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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

or

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 1-13661

STOCK YARDS BANCORP, INC.

(Exact name of registrant as specified in its charter)

Kentucky | 61-1137529
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

1040 East Main Street, Louisville, Kentucky | 40206
(Address of principal executive offices) | (Zip Code)

Registrant’s telephone number, including area code: (502) 582-2571

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common stock, no par value | SYBT | The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐
Emerging growth company ☐ |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares outstanding of the registrant’s Common Stock, no par value, as of October 31, 2025, was 29,473,458.

1

Table of Contents

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION |
Item 1. Financial Statements. | 4
Condensed Consolidated Balance Sheets | 4
Condensed Consolidated Statements of Income | 5
Condensed Consolidated Statements of Comprehensive Income | 6
Condensed Consolidated Statements of Changes in Stockholders’ Equity | 7
Condensed Consolidated Statements of Cash Flows | 9
Notes to Condensed Consolidated Financial Statements | 11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 58
Item 3. Quantitative and Qualitative Disclosures about Market Risk. | 89
Item 4. Controls and Procedures. | 89
PART II – OTHER INFORMATION |
Item 1. Legal Proceedings. | 89
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. | 89
Item 5. Other Information | 90
Item 6. Exhibits. | 90
Signatures | 91

2

Table of Contents

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

The acronyms and abbreviations identified in alphabetical order below are used throughout this Report on Form 10-Q:

Acronym or Term |  | Definition |  | Acronym or Term |  | Definition |  | Acronym or Term |  | Definition
ACH |  | Automatic Clearing House |  | ESG |  | Environmental, Social and Governance |  | NIM |  | Net Interest Margin (FTE)
AFS |  | Available for Sale |  | ETR |  | Effective Tax Rate |  | NPV |  | Net Present Value
APIC |  | Additional paid-in capital |  | EVP |  | Executive Vice President |  | Net Interest Spread |  | Net Interest Spread (FTE)
ACL |  | Allowance for Credit Losses |  | FASB |  | Financial Accounting Standards Board |  | NM |  | Not Meaningful
AOCI |  | Accumulated Other Comprehensive Income |  | FDIC |  | Federal Deposit Insurance Corporation |  | OAEM |  | Other Assets Especially Mentioned
ASC |  | Accounting Standards Codification |  | FFP |  | Federal Funds Purchased |  | OREO |  | Other Real Estate Owned
ASU |  | Accounting Standards Update |  | FFS |  | Federal Funds Sold |  | PPP |  | SBA Paycheck Protection Program
ATM |  | Automated Teller Machine |  | FFTR |  | Federal Funds Target Rate |  | PV |  | Present Value
AUM |  | Assets Under Management |  | FHA |  | Federal Housing Authority |  | PCD |  | Purchased Credit Deteriorated
Bancorp / the Company |  | Stock Yards Bancorp, Inc. |  | FHC |  | Financial Holding Company |  | PD |  | Probability of Default
Bank / SYB |  | Stock Yards Bank & Trust Company |  | FHLB |  | Federal Home Loan Bank of Cincinnati |  | Prime |  | The Wall Street Journal Prime Interest Rate
BOLI |  | Bank Owned Life Insurance |  | FHLMC |  | Federal Home Loan Mortgage Corporation |  | Provision |  | Provision for Credit Losses
BP |  | Basis Point - 1/100th of one percent |  | FICA |  | Federal Insurance Contributions Act |  | PSU |  | Performance Stock Unit
C&D |  | Construction and Land Development |  | FNMA |  | Federal National Mortgage Association |  | ROA |  | Return on Average Assets
Captive |  | SYB Insurance Company, Inc. |  | FRB |  | Federal Reserve Bank |  | ROE |  | Return on Average Equity
C&I |  | Commercial and Industrial |  | FTE |  | Fully Tax Equivalent |  | RSA |  | Restricted Stock Award
CB |  | Commonwealth Bancshares, Inc. and Commonwealth Bank & Trust Company |  | GAAP |  | United States Generally Accepted Accounting Principles |  | RSU |  | Restricted Stock Unit
CD |  | Certificate of Deposit |  | GLB |  | Gramm-Leach-Bliley Act |  | SAR |  | Stock Appreciation Right
CDI |  | Core Deposit Intangible |  | GNMA |  | Government National Mortgage Association |  | SBA |  | Small Business Administration
CECL |  | Current Expected Credit Loss (ASC-326) |  | HELOC |  | Home Equity Line of Credit |  | SEC |  | Securities and Exchange Commission
CEO |  | Chief Executive Officer |  | HTM |  | Held to Maturity |  | SOFR |  | Secured Overnight Financing Right
CFO |  | Chief Financial Officer |  | ICS |  | Insured Cash Sweep |  | SSUAR |  | Securities Sold Under Agreements to Repurchase
CFPB |  | Consumer Financial Protection Bureau |  | ITM |  | Interactive Teller Machine |  | SVP |  | Senior Vice President
CLI |  | Customer List Intangible |  | KB |  | Kentucky Bancshares, Inc. and Kentucky Bank |  | TBA |  | To Be Annouced
CRA |  | Community Reinvestment Act |  | KSB |  | King Bancorp, Inc. and King Southern Bank |  | TBOC |  | The Bank Oldham County
CRE |  | Commercial Real Estate |  | LGD |  | Loss Given Default |  | TCE |  | Tangible Common Equity
DCF |  | Discounted Cash Flow |  | Loans |  | Loans and Leases |  | TPS |  | Trust Preferred Securities
DTA |  | Deferred Tax Asset |  | MBS |  | Mortgage Backed Securities |  | VA |  | U.S. Department of Veterans Affairs
DTL |  | Deferred Tax Liability |  | MSA |  | Metropolitan Statistical Area |  | WM&T |  | Wealth Management and Trust
Dodd-Frank Act |  | The Dodd-Frank Wall Street Reform and Consumer Protection Act |  | MSRs |  | Mortgage Servicing Rights |  | VA |  | U.S. Department of Veterans Affairs
EPS |  | Earnings Per Share |  | Nasdaq |  | The Nasdaq Stock Market, LLC |  |  |  |

3

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2025 (unaudited) and December 31, 2024 (in thousands, except share data)

|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 84,357 |  |  | $ | 78,925 |
Federal funds sold and interest bearing due from banks |  |  | 671,932 |  |  |  | 212,095 |
Total cash and cash equivalents |  |  | 756,289 |  |  |  | 291,020 |
Mortgage loans held for sale, at fair value |  |  | 6,045 |  |  |  | 6,286 |
Available for sale debt securities (amortized cost of $825,358 in 2025 and $1,114,961 in 2024, respectively) |  |  | 737,520 |  |  |  | 990,114 |
Held to maturity debt securities (fair value of $183,811 in 2025 and $341,357 in 2024, respectively) |  |  | 203,119 |  |  |  | 370,171 |
Federal Home Loan Bank stock, at cost |  |  | 20,717 |  |  |  | 21,603 |
Loans |  |  | 6,929,456 |  |  |  | 6,520,402 |
Allowance for credit losses on loans |  |  | (92,160 | ) |  |  | (86,943 | )
Net loans |  |  | 6,837,296 |  |  |  | 6,433,459 |
Premises and equipment, net |  |  | 116,214 |  |  |  | 112,736 |
Premises held for sale |  |  | 1,684 |  |  |  | 2,321 |
Bank owned life insurance |  |  | 91,252 |  |  |  | 89,370 |
Accrued interest receivable |  |  | 28,512 |  |  |  | 27,697 |
Goodwill |  |  | 194,074 |  |  |  | 194,074 |
Core deposit intangible |  |  | 7,260 |  |  |  | 8,978 |
Customer list intangible |  |  | 5,814 |  |  |  | 6,840 |
Other assets |  |  | 301,580 |  |  |  | 308,750 |
Total assets |  | $ | 9,307,376 |  |  | $ | 8,863,419 |
Liabilities |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |
Non-interest bearing |  | $ | 1,589,159 |  |  | $ | 1,456,138 |
Interest bearing |  |  | 6,054,813 |  |  |  | 5,710,263 |
Total deposits |  |  | 7,643,972 |  |  |  | 7,166,401 |
Securities sold under agreements to repurchase |  |  | 73,149 |  |  |  | 162,967 |
Federal funds purchased |  |  | 6,729 |  |  |  | 6,525 |
Subordinated debentures |  |  | 26,806 |  |  |  | 26,806 |
Federal Home Loan Bank advances |  |  | 300,000 |  |  |  | 300,000 |
Accrued interest payable |  |  | 1,885 |  |  |  | 1,912 |
Other liabilities |  |  | 213,691 |  |  |  | 258,332 |
Total liabilities |  |  | 8,266,232 |  |  |  | 7,922,943 |
Commitments and contingent liabilities (Footnote 12) |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |
Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding |  |  | — |  |  |  | — |
Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 29,474,000 and 29,431,000 shares in 2025 and 2024, respectively |  |  | 59,083 |  |  |  | 58,939 |
Additional paid-in capital |  |  | 401,671 |  |  |  | 395,081 |
Retained earnings |  |  | 648,012 |  |  |  | 577,607 |
Accumulated other comprehensive loss |  |  | (67,622 | ) |  |  | (91,151 | )
Total stockholders’ equity |  |  | 1,041,144 |  |  |  | 940,476 |
Total liabilities and equity |  | $ | 9,307,376 |  |  | $ | 8,863,419 |

See accompanying notes to unaudited condensed consolidated financial statements.

4

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

For the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data)

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, including fees |  | $ | 107,207 |  |  | $ | 95,689 |  |  | $ | 309,816 |  |  | $ | 271,547 |
Federal funds sold and interest bearing due from banks |  |  | 5,003 |  |  |  | 1,946 |  |  |  | 9,734 |  |  |  | 6,199 |
Mortgage loans held for sale |  |  | 74 |  |  |  | 47 |  |  |  | 229 |  |  |  | 152 |
Federal Home Loan Bank stock |  |  | 488 |  |  |  | 663 |  |  |  | 1,682 |  |  |  | 1,601 |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 7,033 |  |  |  | 6,918 |  |  |  | 23,580 |  |  |  | 21,700 |
Tax-exempt |  |  | 467 |  |  |  | 459 |  |  |  | 1,397 |  |  |  | 1,372 |
Total interest income |  |  | 120,272 |  |  |  | 105,722 |  |  |  | 346,438 |  |  |  | 302,571 |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 39,294 |  |  |  | 33,997 |  |  |  | 111,386 |  |  |  | 97,486 |
Securities sold under agreements to repurchase |  |  | 588 |  |  |  | 937 |  |  |  | 2,027 |  |  |  | 2,639 |
Federal funds purchased and other short-term borrowings |  |  | 72 |  |  |  | 120 |  |  |  | 214 |  |  |  | 395 |
Federal Home Loan Bank advances |  |  | 2,870 |  |  |  | 5,209 |  |  |  | 10,519 |  |  |  | 13,469 |
Subordinated debentures |  |  | 411 |  |  |  | 480 |  |  |  | 1,230 |  |  |  | 1,511 |
Total interest expense |  |  | 43,235 |  |  |  | 40,743 |  |  |  | 125,376 |  |  |  | 115,500 |
Net interest income |  |  | 77,037 |  |  |  | 64,979 |  |  |  | 221,062 |  |  |  | 187,071 |
Provision for credit losses |  |  | 1,975 |  |  |  | 4,325 |  |  |  | 5,050 |  |  |  | 7,050 |
Net interest income after provision expense |  |  | 75,062 |  |  |  | 60,654 |  |  |  | 216,012 |  |  |  | 180,021 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wealth management and trust services |  |  | 10,704 |  |  |  | 10,931 |  |  |  | 31,834 |  |  |  | 32,497 |
Deposit service charges |  |  | 2,281 |  |  |  | 2,314 |  |  |  | 6,429 |  |  |  | 6,630 |
Debit and credit card income |  |  | 5,009 |  |  |  | 5,083 |  |  |  | 14,354 |  |  |  | 14,688 |
Treasury management fees |  |  | 2,923 |  |  |  | 2,939 |  |  |  | 8,601 |  |  |  | 8,389 |
Mortgage banking income |  |  | 1,252 |  |  |  | 1,112 |  |  |  | 3,263 |  |  |  | 3,077 |
Net investment product sales commissions and fees |  |  | 1,112 |  |  |  | 915 |  |  |  | 3,102 |  |  |  | 2,580 |
Bank owned life insurance |  |  | 631 |  |  |  | 634 |  |  |  | 1,882 |  |  |  | 1,817 |
Gain (loss) on sale of premises and equipment |  |  | - |  |  |  | (59 | ) |  |  | 74 |  |  |  | (39 | )
Other |  |  | 564 |  |  |  | 928 |  |  |  | 2,281 |  |  |  | 2,084 |
Total non-interest income |  |  | 24,476 |  |  |  | 24,797 |  |  |  | 71,820 |  |  |  | 71,723 |
Non-interest expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  |  | 28,836 |  |  |  | 25,534 |  |  |  | 82,047 |  |  |  | 74,389 |
Employee benefits |  |  | 4,878 |  |  |  | 4,629 |  |  |  | 15,993 |  |  |  | 15,591 |
Net occupancy and equipment |  |  | 4,086 |  |  |  | 3,775 |  |  |  | 12,234 |  |  |  | 11,264 |
Technology and communication |  |  | 4,837 |  |  |  | 4,500 |  |  |  | 14,438 |  |  |  | 14,463 |
Debit and credit card processing |  |  | 1,984 |  |  |  | 1,845 |  |  |  | 5,711 |  |  |  | 5,402 |
Marketing and business development |  |  | 1,887 |  |  |  | 1,438 |  |  |  | 5,353 |  |  |  | 4,109 |
Postage, printing and supplies |  |  | 910 |  |  |  | 901 |  |  |  | 2,816 |  |  |  | 2,740 |
Legal and professional |  |  | 891 |  |  |  | 968 |  |  |  | 2,886 |  |  |  | 3,268 |
FDIC insurance |  |  | 1,198 |  |  |  | 1,095 |  |  |  | 3,681 |  |  |  | 3,368 |
Capital and deposit based taxes |  |  | 1,082 |  |  |  | 825 |  |  |  | 2,520 |  |  |  | 2,128 |
Intangible amortization |  |  | 915 |  |  |  | 1,052 |  |  |  | 2,744 |  |  |  | 3,155 |
Other |  |  | 2,327 |  |  |  | 1,890 |  |  |  | 7,135 |  |  |  | 6,645 |
Total non-interest expenses |  |  | 53,831 |  |  |  | 48,452 |  |  |  | 157,558 |  |  |  | 146,522 |
Income before income tax expense |  |  | 45,707 |  |  |  | 36,999 |  |  |  | 130,274 |  |  |  | 105,222 |
Income tax expense |  |  | 9,466 |  |  |  | 7,639 |  |  |  | 26,738 |  |  |  | 22,377 |
Net income |  | $ | 36,241 |  |  | $ | 29,360 |  |  | $ | 103,536 |  |  | $ | 82,845 |
Net income per share - basic |  | $ | 1.23 |  |  | $ | 1.00 |  |  | $ | 3.53 |  |  | $ | 2.83 |
Net income per share - diluted |  | $ | 1.23 |  |  | $ | 1.00 |  |  | $ | 3.51 |  |  | $ | 2.82 |
Weighted average outstanding shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 29,369 |  |  |  | 29,299 |  |  |  | 29,360 |  |  |  | 29,277 |
Diluted |  |  | 29,526 |  |  |  | 29,445 |  |  |  | 29,511 |  |  |  | 29,396 |

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

For the three and nine months ended September 30, 2025 and 2024 (in thousands)

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 36,241 |  |  | $ | 29,360 |  |  | $ | 103,536 |  |  | $ | 82,845 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain (loss) on AFS debt securities |  |  | 10,466 |  |  |  | 32,948 |  |  |  | 37,009 |  |  |  | 26,200 |
Change in fair value of derivatives used in cash flow hedge |  |  | (273 | ) |  |  | (6,757 | ) |  |  | (5,779 | ) |  |  | (2,929 | )
Total other comprehensive income (loss) before income tax effect |  |  | 10,193 |  |  |  | 26,191 |  |  |  | 31,230 |  |  |  | 23,271 |
Income tax effect |  |  | 2,504 |  |  |  | 6,484 |  |  |  | 7,701 |  |  |  | 5,746 |
Total other comprehensive income (loss) net of tax |  |  | 7,689 |  |  |  | 19,707 |  |  |  | 23,529 |  |  |  | 17,525 |
Comprehensive income |  | $ | 43,930 |  |  | $ | 49,067 |  |  | $ | 127,065 |  |  | $ | 100,370 |

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Common stock |  |  | Additional |  |  |  |  |  |  | other |  |  | Total |
|  | Shares |  |  |  |  |  |  | paid-in |  |  | Retained |  |  | comprehensive |  |  | stockholders' |
|  | outstanding |  |  | Amount |  |  | capital |  |  | earnings |  |  | loss |  |  | equity |
Balance, January 1, 2025 |  |  | 29,431 |  |  | $ | 58,939 |  |  | $ | 395,081 |  |  | $ | 577,607 |  |  | $ | (91,151 | ) |  | $ | 940,476 |
Activity for three months ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,271 |  |  |  | — |  |  |  | 33,271 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,311 |  |  |  | 11,311 |
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 1,153 |  |  |  | — |  |  |  | — |  |  |  | 1,153 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 40 |  |  |  | 133 |  |  |  | 2,881 |  |  |  | (4,622 | ) |  |  | — |  |  |  | (1,608 | )
Cash dividends declared, $0.31 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,130 | ) |  |  | — |  |  |  | (9,130 | )
Shares cancelled |  |  | (2 | ) |  |  | (6 | ) |  |  | (111 | ) |  |  | 117 |  |  |  | — |  |  |  | — |
Balance, March 31, 2025 |  |  | 29,469 |  |  | $ | 59,066 |  |  | $ | 399,004 |  |  | $ | 597,243 |  |  | $ | (79,840 | ) |  | $ | 975,473 |
Activity for three months ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,024 |  |  |  | — |  |  |  | 34,024 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,529 |  |  |  | 4,529 |
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 1,121 |  |  |  | — |  |  |  | — |  |  |  | 1,121 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 5 |  |  |  | 17 |  |  |  | 373 |  |  |  | (698 | ) |  |  | — |  |  |  | (308 | )
Cash dividends declared, $0.31 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,135 | ) |  |  | — |  |  |  | (9,135 | )
Shares cancelled |  |  | (1 | ) |  |  | (2 | ) |  |  | (39 | ) |  |  | 41 |  |  |  | — |  |  |  | — |
Balance, June 30, 2025 |  |  | 29,473 |  |  | $ | 59,081 |  |  | $ | 400,459 |  |  | $ | 621,475 |  |  | $ | (75,311 | ) |  | $ | 1,005,704 |
Activity for three months ended September 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,241 |  |  |  | — |  |  |  | 36,241 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,689 |  |  |  | 7,689 |
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 1,113 |  |  |  | — |  |  |  | — |  |  |  | 1,113 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 3 |  |  |  | 9 |  |  |  | 220 |  |  |  | (404 | ) |  |  | — |  |  |  | (175 | )
Cash dividends declared, $0.32 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,428 | ) |  |  | — |  |  |  | (9,428 | )
Shares cancelled |  |  | (2 | ) |  |  | (7 | ) |  |  | (121 | ) |  |  | 128 |  |  |  | — |  |  |  | — |
Balance, September 30, 2025 |  |  | 29,474 |  |  | $ | 59,083 |  |  | $ | 401,671 |  |  | $ | 648,012 |  |  | $ | (67,622 | ) |  | $ | 1,041,144 |

(continued)

