained earnings of $2.3 million and a decrease in accumulated other comprehensive loss due to increased fair values in the available for sale investment securities. Accumulated other comprehensive loss decreased from $4.4 million as of December 31, 2024 to $3.5 million as of June 30, 2025.

The loan-to-deposit ratio is a key measurement of liquidity. Our loan-to-deposit ratio was 90.9% percent as of June 30, 2025 compared to 89.1% percent at December 31, 2024.

It is our opinion that the asset/liability mix and the interest rate risk associated with the balance sheet are within manageable parameters. Constant monitoring using asset/liability reports and interest rate risk scenarios are in place along with quarterly asset/liability management meetings on the committee level by the Bank’s Board of Directors.

Investment Securities

Debt Securities – Available for Sale

Debt securities available-for-sale decreased by $8.9 million or 7.7 percent to $107.1 million at June 30, 2025 from $116.1 million at December 31, 2024. The decrease was the result of management’s decision to reallocate liquidity to loan growth. Within the portfolio U.S. government agencies decreased $4.7 million, U.S. government sponsored enterprise mortgage-backed securities decreased $2.3 million, tax exempt state and municipal bonds decreased $1.1 million, and a $962 thousand decrease in corporate securities. Gross unrealized losses decreased from $5.7 million as of December 31, 2024 to $4.6 million as of June 30, 2025. The fair value of these securities was influenced by market interest rates, prepayment speeds on mortgage securities, bid to offer spreads in the market place and credit premiums for the various types of agency debt. Steele did not consider the debt securities to be impaired since it had both the intent and ability to hold the securities until a recovery of fair value, which may be maturity.

The following tables summarize the maturity distribution and yields of available-for-sale securities as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

Due in one year or less

Due after 1 through 5 years

Due after 5 through 10 years

Due after 10 years

Total

Securities available for sale:

U.S. Treasury

3.16 % 4.55 % 0.00 % 0.00 % 4.39 %

U.S. Government Agencies

1.29 % 3.89 % 0.00 % 0.00 % 3.39 %

Taxable state and municipal

0.72 % 1.47 % 2.95 % 0.00 % 1.46 %

U.S. government sponsored enterprise mortgage-backed

3.71 % 3.68 % 2.31 % 0.00 % 3.67 %

Corporate

1.04 % 1.56 % 2.50 % 0.00 % 1.63 %

Total taxable

2.31 % 3.48 % 2.66 % 0.00 % 3.25 %

Tax exempt state and municipal (1)

1.71 % 2.30 % 2.98 % 2.74 % 2.65 %

Total

2.21 % 3.12 % 2.96 % 2.74 % 2.96 %

(1)

Yields on tax-exempt securities have been computed on a tax-equivalent basis using a federal tax rate of 21%.

34
Table of Contents

As of December 31, 2024

Due in one year or less

Due after 1 through 5 years

Due after 5 through 10 years

Due after 10 years

Total

Securities available for sale:

U.S. Treasury

3.16 % 4.55 % 0.00 % 0.00 % 4.39 %

U.S. Government Agencies

2.16 % 3.52 % 0.00 % 0.00 % 3.15 %

Taxable state and municipal

0.86 % 1.47 % 2.95 % 0.00 % 1.48 %

U.S. government sponsored enterprise mortgage-backed

4.37 % 3.73 % 3.79 % 6.78 % 3.77 %

Corporate

2.66 % 1.56 % 2.49 % 0.00 % 2.09 %

Total taxable

2.47 % 3.40 % 3.44 % 6.78 % 3.23 %

Tax exempt state and municipal (1)

1.24 % 2.15 % 2.98 % 2.76 % 2.59 %

Total

2.31 % 3.03 % 3.02 % 2.64 % 2.94 %

(1)

Yields on tax-exempt securities have been computed on a tax-equivalent basis using a federal tax rate of 21%.

Equity Securities

At June 30, 2025 and 2024, Steele had $265,000 and $290,000 in marketable equity securities recorded at fair value, respectively. At December 31, 2024 Steele had $268,000 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 equity securities during the three and six months ended June 30, 2025 and 2024:

($ In Thousands)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025

2024

2025

2024

Net change in the unrealized gains and (losses) recognized during the period on marketable equity securities

$ (10 ) $ (83 ) $ (3 ) $ (32 )

See Note 2 within Steele’s Notes to the Consolidated Financial Statements for more information regarding Steele’s Investment portfolio as of June 30, 2025 and December 31, 2024.

Loans

Gross loans receivable increased 7.2 percent from $437.2 million at December 31, 2024 to $468.5 million at June 30, 2025. The increase was primarily driven by a $27.0 million, or 20.9% increase in commercial mortgages as a result of efforts to enhance commercial real estate lending.  The percentage change and distribution of the loan portfolio is shown in the table below:

($ In Thousands)

Change

2025

2024

Amount

%

Commercial

$ 87,496 $ 87,990 $ (494 ) (0.6 )%

Commercial real estate:

Commercial mortgages

156,018 129,036 26,982 20.9

Other construction and land development loans

14,750 16,649 (1,899 ) (11.4 )

Secured by farmland

72,353 66,910 5,443 8.1

Residential mortgage:

Multifamily

5,219 4,725 494 10.5

1-4 family residential mortgages

115,367 115,311 56 0.0

Construction

1,327 1,309 18 1.4

Home Equity

8,423 7,186 1,237 17.2

Consumer, other

1,169 1,526 (357 ) (23.4 )

Consumer, automobile

6,387 6,516 (129 ) (2.0 )

Gross loans

$ 468,509 $ 437,158 $ 31,351 7.2 %

35
Table of Contents

Allowance for Credit Losses on Loans ("ACLL")

The allowance for credit losses was $4.6 million at June 30, 2025, compared to $4.4 million at December 31, 2024. This allowance equaled 0.99 percent and 1.00 percent of total loans, net of unearned income, as of June 30, 2025 and December 31, 2024, respectively. The credit loss reserve is analyzed quarterly and reviewed by the CPBT’s Board of Directors. No concentration or apparent deterioration in classes of loans or pledged collateral was evident. Regular loan meetings with the CPBT’s Board of Directors are held to review new loans. Delinquent loans, loan exceptions and certain large loans are addressed by the full Board no less than monthly to determine compliance with policies. Allowance for credit losses was considered adequate based on delinquency trends and actual loans written as it relates to the loan portfolio.

