$SNNF

Seneca Bancorp, Inc.

CIK:0002072421|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Loans, including fees	$ 3,492	$ 3,099	$ 6,818	$ 6,028
Securities	440	460	912	917
Other	34	36	64	87
Total interest income	3,966	3,595	7,794	7,032
INTEREST EXPENSE
Deposits	1,047	994	2,141	1,922
Advances and borrowings	311	370	601	751
Total interest expense	1,358	1,364	2,742	2,673
Net interest income	2,608	2,231	5,052	4,359
Provision for credit losses available-for-sale securities	148		148
(Benefit) provision for credit losses loans receivable	(28)	511	92	621
Net interest income after provision for credit losses	2,488	1,720	4,812	3,738
NONINTEREST INCOME
Earnings on deferred compensation plan assets	35	26	68	52
Gain on sale of fixed assets			6
Net gains on sale of residential mortgage loans	25	32	49	65
Total noninterest income	626	531	1,230	1,017
NONINTEREST EXPENSE
Compensation and employee benefits	1,571	1,387	3,150	2,673
Core processing	479	376	942	711
Premises and equipment	261	222	571	445
Professional fees	249	106	423	163
Postage and office supplies	25	15	49	58
FDIC premiums	59	34	114	67
Advertising	64	85	156	183
Director fees	55	37	101	85
Intangible asset amortization	39	40	78	79
Other	233	180	422	345
Total noninterest expense	3,035	2,482	6,006	4,809
Income (Loss) before benefit for income taxes	79	(231)	36	(54)
BENEFIT FOR INCOME TAXES	(14)	(35)	(7)	(6)
Net income (loss)	$ 93	$ (196)	$ 43	$ (48)
Net income (loss) per common shares - basic (in dollar per share)	$ 0.06	$ (0.12)	$ 0.03	$ (0.03)
Net income (loss) per common shares - diluted (in dollar per share)	$ 0.06	$ (0.12)	$ 0.03	$ (0.03)
Service fees
NONINTEREST INCOME
Non-interest income	$ 39	$ 33	$ 74	$ 65
Income from financial services
NONINTEREST INCOME
Non-interest income	245	240	507	464
Fee income
NONINTEREST INCOME
Non-interest income	$ 282	$ 200	$ 526	$ 371

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 43,000	$ (48,000)
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	367,000	265,000
Provision for credit losses	240,000	621,000
Net amortization of premiums and discounts on securities	91,000	(52,000)
Gain on sale of residential mortgage loans	(49,000)	(65,000)
Proceeds from sale of residential mortgage loans	3,481,000	4,618,000
Loans originated and sold	(3,432,000)	(4,554,000)
Deferred income tax expense (benefit)	117,000	(47,000)
Gain on sale of premises and equipment	(6,000)
Proceeds from sale of premises and equipment	20,000
Amortization of deferred loan fees	87,000	41,000
ESOP compensation expense	30,000	9,000
Stock-based compensation expense	73,000	32,000
Earnings on investment in bank-owned life insurance	(53,000)	(52,000)
Net change in accrued interest receivable	(33,000)	(123,000)
Net change in other assets	40,000	(837,000)
Net change in other liabilities	(299,000)	233,000
Net cash flow provided by operating activities	717,000	41,000
Activity in securities available-for-sale:
Proceeds from calls and maturities	11,606,000	10,230,000
Principal repayments	1,521,000	312,000
Purchases		(12,725,000)
Redemption of Federal Home Loan Bank of New York stock	1,081,000	763,000
Purchase of Federal Home Loan Bank of New York stock	(1,163,000)	(855,000)
Purchase of Federal Reserve Bank stock	(139,000)
Loan originations and principal collections, net	(10,859,000)	(7,829,000)
Purchases of premises and equipment	(394,000)	(1,958,000)
Net cash flow provided by (used in) investing activities	1,653,000	(12,062,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits	559,000	18,246,000
Change in advances from borrowers for taxes and insurance	831,000	659,000
Payments on acquisition contingent consideration		(156,000)
Repayment of long-term FHLB advances	(5,814,000)	(14,500,000)
Proceeds from long-term FHLB advances	5,876,000	13,814,000
Change in short-term FHLB advances	(1,000,000)
Net cash flow provided by financing activities	452,000	18,063,000
Net change in cash and cash equivalents	2,822,000	6,042,000
CASH AND CASH EQUIVALENTS - beginning of the period	5,328,000	6,788,000
CASH AND CASH EQUIVALENTS - end of the period	8,150,000	12,830,000
Cash paid for:
Interest on deposits and borrowed funds	2,723,000	2,715,000
Income taxes	$ 54,000	$ 7,000

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 1,740	$ 2,456
Interest-earning deposits	6,410	2,872
Cash and cash equivalents	8,150	5,328
Securities, available-for-sale, net of allowance for credit losses of $666 and $518	35,116	48,635
Loans, net of allowance for credit losses of $1,847 and $1,915	236,710	226,030
Federal Home Loan Bank of New York stock, at cost	3,354	3,272
Federal Reserve Bank stock, at cost	270	131
Premises and equipment, net	13,281	13,190
Bank-owned life insurance	2,846	2,793
Pension assets	8,005	8,005
Accrued interest receivable	1,512	1,479
Intangible assets	350	428
Goodwill	412	412
Other assets	2,371	2,411
Total assets	312,377	312,114
Deposits:
Noninterest bearing	32,436	32,221
Interest-bearing	202,549	202,205
Total deposits	234,985	234,426
Federal Home Loan Bank advances	34,629	35,567
Advances from borrowers for taxes and insurance	3,220	2,389
Other liabilities	6,767	6,981
Total liabilities	279,601	279,363
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized and unissued
Common stock, $0.01 par value, 19,000,000 shares authorized, 1,800,435 and 1,800,141 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	18	18
Additional paid-in capital	15,260	15,187
Retained earnings	22,592	22,549
Unearned ESOP shares, at cost	(1,327)	(1,357)
Accumulated other comprehensive loss	(3,767)	(3,646)
Total stockholders' equity	32,776	32,751
Total liabilities and stockholders' equity	$ 312,377	$ 312,114