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(continued)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Common stock |  |  | Additional |  |  |  |  |  |  | other |  |  | Total |
|  | Shares |  |  |  |  |  |  | paid-in |  |  | Retained |  |  | comprehensive |  |  | stockholders' |
|  | outstanding |  |  | Amount |  |  | capital |  |  | earnings |  |  | loss |  |  | equity |
Balance, January 1, 2024 |  |  | 29,329 |  |  | $ | 58,602 |  |  | $ | 385,955 |  |  | $ | 506,344 |  |  | $ | (92,798 | ) |  | $ | 858,103 |
Activity for three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,887 |  |  |  | — |  |  |  | 25,887 |
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,256 | ) |  |  | (2,256 | )
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 942 |  |  |  | — |  |  |  | — |  |  |  | 942 |
Reclassification adjustment - ASU 2023-02 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,482 |  |  |  | — |  |  |  | 2,482 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 65 |  |  |  | 212 |  |  |  | 2,825 |  |  |  | (4,675 | ) |  |  | — |  |  |  | (1,638 | )
Cash dividends declared, $0.30 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,809 | ) |  |  | — |  |  |  | (8,809 | )
Shares cancelled |  |  | (1 | ) |  |  | (2 | ) |  |  | (37 | ) |  |  | 39 |  |  |  | — |  |  |  | — |
Balance, March 31, 2024 |  |  | 29,393 |  |  | $ | 58,812 |  |  | $ | 389,685 |  |  | $ | 521,268 |  |  | $ | (95,054 | ) |  | $ | 874,711 |
Activity for three months ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,598 |  |  |  | — |  |  |  | 27,598 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 74 |
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 1,008 |  |  |  | — |  |  |  | — |  |  |  | 1,008 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 1 |  |  |  | 3 |  |  |  | 38 |  |  |  | (90 | ) |  |  | — |  |  |  | (49 | )
Cash dividends declared, $0.30 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,807 | ) |  |  | — |  |  |  | (8,807 | )
Shares cancelled |  |  | (6 | ) |  |  | (18 | ) |  |  | (277 | ) |  |  | 295 |  |  |  | — |  |  |  | — |
Balance, June 30, 2024 |  |  | 29,388 |  |  | $ | 58,797 |  |  | $ | 390,454 |  |  | $ | 540,264 |  |  | $ | (94,980 | ) |  | $ | 894,535 |
Activity for three months ended September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,360 |  |  |  | — |  |  |  | 29,360 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,707 |  |  |  | 19,707 |
Stock compensation expense |  |  | — |  |  |  | — |  |  |  | 922 |  |  |  | — |  |  |  | — |  |  |  | 922 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations |  |  | 27 |  |  |  | 91 |  |  |  | 1,624 |  |  |  | (3,030 | ) |  |  | — |  |  |  | (1,315 | )
Cash dividends declared, $0.31 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,115 | ) |  |  | — |  |  |  | (9,115 | )
Shares cancelled |  |  | (1 | ) |  |  | (2 | ) |  |  | (35 | ) |  |  | 37 |  |  |  | — |  |  |  | — |
Balance, September 30, 2024 |  |  | 29,414 |  |  | $ | 58,886 |  |  | $ | 392,965 |  |  | $ | 557,516 |  |  | $ | (75,273 | ) |  | $ | 934,094 |

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

For the nine months ended September 30, 2025 and 2024 (in thousands)

|  | 2025 |  |  | 2024 |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income |  | $ | 103,536 |  |  | $ | 82,845 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 5,050 |  |  |  | 7,050 |
Depreciation, amortization and accretion, net |  |  | 3,935 |  |  |  | 10,410 |
Deferred income tax expense (benefit) |  |  | (2,226 | ) |  |  | (2,222 | )
Gain on sale of mortgage loans held for sale |  |  | (2,374 | ) |  |  | (1,868 | )
Origination of mortgage loans held for sale |  |  | (105,149 | ) |  |  | (78,742 | )
Proceeds from sale of mortgage loans held for sale |  |  | 107,764 |  |  |  | 81,844 |
Bank owned life insurance income |  |  | (1,882 | ) |  |  | (1,817 | )
Gain on the sale of premises and equipment |  |  | (74 | ) |  |  | 39 |
Gain on other real estate owned |  |  | (31 | ) |  |  | — |
Stock compensation expense |  |  | 3,387 |  |  |  | 2,872 |
Excess tax benefit from share-based compensation arrangements |  |  | (604 | ) |  |  | (669 | )
Net change in accrued interest receivable and other assets |  |  | 14,566 |  |  |  | 6,326 |
Net change in accrued interest payable and other liabilities |  |  | (11,964 | ) |  |  | 17,865 |
Net cash provided by operating activities |  |  | 113,934 |  |  |  | 123,933 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Proceeds from maturities and paydowns of available for sale debt securities |  |  | 789,721 |  |  |  | 193,504 |
Purchases of available for sale debt securities |  |  | (495,032 | ) |  |  | — |
Proceeds from maturities and paydowns of held to maturity debt securities |  |  | 167,049 |  |  |  | 65,195 |
Purchases of FHLB stock |  |  | (17,814 | ) |  |  | (33,711 | )
Proceeds from redemption of FHLB stock |  |  | 18,700 |  |  |  | 20,528 |
Net change in loans |  |  | (408,236 | ) |  |  | (506,484 | )
Purchases of premises and equipment |  |  | (7,453 | ) |  |  | (6,570 | )
Proceeds from sale or disposal of premises and equipment |  |  | 710 |  |  |  | 223 |
Other investment activities |  |  | (54,585 | ) |  |  | (10,547 | )
Proceeds from sales of other real estate owned |  |  | 116 |  |  |  | — |
Net cash used in investing activities |  |  | (6,824 | ) |  |  | (277,862 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Net change in deposits |  |  | 477,571 |  |  |  | 55,325 |
Net change in securities sold under agreements to repurchase and federal funds purchased |  |  | (89,614 | ) |  |  | (9,549 | )
Proceeds from FHLB advances |  |  | 900,000 |  |  |  | 725,000 |
Repayments of FHLB advances |  |  | (900,000 | ) |  |  | (600,000 | )
Repurchase of common stock |  |  | (2,089 | ) |  |  | (3,002 | )
Cash dividends paid |  |  | (27,709 | ) |  |  | (26,738 | )
Net cash provided by financing activities |  |  | 358,159 |  |  |  | 141,036 |
Net change in cash and cash equivalents |  |  | 465,269 |  |  |  | (12,893 | )
Beginning cash and cash equivalents |  |  | 291,020 |  |  |  | 265,959 |
Ending cash and cash equivalents |  | $ | 756,289 |  |  | $ | 253,066 |

(continued)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (continued)

For the nine months ended September 30, 2025 and 2024 (in thousands)

Supplemental cash flow information: |  | 2025 |  |  | 2024 |
Interest paid |  | $ | 125,403 |  |  | $ | 115,558 |
Income taxes paid, net of refunds |  |  | 15,995 |  |  |  | 13,143 |
Cash paid for operating lease liabilities |  |  | 3,308 |  |  |  | 3,567 |
Supplemental non-cash activity: |  |  |  |  |  |  |  |
Change in unfunded commitments in tax credit investments |  | $ | 21,000 |  |  | $ | 9,250 |
Dividends payable to stockholders |  |  | 241 |  |  |  | 232 |
Loans transferred to OREO |  |  | 265 |  |  |  | — |

See accompanying notes to unaudited condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(1) | Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements include the accounts of Stock Yards Bancorp, Inc. and its wholly owned subsidiary, Stock Yards Bank & Trust Company. The condensed consolidated financial statements in this report have not been audited by the Company’s independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair statement of results for the interim period. All such adjustments are of a normal, recurring nature and all intercompany accounts and transactions have been eliminated.

To prepare the condensed consolidated financial statements, management must make estimates and assumptions that may require difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Estimates are susceptible to material changes as a result of changes in facts and circumstances. Actual results could differ significantly from those estimates, and the results of operations for the three and nine month periods ended September 30, 2025 do not necessarily indicate the results that Bancorp will achieve for the year ended December 31, 2025, or any other interim period.

The condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations for Form 10-Q as adopted by the SEC. Accordingly, the condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with Bancorp’s most recent Annual Report on Form 10-K, which contain the latest audited consolidated financial statements and notes thereto.

Reclassifications – Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. These reclassifications had no impact on previously reported prior periods’ net income or stockholder’s equity.

Adoption of New Accounting Guidance – Bancorp continually monitors potential accounting pronouncements and evaluates the impact that adoption of new guidance will have on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures, primarily related to effective tax rate reconciliation and information related to income taxes paid, among certain other amendments to improve the effectiveness of such disclosures. The amendments of this ASU are effective for annual periods beginning after December 15, 2024 and are to be applied on a prospective basis. Bancorp adopted this ASU on January 1, 2025 and adoption affects financial statement disclosure only, which is not required until year-end 2025 and, as a result, will not impact our results of operations or financial condition.

On December 31, 2024, Bancorp adopted ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Adoption of this ASU did not have a material impact on Bancorp’s consolidated financial statements.

Accounting Standards Updates – Generally, if an issued but not yet effective ASU with an expected immaterial impact to Bancorp has been disclosed in prior SEC filings, it will not be re-disclosed.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires public companies to disclose specified information about certain costs and expenses in the notes to financial statements at each interim and annual reporting period. Specifically, public companies will be required to disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion and amortization recognized as part of oil and gas producing activities (or other amounts of depletion expense) included in each relevant expense caption. Within the same tabular disclosure, an entity must disclose certain expense, gain or loss amounts that are already required under current U.S. GAAP. Further, an entity must disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In addition, an entity must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We do not expect adoption of this standard to have a material impact on Bancorp’s consolidated financial statements.

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| (2) | Investment Securities

Debt securities purchased in which Bancorp has the intent and ability to hold to their maturity are classified as HTM securities. All other investment securities are classified as AFS securities.

AFS Debt Securities

The following table summarizes the amortized cost, unrealized gains and losses, and fair value of Bancorp’s AFS debt securities portfolio:

(in thousands) |  | Amortized |  |  | Unrealized |  |  |  |  |
September 30, 2025 |  | cost |  |  | Gains |  |  | Losses |  |  | Fair value |
Government sponsored enterprise obligations |  | $ | 77,669 |  |  | $ | 105 |  |  | $ | (3,088 | ) |  | $ | 74,686 |
Mortgage backed securities |  |  | 622,953 |  |  |  | 181 |  |  |  | (74,850 | ) |  |  | 548,284 |
Obligations of states and political subdivisions |  |  | 124,141 |  |  |  | 10 |  |  |  | (10,154 | ) |  |  | 113,997 |
Other |  |  | 595 |  |  |  | - |  |  |  | (42 | ) |  |  | 553 |
Total available for sale debt securities |  | $ | 825,358 |  |  | $ | 296 |  |  | $ | (88,134 | ) |  | $ | 737,520 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. Government obligations |  | $ | 198,182 |  |  | $ | 33 |  |  | $ | - |  |  | $ | 198,215 |
Government sponsored enterprise obligations |  |  | 88,895 |  |  |  | 110 |  |  |  | (4,847 | ) |  |  | 84,158 |
Mortgage backed securities |  |  | 696,767 |  |  |  | - |  |  |  | (105,790 | ) |  |  | 590,977 |
Obligations of states and political subdivisions |  |  | 128,431 |  |  |  | 1 |  |  |  | (14,198 | ) |  |  | 114,234 |
Other |  |  | 2,686 |  |  |  | - |  |  |  | (156 | ) |  |  | 2,530 |
Total available for sale debt securities |  | $ | 1,114,961 |  |  | $ | 144 |  |  | $ | (124,991 | ) |  | $ | 990,114 |

HTM Debt Securities

The following table summarizes the amortized cost, unrecognized gains and losses, and fair value of Bancorp’s HTM debt securities portfolio:

(in thousands) |  | Carrying |  |  | Unrecognized |  |  |  |  |
September 30, 2025 |  | value |  |  | Gains |  |  | Losses |  |  | Fair value |
U.S. Treasury and other U.S. Government obligations |  | $ | 1,990 |  |  | $ | - |  |  | $ | (25 | ) |  | $ | 1,965 |
Government sponsored enterprise obligations |  |  | 23,012 |  |  |  | - |  |  |  | (1,285 | ) |  |  | 21,727 |
Mortgage backed securities |  |  | 178,117 |  |  |  | 3 |  |  |  | (18,001 | ) |  |  | 160,119 |
Total held to maturity debt securities |  | $ | 203,119 |  |  | $ | 3 |  |  | $ | (19,311 | ) |  | $ | 183,811 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. Government obligations |  | $ | 153,850 |  |  | $ | - |  |  | $ | (741 | ) |  | $ | 153,109 |
Government sponsored enterprise obligations |  |  | 25,395 |  |  |  | - |  |  |  | (2,034 | ) |  |  | 23,361 |
Mortgage backed securities |  |  | 190,926 |  |  |  | 2 |  |  |  | (26,041 | ) |  |  | 164,887 |
Total held to maturity debt securities |  | $ | 370,171 |  |  | $ | 2 |  |  | $ | (28,816 | ) |  | $ | 341,357 |

All investment securities classified as HTM by Bancorp as of September 30, 2025 are obligations of the U.S. Government and/or are issued by government-sponsored enterprises and have an explicit government guarantee or have a credit rating on par with the U.S. government and are generally considered risk-free. Therefore, no ACL has been recorded for Bancorp’s HTM securities as of September 30, 2025. Further, as of September 30, 2025, none of Bancorp’s HTM securities were in non-accrual or past due status.

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Debt Securities by Contractual Maturity

A summary of AFS and HTM debt securities by contractual maturity as of September 30, 2025 follows:

|  | AFS Debt Securities |  |  | HTM Debt Securities |
(in thousands) |  | Amortized cost |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Due within one year |  | $ | 50,527 |  |  | $ | 48,848 |  |  | $ | 24,501 |  |  | $ | 23,197 |
Due after one year but within five years |  |  | 24,427 |  |  |  | 23,662 |  |  |  | - |  |  |  | - |
Due after five years but within 10 years |  |  | 88,282 |  |  |  | 80,217 |  |  |  | - |  |  |  | - |
Due after 10 years |  |  | 39,169 |  |  |  | 36,509 |  |  |  | 501 |  |  |  | 495 |
Mortgage backed securities |  |  | 622,953 |  |  |  | 548,284 |  |  |  | 178,117 |  |  |  | 160,119 |
Total |  | $ | 825,358 |  |  | $ | 737,520 |  |  | $ | 203,119 |  |  | $ | 183,811 |

Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without prepayment penalties. The investment portfolio includes MBS, which are guaranteed by agencies such as FHLMC, FNMA and GNMA. These securities differ from traditional debt securities primarily in that they may have uncertain principal payment dates and are priced based on estimated prepayment rates on the underlying collateral.

Accrued interest on the investment securities portfolio (AFS and HTM) totaled $4 million and $5 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on the investment securities portfolios is included in the condensed consolidated balance sheets.

Securities with a carrying value of $567 million and $852 million were pledged at September 30, 2025 and December 31, 2024, respectively, to secure accounts of commercial depositors in cash management accounts, public deposits and uninsured cash balances for certain WM&T accounts.

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Bancorp has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment was recorded with respect to investment securities as of September 30, 2025 and December 31, 2024.

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Unrealized and Unrecognized Loss Analysis on Debt Securities

Debt securities with unrealized and unrecognized losses at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time securities have been in a continuous unrealized loss position follows:

|  | AFS Debt Securities |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(in thousands) |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
September 30, 2025 |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
Government sponsored enterprise obligations |  | $ | - |  |  | $ | - |  |  | $ | 70,992 |  |  | $ | (3,088 | ) |  | $ | 70,992 |  |  | $ | (3,088 | )
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 528,631 |  |  |  | (74,850 | ) |  |  | 528,631 |  |  |  | (74,850 | )
Obligations of states and political subdivisions |  |  | 1,174 |  |  |  | (1 | ) |  |  | 93,924 |  |  |  | (10,153 | ) |  |  | 95,098 |  |  |  | (10,154 | )
Other |  |  | - |  |  |  | - |  |  |  | 553 |  |  |  | (42 | ) |  |  | 553 |  |  |  | (42 | )
Total AFS debt securities |  | $ | 1,174 |  |  | $ | (1 | ) |  | $ | 694,100 |  |  | $ | (88,133 | ) |  | $ | 695,274 |  |  | $ | (88,134 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise obligations |  | $ | 5,801 |  |  | $ | (49 | ) |  | $ | 74,478 |  |  | $ | (4,798 | ) |  | $ | 80,279 |  |  | $ | (4,847 | )
Mortgage-backed securities |  |  | 23,159 |  |  |  | (579 | ) |  |  | 567,818 |  |  |  | (105,211 | ) |  |  | 590,977 |  |  |  | (105,790 | )
Obligations of states and political subdivisions |  |  | 9,181 |  |  |  | (164 | ) |  |  | 101,407 |  |  |  | (14,034 | ) |  |  | 110,588 |  |  |  | (14,198 | )
Other |  |  | - |  |  |  | - |  |  |  | 2,530 |  |  |  | (156 | ) |  |  | 2,530 |  |  |  | (156 | )
Total AFS debt securities |  | $ | 38,141 |  |  | $ | (792 | ) |  | $ | 746,233 |  |  | $ | (124,199 | ) |  | $ | 784,374 |  |  | $ | (124,991 | )

|  | HTM Debt Securities |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(in thousands) |  | Fair |  |  | Unrecognized |  |  | Fair |  |  | Unrecognized |  |  | Fair |  |  | Unrecognized |
September 30, 2025 |  | value |  |  | losses |  |  | value |  |  | losses |  |  | value |  |  | losses |
U.S. Treasury and other U.S. Government obligations |  | $ | - |  |  | $ | - |  |  | $ | 1,965 |  |  | $ | (25 | ) |  | $ | 1,965 |  |  | $ | (25 | )
Government sponsored enterprise obligations |  |  | - |  |  |  | - |  |  |  | 21,713 |  |  |  | (1,285 | ) |  |  | 21,713 |  |  |  | (1,285 | )
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 159,701 |  |  |  | (18,001 | ) |  |  | 159,701 |  |  |  | (18,001 | )
Total HTM debt securities |  | $ | - |  |  | $ | - |  |  | $ | 183,379 |  |  | $ | (19,311 | ) |  | $ | 183,379 |  |  | $ | (19,311 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. Government obligations |  | $ | - |  |  | $ | - |  |  | $ | 153,109 |  |  | $ | (741 | ) |  | $ | 153,109 |  |  | $ | (741 | )
Government sponsored enterprise obligations |  |  | 396 |  |  |  | (6 | ) |  |  | 22,965 |  |  |  | (2,028 | ) |  |  | 23,361 |  |  |  | (2,034 | )
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 164,724 |  |  |  | (26,041 | ) |  |  | 164,724 |  |  |  | (26,041 | )
Total HTM debt securities |  | $ | 396 |  |  | $ | (6 | ) |  | $ | 340,798 |  |  | $ | (28,810 | ) |  | $ | 341,194 |  |  | $ | (28,816 | )

Applicable dates for determining when securities are in unrealized and unrecognized loss positions are September 30, 2025 and December 31, 2024. As such, it is possible that a security had a market value lower than its amortized cost on other days during the past 12 months, but is not in the “Less than 12 months” category of the preceding table.

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For debt securities with unrealized and unrecognized loss positions, Bancorp evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not credit-related is recognized in AOCI, net of tax. Credit-related impairment is recognized as an ACL for debt securities on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if Bancorp intends to sell an impaired debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation.

In evaluating debt securities in unrealized and unrecognized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or government-sponsored enterprises, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized and unrecognized losses on Bancorp’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. These investments consisted of 417 and 488 separate investment positions as of September 30, 2025 and December 31, 2024, respectively. By dollar value, approximately 96% and 86% of the debt securities portfolio was in a loss position as of September 30, 2025 and December 31, 2024, respectively. There were no credit related factors underlying unrealized and unrecognized losses on debt securities at September 30, 2025 and December 31, 2024.

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| (3) | Loans and Allowance for Credit Losses on Loans

Composition of loans by class follows:

(in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Commercial real estate - non-owner occupied |  | $ | 1,947,892 |  |  | $ | 1,835,935 |
Commercial real estate - owner occupied |  |  | 1,091,134 |  |  |  | 1,002,853 |
Total commercial real estate |  |  | 3,039,026 |  |  |  | 2,838,788 |
Commercial and industrial - term |  |  | 865,759 |  |  |  | 884,399 |
Commercial and industrial - lines of credit |  |  | 624,390 |  |  |  | 554,255 |
Total commercial and industrial |  |  | 1,490,149 |  |  |  | 1,438,654 |
Residential real estate - owner occupied |  |  | 873,540 |  |  |  | 805,080 |
Residential real estate - non-owner occupied |  |  | 394,429 |  |  |  | 382,744 |
Total residential real estate |  |  | 1,267,969 |  |  |  | 1,187,824 |
Construction and land development |  |  | 675,052 |  |  |  | 623,005 |
Home equity lines of credit |  |  | 271,017 |  |  |  | 247,433 |
Consumer |  |  | 142,149 |  |  |  | 144,644 |
Leases |  |  | 18,517 |  |  |  | 15,514 |
Credits cards |  |  | 25,577 |  |  |  | 24,540 |
Total loans (1) |  | $ | 6,929,456 |  |  | $ | 6,520,402 |

(1) Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs.

Accrued interest receivable on loans, which is excluded from the amortized cost of loans, totaled $24 million and $23 million at September 30, 2025 and December 31, 2024, respectively, and was included in the condensed consolidated balance sheets.

Loans with carrying amounts of $3.73 billion and $3.48 billion were pledged to secure FHLB borrowing capacity at September 30, 2025 and December 31, 2024, respectively.

Loans to directors and their related interests, including loans to companies for which directors are principal owners and executive officers, totaled $100 million and $97 million as of September 30, 2025 and December 31, 2024, respectively.

