Narragansett Bancorp, Inc.

What they do

The registrant is a mid-tier holding company being formed through a Plan of Holding Company Reorganization and Plan of Stock Issuance involving BayCoast Bank and Narragansett Financial Corporation. As of June 30, 2026, the reorganization had not been completed and the Registrant had no assets, no liabilities, and had conducted no business other than organizational activities. The operating financial information included in the filing is that of Narragansett Financial Corporation and its subsidiary, a savings institution.

Revenue drivers

• Banking operations of Narragansett Financial Corporation — The filing presents the consolidated financial position of Narragansett Financial Corporation and subsidiary, which holds $2.87B in total assets as of June 30, 2026; specific loan and deposit revenue lines are not included in the provided excerpt.
• Securities available for sale — The June 30, 2026 balance sheet shows securities available for sale at fair value with a cost basis of $366.07M, versus cost of $345.19M at December 31, 2025, indicating a material investment securities portfolio.
• Cash and cash equivalents — Cash and cash equivalents stood at $52.75M at June 30, 2026, up from $38.52M at December 31, 2025, supporting liquidity but contributing limited revenue detail in the excerpt.

Recent performance

As of June 30, 2026, the consolidated entity reported total assets of $2.87B, total liabilities of $2.69B and shareholder equity of $189.2M. Cash and cash equivalents were $52.7M at June 30, 2026, compared with $38.5M at December 31, 2025. Securities available for sale carried a fair value cost basis of $366.1M at June 30, 2026 versus $345.2M at December 31, 2025. The provided excerpt does not include net income or revenue figures for the three or six months ended June 30, 2026, so period-over-period earnings cannot be assessed from this material.

Strategy

BayCoast Bank and Narragansett Financial Corporation have approved a Plan of Holding Company Reorganization and Plan of Stock Issuance to create a two-tier holding company structure with Narragansett Bancorp, Inc. as the mid-tier holding company. The reorganization had not been completed as of June 30, 2026, and the Registrant had no assets, liabilities, or business operations other than organizational activities as of that date. The filing notes that financial and other information of Narragansett Financial Corporation is included because the Registrant had not yet commenced business.

Risks

• Incomplete holding company reorganization — As of June 30, 2026, the reorganization had not been completed, leaving the Registrant with no assets, no liabilities and no business operations other than organizational activities.
• History of no operations — The Registrant had conducted no business other than organizational activities as of June 30, 2026, so investors must rely on Narragansett Financial Corporation's financial information.
• No registered securities — The filing lists no securities registered under Section 12(b) of the Exchange Act and states that, as of September 21, 2026, the registrant had no shares of common stock outstanding.
• Limited operating disclosure in the excerpt — The provided filing excerpt does not include net income, revenue, loan composition or deposit detail for the quarter, limiting visibility into core banking performance.

Outlook

The filing does not include a management outlook section or forward guidance in the provided excerpt. The key stated event is the pending two-tier holding company reorganization, which had not been completed as of June 30, 2026. Until the reorganization is completed and the holding company begins operations, the reported financials reflect Narragansett Financial Corporation and subsidiary.