Individually Evaluated Loans

Individually evaluated loans were $569,047 as of June 30, 2025, a decrease from $2,105,346 as of December 31, 2024.  The decrease was due to five commercial loan totaling $964,160, one commercial real estate loan totaling $289,561 and four residential mortgage loans totaling $622,092 being moved from individually evaluated to collectively evaluated in 2025 due to the loan payment status being current.  One residential mortgage loan totaling $78,000 was moved into OREO during the six months ended June 30, 2025.  One commercial real estate loan totaling $237,851 and one residential mortgage loan totaling $183,103 were moved from collectively evaluated to individually evaluated due to the loan payment status being past due.  As of June 30, 2025, three individually evaluated loans were collateral dependent but were adequately collateralized and did not result in an individual allocation.  Please see Note 4 within Steele’s Notes to the Consolidated Financial Statements for more information regarding Steele’s loan portfolio as of June 30, 2025 and December 31, 2024.

Collectively Evaluated Loans

Collectively evaluated loans totaled $467,940,000, with an ACL of $4,636,000 as of June 30, 2025 and $435,053,000 with an ACL of $4,359,000 as of December 31, 2024.

Collectively evaluated loans are divided into pools based upon risk characteristics, management has elected to use the FDIC call report loan codes to group loans.  Utilizing a discounted cash flow (DCF) model, the Company calculates the sum of expected losses via a gross loss rate and recovery rate assumption based on call report loan codes to determine its allowance for credit losses.  Management has elected to perform cash flow modeling without the present value component due to lack of loan loss history and simplification of the model.  Call report loan codes are allocated additional loss estimates based upon Management’s analysis of qualitative factors including changes in lending policies, procedures, and strategies, economic conditions, changes in nature and volume of portfolio, credit and lending staff, changes in delinquencies, changes in quality of the loan review system, trends in underlying collateral, concentration risk, and external factors.

The allowance for collectively evaluated loans increased $277,000 when compared to December 31, 2024 due to a $259,000 increase in the loss rate reserve and a $18,000 increase in the qualitative factor reserve.

The increase in the loss rate reserve for June 30, 2025 when compared to December 31, 2024 is due to loan growth in certain call report loan codes that have a higher historical loss rate factor applied.  Specific call report loan codes that increased in the six months ended June 30, 2025 were loans secured by farmland, revolving, open-ended loans secured by 1-4 family residential, loans secured by owner occupied nonfarm residential properties, and loans secured by other nonfarm non-residential properties due to a migration of balances based on an internal analysis of call report codes completed in the second quarter of 2025.

Q factors

CPBT adjusts historical loss information to reflect the extent to which management expects reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated.  The increase in qualitative factor reserve for June 30, 2025 when compared to December 31, 2024 is due to the following factors.

Changes in Nature and Volume

Year-to-date loan growth as of June 30, 2025 was 7.2%.  Management has elected to monitor year-to-date loan growth on a call report line-item basis and assign a risk factor for each line item.  In the first quarter of 2024 there were four loan pools that had significant growth, resulting in a risk factor being assigned.  In the fourth quarter of 2024 there were six loan pools that had significant growth, resulting in a risk factor being assigned. When compared to December 31, 2024 the loan growth percentage of other construction loans and commercial and industrial loans decreased to a level where no risk factor was assigned.  The loan growth percentage of loans secured by multifamily residential properties decreased to a level where the risk factor assigned was less than the risk factor assigned at December 31, 2024.  Partially offsetting this decrease was during the six months ended June 30, 2025 loans secured by owner occupied non-farm residential properties had a growth percentage that resulted in a risk factor being assigned, compared to December 31, 2024 when there was not a risk factor assigned for that loan call report code line item.

Concentrations

Management elected as of June 30, 2024 to complete a quarterly internal loan concentration review by calculating the percentage of each call report loan code balance by Tier 1 capital to better reflect loan concentration at the call report loan code level instead of the loan portfolio as a whole.  With this change, as of  December 31, 2024 and  June 30, 2025 five call report loan codes were assigned a risk factor based on their concentration level.

Conclusion

Based upon the calculation, management’s current judgements about the credit quality of the loan portfolio, and after considering all known relevant internal and external factors that affect loan collectability, management believes the level of ACLL is reasonable for the credit risk in the loan portfolio as of June 30, 2025 and December 31, 2024.

36
Table of Contents

Deposits

Total average deposits increased by 4.5 percent from $481.4 million as of December 31, 2024 to $503.3 million as of June 30, 2025.

Average non-interest bearing demand deposits increased 1.3 percent to $82.4 million in 2025 from $81.3 million in 2024. Average savings deposits decreased 0.6 percent to $66.9 million in 2025 from $67.3 million in 2024. Average interest bearing NOW accounts increased 4.4 percent to $187.9 million in 2025 from $180.1 million in 2024. Average money market deposits decreased 3.8 percent to $33.8 million in 2025 from $35.1 million in 2024. Average time deposits increased 12.4 percent to $132.3 million in 2025 from $117.7 million in 2024.

The average balance and average rate paid on deposits year-to-date for the periods ending June 30, 2025 and December 31, 2024 are summarized as follows:

June 30, 2025

December 31, 2024

Change

Average Average Average Average Amount

%

($ In Thousands)

Balance

Rate

Balance

Rate

Non-interest bearing

$ 82,370 — % $ 81,328 — % $ 1,042 1.3 %

Savings

66,885 0.21 67,256 0.21 % (371 ) (0.6 )

Now deposits

187,949 1.77 180,064 1.99 % 7,885 4.4

Money market deposits

33,752 1.18 35,069 1.06 % (1,317 ) (3.8 )

Time deposits

132,316 3.98 117,729 3.81 % 14,587 12.4

Total deposits

$ 503,272 2.17 % $ 481,446 2.15 % $ 21,826 4.5 %

37
Table of Contents

Borrowed Funds

The average balance of borrowed funds increased $9.0 million to $38.2 million as of June 30, 2025 from $29.1 million as of December 31, 2024 due to the following:

●

Securities sold under agreements to repurchase (short-term) average balance increased $31,000 to $1,591,000 in 2025 from $1,560,000 in 2024.