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ACL for Loans

The tables below reflect activity in the ACL for loans:

(in thousands) Three Months Ended September 30, 2025 |  | Beginning Balance |  |  | Provision for Credit Losses on Loans |  |  | Charge-offs |  |  | Recoveries |  |  | Ending Balance |
Commercial real estate - non-owner occupied |  | $ | 15,278 |  |  | $ | (960 | ) |  | $ | - |  |  | $ | - |  |  | $ | 14,318 |
Commercial real estate - owner occupied |  |  | 11,996 |  |  |  | 869 |  |  |  | - |  |  |  | 17 |  |  |  | 12,882 |
Total commercial real estate |  |  | 27,274 |  |  |  | (91 | ) |  |  | - |  |  |  | 17 |  |  |  | 27,200 |
Commercial and industrial - term |  |  | 20,677 |  |  |  | 39 |  |  |  | (68 | ) |  |  | 175 |  |  |  | 20,823 |
Commercial and industrial - lines of credit |  |  | 7,941 |  |  |  | 605 |  |  |  | - |  |  |  | - |  |  |  | 8,546 |
Total commercial and industrial |  |  | 28,618 |  |  |  | 644 |  |  |  | (68 | ) |  |  | 175 |  |  |  | 29,369 |
Residential real estate - owner occupied |  |  | 14,265 |  |  |  | 611 |  |  |  | (85 | ) |  |  | 4 |  |  |  | 14,795 |
Residential real estate - non-owner occupied |  |  | 4,587 |  |  |  | (37 | ) |  |  | - |  |  |  | 2 |  |  |  | 4,552 |
Total residential real estate |  |  | 18,852 |  |  |  | 574 |  |  |  | (85 | ) |  |  | 6 |  |  |  | 19,347 |
Construction and land development |  |  | 11,134 |  |  |  | 87 |  |  |  | - |  |  |  | - |  |  |  | 11,221 |
Home equity lines of credit |  |  | 1,343 |  |  |  | 34 |  |  |  | - |  |  |  | - |  |  |  | 1,377 |
Consumer |  |  | 2,877 |  |  |  | 178 |  |  |  | (251 | ) |  |  | 106 |  |  |  | 2,910 |
Leases |  |  | 390 |  |  |  | 46 |  |  |  | - |  |  |  | - |  |  |  | 436 |
Credit cards |  |  | 234 |  |  |  | 78 |  |  |  | (25 | ) |  |  | 13 |  |  |  | 300 |
Total |  | $ | 90,722 |  |  | $ | 1,550 |  |  | $ | (429 | ) |  | $ | 317 |  |  | $ | 92,160 |

(in thousands) Nine Months Ended September 30, 2025 |  | Beginning Balance |  |  | Provision for Credit Losses on Loans |  |  | Charge-offs |  |  | Recoveries |  |  | Ending Balance |
Commercial real estate - non-owner occupied |  | $ | 13,935 |  |  | $ | 357 |  |  | $ | - |  |  | $ | 26 |  |  | $ | 14,318 |
Commercial real estate - owner occupied |  |  | 10,192 |  |  |  | 2,711 |  |  |  | (38 | ) |  |  | 17 |  |  |  | 12,882 |
Total commercial real estate |  |  | 24,127 |  |  |  | 3,068 |  |  |  | (38 | ) |  |  | 43 |  |  |  | 27,200 |
Commercial and industrial - term |  |  | 21,284 |  |  |  | (1,668 | ) |  |  | (410 | ) |  |  | 1,617 |  |  |  | 20,823 |
Commercial and industrial - lines of credit |  |  | 6,496 |  |  |  | 2,050 |  |  |  | - |  |  |  | - |  |  |  | 8,546 |
Total commercial and industrial |  |  | 27,780 |  |  |  | 382 |  |  |  | (410 | ) |  |  | 1,617 |  |  |  | 29,369 |
Residential real estate - owner occupied |  |  | 14,468 |  |  |  | 401 |  |  |  | (135 | ) |  |  | 61 |  |  |  | 14,795 |
Residential real estate - non-owner occupied |  |  | 5,154 |  |  |  | (601 | ) |  |  | (3 | ) |  |  | 2 |  |  |  | 4,552 |
Total residential real estate |  |  | 19,622 |  |  |  | (200 | ) |  |  | (138 | ) |  |  | 63 |  |  |  | 19,347 |
Construction and land development |  |  | 10,981 |  |  |  | 240 |  |  |  | - |  |  |  | - |  |  |  | 11,221 |
Home equity lines of credit |  |  | 1,277 |  |  |  | 110 |  |  |  | (10 | ) |  |  | - |  |  |  | 1,377 |
Consumer |  |  | 2,531 |  |  |  | 874 |  |  |  | (831 | ) |  |  | 336 |  |  |  | 2,910 |
Leases |  |  | 370 |  |  |  | 66 |  |  |  | - |  |  |  | - |  |  |  | 436 |
Credit cards |  |  | 255 |  |  |  | 160 |  |  |  | (169 | ) |  |  | 54 |  |  |  | 300 |
Total |  | $ | 86,943 |  |  | $ | 4,700 |  |  | $ | (1,596 | ) |  | $ | 2,113 |  |  | $ | 92,160 |

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(in thousands) Three Months Ended September 30, 2024 |  | Beginning Balance |  |  | Provision for Credit Losses on Loans |  |  | Charge-offs |  |  | Recoveries |  |  | Ending Balance |
Commercial real estate - non-owner occupied |  | $ | 13,032 |  |  | $ | 278 |  |  | $ | - |  |  | $ | 18 |  |  | $ | 13,328 |
Commercial real estate - owner occupied |  |  | 9,719 |  |  |  | (352 | ) |  |  | - |  |  |  | - |  |  |  | 9,367 |
Total commercial real estate |  |  | 22,751 |  |  |  | (74 | ) |  |  | - |  |  |  | 18 |  |  |  | 22,695 |
Commercial and industrial - term |  |  | 21,629 |  |  |  | 201 |  |  |  | (658 | ) |  |  | 67 |  |  |  | 21,239 |
Commercial and industrial - lines of credit |  |  | 5,825 |  |  |  | 677 |  |  |  | - |  |  |  | - |  |  |  | 6,502 |
Total commercial and industrial |  |  | 27,454 |  |  |  | 878 |  |  |  | (658 | ) |  |  | 67 |  |  |  | 27,741 |
Residential real estate - owner occupied |  |  | 13,325 |  |  |  | 1,011 |  |  |  | (295 | ) |  |  | 4 |  |  |  | 14,045 |
Residential real estate - non-owner occupied |  |  | 4,248 |  |  |  | 685 |  |  |  | - |  |  |  | 7 |  |  |  | 4,940 |
Total residential real estate |  |  | 17,573 |  |  |  | 1,696 |  |  |  | (295 | ) |  |  | 11 |  |  |  | 18,885 |
Construction and land development |  |  | 10,029 |  |  |  | 1,622 |  |  |  | - |  |  |  | - |  |  |  | 11,651 |
Home equity lines of credit |  |  | 1,147 |  |  |  | 87 |  |  |  | (100 | ) |  |  | - |  |  |  | 1,134 |
Consumer |  |  | 2,552 |  |  |  | (6 | ) |  |  | (193 | ) |  |  | 107 |  |  |  | 2,460 |
Leases |  |  | 411 |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | 402 |
Credit cards |  |  | 238 |  |  |  | 131 |  |  |  | (99 | ) |  |  | 5 |  |  |  | 275 |
Total |  | $ | 82,155 |  |  | $ | 4,325 |  |  | $ | (1,345 | ) |  | $ | 208 |  |  | $ | 85,343 |

(in thousands) Nine Months Ended September 30, 2024 |  | Beginning Balance |  |  | Provision for Credit Losses on Loans |  |  | Charge-offs |  |  | Recoveries |  |  | Ending Balance |
Commercial real estate - non-owner occupied |  | $ | 22,133 |  |  | $ | (8,856 | ) |  | $ | - |  |  | $ | 51 |  |  | $ | 13,328 |
Commercial real estate - owner occupied |  |  | 11,667 |  |  |  | (2,349 | ) |  |  | - |  |  |  | 49 |  |  |  | 9,367 |
Total commercial real estate |  |  | 33,800 |  |  |  | (11,205 | ) |  |  | - |  |  |  | 100 |  |  |  | 22,695 |
Commercial and industrial - term |  |  | 14,359 |  |  |  | 7,006 |  |  |  | (748 | ) |  |  | 622 |  |  |  | 21,239 |
Commercial and industrial - lines of credit |  |  | 6,495 |  |  |  | (197 | ) |  |  | - |  |  |  | 204 |  |  |  | 6,502 |
Total commercial and industrial |  |  | 20,854 |  |  |  | 6,809 |  |  |  | (748 | ) |  |  | 826 |  |  |  | 27,741 |
Residential real estate - owner occupied |  |  | 9,316 |  |  |  | 5,021 |  |  |  | (316 | ) |  |  | 24 |  |  |  | 14,045 |
Residential real estate - non-owner occupied |  |  | 4,282 |  |  |  | 651 |  |  |  | - |  |  |  | 7 |  |  |  | 4,940 |
Total residential real estate |  |  | 13,598 |  |  |  | 5,672 |  |  |  | (316 | ) |  |  | 31 |  |  |  | 18,885 |
Construction and land development |  |  | 7,593 |  |  |  | 4,058 |  |  |  | - |  |  |  | - |  |  |  | 11,651 |
Home equity lines of credit |  |  | 1,660 |  |  |  | (428 | ) |  |  | (100 | ) |  |  | 2 |  |  |  | 1,134 |
Consumer |  |  | 1,407 |  |  |  | 1,294 |  |  |  | (606 | ) |  |  | 365 |  |  |  | 2,460 |
Leases |  |  | 220 |  |  |  | 182 |  |  |  | - |  |  |  | - |  |  |  | 402 |
Credit cards |  |  | 242 |  |  |  | 193 |  |  |  | (184 | ) |  |  | 24 |  |  |  | 275 |
Total |  | $ | 79,374 |  |  | $ | 6,575 |  |  | $ | (1,954 | ) |  | $ | 1,348 |  |  | $ | 85,343 |

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The following tables present the amortized cost basis of non-performing loans and the amortized cost basis of loans on non-accrual status for which there was no related ACL losses:

|  | Non-accrual Loans |  |  |  |  |  |  | Past Due 90-Days- |
(in thousands) |  | With No |  |  | Total |  |  | or-More and Still |
September 30, 2025 |  | Recorded ACL |  |  | Non-accrual |  |  | Accruing Interest |
Commercial real estate - non-owner occupied |  | $ | — |  |  | $ | 3,812 |  |  | $ | — |
Commercial real estate - owner occupied |  |  | 434 |  |  |  | 3,017 |  |  |  | — |
Total commercial real estate |  |  | 434 |  |  |  | 6,829 |  |  |  | — |
Commercial and industrial - term |  |  | 302 |  |  |  | 1,130 |  |  |  | 9 |
Commercial and industrial - lines of credit |  |  | — |  |  |  | 1,188 |  |  |  | — |
Total commercial and industrial |  |  | 302 |  |  |  | 2,318 |  |  |  | 9 |
Residential real estate - owner occupied |  |  | 194 |  |  |  | 6,052 |  |  |  | — |
Residential real estate - non-owner occupied |  |  | — |  |  |  | 1,432 |  |  |  | 91 |
Total residential real estate |  |  | 194 |  |  |  | 7,484 |  |  |  | 91 |
Construction and land development |  |  | 1,361 |  |  |  | 1,361 |  |  |  | — |
Home equity lines of credit |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | — |  |  |  | 265 |  |  |  | — |
Leases |  |  | — |  |  |  | — |  |  |  | — |
Credit cards |  |  | — |  |  |  | 302 |  |  |  | — |
Total |  | $ | 2,291 |  |  | $ | 18,559 |  |  | $ | 100 |

|  | Non-accrual Loans |  |  |  |  |  |  | Past Due 90-Days- |
(in thousands) |  | With No |  |  | Total |  |  | or-More and Still |
December 31, 2024 |  | Recorded ACL |  |  | Non-accrual |  |  | Accruing Interest |
Commercial real estate - non-owner occupied |  | $ | 4,409 |  |  | $ | 5,221 |  |  | $ | — |
Commercial real estate - owner occupied |  |  | 434 |  |  |  | 1,231 |  |  |  | 73 |
Total commercial real estate |  |  | 4,843 |  |  |  | 6,452 |  |  |  | 73 |
Commercial and industrial - term |  |  | 3,828 |  |  |  | 4,903 |  |  |  | 95 |
Commercial and industrial - lines of credit |  |  | — |  |  |  | — |  |  |  | 19 |
Total commercial and industrial |  |  | 3,828 |  |  |  | 4,903 |  |  |  | 114 |
Residential real estate - owner occupied |  |  | 371 |  |  |  | 7,168 |  |  |  | — |
Residential real estate - non-owner occupied |  |  | — |  |  |  | 2,451 |  |  |  | 39 |
Total residential real estate |  |  | 371 |  |  |  | 9,619 |  |  |  | 39 |
Construction and land development |  |  | — |  |  |  | 311 |  |  |  | — |
Home equity lines of credit |  |  | — |  |  |  | 70 |  |  |  | 91 |
Consumer |  |  | — |  |  |  | 372 |  |  |  | — |
Leases |  |  | — |  |  |  | — |  |  |  | — |
Credit cards |  |  | — |  |  |  | — |  |  |  | 170 |
Total |  | $ | 9,042 |  |  | $ | 21,727 |  |  | $ | 487 |

For the three and nine month periods ended September 30, 2025 and 2024, the amount of accrued interest income previously recorded as revenue and subsequently reversed due to the change in accrual status was immaterial.

For the three and nine month periods ended September 30, 2025 and 2024, no interest income was recognized on loans on non-accrual status.

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The following table presents the amortized cost basis and ACL allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses:

(in thousands) September 30, 2025 |  | Real Estate |  |  | Accounts Receivable / Equipment |  |  | Other |  |  | Total |  |  | ACL Allocation |
Commercial real estate - non-owner occupied |  | $ | 10,419 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,419 |  |  | $ | 1,195 |
Commercial real estate - owner occupied |  |  | 4,895 |  |  |  | - |  |  |  | - |  |  |  | 4,895 |  |  |  | 837 |
Total commercial real estate |  |  | 15,314 |  |  |  | - |  |  |  | - |  |  |  | 15,314 |  |  |  | 2,032 |
Commercial and industrial - term |  |  | 674 |  |  |  | 328 |  |  |  | 128 |  |  |  | 1,130 |  |  |  | 542 |
Commercial and industrial - lines of credit |  |  | 1,205 |  |  |  | 288 |  |  |  | - |  |  |  | 1,493 |  |  |  | 1,265 |
Total commercial and industrial |  |  | 1,879 |  |  |  | 616 |  |  |  | 128 |  |  |  | 2,623 |  |  |  | 1,807 |
Residential real estate - owner occupied |  |  | 5,276 |  |  |  | - |  |  |  | - |  |  |  | 5,276 |  |  |  | 1,470 |
Residential real estate - non-owner occupied |  |  | 1,889 |  |  |  | - |  |  |  | - |  |  |  | 1,889 |  |  |  | 690 |
Total residential real estate |  |  | 7,165 |  |  |  | - |  |  |  | - |  |  |  | 7,165 |  |  |  | 2,160 |
Construction and land development |  |  | 1,361 |  |  |  | - |  |  |  | - |  |  |  | 1,361 |  |  |  | - |
Home equity lines of credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | 260 |  |  |  | 260 |  |  |  | 27 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Credit cards |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total collateral dependent loans |  | $ | 25,719 |  |  | $ | 616 |  |  | $ | 388 |  |  | $ | 26,723 |  |  | $ | 6,026 |

(in thousands) December 31, 2024 |  | Real Estate |  |  | Accounts Receivable / Equipment |  |  | Other |  |  | Total |  |  | ACL Allocation |
Commercial real estate - non-owner occupied |  | $ | 11,699 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,699 |  |  | $ | 1,075 |
Commercial real estate - owner occupied |  |  | 3,547 |  |  |  | - |  |  |  | - |  |  |  | 3,547 |  |  |  | 764 |
Total commercial real estate |  |  | 15,246 |  |  |  | - |  |  |  | - |  |  |  | 15,246 |  |  |  | 1,839 |
Commercial and industrial - term |  |  | 740 |  |  |  | 4,062 |  |  |  | 76 |  |  |  | 4,878 |  |  |  | 516 |
Commercial and industrial - lines of credit |  |  | 349 |  |  |  | 200 |  |  |  | - |  |  |  | 549 |  |  |  | 139 |
Total commercial and industrial |  |  | 1,089 |  |  |  | 4,262 |  |  |  | 76 |  |  |  | 5,427 |  |  |  | 655 |
Residential real estate - owner occupied |  |  | 6,514 |  |  |  | - |  |  |  | - |  |  |  | 6,514 |  |  |  | 448 |
Residential real estate - non-owner occupied |  |  | 2,974 |  |  |  | - |  |  |  | - |  |  |  | 2,974 |  |  |  | 852 |
Total residential real estate |  |  | 9,488 |  |  |  | - |  |  |  | - |  |  |  | 9,488 |  |  |  | 1,300 |
Construction and land development |  |  | 311 |  |  |  | - |  |  |  | - |  |  |  | 311 |  |  |  | 20 |
Home equity lines of credit |  |  | 70 |  |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | 356 |  |  |  | 356 |  |  |  | 34 |
Leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Credit cards |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total collateral dependent loans |  | $ | 26,204 |  |  | $ | 4,262 |  |  | $ | 432 |  |  | $ | 30,898 |  |  | $ | 3,848 |

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The following tables present the aging of contractually past due loans by portfolio class:

(in thousands) |  |  |  |  |  | 30-59 days |  |  | 60-89 days |  |  | 90 or more |  |  | Total Past |  |  | Total |
September 30, 2025 |  | Current |  |  | Past Due |  |  | Past Due |  |  | days Past Due |  |  | Due Loans |  |  | Loans |
Commercial real estate - non-owner occupied |  | $ | 1,943,830 |  |  | $ | 250 |  |  | $ | 255 |  |  | $ | 3,557 |  |  | $ | 4,062 |  |  | $ | 1,947,892 |
Commercial real estate - owner occupied |  |  | 1,089,416 |  |  |  | 1,145 |  |  |  | — |  |  |  | 573 |  |  |  | 1,718 |  |  |  | 1,091,134 |
Total commercial real estate |  |  | 3,033,246 |  |  |  | 1,395 |  |  |  | 255 |  |  |  | 4,130 |  |  |  | 5,780 |  |  |  | 3,039,026 |
Commercial and industrial - term |  |  | 864,171 |  |  |  | 85 |  |  |  | 688 |  |  |  | 815 |  |  |  | 1,588 |  |  |  | 865,759 |
Commercial and industrial - lines of credit |  |  | 622,688 |  |  |  | 1,414 |  |  |  | — |  |  |  | 288 |  |  |  | 1,702 |  |  |  | 624,390 |
Total commercial and industrial |  |  | 1,486,859 |  |  |  | 1,499 |  |  |  | 688 |  |  |  | 1,103 |  |  |  | 3,290 |  |  |  | 1,490,149 |
Residential real estate - owner occupied |  |  | 854,643 |  |  |  | 7,860 |  |  |  | 5,527 |  |  |  | 5,510 |  |  |  | 18,897 |  |  |  | 873,540 |
Residential real estate - non-owner occupied |  |  | 393,432 |  |  |  | 88 |  |  |  | — |  |  |  | 909 |  |  |  | 997 |  |  |  | 394,429 |
Total residential real estate |  |  | 1,248,075 |  |  |  | 7,948 |  |  |  | 5,527 |  |  |  | 6,419 |  |  |  | 19,894 |  |  |  | 1,267,969 |
Construction and land development |  |  | 673,691 |  |  |  | — |  |  |  | — |  |  |  | 1,361 |  |  |  | 1,361 |  |  |  | 675,052 |
Home equity lines of credit |  |  | 270,531 |  |  |  | 278 |  |  |  | 208 |  |  |  | — |  |  |  | 486 |  |  |  | 271,017 |
Consumer |  |  | 141,094 |  |  |  | 461 |  |  |  | 396 |  |  |  | 198 |  |  |  | 1,055 |  |  |  | 142,149 |
Leases |  |  | 18,517 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,517 |
Credit cards |  |  | 25,023 |  |  |  | 203 |  |  |  | 49 |  |  |  | 302 |  |  |  | 554 |  |  |  | 25,577 |
Total |  | $ | 6,897,036 |  |  | $ | 11,784 |  |  | $ | 7,123 |  |  | $ | 13,513 |  |  | $ | 32,420 |  |  | $ | 6,929,456 |

(in thousands) |  |  |  |  |  | 30-59 days |  |  | 60-89 days |  |  | 90 or more |  |  | Total Past |  |  | Total |
December 31, 2024 |  | Current |  |  | Past Due |  |  | Past Due |  |  | days Past Due |  |  | Due Loans |  |  | Loans |
Commercial real estate - non-owner occupied |  | $ | 1,831,135 |  |  | $ | 168 |  |  | $ | 4,410 |  |  | $ | 222 |  |  | $ | 4,800 |  |  | $ | 1,835,935 |
Commercial real estate - owner occupied |  |  | 1,001,351 |  |  |  | 648 |  |  |  | 715 |  |  |  | 139 |  |  |  | 1,502 |  |  |  | 1,002,853 |
Total commercial real estate |  |  | 2,832,486 |  |  |  | 816 |  |  |  | 5,125 |  |  |  | 361 |  |  |  | 6,302 |  |  |  | 2,838,788 |
Commercial and industrial - term |  |  | 879,597 |  |  |  | 103 |  |  |  | 2,740 |  |  |  | 1,959 |  |  |  | 4,802 |  |  |  | 884,399 |
Commercial and industrial - lines of credit |  |  | 552,655 |  |  |  | 59 |  |  |  | 1,522 |  |  |  | 19 |  |  |  | 1,600 |  |  |  | 554,255 |
Total commercial and industrial |  |  | 1,432,252 |  |  |  | 162 |  |  |  | 4,262 |  |  |  | 1,978 |  |  |  | 6,402 |  |  |  | 1,438,654 |
Residential real estate - owner occupied |  |  | 789,286 |  |  |  | 7,737 |  |  |  | 3,176 |  |  |  | 4,881 |  |  |  | 15,794 |  |  |  | 805,080 |
Residential real estate - non-owner occupied |  |  | 381,177 |  |  |  | 628 |  |  |  | 56 |  |  |  | 883 |  |  |  | 1,567 |  |  |  | 382,744 |
Total residential real estate |  |  | 1,170,463 |  |  |  | 8,365 |  |  |  | 3,232 |  |  |  | 5,764 |  |  |  | 17,361 |  |  |  | 1,187,824 |
Construction and land development |  |  | 622,614 |  |  |  | 391 |  |  |  | — |  |  |  | — |  |  |  | 391 |  |  |  | 623,005 |
Home equity lines of credit |  |  | 246,700 |  |  |  | 424 |  |  |  | 194 |  |  |  | 115 |  |  |  | 733 |  |  |  | 247,433 |
Consumer |  |  | 143,796 |  |  |  | 470 |  |  |  | 69 |  |  |  | 309 |  |  |  | 848 |  |  |  | 144,644 |
Leases |  |  | 15,514 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,514 |
Credit cards |  |  | 24,122 |  |  |  | 220 |  |  |  | 27 |  |  |  | 171 |  |  |  | 418 |  |  |  | 24,540 |
Total |  | $ | 6,487,947 |  |  | $ | 10,848 |  |  | $ | 12,909 |  |  | $ | 8,698 |  |  | $ | 32,455 |  |  | $ | 6,520,402 |

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Loan Risk Ratings

Consistent with regulatory guidance, Bancorp categorizes loans into credit risk rating categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends. Pass-rated loans include all risk-rated loans other than those classified as OAEM, substandard, and doubtful, which are defined below:

OAEM – Loans classified as OAEM have potential weaknesses requiring management's heightened attention. These potential weaknesses may result in deterioration of repayment prospects for the loan or of Bancorp's credit position at some future date.

