EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)	6 Months Ended
Jun. 30, 2026
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)	NOTE 6: EMPLOYEE STOCK OWNERSHIP PLAN (ESOP) In connection with the Conversion, the Company established an Employee Stock Ownership Plan (“ESOP”) for the exclusive benefit of eligible employees. It is expected that the Bank will make annual contributions to the ESOP in amounts as defined by the ESOP loan documents. The contributions will be used to repay the ESOP loan. Certain ESOP shares are pledged as collateral for the ESOP loan. As the ESOP loan is repaid, shares are released from collateral and allocated to eligible participants, based on the proportion of loan repayments paid in the year. Shares allocated to eligible participants vest over a five year graded schedule and will become 100% vested upon completion of five years of service with the Bank. At June 30, 2026, there were no shares allocated to participants. There were 1,003 shares committed to be released to participants and 136,537 unallocated shares. The fair value of unallocated ESOP shares totaled $1,549,700 at June 30, 2026. In connection with the Company’s Conversion, the ESOP borrowed $1,375,400 from the Company for the purpose of purchasing shares of the Company’s stock. A total of 137,540 shares were purchased with the loan proceeds. Company stock purchased by the ESOP is shown as a reduction of shareholders’ equity. The ESOP loan is expected to be repaid over a period of 25 years. The annual contribution to the ESOP will be made during the period ending December 31, 2026, as loan payments are scheduled to be made annually on December 31 of each year. Compensation expense is recognized over the service period based on the average fair value of the shares and totaled $11,201 for both the three and six months ended June 30, 2026. There was no ESOP compensation expense for the three- and six-month periods ended June 30, 2025.

EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)

6 Months Ended

Jun. 30, 2026

EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)

NOTE 6: EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)

In connection with the Conversion, the Company established an Employee Stock Ownership Plan (“ESOP”) for the exclusive benefit of eligible employees. It is expected that the Bank will make annual contributions to the ESOP in amounts as defined by the ESOP loan documents. The contributions will be used to repay the ESOP loan. Certain ESOP shares are pledged as collateral for the ESOP loan. As the ESOP loan is repaid, shares are released from collateral and allocated to eligible participants, based on the proportion of loan repayments paid in the year. Shares allocated to eligible participants vest over a five year graded schedule and will become 100% vested upon completion of five years of service with the Bank.

At June 30, 2026, there were no shares allocated to participants. There were 1,003 shares committed to be released to participants and 136,537 unallocated shares. The fair value of unallocated ESOP shares totaled $1,549,700 at June 30, 2026.

In connection with the Company’s Conversion, the ESOP borrowed $1,375,400 from the Company for the purpose of purchasing shares of the Company’s stock. A total of 137,540 shares were purchased with the loan proceeds. Company stock purchased by the ESOP is shown as a reduction of shareholders’ equity. The ESOP loan is expected to be repaid over a period of 25 years.

The annual contribution to the ESOP will be made during the period ending December 31, 2026, as loan payments are scheduled to be made annually on December 31 of each year. Compensation expense is recognized over the service period based on the average fair value of the shares and totaled $11,201 for both the three and six months ended June 30, 2026. There was no ESOP compensation expense for the three- and six-month periods ended June 30, 2025.