●

Federal funds purchased (short-term) average balance decreased $9,000 to $28,000 in 2025 from $37,000 in 2024.

●

Federal Reserve Bank Borrowing average balance decreased $9.2 million to $-0- in 2025 from $9.2 million in 2024.

●

Federal Home Loan Bank Advances average balance increased $18.2 million to $36.6 million in 2025 from $18.3 million in 2024.

Total borrowed funds consisted of the following year-to-date at June 30, 2025 and December 31, 2024:

June 30, 2025

Ending

Average

Average Rate

($ In Thousands)

Balance

Balance

At Quarter End

Securities sold under agreements to repurchase

$ 1,242 $ 1,591 4.69 %

Federal funds purchased

- 28 7.20 %

Federal Home Loan Bank Advances

47,085 36,550 4.52 %

Total Borrowed Funds

$ 48,327 $ 38,169 4.53 %

December 31, 2024

Ending

Average

Average Rate

($ In Thousands)

Balance

Balance

At Year End

Securities sold under agreements to repurchase

$ 1,143 $ 1,560 5.26 %

Federal funds purchased

- 37 5.41

Federal Reserve Bank Borrowings

- 9,189 4.90 %

Federal Home Loan Bank Advances

43,050 18,339 3.86 %

Total Borrowed Funds

$ 44,193 $ 29,125 4.26 %

See Note 5 within Steele’s Notes to the Consolidated Financial Statements for more information regarding Steele’s borrowed funds as of June 30, 2025 and December 31, 2024.

Stockholders ’ Equity and Capital Adequacy

Details concerning capital ratios at June 30, 2025 and December 31, 2024 are presented in Note 7, “Regulatory Matters,” to the consolidated financial statements for the three and six months ended June 30, 2025 and year ended December 31, 2024 included elsewhere in this document. Steele meets the conditions of the Federal Reserve’s small bank holding company policy statement and is therefore excluded from consolidated capital requirements. CPBT is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on Steele’s financial statements. Management believes, as of June 30, 2025, that CPBT met all capital adequacy requirements to which it was subject.

Future dividend payments and repurchases of common stock will depend upon maintenance of a strong financial condition, future earnings and capital and regulatory requirements. In addition, CPBT is subject to restrictions on the amount of dividends that may be paid without approval of banking regulatory authorities. Further, although Steele is not subject to the specific consolidated capital requirements, its ability to pay dividends, repurchase stock or engage in other activities may be limited by the Federal Reserve if it fails to hold sufficient capital consistent with its overall risk profile.

CPBT’s total Tier 1 Capital increased $2.3 million to $59.8 million at June 30, 2025 from $57.5 million at December 31, 2024. The Bank’s resulting Tier 1 Leverage Ratio increased to 9.79% at June 30, 2025 from 9.67% at December 31, 2024.

38
Table of Contents

Comparison of Earnings for the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended June 30,

General: Net income was $1.8 million for the three months ended June 30, 2025, or $0.98 per share, an increase of $497 thousand, or 37.6 percent, compared to net income of $1.3 million, or $0.71 per share, for the three months ended June 30, 2024. Net income for the three months ended June 30, 2025, reflected an increase in net interest income after provision for credit losses of $841 thousand, an increase in non-interest income of $112 thousand and an increase in non-interest expenses of $287 thousand.

Net Interest Income: Net interest income before provision for (recovery of) credit losses increased by $967 thousand, or 24.0 percent, to $5.0 million for the three months ended June 30, 2025, compared to $4.0 million for the three months ended June 30, 2024. Interest income and interest expense both increased for the three months ended June 30, 2025 when compared to the three months ended June 30, 2024, due to increased average balances in loans and higher rates on loans and investment securities, offset by the increased deposit and other borrowing expense due to an increase in balances and rates. Yield on earning assets increased quicker than the cost of funds, resulting in an increase in net interest income. Net interest margin (tax equivalent) increased from 2.96% for the three months ended June 30, 2024 to 3.41% for the same period in 2025.

Interest Income: Interest income increased $1.3 million, or 20.4 percent, to $7.7 million for the three months ended June 30, 2025, compared with $6.4 million for the three months ended June 30, 2024. The average yield on the earning assets increased 55 basis points from 4.79 percent for the three months ended June 30, 2024 to 5.34 percent for the three months ended June 30, 2025. This increase in rates was in addition to the growth in average balance of earning assets which increased $39.6 million to $586.1 million for the three months ended June 30, 2025 compared to $546.5 million for 2024.

Interest Expense: Interest expense increased by $337 thousand or 14.1 percent to $2.7 million for the three months ended June 30, 2025, compared to $2.4 million for the three months ended June 30, 2024. The increase was the result of an increase in rates paid on interest bearing deposits of 11 basis points from 2.09 percent for 2024 to 2.20 percent in 2025. The increase is also the result of an increase in average balance of interest-bearing deposits of $27.7 million to $424.5 million for the three months ended June 30, 2025 compared to $396.8 million for 2024. The increase in expense is also attributed to an increase in average balance of borrowings of $6.8 million to $34.5 million for the three months ended June 30, 2025 compared to $27.8 million for 2024. Rates paid on borrowings decreased 8 basis points from 4.67 percent for 2024 to 4.59 percent in 2025.

Six Months Ended June 30,

General: Net income was $3.6 million for the six months ended June 30, 2025, or $1.95 per share, an increase of $947 thousand, or 35.3 percent, compared to net income of $2.7 million, or $1.44 per share, for the six months ended June 30, 2024. Net income for the six months ended June 30, 2025, reflected an increase in net interest income after provision for credit losses of $1.7 million, an increase in non-interest income of $124 thousand and an increase in non-interest expenses of $566 thousand.