Substandard – Loans classified as substandard are inadequately protected by the paying capacity of the obligor or of collateral pledged, if any. Loans so classified have well-defined weaknesses that jeopardize ultimate repayment of the debt. Default is a distinct possibility if the deficiencies are not corrected.

Substandard non-performing – Loans classified as substandard non-performing have all the characteristics of substandard loans and have been placed on non-accrual status. Loans are usually placed on non-accrual status when prospects for recovering both principal and accrued interest are considered doubtful or when a default of principal or interest has existed for 90 days or more.

Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. A loan is typically charged off once it is classified as doubtful.

Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. Bancorp has elected not to disclose revolving loans that have converted to term loans, as activity relating to this disclosure, which is included in the tables is currently immaterial to Bancorp’s loan portfolio and is expected to be in the future.

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As of September 30, 2025, the risk rating of loans based on year of origination was as follows:

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
September 30, 2025 |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | cost basis |  |  | Total |
Commercial real estate - non-owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 382,902 |  |  | $ | 330,748 |  |  | $ | 294,092 |  |  | $ | 356,275 |  |  | $ | 266,156 |  |  | $ | 236,158 |  |  | $ | 23,368 |  |  | $ | 1,889,699 |
OAEM |  |  | 8,466 |  |  |  | 4,024 |  |  |  | 11,728 |  |  |  | 2,266 |  |  |  | 7,699 |  |  |  | 14,666 |  |  |  | - |  |  |  | 48,849 |
Substandard |  |  | 138 |  |  |  | 1,098 |  |  |  | 1,217 |  |  |  | - |  |  |  | 2,768 |  |  |  | 213 |  |  |  | 98 |  |  |  | 5,532 |
Substandard non-performing |  |  | - |  |  |  | 158 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,654 |  |  |  | - |  |  |  | 3,812 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial real estate non-owner occupied |  | $ | 391,506 |  |  | $ | 336,028 |  |  | $ | 307,037 |  |  | $ | 358,541 |  |  | $ | 276,623 |  |  | $ | 254,691 |  |  | $ | 23,466 |  |  | $ | 1,947,892 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Commercial real estate - owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 153,234 |  |  | $ | 126,759 |  |  | $ | 181,422 |  |  | $ | 174,378 |  |  | $ | 171,446 |  |  | $ | 233,948 |  |  | $ | 16,044 |  |  | $ | 1,057,231 |
OAEM |  |  | 1,629 |  |  |  | 4,401 |  |  |  | 145 |  |  |  | 441 |  |  |  | 1,797 |  |  |  | 3,053 |  |  |  | - |  |  |  | 11,466 |
Substandard |  |  | 1,975 |  |  |  | 4,985 |  |  |  | 5,546 |  |  |  | 3,271 |  |  |  | 3,439 |  |  |  | 204 |  |  |  | - |  |  |  | 19,420 |
Substandard non-performing |  |  | 1,194 |  |  |  | 773 |  |  |  | - |  |  |  | 158 |  |  |  | 718 |  |  |  | 174 |  |  |  | - |  |  |  | 3,017 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial real estate owner occupied |  | $ | 158,032 |  |  | $ | 136,918 |  |  | $ | 187,113 |  |  | $ | 178,248 |  |  | $ | 177,400 |  |  | $ | 237,379 |  |  | $ | 16,044 |  |  | $ | 1,091,134 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (38 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (38 | )
Commercial and industrial - term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 197,950 |  |  | $ | 223,596 |  |  | $ | 138,877 |  |  | $ | 157,425 |  |  | $ | 92,628 |  |  | $ | 42,246 |  |  | $ | - |  |  | $ | 852,722 |
OAEM |  |  | - |  |  |  | 7,813 |  |  |  | 146 |  |  |  | 1,104 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 9,068 |
Substandard |  |  | - |  |  |  | - |  |  |  | 108 |  |  |  | 1,189 |  |  |  | 1,491 |  |  |  | 51 |  |  |  | - |  |  |  | 2,839 |
Substandard non-performing |  |  | 201 |  |  |  | 364 |  |  |  | 76 |  |  |  | - |  |  |  | - |  |  |  | 489 |  |  |  | - |  |  |  | 1,130 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial and industrial - term |  | $ | 198,151 |  |  | $ | 231,773 |  |  | $ | 139,207 |  |  | $ | 159,718 |  |  | $ | 94,119 |  |  | $ | 42,791 |  |  | $ | - |  |  | $ | 865,759 |
Current period gross charge offs |  | $ | - |  |  | $ | (52 | ) |  | $ | (298 | ) |  | $ | (56 | ) |  | $ | (4 | ) |  | $ | - |  |  | $ | - |  |  | $ | (410 | )
Commercial and industrial - lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 62,380 |  |  | $ | 110,230 |  |  | $ | 6,929 |  |  | $ | 1,749 |  |  | $ | 2,030 |  |  | $ | 2,221 |  |  | $ | 402,899 |  |  | $ | 588,438 |
OAEM |  |  | - |  |  |  | 2,314 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,866 |  |  |  | 12,180 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,584 |  |  |  | 22,584 |
Substandard non-performing |  |  | 900 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 288 |  |  |  | 1,188 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial and industrial - lines of credit |  | $ | 63,280 |  |  | $ | 112,544 |  |  | $ | 6,929 |  |  | $ | 1,749 |  |  | $ | 2,030 |  |  | $ | 2,221 |  |  | $ | 435,637 |  |  | $ | 624,390 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |

(continued)

23

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(continued)

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
September 30, 2025 |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | cost basis |  |  | Total |
Residential real estate - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 136,881 |  |  | $ | 150,510 |  |  | $ | 140,792 |  |  | $ | 155,017 |  |  | $ | 145,603 |  |  | $ | 138,119 |  |  | $ | - |  |  | $ | 866,922 |
OAEM |  |  | 152 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | - |  |  |  | - |  |  |  | 231 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 325 |  |  |  | - |  |  |  | 335 |
Substandard non-performing |  |  | 441 |  |  |  | 994 |  |  |  | 2,442 |  |  |  | 1,688 |  |  |  | - |  |  |  | 487 |  |  |  | - |  |  |  | 6,052 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Residential real estate - owner occupied |  | $ | 137,474 |  |  | $ | 151,504 |  |  | $ | 143,234 |  |  | $ | 156,715 |  |  | $ | 145,682 |  |  | $ | 138,931 |  |  | $ | - |  |  | $ | 873,540 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | (104 | ) |  | $ | - |  |  | $ | (26 | ) |  | $ | (5 | ) |  | $ | - |  |  | $ | (135 | )
Residential real estate - non-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 63,203 |  |  | $ | 69,593 |  |  | $ | 60,817 |  |  | $ | 65,578 |  |  | $ | 63,911 |  |  | $ | 69,099 |  |  | $ | - |  |  | $ | 392,201 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 480 |  |  |  | - |  |  |  | 480 |
Substandard |  |  | - |  |  |  | - |  |  |  | 208 |  |  |  | - |  |  |  | - |  |  |  | 108 |  |  |  | - |  |  |  | 316 |
Substandard non-performing |  |  | 100 |  |  |  | 150 |  |  |  | 886 |  |  |  | 159 |  |  |  | - |  |  |  | 137 |  |  |  | - |  |  |  | 1,432 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Residential real estate - non-owner occupied |  | $ | 63,303 |  |  | $ | 69,743 |  |  | $ | 61,911 |  |  | $ | 65,737 |  |  | $ | 63,911 |  |  | $ | 69,824 |  |  | $ | - |  |  | $ | 394,429 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (3 | ) |  | $ | - |  |  | $ | (3 | )
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 159,937 |  |  | $ | 274,424 |  |  | $ | 203,597 |  |  | $ | 20,548 |  |  | $ | 3,148 |  |  | $ | 2,635 |  |  | $ | 9,402 |  |  | $ | 673,691 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | 1,361 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,361 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Construction and land development |  | $ | 159,937 |  |  | $ | 274,424 |  |  | $ | 204,958 |  |  | $ | 20,548 |  |  | $ | 3,148 |  |  | $ | 2,635 |  |  | $ | 9,402 |  |  | $ | 675,052 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Home equity lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 270,182 |  |  | $ | 270,182 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 835 |  |  |  | 835 |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Home equity lines of credit |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 271,017 |  |  | $ | 271,017 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (10 | ) |  | $ | (10 | )
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 20,378 |  |  | $ | 16,005 |  |  | $ | 12,660 |  |  | $ | 9,346 |  |  | $ | 4,159 |  |  | $ | 901 |  |  | $ | 78,435 |  |  | $ | 141,884 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard non-performing |  |  | - |  |  |  | 124 |  |  |  | 94 |  |  |  | 12 |  |  |  | 25 |  |  |  | 10 |  |  |  | - |  |  |  | 265 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Consumer |  | $ | 20,378 |  |  | $ | 16,129 |  |  | $ | 12,754 |  |  | $ | 9,358 |  |  | $ | 4,184 |  |  | $ | 911 |  |  | $ | 78,435 |  |  | $ | 142,149 |
Current period gross charge offs |  | $ | (650 | ) |  | $ | (30 | ) |  | $ | (97 | ) |  | $ | (32 | ) |  | $ | - |  |  | $ | (22 | ) |  | $ | - |  |  | $ | (831 | )

(continued)

24

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(continued)

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
September 30, 2025 |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | cost basis |  |  | Total |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,259 |  |  | $ | 4,184 |  |  | $ | 4,212 |  |  | $ | 1,179 |  |  | $ | 994 |  |  | $ | 247 |  |  | $ | - |  |  | $ | 18,075 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 421 |  |  |  | - |  |  |  | 11 |  |  |  | - |  |  |  | 442 |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Leases |  | $ | 7,259 |  |  | $ | 4,194 |  |  | $ | 4,212 |  |  | $ | 1,600 |  |  | $ | 994 |  |  | $ | 258 |  |  | $ | - |  |  | $ | 18,517 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 25,275 |  |  | $ | 25,275 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 302 |  |  |  | 302 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Credit cards |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 25,577 |  |  | $ | 25,577 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (169 | ) |  | $ | (169 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,184,124 |  |  | $ | 1,306,049 |  |  | $ | 1,043,398 |  |  | $ | 941,495 |  |  | $ | 750,075 |  |  | $ | 725,574 |  |  | $ | 825,605 |  |  | $ | 6,776,320 |
OAEM |  |  | 10,247 |  |  |  | 18,552 |  |  |  | 12,019 |  |  |  | 3,811 |  |  |  | 9,575 |  |  |  | 18,204 |  |  |  | 9,866 |  |  |  | 82,274 |
Substandard |  |  | 2,113 |  |  |  | 6,093 |  |  |  | 7,079 |  |  |  | 4,891 |  |  |  | 7,698 |  |  |  | 912 |  |  |  | 23,517 |  |  |  | 52,303 |
Substandard non-performing |  |  | 2,836 |  |  |  | 2,563 |  |  |  | 4,859 |  |  |  | 2,017 |  |  |  | 743 |  |  |  | 4,951 |  |  |  | 590 |  |  |  | 18,559 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Loans |  | $ | 1,199,320 |  |  | $ | 1,333,257 |  |  | $ | 1,067,355 |  |  | $ | 952,214 |  |  | $ | 768,091 |  |  | $ | 749,641 |  |  | $ | 859,578 |  |  | $ | 6,929,456 |
Current period gross charge offs |  | $ | (650 | ) |  | $ | (82 | ) |  | $ | (499 | ) |  | $ | (126 | ) |  | $ | (30 | ) |  | $ | (30 | ) |  | $ | (179 | ) |  | $ | (1,596 | )

25

Table of Contents

As of December 31, 2024, the risk rating of loans based on year of origination was as follows:

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | cost basis |  |  | Total |
Commercial real estate - non-owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 416,310 |  |  | $ | 293,890 |  |  | $ | 402,081 |  |  | $ | 291,741 |  |  | $ | 199,039 |  |  | $ | 157,303 |  |  | $ | 28,584 |  |  | $ | 1,788,948 |
OAEM |  |  | 10,480 |  |  |  | 1,533 |  |  |  | - |  |  |  | 10,709 |  |  |  | 1,664 |  |  |  | 13,191 |  |  |  | - |  |  |  | 37,577 |
Substandard |  |  | 1,546 |  |  |  | - |  |  |  | 2,320 |  |  |  | - |  |  |  | - |  |  |  | 225 |  |  |  | 98 |  |  |  | 4,189 |
Substandard non-performing |  |  | 269 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,952 |  |  |  | - |  |  |  | 5,221 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial real estate non-owner occupied |  | $ | 428,605 |  |  | $ | 295,423 |  |  | $ | 404,401 |  |  | $ | 302,450 |  |  | $ | 200,703 |  |  | $ | 175,671 |  |  | $ | 28,682 |  |  | $ | 1,835,935 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Commercial real estate - owner occupied: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 133,404 |  |  | $ | 163,452 |  |  | $ | 172,933 |  |  | $ | 174,638 |  |  | $ | 156,955 |  |  | $ | 139,919 |  |  | $ | 22,012 |  |  | $ | 963,313 |
OAEM |  |  | 6,292 |  |  |  | 273 |  |  |  | 1,145 |  |  |  | 1,856 |  |  |  | 715 |  |  |  | 3,385 |  |  |  | - |  |  |  | 13,666 |
Substandard |  |  | 7,192 |  |  |  | 9,923 |  |  |  | 3,656 |  |  |  | 3,643 |  |  |  | - |  |  |  | 229 |  |  |  | - |  |  |  | 24,643 |
Substandard non-performing |  |  | 434 |  |  |  | - |  |  |  | - |  |  |  | 731 |  |  |  | 66 |  |  |  | - |  |  |  | - |  |  |  | 1,231 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial real estate owner occupied |  | $ | 147,322 |  |  | $ | 173,648 |  |  | $ | 177,734 |  |  | $ | 180,868 |  |  | $ | 157,736 |  |  | $ | 143,533 |  |  | $ | 22,012 |  |  | $ | 1,002,853 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Commercial and industrial - term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 312,854 |  |  | $ | 173,383 |  |  | $ | 198,754 |  |  | $ | 120,056 |  |  | $ | 34,013 |  |  | $ | 30,903 |  |  | $ | - |  |  | $ | 869,963 |
OAEM |  |  | 2,679 |  |  |  | 1,813 |  |  |  | 833 |  |  |  | 104 |  |  |  | 28 |  |  |  | - |  |  |  | - |  |  |  | 5,457 |
Substandard |  |  | 496 |  |  |  | 311 |  |  |  | - |  |  |  | 3,036 |  |  |  | 10 |  |  |  | 223 |  |  |  | - |  |  |  | 4,076 |
Substandard non-performing |  |  | 3,822 |  |  |  | 349 |  |  |  | 343 |  |  |  | - |  |  |  | 302 |  |  |  | 87 |  |  |  | - |  |  |  | 4,903 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial and industrial - term |  | $ | 319,851 |  |  | $ | 175,856 |  |  | $ | 199,930 |  |  | $ | 123,196 |  |  | $ | 34,353 |  |  | $ | 31,213 |  |  | $ | - |  |  | $ | 884,399 |
Current period gross charge offs |  | $ | (414 | ) |  | $ | (250 | ) |  | $ | (6 | ) |  | $ | (78 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (748 | )
Commercial and industrial - lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 119,206 |  |  | $ | 11,181 |  |  | $ | 3,967 |  |  | $ | 2,553 |  |  | $ | 295 |  |  | $ | 2,654 |  |  | $ | 372,866 |  |  | $ | 512,722 |
OAEM |  |  | 7,448 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,750 |  |  |  | 18,198 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,335 |  |  |  | 23,335 |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Commercial and industrial - lines of credit |  | $ | 126,654 |  |  | $ | 11,181 |  |  | $ | 3,967 |  |  | $ | 2,553 |  |  | $ | 295 |  |  | $ | 2,654 |  |  | $ | 406,951 |  |  | $ | 554,255 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | (555 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (555 | )

(continued)

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(continued)

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | cost basis |  |  | Total |
Residential real estate - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 161,257 |  |  | $ | 154,799 |  |  | $ | 166,127 |  |  | $ | 159,449 |  |  | $ | 77,516 |  |  | $ | 78,169 |  |  | $ | - |  |  | $ | 797,317 |
OAEM |  |  | 158 |  |  |  | - |  |  |  | - |  |  |  | 83 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 241 |
Substandard |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | 342 |  |  |  | - |  |  |  | 354 |
Substandard non-performing |  |  | 1,028 |  |  |  | 3,737 |  |  |  | 1,400 |  |  |  | 320 |  |  |  | 9 |  |  |  | 674 |  |  |  | - |  |  |  | 7,168 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Residential real estate - owner occupied |  | $ | 162,443 |  |  | $ | 158,536 |  |  | $ | 167,539 |  |  | $ | 159,852 |  |  | $ | 77,525 |  |  | $ | 79,185 |  |  | $ | - |  |  | $ | 805,080 |
Current period gross charge offs |  | $ | - |  |  | $ | (349 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (7 | ) |  | $ | - |  |  | $ | (356 | )
Residential real estate - non-owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 80,717 |  |  | $ | 66,330 |  |  | $ | 72,580 |  |  | $ | 70,585 |  |  | $ | 41,874 |  |  | $ | 47,578 |  |  | $ | - |  |  | $ | 379,664 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 514 |  |  |  | - |  |  |  | 514 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115 |  |  |  | - |  |  |  | 115 |
Substandard non-performing |  |  | 739 |  |  |  | 1,332 |  |  |  | 214 |  |  |  | 17 |  |  |  | - |  |  |  | 149 |  |  |  | - |  |  |  | 2,451 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Residential real estate - non-owner occupied |  | $ | 81,456 |  |  | $ | 67,662 |  |  | $ | 72,794 |  |  | $ | 70,602 |  |  | $ | 41,874 |  |  | $ | 48,356 |  |  | $ | - |  |  | $ | 382,744 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 237,785 |  |  | $ | 234,782 |  |  | $ | 115,429 |  |  | $ | 8,381 |  |  | $ | 1,273 |  |  | $ | 3,569 |  |  | $ | 15,420 |  |  | $ | 616,639 |
OAEM |  |  | 3,680 |  |  |  | 1,376 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,056 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 999 |  |  |  | 999 |
Substandard non-performing |  |  | 311 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 311 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Construction and land development |  | $ | 241,776 |  |  | $ | 236,158 |  |  | $ | 115,429 |  |  | $ | 8,381 |  |  | $ | 1,273 |  |  | $ | 3,569 |  |  | $ | 16,419 |  |  | $ | 623,005 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Home equity lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 246,336 |  |  | $ | 246,336 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,027 |  |  |  | 1,027 |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | 70 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Home equity lines of credit |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 247,433 |  |  | $ | 247,433 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (107 | ) |  | $ | (107 | )
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 22,895 |  |  | $ | 18,200 |  |  | $ | 12,822 |  |  | $ | 6,294 |  |  | $ | 1,095 |  |  | $ | 1,023 |  |  | $ | 81,943 |  |  | $ | 144,272 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard non-performing |  |  | 135 |  |  |  | 113 |  |  |  | 66 |  |  |  | 13 |  |  |  | 17 |  |  |  | 28 |  |  |  | - |  |  |  | 372 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Consumer |  | $ | 23,030 |  |  | $ | 18,313 |  |  | $ | 12,888 |  |  | $ | 6,307 |  |  | $ | 1,112 |  |  | $ | 1,051 |  |  | $ | 81,943 |  |  | $ | 144,644 |
Current period gross charge offs |  | $ | (640 | ) |  | $ | (19 | ) |  | $ | (12 | ) |  | $ | (41 | ) |  | $ | (9 | ) |  | $ | (45 | ) |  | $ | (19 | ) |  | $ | (785 | )

