Seneca Bancorp, Inc. SEC 10-Q Report

Seneca Bancorp, Inc., a community-oriented savings and loan institution, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting its ongoing efforts to serve its market area through residential mortgage and commercial loans.

Financial Highlights

Total interest income: Seneca Bancorp reported a total interest income of $3.595 million for the three months ended June 30, 2025, an increase from $3.336 million in the same period in 2024. This growth was driven by higher interest income from loans and securities.

Net interest income: The company's net interest income for the three months ended June 30, 2025, was $2.231 million, compared to $1.971 million in the same period in 2024. This indicates improved interest income after accounting for interest expenses.

Net income (loss): Seneca Bancorp experienced a net loss of $(196) thousand for the three months ended June 30, 2025, compared to a net income of $176 thousand in the same period in 2024, highlighting a shift to a net loss.

Net income (loss) per common share - basic: The net loss per common share was $(0.11) for the three months ended June 30, 2025, compared to a net income of $0.10 per share in the same period in 2024.

Net income (loss) per common share - diluted: Similarly, the net loss per common share on a diluted basis was $(0.11) for the three months ended June 30, 2025, compared to a net income of $0.10 per share in the same period in 2024.

Business Highlights

Revenue Segments: Seneca Bancorp primarily generates revenue through its community-oriented savings and loan institution, focusing on residential mortgage and commercial loans. The business model involves accepting deposits from customers within its market area and investing those funds.

Geographical Performance: The company operates its executive offices and main branch in Baldwinsville, New York, with additional branches in Liverpool, North Syracuse, Manlius, and Bridgeport, New York. Seneca Bancorp serves customers primarily within these regions.

Sales Units: As of June 30, 2025, the company reported a total of $209,851 thousand in loans, with a significant portion allocated to mortgage loans on real estate, including one-to-four-family first lien residential, residential construction, home equity loans, and commercial loans.

New Production Launches: The company is in the process of constructing a new branch and making improvements to existing branches, with construction in progress valued at $5,229 thousand as of June 30, 2025.

Future Outlook: Seneca Bancorp is undergoing a 'second step' conversion from a mutual holding company structure to a stock holding company structure, expected to be completed in the fourth quarter of 2025, subject to regulatory and stockholder approvals. This conversion includes plans to rename the bank to 'Seneca Savings Bank, National Association.'

SEC Filing: Seneca Bancorp, Inc. [ SNNF ] - 10-Q - Sep. 26, 2025