Net Interest Income: Net interest income before provision for (recovery of) credit losses increased by $1.9 million, or 23.9 percent, to $9.7 million for the six months ended June 30, 2025, compared to $7.9 million for the six months ended June 30, 2024. Interest income and interest expense both increased for the six months ended June 30, 2025 when compared to the six months ended June 30, 2024, due to increased average balances in loans and higher rates on loans and investment securities, offset by the increased deposit and other borrowing expense due to an increase in balances and rates. Yield on earning assets increased quicker than the cost of funds, resulting in an increase in net interest income. Net interest margin (tax equivalent) increased from 2.93% for the six months ended June 30, 2024 to 3.36% for the same period in 2025.

Interest Income: Interest income increased by $2.6 million, or 20.4 percent, to $15.1 million for the six months ended June 30, 2025, compared with $12.6 million for the six months ended June 30, 2024. The average yield on the earning assets increased 53 basis points from 4.76 percent for the six months ended June 30, 2024 to 5.29 percent for the six months ended June 30, 2025. This increase in rates was in addition to the growth in average balance of earning assets which increased $44.4 million to $583.8 million for the six months ended June 30, 2025 compared to $539.4 million for 2024.

Interest Expense: Interest expense increased by $681 thousand or 14.5 percent to $5.4 million for the six months ended June 30, 2025, compared to $4.7 million for the six months ended June 30, 2024. The increase was the result of an increase in rates paid on interest bearing deposits of 8 basis points from 2.09 percent for 2024 to 2.17 percent in 2025. The increase is also the result of an increase in average balance of interest-bearing deposits of $29.3 million to $420.9 million for the six months ended June 30, 2025 compared to $391.6 million for 2024. The increase in expense is also attributed to an increase in average balance of borrowings of $8.4 million to $38.2 million for the six months ended June 30, 2025 compared to $29.8 million for 2024. The increase is also due to an increase in rates paid on borrowings of 25 basis points from 4.28 percent for 2024 to 4.53 percent in 2025.

Analysis of Net Interest Income

Net interest income represents the difference between the interest Steele earns on its interest-earning assets, such as loans and investment securities, and the expense Steele pays on interest-bearing liabilities, such as deposits and borrowings. Net interest income depends on both the volume of Steele’s interest-earning assets and interest-bearing liabilities and the interest rates Steele earns or pays on them.

Average Balances, Interest and Average Yields: The following table sets forth certain information relating to Steele’s average balance sheets and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities, interest earned and interest paid for the years indicated. Such yields and costs are derived by dividing income or expenses by the average balance of interest-earning assets or interest-bearing liabilities, respectively, for the years presented. Average balances are derived from daily balances over the years indicated. The loan yields include net amortization of certain deferred fees and costs that are considered adjustments to yields.

39
Table of Contents

AVERAGE BALANCE SHEET AND RATE ANALYSIS

Three Months Ended June 30,

($ In Thousands)

For the Three Months Ended June 30,

2025

2024

(1)

(1)

Average Balance

Interest

Average Rate

Average Balance

Interest

Average Rate

ASSETS :

Tax-exempt loans

$ 16,695 $ 114 2.74 % $ 18,371 $ 135 2.96 %

All other loans

440,004 6,644 6.06 % 385,909 5,310 5.53 %

Total loans (2)(3)(4)

456,699 6,758 5.94 % 404,280 5,445 5.42 %

Taxable securities

58,255 486 3.35 % 60,528 469 3.12 %

Tax-exempt securities (3)

54,379 370 2.73 % 57,650 392 2.73 %

Other securities (7)

4,702 69 5.89 % 3,750 51 5.47 %

Total securities

117,336 925 3.16 % 121,928 912 3.01 %

Federal funds sold

422 4 3.80 % 5,170 16 1.24 %

Interest-bearing deposits

11,604 122 4.22 % 15,122 140 3.72 %

Total interest-earning assets

586,061 7,809 5.34 % 546,500 6,513 4.79 %

Other assets

23,317 22,133

TOTAL ASSETS

$ 609,378 $ 568,633

LIABILITIES :

Savings

$ 66,679 34 0.20 % $ 67,893 35 0.21 %

Now deposits

189,231 847 1.80 % 176,463 847 1.93 %

Money market deposits

33,543 100 1.20 % 34,519 89 1.04 %

Time deposits

135,044 1,343 3.99 % 117,884 1,089 3.72 %

Total deposits

424,497 2,324 2.20 % 396,759 2,060 2.09 %

Securities sold under repurchase agreement

1,563 17 4.36 % 1,235 22 7.16 %

Fed Funds purchased

2 - 0.00 % - - 0.00 %

Federal reserve bank borrowings

- - 0.00 % 9,500 116 4.91 %

Federal Home Loan Bank advances

32,948 378 4.60 % 17,021 184 4.35 %

Total borrowings

34,513 395 4.59 % 27,756 322 4.67 %

Total interest-bearing liabilities

459,010 2,719 2.38 % 424,515 2,382 2.26 %

Demand deposits

84,058 82,867

Other liabilities

7,258 6,419

Stockholders’ equity

59,052 54,832

TOTAL LIABILITIES AND STOCKHOLDERS ‘ EQUITY

$ 609,378 $ 568,633

Interest rate spread (6)

2.97 % 2.54 %

Net interest income/margin (5)

$ 5,090 3.48 % $ 4,131 2.96 %

(1)

Average volume information was compared using daily averages for interest-earning and bearing accounts.

(2)

Interest on loans includes loan fee income.

(3)

Tax exempt interest revenue is shown on a tax-equivalent basis using a statutory federal income tax rate of 21 percent for 2025 and 2024.

(4)

Nonaccrual loans have been included with loans for the purpose of analysis.  Nonaccrual loans totaled $179 and $510 as of June 30, 2025 and 2024, respectively.

(5)

Net interest margin is computed by dividing tax-equivalent net interest income by total interest earning assets.