(continued)

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(continued)

(in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  | Revolving loans amortized |  |  |  |  |
December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | cost basis |  |  | Total |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,935 |  |  | $ | 5,439 |  |  | $ | 1,864 |  |  | $ | 1,462 |  |  | $ | 597 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 14,300 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | 31 |  |  |  | - |  |  |  | 586 |  |  |  | 536 |  |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | 1,214 |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Leases |  | $ | 4,966 |  |  | $ | 5,439 |  |  | $ | 2,450 |  |  | $ | 1,998 |  |  | $ | 658 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 15,514 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 24,540 |  |  | $ | 24,540 |
OAEM |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Credit cards |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 24,540 |  |  | $ | 24,540 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (225 | ) |  | $ | (225 | )
Total loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,489,363 |  |  | $ | 1,121,456 |  |  | $ | 1,146,557 |  |  | $ | 835,159 |  |  | $ | 512,657 |  |  | $ | 461,121 |  |  | $ | 791,701 |  |  | $ | 6,358,014 |
OAEM |  |  | 30,737 |  |  |  | 4,995 |  |  |  | 1,978 |  |  |  | 12,752 |  |  |  | 2,407 |  |  |  | 17,090 |  |  |  | 10,750 |  |  |  | 80,709 |
Substandard |  |  | 9,265 |  |  |  | 10,234 |  |  |  | 6,574 |  |  |  | 7,215 |  |  |  | 71 |  |  |  | 1,134 |  |  |  | 25,459 |  |  |  | 59,952 |
Substandard non-performing |  |  | 6,738 |  |  |  | 5,531 |  |  |  | 2,023 |  |  |  | 1,081 |  |  |  | 394 |  |  |  | 5,890 |  |  |  | 70 |  |  |  | 21,727 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Loans |  | $ | 1,536,103 |  |  | $ | 1,142,216 |  |  | $ | 1,157,132 |  |  | $ | 856,207 |  |  | $ | 515,529 |  |  | $ | 485,235 |  |  | $ | 827,980 |  |  | $ | 6,520,402 |
Current period gross charge offs |  | $ | (1,054 | ) |  | $ | (618 | ) |  | $ | (573 | ) |  | $ | (119 | ) |  | $ | (9 | ) |  | $ | (52 | ) |  | $ | (351 | ) |  | $ | (2,776 | )

For certain loan classes, such as credit cards, credit quality is evaluated based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit cards based on payment activity:

|  | September 30, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Credit cards |  |  |  |  |  |  |  |
Performing |  | $ | 25,275 |  |  | $ | 24,370 |
Non-performing |  |  | 302 |  |  |  | 170 |
Total credit cards |  | $ | 25,577 |  |  | $ | 24,540 |

Bancorp had $923,000 and $569,000, respectively, in residential real estate loans for which formal foreclosure proceedings were in process at September 30, 2025 and December 31, 2024.

Modifications to Borrowers Experiencing Financial Difficulty

During the three and nine month periods ended September 30, 2025 and 2024, there were no modifications made to loans for borrowers experiencing financial difficulty and there were no payment defaults of existing modified loans within 12 months following modification. Default is determined at 90 days or more past due, charge off, or foreclosure.

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| (4) | Goodwill

As of September 30, 2025 and December 31, 2024, goodwill totaled $194 million, of which $172 million was attributed to the commercial banking segment and $22 million is attributed to WM&T.

The composition of goodwill presented by respective acquisition and year follows:

|  | September 30, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Commonwealth Bancshares (2022) |  | $ | 58,244 |  |  | $ | 58,244 |
Kentucky Bancshares (2021) |  |  | 123,317 |  |  |  | 123,317 |
King Southern Bancorp (2019) |  |  | 11,831 |  |  |  | 11,831 |
Austin State Bank (1996) |  |  | 682 |  |  |  | 682 |
Total |  | $ | 194,074 |  |  | $ | 194,074 |

Note: The acquisition of The Bank Oldham County in 2013 resulted in a bargain purchase gain.

GAAP requires that goodwill and intangible assets with indefinite useful lives not be amortized, but instead be tested for impairment at least annually. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Bancorp’s annual goodwill impairment test is conducted as of September 30 of each year or more often as situations dictate.

At September 30, 2025, Bancorp performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

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| (5) | Core Deposit and Customer List Intangible Assets

Bancorp recorded initial CDI assets of $13 million, $4 million, $2 million and $3 million in association with the acquisitions of CB in 2022, KB in 2021, KSB in 2019 and TBOC in 2013, respectively.

Changes in the net carrying amount of CDIs follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 7,833 |  |  | $ | 10,601 |  |  | $ | 8,978 |  |  | $ | 11,944 |
Amortization |  |  | (573 | ) |  |  | (672 | ) |  |  | (1,718 | ) |  |  | (2,015 | )
Balance at end of period |  | $ | 7,260 |  |  | $ | 9,929 |  |  | $ | 7,260 |  |  | $ | 9,929 |

As a result of the CB acquisition, Bancorp also recorded initial intangible assets totaling $14 million associated with the customer list of the acquired WM&T business. Similar to CDI assets, this intangible asset also amortizes over its estimated useful life.

Changes in the net carrying amount of the CLI follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 6,156 |  |  | $ | 7,600 |  |  | $ | 6,840 |  |  | $ | 8,360 |
Amortization |  |  | (342 | ) |  |  | (380 | ) |  |  | (1,026 | ) |  |  | (1,140 | )
Balance at end of period |  | $ | 5,814 |  |  | $ | 7,220 |  |  | $ | 5,814 |  |  | $ | 7,220 |

Future CDI and CLI amortization expense is estimated as follows:

(in thousands) |  | CDI |  |  | CLI |
Remainder of 2025 |  | $ | 573 |  |  | $ | 342 |
2026 |  |  | 1,979 |  |  |  | 1,216 |
2027 |  |  | 1,668 |  |  |  | 1,064 |
2028 |  |  | 1,311 |  |  |  | 912 |
2029 |  |  | 888 |  |  |  | 760 |
Thereafter |  |  | 841 |  |  |  | 1,520 |
Total future expense |  | $ | 7,260 |  |  | $ | 5,814 |

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| (6) | Other Assets

A summary of the major components of other assets follows:

|  | September 30, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Cash surrender value of life insurance other than BOLI |  | $ | 21,906 |  |  | $ | 19,895 |
Net deferred tax asset |  |  | 46,164 |  |  |  | 51,646 |
Investments in tax credit partnerships |  |  | 193,793 |  |  |  | 185,424 |
Derivative assets |  |  | 619 |  |  |  | 12,437 |
Prepaid assets |  |  | 6,530 |  |  |  | 6,369 |
WM&T fees receivable |  |  | 5,163 |  |  |  | 4,523 |
Mortgage servicing rights |  |  | 10,447 |  |  |  | 11,333 |
Other real estate owned |  |  | 190 |  |  |  | 10 |
Other |  |  | 16,768 |  |  |  | 17,113 |
Total other assets |  | $ | 301,580 |  |  | $ | 308,750 |

Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans.

Bancorp periodically invests in certain partnerships that generate federal income tax credits. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. In addition to income tax benefits, these investments also serve as an economical means of achieving CRA goals. The investments in such partnerships are recorded in other assets on the consolidated balance sheets, while the corresponding contribution requirements are recorded in other liabilities. While contributions are made periodically over the life of the respective investments, which can be up to 10 years depending on the type of investment, the majority of contributions associated with a respective investment are made within the first few years after entering the partnership. For additional information, see the footnote titled “Income Taxes.”

Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. For additional information, see the footnote titled “Derivative Financial Instruments.”

For additional information related to MSRs, see the footnote titled “Mortgage Banking Activities.”

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(7) | Income Taxes

Components of income tax expense from operations follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,738 |  |  | $ | 7,835 |  |  | $ | 23,776 |  |  | $ | 20,047 |
State |  |  | 2,024 |  |  |  | 1,696 |  |  |  | 5,188 |  |  |  | 4,552 |
Total current income tax expense |  |  | 10,762 |  |  |  | 9,531 |  |  |  | 28,964 |  |  |  | 24,599 |
Deferred income tax benefit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,078 | ) |  |  | (1,560 | ) |  |  | (1,870 | ) |  |  | (1,830 | )
State |  |  | (218 | ) |  |  | (332 | ) |  |  | (356 | ) |  |  | (392 | )
Total deferred income tax benefit |  |  | (1,296 | ) |  |  | (1,892 | ) |  |  | (2,226 | ) |  |  | (2,222 | )
Change in valuation allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 9,466 |  |  | $ | 7,639 |  |  | $ | 26,738 |  |  | $ | 22,377 |

An analysis of the difference between the statutory and ETRs from operations follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
U.S. federal statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State income taxes, net of federal benefit |  |  | 3.12 |  |  |  | 2.91 |  |  |  | 2.93 |  |  |  | 3.12 |
Excess tax benefit from stock-based compensation arrangements |  |  | (0.09 | ) |  |  | (1.38 | ) |  |  | (0.32 | ) |  |  | (0.36 | )
Change in cash surrender value of life insurance |  |  | (0.64 | ) |  |  | (0.79 | ) |  |  | (0.59 | ) |  |  | (0.73 | )
Tax Credits |  |  | (2.37 | ) |  |  | (0.52 | ) |  |  | (2.54 | ) |  |  | (0.90 | )
Tax exempt interest income |  |  | (0.30 | ) |  |  | (0.42 | ) |  |  | (0.32 | ) |  |  | (0.45 | )
Other, net |  |  | (0.01 | ) |  |  | (0.15 | ) |  |  | 0.36 |  |  |  | (0.41 | )
Effective tax rate |  |  | 20.71 | % |  |  | 20.65 | % |  |  | 20.52 | % |  |  | 21.27 | %

Current state income tax expense for 2025 and 2024 represents tax owed to the states of Kentucky, Indiana and Illinois. Ohio state taxes are based on bank capital levels and are recorded as other non-interest expense.

On April 10, 2023, the IRS issued a proposed regulation that would potentially classify section 831(b) captive activity as a “listed transaction,” and disallow the related tax benefits, both prospectively and retroactively. The regulation was finalized on January 10, 2025, clarifying what is considered a listed transaction or a transaction of interest. Based on the final regulations, there is no change in the status for the captive insurance structure in place previously, which Bancorp dissolved in 2023. The captive remains classified as a transaction of interest for the open tax years and there is no reserve for an uncertain tax position based on the final regulation.

GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current year tax positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and addition or elimination of uncertain tax positions. As of September 30, 2025 and December 31, 2024, the gross amount of unrecognized tax benefits was immaterial to Bancorp’s consolidated financial statements. Federal income tax returns are subject to examination for the years after 2020 and state income tax returns are subject to examination for the years after 2019.

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On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill (“the Act”). Bancorp is currently evaluating income tax implications of the Act, but does not expect the Act to have a material impact on the financial statements.

Bancorp periodically invests in certain partnerships that generate federal income tax credits. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. In addition to income tax benefits, these investments also serve as an economical means of achieving CRA goals. The investments in such partnerships are recorded in other assets on the consolidated balance sheets, while the corresponding contribution requirements are recorded in other liabilities. While contributions are made periodically over the life of the respective investments, which can be up to 10 years depending on the type of investment, the majority of contributions associated with a respective investment are made within the first few years after entering the partnership.

Bancorp’s investments in tax credit partnerships, including the related unfunded contributions, totaled $194 million and $185 million as of September 30, 2025 and December 31, 2024, respectively, and are included in other assets on the condensed consolidated balance sheets.

As of September 30, 2025, Bancorp’s expected payments for unfunded contributions related to investments in tax credit partnerships, which are accrued and included in other liabilities on the condensed consolidated balance sheets, were as follows:

(dollars in thousands) |  | September 30, 2025 |
Remainder of 2025 |  | $ | 24,095 |
2026 |  |  | 53,724 |
2027 |  |  | 24,627 |
2028 |  |  | 3,173 |
2029 |  |  | 1,479 |
Thereafter |  |  | 7,387 |
Total unfunded contributions |  | $ | 114,485 |

The following table presents tax credits and other tax benefits recognized in addition to amortization expense related to Bancorp’s investment in tax credit partnerships for the three and nine month periods ended September 30, 2025 and 2024:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Proportional amortization method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax credits and other tax benefits recognized |  | $ | 5,751 |  |  | $ | 2,448 |  |  | $ | 17,160 |  |  | $ | 9,570 |
Amortization expense in provision for income taxes |  |  | 4,402 |  |  |  | 1,927 |  |  |  | 13,295 |  |  |  | 7,753 |

There were no impairment losses related to Bancorp’s investments in tax credit partnerships during the three and nine month periods ended September 30, 2025 and 2024.

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| (8) | Deposits

The composition of deposits follows:

(in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Non-interest bearing demand deposits |  | $ | 1,589,159 |  |  | $ | 1,456,138 |
Interest bearing deposits: |  |  |  |  |  |  |  |
Interest bearing demand |  |  | 2,573,204 |  |  |  | 2,649,142 |
Savings |  |  | 420,614 |  |  |  | 419,355 |
Money market |  |  | 1,341,727 |  |  |  | 1,403,978 |
Time deposits of $250 thousand or more |  |  | 569,260 |  |  |  | 365,024 |
Other time deposits |  |  | 1,150,008 |  |  |  | 872,764 |
Total time deposits |  |  | 1,719,268 |  |  |  | 1,237,788 |
Total interest bearing deposits |  |  | 6,054,813 |  |  |  | 5,710,263 |
Total deposits |  | $ | 7,643,972 |  |  | $ | 7,166,401 |

| (9) | Securities Sold Under Agreements to Repurchase

SSUAR represent a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within one business day from the transaction date. At September 30, 2025 and December 31, 2024, all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government enterprise mortgage-backed securities that were owned and controlled by Bancorp.

Information concerning SSUAR follows:

(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Outstanding balance at end of period |  | $ | 73,149 |  |  | $ | 162,967 |
Weighted average interest rate at end of period |  |  | 1.89 | % |  |  | 2.10 | %

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Average outstanding balance during the period |  | $ | 104,640 |  |  | $ | 156,865 |  |  | $ | 130,507 |  |  | $ | 156,392 |
Average interest rate during the period |  |  | 2.23 | % |  |  | 2.38 | % |  |  | 2.08 | % |  |  | 2.25 | %
Maximum outstanding at any month end during the period |  | $ | 113,304 |  |  | $ | 175,211 |  |  | $ | 151,483 |  |  | $ | 179,428 |

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| (10) | Subordinated Debentures

As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier I Capital. The subordinated notes and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. Bancorp chose not to redeem the subordinated notes on October 1, 2025 and carried the notes at the costs noted below at September 30, 2025:

(dollars in thousands) |  | Face Value |  |  | Carrying Value |  | Origination Date |  | Maturity Date |  | Interest Rate
Commonwealth Statutory Trust III |  | $ | 3,093 |  |  | $ | 3,093 |  | 12/19/2003 |  | 1/7/2034 |  | SOFR + 2.85%
Commonwealth Statutory Trust IV |  |  | 12,372 |  |  |  | 12,372 |  | 12/15/2005 |  | 12/30/2035 |  | SOFR + 1.35%
Commonwealth Statutory Trust V |  |  | 11,341 |  |  |  | 11,341 |  | 6/28/2007 |  | 9/15/2037 |  | SOFR + 1.40%
Total |  | $ | 26,806 |  |  | $ | 26,806 |  |  |  |  |  |

As part of the purchase accounting adjustments associated with the CB acquisition, the carrying values of the subordinated notes were adjusted to fair value at acquisition date. The related discounts on the subordinated notes have been amortized and recognized as a component of interest expense in Bancorp’s consolidated financial statements. The discounts became fully amortized during the first quarter of 2024.

| (11) | FHLB Advances and Other Borrowings

FHLB advances outstanding at September 30, 2025 consist of a rolling $300 million three-month advance that matures in August 2025, which Bancorp utilizes in conjunction with interest rate swaps in an effort to hedge cash flows. FHLB advances outstanding at December 31, 2024 consisted of a rolling $300 million three-month advance that matured in February 2025, which was also utilized in conjunction with the previously mentioned interest rate swaps.

For the nine month period ended September 30, 2025, gross proceeds and repayments related to FHLB advances totaled $1.43 billion and $1.43 billion, respectively. Net proceeds and repayments related to FHLB advances (excluding those with maturities of 90 days or less) totaled $900 million and $900 million for the three months ended September 30, 2025. For the nine month period ended September 30, 2024, gross proceeds and repayments totaled $2.50 billion and $2.38 billion, respectively. Net proceeds and repayments (excluding those with maturities of 90 days or less) for the nine month period ended September 30, 2024 totaled $725 million and $600 million.

Information regarding FHLB advances follows. The average interest rate information provided includes the benefit associated with the related interest rate swaps:

(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Outstanding balance at end of period |  | $ | 300,000 |  |  | $ | 300,000 |
Weighted average interest rate at end of period |  |  | 3.71 | % |  |  | 3.77 | %

FHLB advances are collateralized by certain CRE and residential real estate mortgage loans under blanket mortgage collateral pledge agreements. Bancorp views these advances as an effective lower-costing funding option compared to other alternatives, such as brokered deposits, to fund loan growth. At September 30, 2025 and December 31, 2024, the amount of available credit from the FHLB totaled $1.44 billion and $1.25 billion, respectively.

Bancorp also had unsecured available FFP lines with correspondent banks totaling $80 million at both September 30, 2025 and December 31, 2024, respectively. There were no outstanding balances associated with these lines as of both September 30, 2025 and December 31, 2024.

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(12) | Commitments and Contingent Liabilities

As of September 30, 2025 and December 31, 2024, Bancorp had various commitments outstanding that arose in the normal course of business which are properly not reflected in the condensed consolidated financial statements. Total off-balance sheet commitments to extend credit follows:

(in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Commercial and industrial |  | $ | 819,731 |  |  | $ | 876,503 |
Construction and development |  |  | 647,539 |  |  |  | 566,045 |
Home equity lines of credit |  |  | 427,799 |  |  |  | 403,461 |
Credit cards |  |  | 93,895 |  |  |  | 92,060 |
Overdrafts |  |  | 55,170 |  |  |  | 58,078 |
Standby letters of credit |  |  | 28,073 |  |  |  | 30,472 |
Other |  |  | 86,685 |  |  |  | 86,010 |
Future loan commitments |  |  | 250,219 |  |  |  | 325,613 |
Total off balance sheet commitments to extend credit |  | $ | 2,409,111 |  |  | $ | 2,438,242 |

Most commitments to extend credit are an agreement to lend to a customer either unsecured or secured, as long as collateral is available as agreed upon and there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not represent future cash requirements. Bancorp uses the same credit and collateral policies in making commitments and conditional guarantees as for on-balance sheet instruments. Bancorp evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, securities, equipment and real estate. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, our maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those instruments.

The ACL for off balance sheet credit exposures, which is separate from the ACL for loans and recorded in other liabilities on the consolidated balance sheets, was $7.1 million and $6.8 million as of September 30, 2025 and December 31, 2024, respectively. Provision for off balance sheet exposures of $425,000 and $350,000 was recorded for the three and nine month periods ended September 30, 2025.

While no provision for credit loss expense for off balance sheet credit exposures was recorded for the three month period ended September 30, 2024, expense of $475,000 was recorded for the nine month period ended September 30, 2024.

Standby letters of credit are conditional commitments issued by Bancorp to guarantee the performance of a customer to a first party beneficiary. Those guarantees are primarily issued to support commercial transactions. Standby letters of credit generally have maturities of one to two years.

Certain commercial customers require confirmation of Bancorp’s letters of credit by other banks since Bancorp does not have a rating by a national rating agency. Terms of the agreements range from one month to a year with certain agreements requiring between one and six months’ notice to cancel. If an event of default on all contracts had occurred at September 30, 2025, Bancorp would have been required to make payments of approximately $4 million, or the maximum amount payable under those contracts. No payments have ever been required because of default on these contracts. These agreements are normally secured by collateral acceptable to Bancorp, which limits credit risk associated with the agreements.

Bancorp periodically invests in certain partnerships that generate federal income tax credits, which result in contribution commitments. Such commitments are recorded in other liabilities on the consolidated balance sheets. While contributions are made periodically over the life of the respective investments, which can be up to 10 years depending on the type of investment, the majority of contributions associated with a respective investment are made within the first few years after entering the partnership. Bancorp invested in several larger tax credit partnerships in recent years, which have served as an economical means of fulfilling CRA goals. As of September 30, 2025, tax credit contribution commitments of $114 million were recorded in other liabilities on the consolidated balance sheets.

