$URSB

URSB Bancorp, Inc.

CIK:0002084261|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans	$ 4,473	$ 3,621	$ 8,860	$ 7,140
Securities	407	283	800	584
Other earning assets	112	325	368	522
Total interest and dividend income	4,992	4,229	10,028	8,246
Deposits:
NOW and money market	403	277	803	603
Savings and club	14	13	31	50
Certificates of deposit	1,579	1,461	3,181	2,649
Borrowings	493	475	998	966
Total interest expense	2,489	2,226	5,013	4,268
Net interest income	2,503	2,003	5,015	3,978
Provisions for credit losses	120	199	219	158
Net interest income after provision for credit losses	2,383	1,804	4,796	3,820
Non-interest income:
Fees and service charges	70	46	131	96
Increase in cash surrender value of BOLI	64	40	127	76
Loss on sales of securities				(130)
Other	27	2	44	4
Total non-interest income	161	88	302	46
Non-interest expenses:
Salaries and employee benefits	1,257	963	2,311	1,884
Occupancy expense	98	92	201	188
Equipment	272	271	529	528
Directors' compensation	67	61	125	113
Professional fees	216	118	382	235
Advertising	80	74	150	136
Federal deposit insurance premium	98	91	209	172
Other	182	144	740	310
Total non-interest expenses	2,270	1,814	4,647	3,566
Net income before taxes	274	78	451	300
Income tax expense	49	7	71	97
Net income	$ 225	$ 71	$ 380	$ 203
Earnings per common share:
Basic	$ 0.11		$ 0.18
Diluted	$ 0.11		$ 0.18
Weighted average shares outstanding - Basic	2,113,927		2,113,394
Weighted average shares outstanding - Diluted	2,113,927		2,113,394

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	$ 380,000	$ 203,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provisions for credit losses	219,000	158,000
Depreciation of premises and equipment	127,000	135,000
Amortization of deferred loan fees, net	425,000	101,000
Amortization (Accretion) of premiums and discounts, net	(48,000)	7,000
Loss on sale of available for sale securities		130,000
Contribution of stock to charitable foundation	200,000
Deferred income tax expense (benefit)	62,000	(114,000)
Increase in cash surrender value of bank owned life insurance	(127,000)	(76,000)
Expense of earned ESOP shares	36,000
Net change in:
Accrued interest receivable	(55,000)	(82,000)
Other assets	(247,000)	(193,000)
Other liabilities	374,000	130,000
Net cash provided by operating activities	1,346,000	399,000
Available for sale:
Proceeds from sales	0	1,870,000
Purchases	(7,254,000)	(6,530,000)
Proceeds from maturities, calls and principal repayments	4,347,000	1,596,000
Held to maturity:
Proceeds from maturities, calls and principal repayments	4,051,000	5,030,000
Proceeds from maturity of certificate of deposit investments		498,000
Loan principal (originations) collections, net	(17,792,000)	(13,341,000)
Purchases of premises and equipment	(72,000)	(12,000)
Purchase of Federal Home Loan Bank of New York stock	(53,000)	(2,007,000)
Redemption of Federal Home Loan Bank of New York stock	341,000	1,745,000
Net cash used in investing activities	(16,432,000)	(11,151,000)
Cash flows from financing activities:
Net increase in deposits	925,000	7,934,000
Net proceeds from stock offering and issuance of common stock	21,342,000
Purchase of common shares by ESOP and equity compensation plan	(2,215,000)
Net change in FRB short term advances		(5,000,000)
Net change in FHLB short term advances		(2,000,000)
Proceeds from FHLB long term advances		12,612,000
Repayment of FHLB long term advances	(7,500,000)	(5,500,000)
Net proceeds from issuance of senior notes		650,000
Net proceeds from borrowers for taxes and insurance	188,000	204,000
Net cash provided by financing activities	12,740,000	8,900,000
Net change in cash and cash equivalents	(2,346,000)	(1,852,000)
Cash and cash equivalents, beginning of period	8,391,000	10,727,000
Cash and cash equivalents, end of period	6,045,000	8,875,000
Supplementary cash flows information
Interest paid	5,100,000	4,273,000
Income taxes paid, net	$ 253,000	$ 50,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 1,217	$ 1,902
Interest-bearing deposits	4,828	6,489
Cash and cash equivalents	6,045	8,391
Securities available for sale (amortized cost of $29,284 and $26,329, respectively)	28,529	25,834
Securities held to maturity, net of allowance for credit losses of $61 and $75, respectively (fair value of $8,579 and $12,532, respectively)	8,755	12,789
Loans receivable, net of allowance for credit losses of $2,457 and $2,277, respectively	317,577	300,438
Premises and equipment, net	2,454	2,509
Federal Home Loan Bank of New York stock, at cost	2,081	2,369
Atlantic Community Bankers Bank stock, at cost	80	80
Accrued interest receivable	1,536	1,481
Bank owned life insurance (BOLI)	7,153	7,026
Other assets	7,303	7,056
Total assets	381,513	367,973
Liabilities:
Deposits	291,875	290,950
Advance payments by borrowers for taxes and insurance	1,589	1,401
Borrowings	46,072	53,572
Other liabilities	2,436	2,056
Total liabilities	341,972	347,979
Equity:
Common stock (par value $0.01 per share; 2,334,375 shares issued and outstanding at June 30, 2026)	23
Additional paid in capital	21,524
Retained earnings	20,844	20,464
Accumulated other comprehensive loss	(666)	(470)
Common stock held by the employee stock ownership plan ("ESOP") and equity compensation plan	(2,184)
Total equity	39,541	19,994
Total liabilities and equity	$ 381,513	$ 367,973