(6)

Interest rate spread represents the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities.

(7) Average balance includes restricted investments in bank stock and money market funds.

40
Table of Contents

AVERAGE BALANCE SHEET AND RATE ANALYSIS

Six Months Ended June 30,

($ In Thousands)

For the Six Months Ended June 30,

2025 2024

(1)

(1)

Average Balance

Interest

Average Rate

Average Balance

Interest

Average Rate

ASSETS :

Tax-exempt loans

$ 17,351 $ 249 2.89 % $ 18,353 $ 267 2.93 %

All other loans

434,115 12,944 6.01 % 376,731 10,372 5.54 %

Total loans (2)(3)(4)

451,466 13,193 5.89 % 395,084 10,639 5.42 %

Taxable securities

60,598 1,017 3.38 % 63,713 943 2.98 %

Tax-exempt securities (3)

54,808 743 2.73 % 58,453 780 2.68 %

Other securities (7)

4,831 117 4.88 % 3,903 98 5.05 %

Total securities

120,237 1,877 3.15 % 126,069 1,821 2.90 %

Federal funds sold

520 10 3.88 % 993 24 4.86 %

Interest-bearing deposits

11,596 238 4.14 % 17,243 286 3.34 %

Total interest-earning assets

583,819 15,318 5.29 % 539,389 12,770 4.76 %

Other assets

22,810 22,555

TOTAL ASSETS

$ 606,629 $ 561,944

LIABILITIES :

Savings

$ 66,885 68 0.21 % $ 67,077 66 0.20 %

Now deposits

187,949 1,647 1.77 % 174,594 1,735 2.00 %

Money market deposits

33,752 197 1.18 % 35,090 174 1.00 %

Time deposits

132,316 2,611 3.98 % 114,854 2,087 3.65 %

Total deposits

420,902 4,523 2.17 % 391,615 4,062 2.09 %

Securities sold under repurchase agreement

1,591 37 4.69 % 1,840 48 5.25 %

Fed Funds purchased

28 1 7.20 % 5 - 0.00 %

Federal reserve bank borrowings

- - 0.00 % 9,500 231 4.89 %

Federal Home Loan Bank advances

36,550 820 4.52 % 18,412 355 3.88 %

Total borrowings

38,169 858 4.53 % 29,757 634 4.28 %

Total interest-bearing liabilities

459,071 5,381 2.36 % 421,372 4,696 2.24 %

Demand deposits

82,370 79,091

Other liabilities

7,174 6,369

Stockholders’ equity

58,014 55,112

TOTAL LIABILITIES AND STOCKHOLDERS ‘ EQUITY

$ 606,629 $ 561,944

Interest rate spread (6)

2.93 % 2.52 %

Net interest income/margin (5)

$ 9,937 3.43 % $ 8,074 2.93 %

(1)

Average volume information was compared using daily averages for interest-earning and bearing accounts.

(2)

Interest on loans includes loan fee income.

(3)

Tax exempt interest revenue is shown on a tax-equivalent basis using a statutory federal income tax rate of 21 percent for 2025 and 2024.

(4)

Nonaccrual loans have been included with loans for the purpose of analysis.  Nonaccrual loans totaled $179 and $510 as of  June 30, 2025 and 2024, respectively.

(5)

Net interest margin is computed by dividing tax-equivalent net interest income by total interest earning assets.

(6)

Interest rate spread represents the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities.

(7) Average balance includes restricted investments in bank stock and money market funds.

41
Table of Contents

Reconcilement of Taxable Equivalent Net Interest Income

For the Three Months Ended June 30,

For the Six Months Ended June 30,

($ In Thousands)

2025

2024

2025

2024

Total interest income (GAAP)

$ 7,707 $ 6,403 $ 15,110 $ 12,550

Total interest expense (GAAP)

2,719 2,382 5,380 4,699

Net interest income (GAAP)

4,988 4,021 9,730 7,851

Tax equivalent adjustment

102 110 207 223

Net interest income (fully taxable equivalent) (Non-GAAP)

$ 5,090 $ 4,131 $ 9,937 $ 8,074

Rate/Volume Analysis

To enhance the understanding of the effects of volumes (the average balance of earning assets and costing liabilities) and average interest rate fluctuations on the balance sheet as it pertains to net interest income on a tax equivalent basis, the tables below reflects these changes for June 30, 2025 versus 2024:

($ In Thousands)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025 vs 2024

2025 vs 2024

Increase (Decrease)

Increase (Decrease)

Due to

Due to

Volume

Rate

Net

Volume

Rate

Net

Interest income:

Loans, tax-exempt

$ (12 ) $ (9 ) $ (21 ) $ (15 ) $ (3 ) $ (18 )

Loans

781 553 1,334 1,629 943 2,572

Taxable investment securities

(18 ) 35 17 (50 ) 124 74

Tax-exempt investment securities

(21 ) (1 ) (22 ) (50 ) 13 (37 )

Other securities

14 4 18 23 (4 ) 19

Federal funds sold

(30 ) 18 (12 ) (10 ) (4 ) (14 )

Interest bearing deposits

(35 ) 17 (18 ) (105 ) 57 (48 )

Total interest-earning assets

679 617 1,296 1,422 1,126 2,548

Interest expense:

Savings

(1 ) - (1 ) - 2 2

NOW deposits

60 (60 ) - 122 (210 ) (88 )

Money market deposits

(3 ) 14 11 (7 ) 30 23

Time deposits

166 88 254 328 196 524

Securities sold under repurchase agreements

5 (10 ) (5 ) (6 ) (5 ) (11 )

Federal funds purchased

- - - - 1 1

Federal Reserve Bank borrowings

(58 ) (58 ) (116 ) (231 ) - (231 )

Federal Home Loan Bank advances

178 16 194 377 88 465

Total interest-bearing liabilities

347 (10 ) 337 583 102 685

Change in net interest income (fully taxable equivalent)

$ 332 $ 627 $ 959 $ 839 $ 1,024 $ 1,863

Provision for (Recovery of) Credit Losses: During the second quarter of 2025, Steele recorded a $156 thousand provision to the allowance for credit losses. The provision included a $192 thousand provision for credit losses on loans, offset by a $36 thousand recovery of credit losses on unfunded commitments. For the six months ended June 30, 2025, Steele recorded a $162 thousand provision to the allowance for credit losses.  The provision included a $262 thousand provision for credit losses on loans, offset by a $100 thousand recovery of credit losses on unfunded commitments.  The provisions for credit losses on loans for the three and six months ended June 30, 2025, are due to a combination of loan growth, higher historical loss rates and change in weight of qualitative factors.  The recoveries of credit losses on unfunded commitments are due to a decrease of $5.6 million and $12.9 million in unfunded commitment loan balances as of the three months ended and six months ended June 30, 2025, respectively.  As of the three and six months ended June 30, 2024 Steele recorded a $30 thousand provision to the allowance for credit losses.