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As of September 30, 2025, in the normal course of business, there were pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate result of these legal actions and proceedings will not have a material adverse effect on the consolidated financial position or results of operations of Bancorp.

| (13) | Assets and Liabilities Measured and Reported at Fair Value

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no observable market data, Bancorp derives its own estimates by generally considering characteristics of the asset/liability, the current economic and competitive environment and other factors. For this reason, results cannot be determined with precision and may not be realized on an actual sale or immediate settlement of the asset or liability.

Bancorp used the following methods and significant assumptions to estimate fair value of each type of financial instrument:

AFS debt securities - Except for Bancorp’s U.S Treasury securities, the fair value of AFS debt securities is typically determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Bancorp’s U.S. Treasury securities are based on quoted market prices (Level 1 inputs).

Mortgage loans held for sale - The fair value of mortgage loans held for sale is determined using quoted secondary market prices (Level 2 inputs).

Mortgage banking derivatives – Mortgage banking derivatives used in the ordinary course of business consist primarily of interest rate lock loan commitments and mandatory forward sales contracts. The fair value of the Bancorp’s derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. The pricing is derived from observable market inputs that can generally be verified and do not typically involve significant judgement by Bancorp (Level 2 inputs).

Interest rate swap agreements – Interest rate swaps are valued using valuations received from the relevant dealer counterparty. These valuations consider multiple observable market inputs, including interest rate yield curves, time value and volatility factors (Level 2 inputs).

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Carrying values of assets measured at fair value on a recurring basis follows:

|  | Fair Value Measurements Using: |  |  | Total |
September 30, 2025 (in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise obligations |  | $ | — |  |  | $ | 74,686 |  |  | $ | — |  |  | $ | 74,686 |
Mortgage backed securities - government agencies |  |  | — |  |  |  | 548,284 |  |  |  | — |  |  |  | 548,284 |
Obligations of states and political subdivisions |  |  | — |  |  |  | 113,997 |  |  |  | — |  |  |  | 113,997 |
Other |  |  | — |  |  |  | 553 |  |  |  | — |  |  |  | 553 |
Total available for sale debt securities |  | $ | — |  |  |  | 737,520 |  |  |  | — |  |  |  | 737,520 |
Mortgage loans held for sale |  |  | — |  |  |  | 6,045 |  |  |  | — |  |  |  | 6,045 |
Rate lock loan commitments |  |  | — |  |  |  | 479 |  |  |  | — |  |  |  | 479 |
Mandatory forward contracts |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 13 |
Interest rate swap assets |  |  | — |  |  |  | 619 |  |  |  | — |  |  |  | 619 |
Total assets |  | $ | — |  |  | $ | 744,676 |  |  | $ | — |  |  | $ | 744,676 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap liabilities |  | $ | — |  |  | $ | 2,551 |  |  | $ | — |  |  | $ | 2,551 |

|  | Fair Value Measurements Using: |  |  | Total |
December 31, 2024 (in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other U.S. Government obligations |  | $ | 198,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 198,215 |
Government sponsored enterprise obligations |  |  | — |  |  |  | 84,158 |  |  |  | — |  |  |  | 84,158 |
Mortgage backed securities - government agencies |  |  | — |  |  |  | 590,977 |  |  |  | — |  |  |  | 590,977 |
Obligations of states and political subdivisions |  |  | — |  |  |  | 114,234 |  |  |  | — |  |  |  | 114,234 |
Other |  |  | — |  |  |  | 2,530 |  |  |  | — |  |  |  | 2,530 |
Total available for sale debt securities |  |  | 198,215 |  |  |  | 791,899 |  |  |  | — |  |  |  | 990,114 |
Mortgage loans held for sale |  |  | — |  |  |  | 6,286 |  |  |  | — |  |  |  | 6,286 |
Rate lock loan commitments |  |  | — |  |  |  | 255 |  |  |  | — |  |  |  | 255 |
Mandatory forward contracts |  |  | — |  |  |  | 56 |  |  |  | — |  |  |  | 56 |
Interest rate swap assets |  |  | — |  |  |  | 12,437 |  |  |  | — |  |  |  | 12,437 |
Total assets |  | $ | 198,215 |  |  | $ | 810,933 |  |  | $ | — |  |  | $ | 1,009,148 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap liabilities |  | $ | — |  |  | $ | 8,589 |  |  | $ | — |  |  | $ | 8,589 |

There were no transfers into or out of Level 3 of the fair value hierarchy during 2025 or 2024.

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Discussion of assets measured at fair value on a non-recurring basis follows:

Collateral dependent loans – For collateral-dependent loans where Bancorp has determined that the liquidation or foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the estimated fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, fair value of the loan’s collateral is determined by third party or internal appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, comparable sales, or cost) vary based on the status of the project or property. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. Bancorp reviews the third party appraisal for appropriateness and adjusts the value to consider selling and closing costs, which typically range from 8% to 10% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise or knowledge of the client and client’s business.

OREO – OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the ACL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. Bancorp obtains the valuation of OREO with material balances from third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. Bancorp reviews the appraisal for appropriateness and adjusts the value to consider selling and closing costs, which typically range from 8% to 10% of the appraised value.

Carrying values of assets measured at fair value on a non-recurring basis follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses recorded |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months |  |  | Nine months |
|  | Fair Value Measurements Using: |  |  | Total |  |  | ended |  |  | ended |
September 30, 2025 (in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | September 30, 2025 |  |  | September 30, 2025 |
Collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 11,225 |  |  | $ | 11,225 |  |  | $ | 24 |  |  | $ | 24 |
Other real estate owned |  |  | — |  |  |  | — |  |  |  | 190 |  |  |  | 190 |  |  |  | — |  |  |  | — |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses recorded |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three months |  |  | Nine months |
|  | Fair Value Measurements Using: |  |  | Total |  |  | ended |  |  | ended |
December 31, 2024 (in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | September 30, 2024 |  |  | September 30, 2024 |
Collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 12,227 |  |  | $ | 12,227 |  |  | $ | 245 |  |  | $ | 245 |

There were no liabilities measured at fair value on a non-recurring basis at September 30, 2025 and December 31, 2024.

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For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below.

|  | September 30, 2025 |
(dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Weighted Average |
Collateral dependent loans |  | $ | 11,225 |  | Appraisal |  | Appraisal discounts |  |  | 27.7 | %
Other real estate owned |  |  | 190 |  | Appraisal |  | Appraisal discounts |  |  | 15.4 |

|  | December 31, 2024 |
(dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Weighted Average |
Collateral dependend loans |  | $ | 12,227 |  | Appraisal |  | Appraisal discounts |  |  | 15.7 | %

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| (14) | Disclosure of Financial Instruments Not Reported at Fair Value

GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The estimated fair values of Bancorp’s financial instruments not measured at fair value on a recurring or non-recurring basis follows:

|  | Carrying |  |  |  |  |  |  | Fair Value Measurements Using: |
September 30, 2025 (in thousands) |  | amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 756,289 |  |  | $ | 756,289 |  |  | $ | 756,289 |  |  | $ | — |  |  | $ | — |
HTM debt securities |  |  | 203,119 |  |  |  | 183,811 |  |  |  | 1,965 |  |  |  | 181,846 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 20,717 |  |  |  | 20,717 |  |  |  | — |  |  |  | 20,717 |  |  |  | — |
Loans, net |  |  | 6,837,296 |  |  |  | 6,721,200 |  |  |  | — |  |  |  | — |  |  |  | 6,721,200 |
Accrued interest receivable |  |  | 28,512 |  |  |  | 28,512 |  |  |  | 28,512 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  | $ | 1,589,159 |  |  | $ | 1,589,159 |  |  | $ | 1,589,159 |  |  | $ | — |  |  | $ | — |
Transaction deposits |  |  | 4,335,544 |  |  |  | 4,335,544 |  |  |  | — |  |  |  | 4,335,544 |  |  |  | — |
Time deposits |  |  | 1,719,269 |  |  |  | 1,723,362 |  |  |  | — |  |  |  | 1,723,362 |  |  |  | — |
Securities sold under agreement to repurchase |  |  | 73,149 |  |  |  | 73,149 |  |  |  | — |  |  |  | 73,149 |  |  |  | — |
Federal funds purchased |  |  | 6,729 |  |  |  | 6,729 |  |  |  | — |  |  |  | 6,729 |  |  |  | — |
Subordinated debentures |  |  | 26,806 |  |  |  | 26,528 |  |  |  | — |  |  |  | 26,528 |  |  |  | — |
FHLB advances |  |  | 300,000 |  |  |  | 296,892 |  |  |  | — |  |  |  | 296,892 |  |  |  | — |
Accrued interest payable |  |  | 1,885 |  |  |  | 1,885 |  |  |  | 1,885 |  |  |  | — |  |  |  | — |

|  | Carrying |  |  |  |  |  |  | Fair Value Measurements Using: |
December 31, 2024 (in thousands) |  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 291,020 |  |  | $ | 291,020 |  |  | $ | 291,020 |  |  | $ | — |  |  | $ | — |
HTM debt securities |  |  | 370,171 |  |  |  | 341,357 |  |  |  | 153,108 |  |  |  | 188,249 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 21,603 |  |  |  | 21,603 |  |  |  | — |  |  |  | 21,603 |  |  |  | — |
Loans, net |  |  | 6,433,459 |  |  |  | 6,256,752 |  |  |  | — |  |  |  | — |  |  |  | 6,256,752 |
Accrued interest receivable |  |  | 27,697 |  |  |  | 27,697 |  |  |  | 27,697 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  | $ | 1,456,138 |  |  | $ | 1,456,138 |  |  | $ | 1,456,138 |  |  | $ | — |  |  | $ | — |
Transaction deposits |  |  | 4,472,475 |  |  |  | 4,472,475 |  |  |  | — |  |  |  | 4,472,475 |  |  |  | — |
Time deposits |  |  | 1,237,788 |  |  |  | 1,236,463 |  |  |  | — |  |  |  | 1,236,463 |  |  |  | — |
Securities sold under agreement to repurchase |  |  | 162,967 |  |  |  | 162,967 |  |  |  | — |  |  |  | 162,967 |  |  |  | — |
Federal funds purchased |  |  | 6,525 |  |  |  | 6,525 |  |  |  | — |  |  |  | 6,525 |  |  |  | — |
Subordinated debentures |  |  | 26,806 |  |  |  | 26,346 |  |  |  | — |  |  |  | 26,346 |  |  |  | — |
FHLB advances |  |  | 300,000 |  |  |  | 294,848 |  |  |  | — |  |  |  | 294,848 |  |  |  | — |
Accrued interest payable |  |  | 1,912 |  |  |  | 1,912 |  |  |  | 1,912 |  |  |  | — |  |  |  | — |

Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no market exists for a significant portion of Bancorp’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly impact estimates.

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| (15) | Mortgage Banking Activities

Mortgage banking activities primarily include residential mortgage originations and servicing. Mortgages originated and intended for sale in the secondary market are carried at fair value, as determined by outstanding commitments from investors.

Activity for mortgage loans held for sale, at fair value, was as follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance, beginning of period: |  | $ | 5,014 |  |  | $ | 6,438 |  |  | $ | 6,286 |  |  | $ | 6,056 |
Origination of mortgage loans held for sale |  |  | 37,086 |  |  |  | 27,278 |  |  |  | 105,149 |  |  |  | 78,742 |
Proceeds from the sale of mortgage loans held for sale |  |  | (37,052 | ) |  |  | (29,737 | ) |  |  | (107,764 | ) |  |  | (81,844 | )
Net gain realized on sale of mortgage loans held for sale |  |  | 997 |  |  |  | 843 |  |  |  | 2,374 |  |  |  | 1,868 |
Balance, end of period |  | $ | 6,045 |  |  | $ | 4,822 |  |  | $ | 6,045 |  |  | $ | 4,822 |

The following table represents the components of Mortgage banking income:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net gain realized on sale of mortgage loans held for sale |  | $ | 997 |  |  | $ | 843 |  |  | $ | 2,374 |  |  | $ | 1,868 |
Net change in fair value recognized on loans held for sale |  |  | 26 |  |  |  | 30 |  |  |  | 2 |  |  |  | 61 |
Net change in fair value recognized on rate lock loan commitments |  |  | 18 |  |  |  | 37 |  |  |  | 239 |  |  |  | 185 |
Net change in fair value recognized on forward contracts |  |  | (129 | ) |  |  | (218 | ) |  |  | (360 | ) |  |  | (109 | )
Net gain recognized |  |  | 912 |  |  |  | 692 |  |  |  | 2,255 |  |  |  | 2,005 |
Net loan servicing income |  |  | 807 |  |  |  | 827 |  |  |  | 2,411 |  |  |  | 2,605 |
Amortization of mortgage servicing rights |  |  | (581 | ) |  |  | (536 | ) |  |  | (1,714 | ) |  |  | (1,856 | )
Change in mortgage servicing rights valuation allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net servicing income recognized |  |  | 226 |  |  |  | 291 |  |  |  | 697 |  |  |  | 749 |
Other mortgage banking income |  |  | 114 |  |  |  | 129 |  |  |  | 311 |  |  |  | 323 |
Total mortgage banking income |  | $ | 1,252 |  |  | $ | 1,112 |  |  | $ | 3,263 |  |  | $ | 3,077 |

Activity for capitalized mortgage servicing rights was as follows:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance, beginning of period |  | $ | 10,706 |  |  | $ | 12,197 |  |  | $ | 11,333 |  |  | $ | 13,082 |
Additions for mortgage loans sold |  |  | 322 |  |  |  | 247 |  |  |  | 828 |  |  |  | 682 |
Amortization |  |  | (581 | ) |  |  | (536 | ) |  |  | (1,714 | ) |  |  | (1,856 | )
Impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, end of period |  | $ | 10,447 |  |  | $ | 11,908 |  |  | $ | 10,447 |  |  | $ | 11,908 |

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The estimated fair value of MSRs at September 30, 2025 and December 31, 2024 was $23 million and $25 million, respectively. There was no valuation allowance recorded for MSRs as of September 30, 2025 and December 31, 2024, as fair value exceeded carrying value. The fair value of MSRs at September 30, 2025 was determined using discount rates ranging from 9.5% to 12.5%, prepayment speeds ranging from 6.4% to 11.3%, depending on the characteristics of the specific rights (rate, maturity, etc.), and a weighted average default rate of 0.5%. The fair value of MSRs at December 31, 2024 was determined using discount rates ranging from 10.0% to 13.0%, prepayment speeds ranging from 5.3% to 10.5%, depending on the characteristics of the specific rights, and a weighted average default rate of 0.6%.

Total outstanding principal balances of loans serviced for others were $1.75 billion and $1.82 billion at September 30, 2025 and December 31, 2024, respectively.

Mortgage banking derivatives used in the ordinary course of business consist primarily of mandatory forward sales contracts and interest rate lock loan commitments. Mandatory forward contracts represent future loan commitments to deliver loans at a specified price and date and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Interest rate lock loan commitments represent commitments to fund loans at a specific rate. These derivatives involve underlying items, such as interest rates, and are designed to transfer risk. Substantially all of these instruments expire within 90 days from the date of issuance. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure is limited to the amount required to be received or paid.

Mandatory forward contracts also contain an element of risk in that the counterparties may be unable to meet the terms of such agreements. In the event the counterparties fail to deliver commitments or are unable to fulfill their obligations, the Bank could potentially incur significant additional costs by replacing the positions at then current market rates. The Bank manages its risk of exposure by limiting counterparties to those banks and institutions deemed appropriate by management. The Bank does not expect any counterparty to default on their obligations and therefore, the Bank does not expect to incur any cost related to counterparty default.

Bancorp is exposed to interest rate risk on loans held for sale and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans held for sale and rate lock commitments may decline or increase. To offset this interest rate risk the Bank enters into derivatives, such as mandatory forward contracts to sell loans. The fair value of these mandatory forward contracts will fluctuate as market interest rates fluctuate, and the change in the value of these instruments is expected to largely, though not entirely, offset the change in fair value of loans held for sale and rate lock commitments. The objective of this activity is to minimize the exposure to losses on rate lock loan commitments and loans held for sale due to market interest rate fluctuations. The net effect of derivatives on earnings will depend on risk management activities and a variety of other factors, including: market interest rate volatility; the amount of rate lock commitments that close; the ability to fill the forward contracts before expiration; and the time period required to close and sell loans.

The following table includes the notional amounts and fair values of mortgage loans held for sale and mortgage banking derivatives:

|  | September 30, 2025 |  |  | December 31, 2024 |
(in thousands) |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Included in Mortgage loans held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale, at fair value |  | $ | 5,798 |  |  | $ | 6,045 |  |  | $ | 6,199 |  |  | $ | 6,286 |
Included in other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock loan commitments |  | $ | 12,838 |  |  | $ | 479 |  |  | $ | 7,138 |  |  | $ | 225 |
Mandatory forward contracts |  |  | 15,500 |  |  |  | 13 |  |  |  | 9,000 |  |  |  | 56 |

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| (16) | Accumulated Other Comprehensive Income (Loss)

The following table illustrates activity within the balances of AOCI, net of tax, by component:

|  | Net unrealized |  |  | Net unrealized |  |  | Minimum |  |  |  |  |
|  | gains (losses) |  |  | gains (losses) |  |  | pension |  |  |  |  |
|  | on available for |  |  | on cash |  |  | liability |  |  |  |  |
(in thousands) |  | sale debt securities |  |  | flow hedges |  |  | adjustment |  |  | Total |
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (74,168 | ) |  | $ | (1,260 | ) |  | $ | 117 |  |  | $ | (75,311 | )
Net current period other comprehensive income (loss) |  |  | 7,896 |  |  |  | (207 | ) |  |  | - |  |  |  | 7,689 |
Balance, end of period |  | $ | (66,272 | ) |  | $ | (1,467 | ) |  | $ | 117 |  |  | $ | (67,622 | )
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (97,760 | ) |  | $ | 2,721 |  |  | $ | 59 |  |  | $ | (94,980 | )
Net current period other comprehensive income (loss) |  |  | 24,827 |  |  |  | (5,120 | ) |  |  | - |  |  |  | 19,707 |
Balance, end of period |  | $ | (72,933 | ) |  | $ | (2,399 | ) |  | $ | 59 |  |  | $ | (75,273 | )

|  | Net unrealized |  |  | Net unrealized |  |  | Minimum |  |  |  |  |
|  | gains (losses) |  |  | gains (losses) |  |  | pension |  |  |  |  |
|  | on available for |  |  | on cash |  |  | liability |  |  |  |  |
(in thousands) |  | sale debt securities |  |  | flow hedges |  |  | adjustment |  |  | Total |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (94,190 | ) |  | $ | 2,922 |  |  | $ | 117 |  |  | $ | (91,151 | )
Net current period other comprehensive income (loss) |  |  | 27,918 |  |  |  | (4,389 | ) |  |  | - |  |  |  | 23,529 |
Balance, end of period |  | $ | (66,272 | ) |  | $ | (1,467 | ) |  | $ | 117 |  |  | $ | (67,622 | )
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (92,678 | ) |  | $ | (179 | ) |  | $ | 59 |  |  | $ | (92,798 | )
Net current period other comprehensive income (loss) |  |  | 19,745 |  |  |  | (2,220 | ) |  |  | - |  |  |  | 17,525 |
Balance, end of period |  | $ | (72,933 | ) |  | $ | (2,399 | ) |  | $ | 59 |  |  | $ | (75,273 | )

| (17) | Preferred Stock

Bancorp has one class of preferred stock (no par value; 1,000,000 shares authorized), the relative rights, preferences and other terms of the class or any series within the class will be determined by the Board of Directors prior to any issuance. None of this stock has been issued to date.

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| (18) | Net Income Per Share

The following table reflects net income (numerator) and average shares outstanding (denominator) for basic and diluted net income per share computations:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands, except per share data) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 36,241 |  |  | $ | 29,360 |  |  | $ | 103,536 |  |  | $ | 82,845 |
Weighted average shares outstanding - basic |  |  | 29,369 |  |  |  | 29,299 |  |  |  | 29,360 |  |  |  | 29,277 |
Dilutive securities |  |  | 157 |  |  |  | 146 |  |  |  | 151 |  |  |  | 119 |
Weighted average shares outstanding- diluted |  |  | 29,526 |  |  |  | 29,445 |  |  |  | 29,511 |  |  |  | 29,396 |
Net income per share - basic |  | $ | 1.23 |  |  | $ | 1.00 |  |  | $ | 3.53 |  |  | $ | 2.83 |
Net income per share - diluted |  |  | 1.23 |  |  |  | 1.00 |  |  |  | 3.51 |  |  |  | 2.82 |

Certain SARs that were excluded from the EPS calculation because their impact was antidilutive were as follows:

|  | Three months ended |  |  | Nine months ended |
(shares in thousands) |  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Antidilutive SARs |  |  | 26 |  |  |  | 105 |  |  |  | 22 |  |  |  | 118 |

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(19) | Stock-Based Compensation

The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period.

