第五区银行公司2025年季度报告

FORM10-Q OR N/A Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed bySection13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or forsuch shorter period that the registrant was required to file such reports), and (2)has been subject to Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12months (or Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the 5,559,473shares of the registrant’s common stock, par value $0.01 per share, wereoutstanding as of May 12, 2025. Fifth District Bancorp,Inc.Form10-Q Index Part I. – Financial Information Item 1.Financial Statements1 Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December31, 20241 Consolidated Statements of Operations for the Three Months Ended March 31,2025 and 2024 (unaudited)2 Consolidated Statements of Comprehensive Income (Loss) for the Three MonthsEnded March 31, 2025 and 2024 (unaudited)3 Consolidated Statements of Stockholders’ Equity for the Three Months EndedMarch 31, 2025 and 2024 (unaudited) Consolidated Statements of Cash Flows for the Three Months Ended March 31,2025 and 2024 (unaudited)5 Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations Item 3.Quantitative and Qualitative Disclosures about Market Risk41 Item 4.Controls and Procedures41 Part II. – Other Information Item 1.Legal Proceedings42 Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchasesof Equity Securities42 Item 3.Defaults Upon Senior Securities42 Item 4.Mine Safety Disclosures42 Item 5.Other Information42 Item 6.Exhibits43 Signature Page44 PartI.– Financial Information FIFTH DISTRICT BANCORP, INC.Consolidated Statements of Cash Flows(Unaudited) FIFTH DISTRICT BANCORP, INC. Notes to Consolidated Financial Statements Note1.Summary of Significant Accounting Policies(Unaudited) Description of Business Fifth District Bancorp, Inc. (“Fifth District Bancorp” or the “Company”) is a Marylandcorporation incorporated on February 15, 2024, to serve as the bank holding company forFifth District Savings Bank (“Fifth District” or the “Bank”) in connection with the Bank’sconversionfrom the mutual to stock form of organization(the“Conversion”).TheConversion was completed on July 31, 2024.In connection with the Conversion, FifthDistrict Bancorp acquired100% ownership of Fifth District and the Company offered andsold5,459,473shares of its common stock at $10.00per share, for gross offering proceeds foundation.The Bank’s employee stock ownership plan (“ESOP”) purchased 444,758shares of the common stock sold by the Company, which was equal to8% of the5,559,473shares of common stock issued by the Company.The ESOP purchased the shares using aloan from the Company.The Company contributed approximately $26,097,000of the net The Bank is a federally-chartered stock savings bank which attracts deposits from thegeneral public and uses such deposits primarily to originate loans secured by first mortgageson owner-occupied, family residences.The Bank’s primary regulator is the Office of theComptroller of the Currency (OCC). The Bank’s activities are provided to customers of the Basis of Presentation Theaccounting and reporting policies and practices of the Company conform withaccounting principles generally accepted in the United States of America (U.S. GAAP) and Theunaudited consolidated financial statements of the Company were prepared inaccordance with instructions for Form 10-Q and Regulation S-X and do not includeinformation or footnotes for a complete presentation of financial condition, results ofoperations, comprehensive income (loss), changes in stockholders’ equity and cash flows inconformity with U.S. GAAP.In the opinion of management, the unaudited consolidatedfinancial statements include all adjustments considered necessary to present fairly the Principles of Consolidation The consolidated financial statements as of and for the period ended March 31, 2025 includethe amounts of Fifth District Bancorp and its wholly-owned subsidiary, Fifth District. All The financial statements for the period ended March 31, 2024 are those of the Bank only, asthe conversion to stock form, including the fo