Steele completes a comprehensive quarterly evaluation to determine its provision for (recovery of) credit losses on loans. The evaluation reflected analyses of individual borrowers and historical loss experiences, and changes in net loan balances, supplemented as necessary by credit judgment that considers observable trends, conditions, and other relevant environmental and economic factors.

See Note 4 within Steele’s Notes to the Consolidated Financial Statements for more information regarding Steele’s provision for (recovery of) credit losses as of June 30, 2025.

42
Table of Contents

Non-interest Income for the Three Months Ended: Non-interest income increased by $112 thousand, or 27.0%, to $527 thousand for the three months ended June 30, 2025, from the $415 thousand recognized during the same period of 2024. Service charges on deposit accounts increased by $18 thousand to $130 thousand for the three months ended June 30, 2025 compared to $112 thousand recognized during the same period of 2024. Mortgage banking revenue increased $7 thousand as result of increased sale volume during the second quarter of 2025 and marketable equity security gain decreased by $73 thousand from $83 thousand for the three months ended June 30, 2024 to $10 thousand for the three months ended June 30, 2025.

($ In Thousands)

Three Months Ended

June 30, 2025

June 30, 2024

Change

Amount

% Total

Amount

% Total

Amount

%

Service charges on deposit accounts

$ 130 24.7 % $ 112 27.0 % $ 18 16.1 %

ATM fees and debit card income

187 35.5 196 47.2 (9 ) (4.6 )

Mortgage banking revenue

66 12.5 59 14.2 7 11.9

Commissions from investment product sales

29 5.5 14 3.4 15 107.1

Net marketable equity security loss

(10 ) (1.9 ) (83 ) (20.0 ) 73 (88.0 )

Earnings on bank owned life insurance

63 11.9 63 15.2 - -

Other

62 11.8 54 13.0 8 14.8

Total non-interest income

$ 527 100.0 % $ 415 100.0 % $ 112 27.0 %

Non-interest Income for the Six Months Ended: Non-interest income increased by $124 thousand, or 12.6%, to $1.1 million for the six months ended June 30, 2025, from the $988 thousand recognized during the same period of 2024. Included in non-interest income for the six months ended June 30, 2025, is a gain on sale premises of $52 thousand, for which there was no comparable gain during 2024. Service charges on deposit accounts increased by $44 thousand to $261 thousand for the six months ended June 30, 2025 compared to $217 thousand recognized during the same period of 2024, and marketable equity security loss decrease by $29 thousand from $32 thousand as of June 30, 2024 to $3 thousand as of June 30, 2025, offset by a mortgage banking revenue decrease of $28 thousand as result of decreased sale volume during 2025.

($ In Thousands)

Six Months Ended

June 30, 2025

June 30, 2024

Change

Amount

% Total

Amount

% Total

Amount

%

Service charges on deposit accounts

$ 261 23.5 % $ 217 22.0 % $ 44 20.3 %

ATM fees and debit card income

370 33.3 378 38.3 (8 ) (2.1 )

Mortgage banking revenue

108 9.7 136 13.8 (28 ) (20.6 )

Commissions from investment product sales

78 7.0 44 4.4 34 77.3

Gain on sale of premises

52 4.7 - - 52 100.0

Net marketable equity security loss

(3 ) (0.3 ) (32 ) (3.2 ) 29 (90.6 )

Earnings on bank owned life insurance

126 11.3 127 12.8 (1 ) (0.8 )

Other

120 10.8 118 11.9 2 1.7

Total non-interest income

$ 1,112 100.0 % $ 988 100.0 % $ 124 12.6 %

43
Table of Contents

Non-interest Expense for the Three Months Ended: Non-interest expenses increased $287 thousand or 10.1 percent, from $2.8 million for the three months ended June 30, 2024, to $3.1 million for the three months ended June 30, 2025. The increase was largely due to $85 thousand in merger related expenses being recorded for which there was no comparable expense during 2024, an increase of $118 thousand in salary and employee benefit expenses due to an increase in profit sharing accrual in the second quarter of 2025, and by a $76 thousand increase in other expenses due to a $59 thousand increase in audit expenses.

($ In Thousands)

Three Months Ended

June 30, 2025

June 30, 2024

Change

Amount

% Total

Amount

% Total

Amount

%

Salaries and employee benefits

$ 1,892 60.4 % $ 1,774 62.4 % $ 118 6.7 %

Net occupancy and equipment expense

296 9.4 301 10.6 (5 ) (1.7 )

Data processing fees

169 5.4 172 6.0 (3 ) (1.7 )

Pennsylvania state shares tax

109 3.5 114 4.0 (5 ) (4.4 )

Professional fees

33 1.1 29 1.0 4 13.8

Advertising expense

44 1.4 31 1.1 13 41.9

FDIC deposit insurance

68 2.2 64 2.2 4 6.3

Merger expenses

85 2.7 - - 85 100.0

Other

436 13.9 360 12.7 76 21.1

Total non-interest expense

$ 3,132 100.0 % $ 2,845 100.0 % $ 287 10.1 %

Non-interest Expense for the Six Months Ended: Non-interest expenses increased $566 thousand or 10.0 percent, from $5.7 million for the six months ended June 30, 2024, to $6.2 million for the six months ended June 30, 2025. The increase was largely due to $248 thousand in merger related expenses being recorded for which there was no comparable expense during 2024, an increase of $162 thousand in salary and employee benefit expenses due to an increase in profit sharing accrual in the second quarter of 2025, and by a $140 thousand increase in other expenses due to a $119 thousand increase in audit expenses.

