Exhibit 99.2
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
INDEX
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(in thousands, except per share data)
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 548 | $ | 579 | ||||
| Interest bearing deposits with banks | 24,347 | 16,657 | ||||||
| Federal funds sold | 689 | 846 | ||||||
| Total cash and cash equivalents | 25,584 | 18,082 | ||||||
| Securities available-for-sale at fair value | 20,982 | 21,944 | ||||||
| Restricted investment securities - at cost | 1,070 | 1,192 | ||||||
| Loans receivable | 159,342 | 168,492 | ||||||
| Less: Allowance for loan credit losses | (1,726 | ) | (1,766 | ) | ||||
| Net loans receivable | 157,616 | 166,726 | ||||||
| Premises and equipment | 2,561 | 2,655 | ||||||
| Accrued interest receivable | 1,008 | 1,091 | ||||||
| Deferred tax assets, net | 9,313 | 9,734 | ||||||
| Other assets | 1,898 | 2,094 | ||||||
| TOTAL ASSETS | $ | 220,032 | $ | 223,518 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| LIABILITIES | ||||||||
| Deposits | $ | 189,168 | $ | 190,928 | ||||
| Advances from Federal Home Loan Bank of Atlanta | — | 2,750 | ||||||
| Other liabilities | 1,198 | 1,273 | ||||||
| Total liabilities | 190,366 | 194,951 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, $0.01 par value; authorized 1,000,000 | ||||||||
| shares in 2025 and 2024, issued and outstanding | ||||||||
| 11,741,571 voting shares and 3,885,427 nonvoting shares | ||||||||
| in 2025 and 2024 | 156 | 156 | ||||||
| Additional paid in capital | 53,051 | 53,051 | ||||||
| Retained deficit | (22,235 | ) | (22,792 | ) | ||||
| Accumulated other comprehensive income (loss) | (1,306 | ) | (1,848 | ) | ||||
| Total stockholders' equity | 29,666 | 28,567 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 220,032 | $ | 223,518 | ||||
See accompany notes to the consolidated financial statements.
Page 2
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTH ENDED SEPTEMBER 30, 2025 AND 2024
(in thousands, except per share data)
| September 30, | September 30, | |||||||
| 2025 | 2024 | |||||||
| INTEREST INCOME: | ||||||||
| Interest and fees on loans | $ | 7,230 | $ | 7,604 | ||||
| Interest on investment securities | 615 | 453 | ||||||
| Dividends on FHLB and FRB stock | 55 | 47 | ||||||
| Other interest income | 766 | 799 | ||||||
| Total interest income | 8,666 | 8,903 | ||||||
| INTEREST EXPENSE | ||||||||
| Interest expense on deposits | 3,036 | 3,090 | ||||||
| Interest expense on advances for FRB of Richmond | — | 233 | ||||||
| Interest expense on advances from FHLB of Atlanta | 56 | 15 | ||||||
| Total interest expense | 3,092 | 3,338 | ||||||
| NET INTEREST INCOME | 5,574 | 5,565 | ||||||
| PROVISION FOR CREDIT LOSSES | 50 | 605 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 5,524 | 4,960 | ||||||
| NONINTEREST INCOME: | ||||||||
| Deposit account fees | 87 | 94 | ||||||
| ATM fees | 246 | 255 | ||||||
| Gain (loss) on sale of repossessed assets | (61 | ) | 89 | |||||
| Other | 38 | 36 | ||||||
| Total noninterest income | 310 | 474 | ||||||
| NONINTEREST EXPENSE | ||||||||
| Salaries and employee benefits | 2,277 | 2,236 | ||||||
| Occupancy expense | 342 | 337 | ||||||
| Equipment and data processing expense | 832 | 810 | ||||||
| FDIC deposit insurance premium | 142 | 175 | ||||||
| Professional services | 725 | 388 | ||||||
| Insurance expense | 83 | 78 | ||||||
| Other | 660 | 1,576 | ||||||
| Total noninterest expense | 5,061 | 5,600 | ||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 773 | (166 | ) | |||||
| INCOME TAX EXPENSE (BENEFIT) | 216 | (44 | ) | |||||
| NET INCOME (LOSS) | $ | 557 | $ | (122 | ) | |||
| Earnings (loss) per common share - basic | $ | 0.03 | $ | (0.01 | ) | |||
| Earnings (loss) per common share - diluted | $ | 0.03 | $ | (0.01 | ) | |||
See accompany notes to the consolidated financial statements.
Page 3
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(in thousands)
| September 30, | September 30, | |||||||
| 2025 | 2024 | |||||||
| Net income (loss) | $ | 557 | $ | (122 | ) | |||
| Other comprehensive income: | ||||||||
| Net unrealized gain on securities available for sale, net of deferred taxes of | ||||||||
| $206 in 2025 and $174 in 2024 | 542 | 458 | ||||||
| Other comprehensive income | 542 | 458 | ||||||
| Total comprehensive income | $ | 1,099 | $ | 336 | ||||
See accompany notes to the consolidated financial statements.