At Bancorp's 2015 Annual Meeting of Shareholders, shareholders approved the 2015 Omnibus Equity Compensation Plan and authorized the shares available from the expiring 2005 plan for future awards under the 2015 plan. In 2018, shareholders approved an additional 500,000 shares for issuance under the plan. Shareholders approved an additional 1 million shares for issuance under the plan in 2024. As of September 30, 2025, there were 955,000 shares available for future awards. The 2005 Stock Incentive Plan expired in April 2015 and SARs granted under this plan expire in 2025. The 2015 Stock Incentive Plan has no defined expiration date.

SAR Grants – SARs granted have a vesting schedule of 20% per year and expire ten years after the grant date unless forfeited due to employment termination.

Fair values of SARs are estimated at the date of grant using the Black-Scholes option-pricing model, a leading formula for calculating such value. This model requires the input of assumptions, changes to which can materially impact the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year:

Assumptions |  | 2025 |  |  | 2024 |
Dividend yield |  |  | 2.26 | % |  |  | 2.29 | %
Expected volatility |  |  | 29.29 | % |  |  | 28.43 | %
Risk free interest rate |  |  | 4.42 | % |  |  | 4.16 | %
Expected life (in years) |  |  | 7.8 |  |  |  | 7.1 |

Dividend yield and expected volatility are based on historical information for Bancorp corresponding to the expected life of SARs granted. Expected volatility is the volatility of underlying shares for the expected term calculated on a monthly basis. The risk free interest rate is the implied yield currently available on U.S. Treasury issues with a remaining term equal to the expected life of the awards. The expected life of SARs is based on actual experience of past like-term SARs. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life.

RSA Grants – RSAs granted to officers vest over five years. Dividends associated with RSA grants are deferred until shares are vested. Fair value of RSAs is equal to the market value of the shares on the date of grant.

PSU Grants – PSUs vest based upon service and a three-year performance period, which begins January 1 of the first year of the performance period. Because grantees are not entitled to dividend payments during the performance period, the fair value of these PSUs is estimated based upon the market value of the underlying shares on the date of grant, adjusted for non-payment of dividends. Grants require a one-year post-vesting holding period and therefore the fair value of such grants incorporates a liquidity discount related to the holding period of 5.5% and 5.8% for 2025 and 2024.

RSU Grants – RSUs are only granted to non-employee directors, are time-based and vest 12 months after grant date. Because grantees are entitled to deferred dividend payments at the end of the vesting period, therefore the fair value of the RSUs equals market value of underlying shares on the date of grant.

In the first quarters of 2025 and 2024, Bancorp awarded 7,670 and 9,550 RSUs to non-employee directors of Bancorp with a grant date fair value of $539,000 and $500,000, respectively.

Bancorp utilized cash of $344,000 and $203,000 during the first nine months of 2025 and 2024, respectively, for the purchase of shares upon the vesting of RSUs.

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Bancorp has recognized stock-based compensation expense for SARs, RSAs and PSUs within compensation expense and RSUs for directors within other non-interest expense, as follows:

|  | Three months ended September 30, 2025 |
(in thousands) |  | Stock Appreciation Rights |  |  | Restricted Stock Awards |  |  | Restricted Stock Units |  |  | Performance Stock Units |  |  | Total |
Expense |  | $ | 113 |  |  | $ | 494 |  |  | $ | 122 |  |  | $ | 384 |  |  | $ | 1,113 |
Deferred tax benefit |  |  | (24 | ) |  |  | (104 | ) |  |  | (26 | ) |  |  | (80 | ) |  |  | (234 | )
Total net expense |  | $ | 89 |  |  | $ | 390 |  |  | $ | 96 |  |  | $ | 304 |  |  | $ | 879 |

|  | Three months ended September 30, 2024 |
(in thousands) |  | Stock Appreciation Rights |  |  | Restricted Stock Awards |  |  | Restricted Stock Units |  |  | Performance Stock Units |  |  | Total |
Expense |  | $ | 72 |  |  | $ | 420 |  |  | $ | 125 |  |  | $ | 305 |  |  | $ | 922 |
Deferred tax benefit |  |  | (15 | ) |  |  | (88 | ) |  |  | (27 | ) |  |  | (64 | ) |  |  | (194 | )
Total net expense |  | $ | 57 |  |  | $ | 332 |  |  | $ | 98 |  |  | $ | 241 |  |  | $ | 728 |

|  | Nine months ended September 30, 2025 |
(in thousands) |  | Stock Appreciation Rights |  |  | Restricted Stock Awards |  |  | Restricted Stock Units |  |  | Performance Stock Units |  |  | Total |
Expense |  | $ | 329 |  |  | $ | 1,432 |  |  | $ | 388 |  |  | $ | 1,238 |  |  | $ | 3,387 |
Deferred tax benefit |  |  | (69 | ) |  |  | (301 | ) |  |  | (82 | ) |  |  | (260 | ) |  |  | (712 | )
Total net expense |  | $ | 260 |  |  | $ | 1,131 |  |  | $ | 306 |  |  | $ | 978 |  |  | $ | 2,675 |

|  | Nine months ended September 30, 2024 |
(in thousands) |  | Stock Appreciation Rights |  |  | Restricted Stock Awards |  |  | Restricted Stock Units |  |  | Performance Stock Units |  |  | Total |
Expense |  | $ | 212 |  |  | $ | 1,258 |  |  | $ | 374 |  |  | $ | 1,028 |  |  | $ | 2,872 |
Deferred tax benefit |  |  | (45 | ) |  |  | (264 | ) |  |  | (79 | ) |  |  | (216 | ) |  |  | (604 | )
Total net expense |  | $ | 167 |  |  | $ | 994 |  |  | $ | 295 |  |  | $ | 812 |  |  | $ | 2,268 |

Detail of unrecognized stock-based compensation expense follows:

|  | Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Appreciation |  |  | Restricted |  |  | Restricted |  |  | Performance |  |  |  |  |
Year ended |  | Rights |  |  | Stock Awards |  |  | Stock Units |  |  | Stock Units |  |  | Total |
Remainder of 2025 |  | $ | 113 |  |  | $ | 486 |  |  | $ | 122 |  |  | $ | 302 |  |  | $ | 1,023 |
2026 |  |  | 406 |  |  |  | 1,683 |  |  |  | 1 |  |  |  | 1,209 |  |  |  | 3,299 |
2027 |  |  | 336 |  |  |  | 1,385 |  |  |  | — |  |  |  | 1,209 |  |  |  | 2,930 |
2028 |  |  | 246 |  |  |  | 992 |  |  |  | — |  |  |  | — |  |  |  | 1,238 |
2029 |  |  | 131 |  |  |  | 619 |  |  |  | — |  |  |  | — |  |  |  | 750 |
2030 |  |  | 13 |  |  |  | 69 |  |  |  | — |  |  |  | — |  |  |  | 82 |
Total estimated future expense |  | $ | 1,245 |  |  | $ | 5,234 |  |  | $ | 123 |  |  | $ | 2,720 |  |  | $ | 9,322 |

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The following table summarizes SARs activity and related information:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  | average |
|  |  |  |  |  |  |  |  |  |  | average |  |  | Aggregate |  |  | average |  |  | remaining |
|  |  |  |  |  | Exercise |  |  | exercise |  |  | intrinsic |  |  | fair |  |  | contractual |
(in thousands, except per share and life data) |  | SARs |  |  | price |  |  | price |  |  | value(1) |  |  | value |  |  | life (in years) |
Outstanding, January 1, 2024 |  |  | 440 |  |  | $19.44 | - | $74.92 |  |  | $ | 38.11 |  |  | $ | 6,297 |  |  | $ | 6.86 |  |  |  | 4.7 |
Granted |  |  | 42 |  |  | 47.95 | - | 54.92 |  |  |  | 49.20 |  |  |  | — |  |  |  | 13.75 |  |  |  |  |
Exercised |  |  | (142 | ) |  | 22.96 | - | 40.00 |  |  |  | 28.74 |  |  |  | 5,617 |  |  |  | 4.51 |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Outstanding, December 31, 2024 |  |  | 340 |  |  | $25.76 | - | $74.92 |  |  | $ | 43.41 |  |  | $ | 9,774 |  |  | $ | 8.69 |  |  |  | 5.3 |
Outstanding, January 1, 2025 |  |  | 340 |  |  | $25.76 | - | $74.92 |  |  | $ | 43.41 |  |  | $ | 9,774 |  |  | $ | 8.69 |  |  |  | 5.3 |
Granted |  |  | 25 |  |  | 75.21 | - | 75.21 |  |  |  | 72.21 |  |  |  | — |  |  |  | 23.75 |  |  |  |  |
Exercised |  |  | (28 | ) |  | 25.76 | - | 40.00 |  |  |  | 29.67 |  |  |  | 1,332 |  |  |  | 4.32 |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Outstanding, September 30, 2025 |  |  | 337 |  |  | $25.76 | - | $75.21 |  |  | $ | 46.92 |  |  | $ | 7,923 |  |  | $ | 10.18 |  |  |  | 5.2 |
Vested and exercisable |  |  | 245 |  |  | $25.76 | - | $60.76 |  |  | $ | 42.28 |  |  | $ | 6,799 |  |  | $ | 7.77 |  |  |  | 4.2 |
Unvested |  |  | 92 |  |  | 47.17 | - | 75.21 |  |  |  | 59.26 |  |  |  | 1,124 |  |  |  | 16.58 |  |  |  | 3.4 |
Outstanding, September 30, 2025 |  |  | 337 |  |  | $25.76 | - | $75.21 |  |  | $ | 46.92 |  |  | $ | 7,923 |  |  | $ | 10.18 |  |  |  | 5.2 |
Vested in the current year |  |  | 33 |  |  | $36.65 | - | $60.76 |  |  | $ | 49.24 |  |  | $ | 689 |  |  | $ | 11.24 |  |  |  |  |

(1) – Aggregate intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price.

The following table summarizes activity for RSAs granted:

|  |  |  |  |  | Grant date |
|  |  |  |  |  | weighted |
(in thousands, except per share data) |  | RSAs |  |  | average cost |
Unvested at January 1, 2024 |  |  | 98 |  |  | $ | 54.23 |
Shares awarded |  |  | 46 |  |  |  | 52.06 |
Restrictions lapsed and shares released |  |  | (33 | ) |  |  | 49.49 |
Shares cancelled |  |  | (9 | ) |  |  | 53.10 |
Unvested at December 31, 2024 |  |  | 102 |  |  | $ | 54.92 |
Unvested at January 1, 2025 |  |  | 102 |  |  | $ | 54.92 |
Shares awarded |  |  | 39 |  |  |  | 76.21 |
Restrictions lapsed and shares released |  |  | (32 | ) |  |  | 51.92 |
Shares cancelled |  |  | (5 | ) |  |  | 62.13 |
Unvested at September 30, 2025 |  |  | 104 |  |  | $ | 62.36 |

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Shares expected to be awarded for PSUs granted to executive officers of Bancorp, the three-year performance period for which began January 1 of the award year, are as follows:

|  | Vesting |  |  |  |  |  |  | Shares |
Grant |  | period |  |  | Fair |  |  | expected to |
year |  | in years |  |  | value |  |  | be awarded |
2023 |  |  | 3 |  |  |  | 54.33 |  |  |  | 18,762 |
2024 |  |  | 3 |  |  |  | 41.84 |  |  |  | 49,957 |
2025 |  |  | 3 |  |  |  | 67.61 |  |  |  | 53,254 |

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(20) | Derivative Financial Instruments

Periodically, Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Exchanges of cash flows related to undesignated interest rate swap agreements were offsetting and therefore had no effect on Bancorp’s earnings or cash flows.

Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. Notional amounts are amounts on which calculations, payments and the value of the derivative are based. Notional amounts do not represent direct credit exposures. Direct credit exposure is limited to the net difference between the calculated amounts to be received and paid, if any. Bancorp is exposed to credit-related losses in the event of non-performance by counterparties to these agreements. Bancorp mitigates the credit risk of its financial contracts through credit approvals, collateral and monitoring procedures, and does not expect any counterparties to fail their obligations.

Bancorp had outstanding undesignated interest rate swap contracts as follows:

|  | Receiving |  |  | Paying |
|  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Notional amount |  | $ | 319,655 |  |  | $ | 244,247 |  |  | $ | 319,655 |  |  | $ | 244,247 |
Weighted average maturity (years) |  |  | 4.2 |  |  |  | 5.0 |  |  |  | 4.2 |  |  |  | 5.0 |
Fair value |  | $ | 619 |  |  | $ | 8,589 |  |  | $ | 619 |  |  | $ | 8,589 |

During the first quarter of 2023, Bancorp entered into an interest rate swap to hedge cash flows of a $100 million rolling fixed-rate three-month FHLB borrowing. The swap began February 6, 2023 and matures February 6, 2028. During the third quarter of 2023, Bancorp entered into two additional interest rate swaps to hedge cash flows of two $50 million rolling fixed-rate three-month FHLB borrowings. These swaps began August 7, 2023, with one maturing August 6, 2026 and the other maturing August 6, 2028. During the third quarter of 2024, Bancorp entered into another interest rate swap to hedge cash flows of a $100 million rolling fixed-rate three-month FHLB borrowing. The swap began on August 6, 2024 and matures on August 6, 2029.

While Bancorp expects to utilize fixed-rate three-month FHLB advances with respect to these interest rate swaps, brokered CDs or other fixed rate advances may be utilized for the same three-month terms instead should those sources be more favorable. For purposes of hedging, rolling fixed rate advances are considered to be floating rate liabilities.

Interest rate swaps involve exchange of Bancorp’s floating rate interest payments for fixed rate swap payments on underlying principal amounts. These swaps were designated and qualified, for cash-flow hedge accounting. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of gains or losses is reported as a component of AOCI and is subsequently reclassified into earnings as an adjustment to interest expense in periods for which the hedged transaction impacts earnings.

The following table details Bancorp’s derivative positions designated as a cash flow hedges, and the related fair values:

|  |  |  |  |  |  |  |  |  |  | Fair value |
(dollars in thousands) |  |  |  |  |  | Pay fixed |  |  | September 30, |
Notional Amount |  | Maturity Date |  | Receive (variable) index |  | swap rate |  |  | 2025 |
$ | 100,000 |  | 2/6/2028 |  | USD SOFR |  |  | 3.27 | % |  | $ | 239 |
| 50,000 |  | 8/6/2026 |  | USD SOFR |  |  | 4.38 | % |  |  | (314 | )
| 50,000 |  | 8/6/2028 |  | USD SOFR |  |  | 3.97 | % |  |  | (910 | )
| 100,000 |  | 8/6/2029 |  | USD SOFR |  |  | 3.58 | % |  |  | (946 | )
$ | 300,000 |  |  |  |  |  |  |  |  |  | $ | (1,931 | )

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(21) | Regulatory Matters

Bancorp and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Bancorp’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Holding Company and the Bank must meet specific capital guidelines that involve quantitative measures of Bancorp’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors.

Banking regulators have categorized the Bank as well-capitalized. To meet the definition of well-capitalized, a bank must have a minimum 6.5% Common Equity Tier 1 Risk-Based Capital ratio, 8.0% Tier 1 Risk-Based Capital ratio, 10.0% Total Risk-Based Capital ratio and 5.0% Tier 1 Leverage ratio.

Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, Bancorp and the Bank must hold a 2.5% capital conservation buffer composed of Common Equity Tier 1 Risk-Based Capital above the minimum risk-based capital requirements for the Common Equity Tier 1 Risk-Based Capital ratio, Tier 1 Risk-Based Capital ratio and Total Risk-Based Capital ratio necessary to be considered adequately-capitalized. At September 30, 2025, the adequately-capitalized minimums, including the capital conservation buffer, were a 7.0% Common Equity Tier 1 Risk-Based Capital ratio, 8.5% Tier 1 Risk-Based Capital ratio and 10.5% Total Risk-Based Capital ratio. As all of Bancorp’s capital ratios were above the adequately-capitalized minimums, including the buffer, the Company was not subject to any such restrictions.

As a result of the CB acquisition, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier 1 Capital. The subordinated note and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. As of September 30, 2025 and December 31, 2024, subordinated notes totaled $27 million.

Bancorp continues to exceed the regulatory requirements for all calculations. Bancorp and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the capital conservation buffer.

The following table sets forth consolidated Bancorp’s and the Bank’s risk based capital amounts and ratios:

(dollars in thousands) |  | Actual |  |  | Minimum for adequately capitalized |  |  | Minimum for well capitalized |
September 30, 2025 |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
Total risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 1,028,017 |  |  |  | 13.17 | % |  | $ | 624,415 |  |  |  | 8.00 | % |  | NA |  |  | NA |
Bank |  |  | 1,001,121 |  |  |  | 12.83 |  |  |  | 624,072 |  |  |  | 8.00 |  |  | $ | 780,090 |  |  |  | 10.00 | %
Common equity tier 1 risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 904,431 |  |  |  | 11.59 |  |  |  | 351,234 |  |  |  | 4.50 |  |  | NA |  |  | NA |
Bank |  |  | 903,588 |  |  |  | 11.58 |  |  |  | 351,040 |  |  |  | 4.50 |  |  |  | 507,058 |  |  |  | 6.50 |
Tier 1 risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 930,431 |  |  |  | 11.92 |  |  |  | 468,311 |  |  |  | 6.00 |  |  | NA |  |  | NA |
Bank |  |  | 903,588 |  |  |  | 11.58 |  |  |  | 468,054 |  |  |  | 6.00 |  |  |  | 624,072 |  |  |  | 8.00 |
Leverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 930,431 |  |  |  | 10.24 |  |  |  | 363,491 |  |  |  | 4.00 |  |  | NA |  |  | NA |
Bank |  |  | 903,588 |  |  |  | 9.95 |  |  |  | 363,226 |  |  |  | 4.00 |  |  |  | 454,032 |  |  |  | 5.00 |

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(dollars in thousands) |  | Actual |  |  | Minimum for adequately capitalized |  |  | Minimum for well capitalized |
December 31, 2024 |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
Total risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 943,723 |  |  |  | 12.73 | % |  | $ | 593,201 |  |  |  | 8.00 | % |  | NA |  |  | NA |
Bank |  |  | 918,210 |  |  |  | 12.39 |  |  |  | 593,002 |  |  |  | 8.00 |  |  | $ | 741,252 |  |  |  | 10.00 | %
Common equity tier 1 risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 828,386 |  |  |  | 11.17 |  |  |  | 333,676 |  |  |  | 4.50 |  |  | NA |  |  | NA |
Bank |  |  | 828,873 |  |  |  | 11.18 |  |  |  | 333,564 |  |  |  | 4.50 |  |  |  | 481,814 |  |  |  | 6.50 |
Tier 1 risk-based capital (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 854,386 |  |  |  | 11.52 |  |  |  | 444,901 |  |  |  | 6.00 |  |  | NA |  |  | NA |
Bank |  |  | 828,873 |  |  |  | 11.18 |  |  |  | 444,751 |  |  |  | 6.00 |  |  |  | 593,002 |  |  |  | 8.00 |
Leverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 854,386 |  |  |  | 9.94 |  |  |  | 343,886 |  |  |  | 4.00 |  |  | NA |  |  | NA |
Bank |  |  | 828,873 |  |  |  | 9.65 |  |  |  | 343,624 |  |  |  | 4.00 |  |  |  | 429,530 |  |  |  | 5.00 |

(1) Ratio is computed in relation to risk-weighted assets.

NA – Regulatory framework does not define “well-capitalized” for holding companies.

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(22) | Segments

Bancorp’s principal activities are divided into two reportable segments, Commercial Banking and WM&T, which are delineated based on the products and services that each segment offers:

Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking, credit card services, and other banking services. Bancorp also offers securities brokerage services via its banking center network through an arrangement with a third party broker-dealer in the Commercial Banking segment.

WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size.

Bancorp’s Commercial Banking and WM&T segments overlap a regional reporting structure. These regions are based on the primary geographic markets in which Bancorp operates, specifically Louisville, central, eastern and northern Kentucky, and the Indianapolis, Indiana and Cincinnati, Ohio MSAs. All regions share the same lines of business, including the same products, services and delivery methods, as well as similar customer bases and pricing guidelines.

Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax-exempt activity. All tax-exempt activity and provision have been allocated fully to the commercial banking segment. Measurement of performance of business segments is based on the management structure of Bancorp and is not necessarily comparable with similar information for any other financial institution. Information presented is also not necessarily indicative of the segments’ operations if they were independent entities.

Bancorp’s chief executive officer is the chief operating decision maker. The financial results by operating segment, including significant expense categories provided to the chief operating decision maker, help measure the profitability of a particular segment and identify trends, evaluate each segment and its impact on consolidated earnings, and enhance decision making processes related to the allocation of Bancorp’s resources.

The majority of the net assets of Bancorp are associated with in the Commercial Banking segment. As of September 30, 2025, goodwill totaling $194 million was recorded on Bancorp’s consolidated balance sheets, of which $172 million is attributed to the commercial banking segment and $22 million is attributed to WM&T. The portion of total goodwill attributed to WM&T relates entirely to the CB acquisition, which generated $67 million in total goodwill, $8.5 million of which was subsequently written off as a result of Bancorp selling its interest in LFA effective December 31, 2022. With the exception of goodwill attributed to WM&T through the CB acquisition, assets assigned to WM&T consist primarily of a CLI asset associated with the WM&T business added through the CB acquisition, net premises and equipment and a receivable related to fees earned that have not been collected.