($ In Thousands)

Six Months Ended

June 30, 2025

June 30, 2024

Change

Amount

% Total

Amount

% Total

Amount

%

Salaries and employee benefits

$ 3,687 59.2 % $ 3,525 62.3 % $ 162 4.6 %

Net occupancy and equipment expense

598 9.60 600 10.6 (2 ) (0.3 )

Loss on sale of other real estate owned

- - 6 0.1 (6 ) (100.0 )

Data processing fees

346 5.5 344 6.1 2 0.6

Pennsylvania state shares tax

223 3.6 221 3.9 2 0.9

Professional fees

79 1.3 79 1.4 - -

Advertising expense

75 1.2 65 1.1 10 15.4

FDIC deposit insurance

136 2.2 126 2.2 10 7.9

Merger expenses

248 4.0 - - 248 100.0

Other

835 13.4 695 12.3 140 20.1

Total non-interest expense

$ 6,227 100.0 % $ 5,661 100.0 % $ 566 10.0 %

Provision for Income Taxes: Steele recorded income tax expense of $407 thousand in the second quarter of 2025, an increase of $169 thousand, or 71.0%, compared to $238 thousand in the first quarter of 2024. Steele recorded income tax expense of $827 thousand for the six months ended June 30, 2025, an increase of $358 thousand, or 76.3 percent, compared to $469 thousand for the six months ended June 30, 2024.  The increase in income tax expense was due to higher taxable income in 2025 as compared to 2024. Steele’s effective tax rate increased to 18.6% at June 30, 2025, compared to 14.9% at June 30, 2024, which resulted primarily from nondeductible merger expenses and tax-exempt income being a smaller percentage of the taxable income in 2025 as compared to 2024.

Management evaluates the carrying amount of its deferred tax assets on a quarterly basis, or more frequently, as necessary, in accordance with guidance set forth in ASC Topic 740 “Income Taxes,” and applies the criteria in the guidance to determine whether it is more likely than not that some portion, or all, of the deferred tax asset will not be realized within its life cycle, based on the weight of available evidence. If management determines based on available evidence, both positive and negative, that it is more likely than not that some portion or all of the deferred tax asset will not be realized in future periods, a valuation allowance is calculated and recorded. These determinations are inherently subjective and depend upon management’s estimates and judgments used in their evaluation of both positive and negative evidence.

44
Table of Contents

Liquidity

The Company's liquidity, represented by cash and due from banks, is a product of its operating, investing and financing activities.  The Company's primary source of funds are deposits, securities sold under agreements to repurchase, principal repayments of securities and outstanding loans, funds provided from operations, federal fund borrowings from Atlantic Community Bankers Bank and short and long term Federal Home Loan Bank ("FHLB") advances. In addition, the Company invests excess funds in short-term interest earning assets such as overnight deposits or U.S. agency securities, which provide liquidity to meet lending requirements.  While scheduled payments from the amortization of loans and securities and short-term investments are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and repayments on loans and mortgage-backed securities.

The Company strives to maintain sufficient liquidity to fund operations, loan demand and to satisfy fluctuations in deposit levels.  The Company is required to have enough investments to qualify as liquid assets in order to maintain sufficient liquidity to ensure safe and sound banking operations.  Liquidity may increase or decrease depending upon the availability of funds and comparative yields on investments in relation to the return on loans.  The Company attempts to maintain adequate but not excessive liquidity, and liquidity management is both a daily and long-term function of its business management.  The Company manages its liquidity in accordance with a board of directors-approved asset liability policy, which is administered by its asset-liability committee ("ALCO").  ALCO reports interest rate sensitivity, liquidity, capital and investment-related matters on a quarterly basis to the Company's board of directors.

The Company reviews cash flow projections regularly and updates them in order to maintain liquid assets at levels believed to meet the requirements of normal operations, including loan commitments and potential deposit outflows from maturing certificates of deposit and saving withdrawals.  While deposits and securities sold under agreements to repurchase are its primary source of funds, when needed it is also able to generate cash through borrowings from the FHLB. At June 30, 2025, the Bank had remaining available capacity with FHLB, subject to certain collateral restrictions, of $155.3 million.

Liquidity management is required to ensure that adequate funds will be available to meet anticipated and unanticipated deposit withdrawals, debt service payments, investment commitments, commercial and consumer loan demand, and ongoing operating expenses.  Funding sources include principal repayments on loans, sale of assets, growth in time and core deposits, short and long-term borrowings, investment securities coming due, loan prepayments and repurchase agreements.  Regular loan payments are a dependable source of funds, while the sale of investment securities, deposit growth and loan prepayments are significantly influenced by general economic conditions and the level of interest rates.

The Company manages liquidity on a daily basis.  Management believes that the liquidity is sufficient to meet present and future financial obligations and commitments on a timely basis.

Interest Rate Risk Management

Interest rate risk is the risk to earnings or capital arising from movements in market interest rates. When interest-earning assets and interest-bearing liabilities reprice at different times or in different degrees or when call options are exercised, in response to change in market interest rates, future net interest income is impacted. When interest-earning assets mature or re-price more quickly than interest-bearing liabilities, the balance sheet is considered “asset sensitive”. An asset sensitive position will produce relatively more net interest income when interest rates rise and less net interest income when rates decline. Conversely, when interest-bearing liabilities mature or re-price more quickly than interest-earning assets in a given period, the balance sheet is considered “liability sensitive”. A liability sensitive position will produce relatively more net interest income when interest rates fall and less net interest income when rates increase. The Company considers interest rate risk to be a significant risk and manages its exposure through policies approved by its Asset Liability Committee ("ALCO") and Board of Directors. ALCO reviews periodic reports of the Company's interest rate risk position, including results of simulation analysis. Simulation analysis applies interest rate shocks, hypothetical immediate shifts in interest rates, to the Company’s financial instruments and determines the impact to projected one-year net interest income and other key measures. The following table shows the results of rate shocks on net interest income projected for one year from the reporting date. For purposes of this analysis, noninterest income and expenses are assumed to be flat.