Page 4
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(in thousands)
| Accumulated | ||||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||||
| Common | Paid-In | Retained | Comprehensive | Stockholders' | ||||||||||||||||
| Stock | Capital | Deficit | Income (Loss) | Equity | ||||||||||||||||
| BALANCES AT JANUARY 1, 2024 | $ | 154 | $ | 52,891 | $ | (22,982 | ) | $ | (1,770 | ) | $ | 28,293 | ||||||||
| Net income (loss) | — | — | (122 | ) | — | (122 | ) | |||||||||||||
| Other comprehensive income (loss) | — | — | 458 | 458 | ||||||||||||||||
| Stock-based compensation | 1 | 79 | — | — | 80 | |||||||||||||||
| BALANCES AT SEPTEMBER 30, 2024 | $ | 155 | $ | 52,970 | $ | (23,104 | ) | $ | (1,312 | ) | $ | 28,709 | ||||||||
| BALANCES AT JANUARY 1, 2025 | $ | 156 | $ | 53,051 | $ | (22,792 | ) | $ | (1,848 | ) | $ | 28,567 | ||||||||
| Net income | — | — | 557 | — | 557 | |||||||||||||||
| Other comprehensive income (loss) | — | — | 542 | 542 | ||||||||||||||||
| BALANCES AT SEPTEMBER 30, 2025 | $ | 156 | $ | 53,051 | $ | (22,235 | ) | $ | (1,306 | ) | $ | 29,666 | ||||||||
See accompany notes to the consolidated financial statements.
Page 5
CECIL BANCORP, INC. AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(in thousands, except per share data)
| September 30, | September 30, | |||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | 557 | $ | (122 | ) | |||
| Adjustments to reconcile net income to cash provided by | ||||||||
| (used in operating activities): | ||||||||
| Depreciation of premises and equipment | 120 | 124 | ||||||
| Amortization of right of use assets | 89 | 84 | ||||||
| Amortization (accretion) of investment securities | (66 | ) | (86 | ) | ||||
| Provision for credit losses | 50 | 605 | ||||||
| (Gain) loss on sale of repossessed assets | 61 | (89 | ) | |||||
| Stock-based compensation | — | 80 | ||||||
| Deferred tax expense (benefit) | 216 | (43 | ) | |||||
| Net change in: | ||||||||
| Accrued interest receivables and other assets | 319 | 4,432 | ||||||
| Other liabilities | (75 | ) | 1,053 | |||||
| Net cash provided by operating activities | 1,271 | 6,038 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Proceeds from sales, maturities calls and principal payments | ||||||||
| of investment securities available for sale | 2,543 | 1,364 | ||||||
| Purchase of investment securities available for sale | (768 | ) | (2,715 | ) | ||||
| Net (purchase) redemption of restricted investment securities | 122 | (250 | ) | |||||
| Purchases of loans | (26,763 | ) | (25,886 | ) | ||||
| Net decrease in loans | 35,633 | 33,994 | ||||||
| Purchases of premises and equipment | (26 | ) | (55 | ) | ||||
| Net cash provided by investing activities | 10,741 | 6,452 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Net increase (decrease) in deposits | (1,760 | ) | (2,938 | ) | ||||
| Net increase (decrease) in advances from FRB of Richmond | — | (7,000 | ) | |||||
| Net increase (decrease) in advances from FHLB of Atlanta | (2,750 | ) | 5,500 | |||||
| Net cash (used in) financing activities | (4,510 | ) | (4,438 | ) | ||||
| Increase in cash and cash equivalents | 7,502 | 8,052 | ||||||
| Cash and cash equivalents at beginning of period | 18,082 | 15,151 | ||||||
| Cash and cash equivalents at end of period | $ | 25,584 | $ | 23,203 | ||||
| Supplemental disclosure of cash flows information: | ||||||||
| Cash paid for interest | $ | 3,022 | $ | 3,361 | ||||
| Cash paid for income taxes | $ | — | $ | — | ||||
| Supplemental disclosure of cash flowinformation: | ||||||||
| Unrealized gain (loss) on investments securities available -for-sale | $ | 747 | $ | 633 | ||||
| Transfer of loans to repossessed assets | $ | 190 | $ | 1,721 | ||||
See accompany notes to the consolidated financial statements.
Page 6
CECIL BANCORP, INC. AND SUBSIDIAIRY
NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
| 1. | SIGNIFICANT ACCOUNTING POLICIES |
The accounting and reporting policies of Cecil Bancorp, Inc. (the "Company") and its wholly owned subsidiary, Cecil Bank (the "Bank"), together with its subsidiaries, Cecil Financial Services Corporation, Novo Realty, LLC, Route 9 Old New Castle LLC, and Chesapeake Club Subdivision, LLC conform to accounting principles generally accepted in the United States of America.
Basis of Presentation
The accompany unaudited financial consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and to general practices within the banking industry. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all significant adjustments considered necessary for the fair presentation have been included.
Cecil Bancorp, Inc. (the "Company") is the bank holding company for its wholly owned subsidiary, Cecil Bank (the "Bank"), together with its subsidiaries, Cecil Financial Services Corporation, Novo Realty, LLC, Route 9 Old New Castle LLC, and Chesapeake Club Subdivision, LLC. The unaudited consolidated interim financial statements include the Company and its subsidiary. Consolidation has resulted in the elimination of all significant intercompany balances and transactions.
Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, and detailed discussion on all significant accounting polices, refer to the consolidated financial statements and footnotes thereto included in the Cecil Bancorp, Inc. and Subsidiary audited consolidated financial statements for the years ended December 31, 2024 and 2023.
Page 7