▸ Companies are facing increasing scrutiny from customers, regulators, investors, and other stakeholders related to their environmental, social and governance (“ESG”) practices and disclosure. Investor advocacy groups, investment funds· · · · ● 1 ▸ Our multifamily and mixed-use loan portfolio may be adversely affected by changes in legislation or regulations.· · · · ● 1 ▸ We also originate non-construction loans, including multi-family, commercial and industrial loans, throughout our primary lending markets in New York and Massachusetts. Competition for non-construction loans comes from the· · · · ● 1 ▸ Our dividend policy may change without notice and any payment of dividends in the future is subject to the discretion of our Board of Directors.· · · ● ● 2 ▸ group Risks Related to Our Payment of Dividends· · · ● ● 2 ▸ Financial challenges at other banking institutions could lead to depositor concerns that spread within the banking industry causing disruptive and destabilizing deposit outflows.· · ● ● ● 3 ▸ Ineffective liquidity management could adversely affect our financial results and condition.· · ● ● ● 3 ▸ This might make us vulnerable to a downturn in the local economy and real estate markets and to a decrease in new construction in these counties. Adverse conditions in the local economy such as unemployment, recession, a· · · ● · 1 ▸ In determining the amount of the allowance for loan losses, we analyze, among other things, our loss and delinquency experience by portfolio segments, the debt service ratios and loan-to-value ratios of each segment of our· ● · · · 1 ▸ The COVID-19 pandemic adversely affected, and could continue to adversely affect, our business, financial condition, and results of operations.· ● · · · 1 ▸ Any one or a combination of the above events could have a material, adverse effect on our business, financial condition, and results of operations.● · · · · 1 ▸ At December 31, 2024, $118.7 million, or 6.6%, of our loan portfolio consisted of commercial and industrial loans. Commercial and industrial loans generally expose a lender to a greater risk of loss than one- to four-family● · · ● · 2 rw ▸ group Risks Related to COVID-19 Pandemic and Associated Economic Slowdown● · · · · 1 ▸ The implementation of the Current Expected Credit Loss accounting standard could require us to increase our allowance for credit losses and may have a material adverse effect on our financial condition and results of operations.● ● · · · 2 ▸ The widespread outbreak of the novel coronavirus (“COVID-19”) has, and will likely continue to adversely affect, our business, financial condition, and results of operations.● · · · · 1 ▸ We depend upon the services of the members of our senior management team who direct our strategy and operations. Our executive officers and lending personnel possess expertise in our markets and key business relationships,● · · · · 1 ▸ Acts of terrorism and other external events could impact our business.● ● ● ● ● 5 ▸ Because the nature of the financial services business involves a high volume of transactions, we face significant operational risks.● ● ● ● ● 5 ▸ Changes in interest rates may hurt our profits and asset values and our strategies for managing interest rate risk may not be effective.● ● ● ● ● 5 ▸ Economic conditions could result in increases in our level of non-performing loans and/or reduce demand for our products and services, which could have an adverse effect on our results of operations.● ● ● ● ● 5 ▸ If our allowance for credit losses - loans is not sufficient to cover actual loan losses, our results of operations would be negatively affected.● ● ● ● ● 5 rw ▸ Imposition of limits by the bank regulators on construction and multifamily, mixed-use and nonresidential real estate lending activities could curtail our growth and adversely affect our earnings.● ● ● ● ● 5 ▸ Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.● ● ● ● ● 5 ▸ Our emphasis on construction lending involves risks that could adversely affect our financial condition and results of operations.● ● ● ● ● 5 ▸ Our portfolio of commercial and industrial loans may expose us to increased lending risks.● ● ● ● ● 5 ▸ Our portfolio of multifamily residential, mixed-use and non-residential real estate lending could expose us to increased lending risks.● ● ● ● ● 5 ▸ Our reliance on brokered deposits, military deposits and deposits from listing services could adversely affect our liquidity and operating results.● ● ● ● ● 5 ▸ Regulation of the financial services industry is intense, and we may be adversely affected by changes in laws and regulations.● ● ● ● ● 5 ▸ group Risks Related to Our Business and Industry Generally● ● ● ● ● 5 ▸ group Risks Related to Our Growth Strategy● ● ● ● ● 5 ▸ group Risks Related to Our Lending Activities● ● ● ● ● 5 ▸ group Risks Related to Our Operations● ● ● ● ● 5 ▸ Security breaches and cybersecurity threats could compromise our information and expose us to liability, which would cause our business and reputation to suffer.● ● ● ● ● 5 ▸ Strong competition within our market area may limit our growth and profitability.● ● ● ● ● 5 ▸ The building of market share through our branch office strategy, and our ability to achieve profitability on new branch offices, may increase our expenses and negatively affect our earnings.● ● ● ● ● 5 ▸ The geographic concentration of our loan portfolio and lending activities makes us vulnerable to a downturn in our primary market area.● ● ● ● ● 5 ▸ We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.● ● ● ● ● 5 ▸ We are dependent on our information technology and telecommunications systems and third-party service providers; systems failures, interruptions and cybersecurity breaches could have a material adverse effect on us.● ● ● ● ● 5 ▸ We depend on our management team to implement our business strategy and execute successful operations and we could be harmed by the loss of their services.● ● ● ● ● 5 ▸ We face a risk of non-compliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.● ● ● ● ● 5 ▸ We must keep pace with technological change to remain competitive.● ● ● ● ● 5 