Changes in Projected Net Interest Income

as of June 30,

Rate Shift (basis points)

2025

2024

400

-11.12 % -14.47 %

300

-7.86 % -10.46 %

200

-4.80 % -6.42 %

100

-2.26 % -2.98 %

(-)100

2.31 % 3.43 %

(-)200

0.94 % 3.26 %

(-)300

-3.19 % 0.47 %

(-)400

-4.19 % 0.10 %

Results of the net interest income simulation indicate that the Company is liability sensitive as of June 30, 2025 and June 30, 2024. The simulation process requires certain estimates and assumptions including, but not limited to, asset growth, the mix of assets and liabilities, the interest rate environment and local and national economic conditions. Asset growth and the mix of assets can, to a degree, be influenced by management. Other areas, such as the interest rate environment and economic factors, cannot be controlled. In addition, competitive pressures can make it difficult to price deposits and loans in a manner that optimally minimizes interest rate risk. Actual results will differ from simulated results due to the timing, magnitude, and frequency of interest rate changes; changes in market conditions and customer behavior; and changes in management strategies.

While the asset/liability management program is designed to protect the Company over the long term, it does not provide near-term protection from interest rate shocks, as interest rate sensitive assets and liabilities do not by their nature move up or down in tandem in response to changes in the overall rate environment. The Company’s profitability in the near-term may be temporarily negatively affected in a period of rapidly rising or rapidly falling rates, because it takes some time for the Company’s portfolio to reflect changes to offering rates in response to a new interest rate environment.

45
Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

Our Chief Executive Officer (CEO) and Chief Financial Officer (CFO) have concluded that our disclosure controls and procedures (as defined in Rules 13a–15(e) and 15d–15(e) under the Securities Exchange Act of 1934, as amended), based on their evaluation of these controls and procedures as of the end of the period covered by this Report, were effective as of such date at the reasonable assurance level as discussed below to ensure that information required to be disclosed by us in the reports we file under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to our management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including the CEO and CFO, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. In addition, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.

The CEO and CFO have evaluated the changes to our internal controls over financial reporting that occurred during our fiscal quarter ended June 30, 2025, as required by paragraph (d) Rules 13a–15 and 15d–15 under the Securities Exchange Act of 1934, as amended, and have concluded that there were no changes that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

At June 30, 2025, the Company was not involved in any legal proceedings other than routine legal proceedings in the ordinary course of business, which involve amounts which, in the aggregate, are believed by management to be immaterial to the financial condition of the Company. In addition, no material proceedings are pending or are known to be threatened or contemplated against the Company by government authorities.

Item 1A. Risk Factors

Not required for smaller reporting companies.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

(a) There was no information the Company was required to disclose in a report on Form 8 -K during the fiscal quarter ended June 30, 2025 that was not disclosed.

(b) There were no material changes to the procedures by which security holders may recommend nominees to the Company's board of directors during the fiscal quarter ended June 30, 2025 .

(c) During the fiscal quarter ended June 30, 2025 , none of our directors or officers (as defined in Rule 16a - 1 (f) of the Securities Exchange Act of 1934 ) adopted or terminated a Rule 10b5 - 1 trading arrangement or non-Rule 10b5 - 1 trading arrangement (as such terms are defined in Item 408 (a) of Regulation S-K).

46
Table of Contents

Item 6. Exhibits

EXHIBIT INDEX

Exhibit No.

Description

3.1 Amended and Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 1, 2025).
3.2 Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Registrant’ s Registration Statement on Form S-4 (File No. 333-284191) filed on January 10, 2025).

31.1

Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.2

Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

32.1

Section 1350 Certification of Chief Executive Officer and Principal Financial Officer

101

The following materials from the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025, formatted in XBRL (Extensible Business Reporting Language); (i) the Consolidated Balance Sheets (unaudited), (ii) the Consolidated Statements of Income (unaudited), (iii) the Consolidated Statement of Comprehensive Income (unaudited), (iv) the Consolidated Statement of Changes in Stockholders' Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to Consolidated Financial Statements (unaudited).

104

Cover Page for Interactive Data File (embedded with the Inline XBRL document)

47
Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STEELE BANCORP, INC.
/s/ Jeffrey J. Kapsar
Date: August 14, 2025 By:
Jeffrey J. Kapsar, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed by the following persons in the capacities and on the dates indicated.

Signatures Title Date
/s/ Jeffrey J. Kapsar
President, Chief Executive Officer and August 14, 2025
Jeffrey J. Kapsar Director (Principal Executive Officer)
/s/ Thomas C. Graver, Jr. Senior Executive Vice President and Chief Financial Officer (Principal
Financial Officer and Principal Accounting Officer) August 14, 2025
Thomas C. Graver, Jr.
/s/ J. Donald Steele, Jr. Director August 14, 2025
J. Donald Steele, Jr.
/s/ Richard J. Drzewiecki Director August 14, 2025
Richard J. Drzewiecki
/s/ Robert C. Musser Director August 14, 2025
Robert C. Musser
/s/ Robert S. Pierce Director August 14, 2025
Robert S. Pierce
/s/ Betsy K. Robertson Director August 14, 2025
Betsy K. Robertson
/s/ Bradley E. Moyer Director August 14, 2025
Bradley E. Moyer
/s/ J. Todd Troxell Director August 14, 2025
J. Todd Troxell
/s/ Timothy J. Apple Director August 14, 2025
Timothy J. Apple
/s/ Chad M. Geise Director August 14, 2025
Chad M. Geise
/s/ Amanda G. Kessler Director August 14, 2025
Amanda G. Kessler
/s/ Adam C. Purdy Director August 14, 2025
Adam C. Purdy

48
TABLE OF CONTENTS