WM&T AUM, which are a primary driver of WM&T revenue, are not included on the consolidated balance sheets of Bancorp. WM&T AUM totaled $7.48 billion and $7.07 billion as of September 30, 2025 and December 31, 2024, respectively.

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Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are detailed below:

|  | Three months ended September 30, 2025 |  |  | Three months ended September 30, 2024 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |
(in thousands) |  | Banking |  |  | WM&T |  |  | Total |  |  | Banking |  |  | WM&T |  |  | Total |
Net interest income |  | $ | 76,759 |  |  | $ | 278 |  |  | $ | 77,037 |  |  | $ | 64,711 |  |  | $ | 268 |  |  | $ | 64,979 |
Provision for credit losses |  |  | 1,975 |  |  |  | — |  |  |  | 1,975 |  |  |  | 4,325 |  |  |  | — |  |  |  | 4,325 |
Net interest income after provision expense |  |  | 74,784 |  |  |  | 278 |  |  |  | 75,062 |  |  |  | 60,386 |  |  |  | 268 |  |  |  | 60,654 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wealth management and trust services |  |  | — |  |  |  | 10,704 |  |  |  | 10,704 |  |  |  | — |  |  |  | 10,931 |  |  |  | 10,931 |
All other non-interest income |  |  | 13,772 |  |  |  | — |  |  |  | 13,772 |  |  |  | 13,866 |  |  |  | — |  |  |  | 13,866 |
Total non-interest income |  |  | 13,772 |  |  |  | 10,704 |  |  |  | 24,476 |  |  |  | 13,866 |  |  |  | 10,931 |  |  |  | 24,797 |
Non-interest expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 28,840 |  |  |  | 4,874 |  |  |  | 33,714 |  |  |  | 25,949 |  |  |  | 4,214 |  |  |  | 30,163 |
Net occupancy and equipment |  |  | 3,841 |  |  |  | 245 |  |  |  | 4,086 |  |  |  | 3,723 |  |  |  | 52 |  |  |  | 3,775 |
Technology and communication |  |  | 4,414 |  |  |  | 423 |  |  |  | 4,837 |  |  |  | 4,126 |  |  |  | 374 |  |  |  | 4,500 |
Intangible amortization |  |  | 573 |  |  |  | 342 |  |  |  | 915 |  |  |  | 672 |  |  |  | 380 |  |  |  | 1,052 |
Other direct and indirect/allocated expenses |  |  | 9,746 |  |  |  | 533 |  |  |  | 10,279 |  |  |  | 8,526 |  |  |  | 436 |  |  |  | 8,962 |
Total non-interest expenses |  |  | 47,414 |  |  |  | 6,417 |  |  |  | 53,831 |  |  |  | 42,996 |  |  |  | 5,456 |  |  |  | 48,452 |
Income before income tax expense |  |  | 41,142 |  |  |  | 4,565 |  |  |  | 45,707 |  |  |  | 31,256 |  |  |  | 5,743 |  |  |  | 36,999 |
Income tax expense |  |  | 8,475 |  |  |  | 991 |  |  |  | 9,466 |  |  |  | 6,393 |  |  |  | 1,246 |  |  |  | 7,639 |
Net income |  | $ | 32,667 |  |  | $ | 3,574 |  |  | $ | 36,241 |  |  | $ | 24,863 |  |  | $ | 4,497 |  |  | $ | 29,360 |
Total assets |  | $ | 9,273,951 |  |  | $ | 33,425 |  |  | $ | 9,307,376 |  |  | $ | 8,403,147 |  |  | $ | 34,133 |  |  | $ | 8,437,280 |

|  | Nine months ended September 30, 2025 |  |  | Nine months ended September 30, 2024 |
|  | Commercial |  |  |  |  |  |  |  |  |  |  | Commercial |  |  |  |  |  |  |  |  |
(in thousands) |  | Banking |  |  | WM&T |  |  | Total |  |  | Banking |  |  | WM&T |  |  | Total |
Net interest income |  | $ | 220,216 |  |  | $ | 846 |  |  | $ | 221,062 |  |  | $ | 186,295 |  |  | $ | 776 |  |  | $ | 187,071 |
Provision for credit losses |  |  | 5,050 |  |  |  | — |  |  |  | 5,050 |  |  |  | 7,050 |  |  |  | — |  |  |  | 7,050 |
Net interest income after provision expense |  |  | 215,166 |  |  |  | 846 |  |  |  | 216,012 |  |  |  | 179,245 |  |  |  | 776 |  |  |  | 180,021 |
Non-interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wealth management and trust services |  |  | — |  |  |  | 31,834 |  |  |  | 31,834 |  |  |  | — |  |  |  | 32,497 |  |  |  | 32,497 |
All other non-interest income |  |  | 39,986 |  |  |  | — |  |  |  | 39,986 |  |  |  | 39,226 |  |  |  | — |  |  |  | 39,226 |
Total non-interest income |  |  | 39,986 |  |  |  | 31,834 |  |  |  | 71,820 |  |  |  | 39,226 |  |  |  | 32,497 |  |  |  | 71,723 |
Non-interest expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 83,302 |  |  |  | 14,738 |  |  |  | 98,040 |  |  |  | 77,364 |  |  |  | 12,616 |  |  |  | 89,980 |
Net occupancy and equipment |  |  | 11,498 |  |  |  | 736 |  |  |  | 12,234 |  |  |  | 10,717 |  |  |  | 547 |  |  |  | 11,264 |
Technology and communication |  |  | 12,566 |  |  |  | 1,872 |  |  |  | 14,438 |  |  |  | 12,585 |  |  |  | 1,878 |  |  |  | 14,463 |
Intangible amortization |  |  | 1,718 |  |  |  | 1,026 |  |  |  | 2,744 |  |  |  | 2,015 |  |  |  | 1,140 |  |  |  | 3,155 |
Other direct and indirect/allocated expenses |  |  | 28,545 |  |  |  | 1,557 |  |  |  | 30,102 |  |  |  | 25,923 |  |  |  | 1,737 |  |  |  | 27,660 |
Total non-interest expenses |  |  | 137,629 |  |  |  | 19,929 |  |  |  | 157,558 |  |  |  | 128,604 |  |  |  | 17,918 |  |  |  | 146,522 |
Income before income tax expense |  |  | 117,523 |  |  |  | 12,751 |  |  |  | 130,274 |  |  |  | 89,867 |  |  |  | 15,355 |  |  |  | 105,222 |
Income tax expense |  |  | 23,971 |  |  |  | 2,767 |  |  |  | 26,738 |  |  |  | 19,045 |  |  |  | 3,332 |  |  |  | 22,377 |
Net income |  | $ | 93,552 |  |  | $ | 9,984 |  |  | $ | 103,536 |  |  | $ | 70,822 |  |  | $ | 12,023 |  |  | $ | 82,845 |
Total assets |  | $ | 9,273,951 |  |  | $ | 33,425 |  |  | $ | 9,307,376 |  |  | $ | 8,403,147 |  |  | $ | 34,133 |  |  | $ | 8,437,280 |

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(23) | Revenue from Contracts with Customers

All of Bancorp’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. The table below presents Bancorp’s sources of non-interest income with items outside the scope of ASC 606 noted as such:

|  | Three months ended September 30, 2025 |  |  | Three months ended September 30, 2024 |
(in thousands) |  | Commercial Banking |  |  | WM&T |  |  | Total |  |  | Commercial Banking |  |  | WM&T |  |  | Total |
Wealth management and trust services |  | $ | — |  |  | $ | 10,704 |  |  | $ | 10,704 |  |  | $ | — |  |  | $ | 10,931 |  |  | $ | 10,931 |
Deposit service charges |  |  | 2,281 |  |  |  | — |  |  |  | 2,281 |  |  |  | 2,314 |  |  |  | — |  |  |  | 2,314 |
Debit and credit card income |  |  | 5,009 |  |  |  | — |  |  |  | 5,009 |  |  |  | 5,083 |  |  |  | — |  |  |  | 5,083 |
Treasury management fees |  |  | 2,923 |  |  |  | — |  |  |  | 2,923 |  |  |  | 2,939 |  |  |  | — |  |  |  | 2,939 |
Mortgage banking income (1) |  |  | 1,252 |  |  |  | — |  |  |  | 1,252 |  |  |  | 1,112 |  |  |  | — |  |  |  | 1,112 |
Net investment product sales commissions and fees |  |  | 1,112 |  |  |  | — |  |  |  | 1,112 |  |  |  | 915 |  |  |  | — |  |  |  | 915 |
Bank owned life insurance (1) |  |  | 631 |  |  |  | — |  |  |  | 631 |  |  |  | 634 |  |  |  | — |  |  |  | 634 |
Gain on sale of premises and equipment (1) |  |  | - |  |  |  | — |  |  |  | - |  |  |  | (59 | ) |  |  | — |  |  |  | (59 | )
Other (2) |  |  | 564 |  |  |  | — |  |  |  | 564 |  |  |  | 928 |  |  |  | — |  |  |  | 928 |
Total non-interest income |  | $ | 13,772 |  |  | $ | 10,704 |  |  | $ | 24,476 |  |  | $ | 13,866 |  |  | $ | 10,931 |  |  | $ | 24,797 |

|  | Nine months ended September 30, 2025 |  |  | Nine months ended September 30, 2024 |
(Dollars in thousands) |  | Commercial Banking |  |  | WM&T |  |  | Total |  |  | Commercial Banking |  |  | WM&T |  |  | Total |
Wealth management and trust services |  | $ | — |  |  | $ | 31,834 |  |  | $ | 31,834 |  |  | $ | — |  |  | $ | 32,497 |  |  | $ | 32,497 |
Deposit service charges |  |  | 6,429 |  |  |  | — |  |  |  | 6,429 |  |  |  | 6,630 |  |  |  | — |  |  |  | 6,630 |
Debit and credit card income |  |  | 14,354 |  |  |  | — |  |  |  | 14,354 |  |  |  | 14,688 |  |  |  | — |  |  |  | 14,688 |
Treasury management fees |  |  | 8,601 |  |  |  | — |  |  |  | 8,601 |  |  |  | 8,389 |  |  |  | — |  |  |  | 8,389 |
Mortgage banking income (1) |  |  | 3,263 |  |  |  | — |  |  |  | 3,263 |  |  |  | 3,077 |  |  |  | — |  |  |  | 3,077 |
Net investment product sales commissions and fees |  |  | 3,102 |  |  |  | — |  |  |  | 3,102 |  |  |  | 2,580 |  |  |  | — |  |  |  | 2,580 |
Bank owned life insurance (1) |  |  | 1,882 |  |  |  | — |  |  |  | 1,882 |  |  |  | 1,817 |  |  |  | — |  |  |  | 1,817 |
Gain on sale of premises and equipment (1) |  |  | 74 |  |  |  | — |  |  |  | 74 |  |  |  | (39 | ) |  |  | — |  |  |  | (39 | )
Other(2) |  |  | 2,281 |  |  |  | — |  |  |  | 2,281 |  |  |  | 2,084 |  |  |  | — |  |  |  | 2,084 |
Total non-interest income |  | $ | 39,986 |  |  | $ | 31,834 |  |  | $ | 71,820 |  |  | $ | 39,226 |  |  | $ | 32,497 |  |  | $ | 71,723 |

(1) Outside of the scope of ASC 606.

(2) Outside of the scope of ASC 606, with the exception of safe deposit fees which were nominal for all periods.

Bancorp’s revenue on the consolidated statement of income is categorized by product type, which effectively depicts how the nature, timing and extent of cash flows are affected by economic factors. Revenue sources within the scope of ASC 606 are discussed below:

WM&T provides customers fiduciary and investment management services as agreed upon in asset management contracts. The contracts require WM&T to provide a series of distinct services for which fees are earned over time. The contracts are cancellable upon demand with fees typically based upon the asset value of investments. Revenue is accrued and recognized monthly based upon month-end asset values and collected from the customer predominately in the following month except for a small percentage of fees collected quarterly. Incentive compensation related to WM&T activities is considered a cost of obtaining the contract. Contracts between WM&T and customers do not permit performance-based fees and accordingly, none of the fee income earned by WM&T is performance-based. Trust fees receivable were $5.2 million and $4.5 million at September 30, 2025 and December 31, 2024, respectively.

Bancorp earns fees from its deposit customers for transaction-based, account management and overdraft services. Transaction-based fees, which include services such as ATM use fees and stop payments fees, are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account management fees are earned over the course of a month and charged in the month in which the services are provided.

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Debit and credit card revenue primarily consists of debit and credit card interchange income. Interchange income represents fees assessed within the payment card system for acceptance of card-based transactions. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. Revenue is collected and recognized daily through the payment network settlement process.

Treasury management transaction fees are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account analysis fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management fees are withdrawn from customers’ account balances.

Net investment products sales commissions and fees represent the Bank’s share of transaction fees and wrap fees resulting from investment services and programs provided through an agent relationship with a third party broker-dealer. Transaction fees are assessed at the time of the transaction. Those fees are collected and recognized on a monthly basis. Trailing fees are based upon market values and are assessed, collected and recognized on a quarterly basis. Because the Bank acts as an agent in arranging the relationship between the customer and third party provider, and does not control the services rendered, investment product sales commissions and fees are reported net of related costs, including nominal incentive compensation, and trading activity charges of $874,000 and $707,000 for the nine month periods ended September 30, 2025 and 2024.

Bancorp did not establish any contract assets or liabilities as a result of adopting ASC 606, nor were any recognized during the three and nine month periods ended September 30, 2025.

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(24) | Leases

Bancorp has operating leases for various locations with terms ranging from approximately nine months to 21 years, several of which include options to extend the leases in five-year increments. Options reasonably expected to be exercised are included in determination of the right-of-use asset. Bancorp elected to use a practical expedient to expense short-term lease obligations associated with leases with original terms of 12 months or less. Bancorp elected not to separate non-lease components from lease components for its operating leases. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities on the consolidated balance sheet.

Balance sheet, income statement and cash flow detail regarding operating leases follows:

(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Balance Sheet |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 30,844 |  |  | $ | 29,695 |
Operating lease liability |  |  | 32,478 |  |  |  | 31,194 |
Weighted average remaining lease term (years) |  |  | 10.4 |  |  |  | 10.8 |
Weighted average discount rate |  |  | 3.68 | % |  |  | 3.69 | %
Maturities of lease liabilities: |  |  |  |  |  |  |  |
One year or less |  | $ | 994 |  |  | $ | 3,955 |
Year two |  |  | 4,057 |  |  |  | 3,869 |
Year three |  |  | 3,999 |  |  |  | 3,881 |
Year four |  |  | 4,045 |  |  |  | 3,924 |
Year five |  |  | 3,971 |  |  |  | 3,794 |
Greater than five years |  |  | 22,492 |  |  |  | 19,120 |
Total lease payments |  | $ | 39,558 |  |  | $ | 38,543 |
Less imputed interest |  |  | 7,080 |  |  |  | 7,349 |
Total |  | $ | 32,478 |  |  | $ | 31,194 |

|  | Three months ended |  |  | Three months ended |
(in thousands) |  | September 30, 2025 |  |  | September 30, 2024 |
Income Statement |  |  |  |  |  |  |  |
Components of lease expense: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 1,047 |  |  | $ | 1,057 |
Variable lease cost |  |  | 91 |  |  |  | 88 |
Less sublease income |  |  | 19 |  |  |  | 26 |
Total lease cost |  | $ | 1,119 |  |  | $ | 1,119 |

|  | Nine months ended |  |  | Nine months ended |
(in thousands) |  | September 30, 2025 |  |  | September 30, 2024 |
Income Statement |  |  |  |  |  |  |  |
Components of lease expense: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 3,142 |  |  | $ | 3,215 |
Variable lease cost |  |  | 280 |  |  |  | 257 |
Less sublease income |  |  | 70 |  |  |  | 77 |
Total lease cost |  | $ | 3,352 |  |  | $ | 3,395 |

|  | Nine months ended |  |  | Nine months ended |
(in thousands) |  | September 30, 2025 |  |  | September 30, 2024 |
Cash flow Statement |  |  |  |  |  |  |  |
Supplemental cash flow information: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,308 |  |  | $ | 3,567 |

As of September 30, 2025, Bancorp had entered into one lease agreement that had yet to commence.

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Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Stock Yards Bancorp, Inc. (“Bancorp” or “the Company”), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (“SYB” or “the Bank”). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to “Bancorp” in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation.

SYB, established in 1904, is a state-chartered non-member financial institution that provides services in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 73 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions.

As a result of its acquisition of Kentucky Bancshares, Inc. on May 31, 2021, Bancorp became the 100% successor owner of a Nevada-based insurance captive taxed under Section 831(b) of the Internal Revenue Code. On April 10, 2023, the IRS issued a proposed regulation that would potentially classify section 831(b) captive activity as a, “listed transaction,” and possibly disallow the related tax benefits, both prospectively and retroactively. The regulation was finalized on January 10, 2025, clarifying what is considered a listed transaction or a transaction of interest. Based on the final regulations, there is no change in the status for the captive insurance structure in place previously, which Bancorp dissolved in 2023. The captive remains classified as a transaction of interest for the open tax years and there is no reserve for an uncertain tax position based on the final regulation.

As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of three unconsolidated Delaware trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings exchanged for subordinated debentures with similar terms to the TPS.

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and accompanying Footnotes presented in Part 1 Item 1 “Financial Statements” and other information appearing in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of Bancorp’s future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations.

Cautionary Statement Regarding Forward-Looking Statements

This document contains statements relating to future results of Bancorp that are considered “forward-looking” as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are principally, but not exclusively, contained in Part I Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the statement. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or other similar expressions. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control.

Forward-looking statements detail management’s expectations regarding the future and are based on information known to management only as of the date the statements are made and management undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date forward-looking statements are made, except as required by applicable regulation.

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There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

| ● | Changes in, or forecasts of, future political and economic conditions, inflation or recession and efforts to control related developments;

| ● | changes in laws and regulations or the interpretation thereof;

| ● | accuracy of assumptions and estimates used in establishing the ACL for loans, ACL for off-balance sheet credit exposures and other estimates;

| ● | impairment of investment securities;

| ● | impairment of goodwill, MSRs, other intangible assets and/or DTAs;

| ● | ability to effectively navigate an economic slowdown or other economic or market disruptions;

| ● | changes in fiscal, monetary, and/or regulatory policies;

| ● | changes in tax polices including but not limited to changes in federal and state statutory rates;

| ● | behavior of securities and capital markets, including changes in interest rates, market volatility and liquidity;

| ● | ability to effectively manage capital and liquidity;

| ● | long-term and short-term interest rate fluctuations, as well as the shape of the U.S. Treasury yield curve;

| ● | the magnitude and frequency of changes to the FFTR implemented by the Federal Open Market Committee of the FRB;

| ● | competitive product and pricing pressures;

| ● | projections of revenue, expenses, capital expenditures, losses, EPS, dividends, capital structure, etc.;

| ● | integration of acquired financial institutions, businesses or future acquisitions;

| ● | changes in the credit quality of Bancorp’s customers and counterparties, deteriorating asset quality and charge-off levels;

| ● | changes in technology instituted by Bancorp, its counterparties or competitors;

| ● | changes to or the effectiveness of Bancorp’s overall internal control environment;

| ● | adequacy of Bancorp’s risk management framework, disclosure controls and procedures and internal control over financial reporting;

| ● | changes in applicable accounting standards, including the introduction of new accounting standards;

| ● | changes in investor sentiment or behavior;

| ● | changes in consumer/business spending or savings behavior;

| ● | ability to appropriately address social, environmental and sustainability concerns that may arise from business activities;

| ● | occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, and Bancorp’s ability to deal effectively with disruptions caused by the foregoing;

| ● | ability to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;

| ● | ability to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;

| ● | ability to effectively defend itself against cyberattacks or other attempts by unauthorized parties to access information of Bancorp, its vendors or its customers or to disrupt systems; and

| ● | other risks and uncertainties reported from time-to-time in Bancorp’s filings with the SEC, including Part I Item 1A “Risk Factors” of Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024.

Issued but Not Yet Effective Accounting Standards Updates

For disclosure regarding the impact to Bancorp’s financial statements of issued-but-not-yet-effective ASUs, see the footnote titled “Summary of Significant Accounting Policies” of Part I Item 1 “Financial Statements.”

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Business Segment Overview

Bancorp is divided into two reportable segments: Commercial Banking and WM&T:

Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, treasury management services, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third party broker-dealer in the Commercial Banking segment.

WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size.

Overview – Operating Results (FTE)

The following table presents an overview of Bancorp’s financial performance for the three months ended September 30, 2025 and 2024:

(dollars in thousands, except per share data) |  |  |  |  |  |  |  |  |  | Variance |
Three months ended September 30, |  | 2025 |  |  | 2024 |  |  | $/bp |  |  | % |
Net income |  | $ | 36,241 |  |  | $ | 29,360 |  |  | $ | 6,881 |  |  |  | 23 | %
Diluted earnings per share |  | $ | 1.23 |  |  | $ | 1.00 |  |  | $ | 0.23 |  |  |  | 23 | %
ROA |  |  | 1.56 | % |  |  | 1.39 | % |  | 17 bps |  |  |  | 12 | %
ROE |  |  | 14.16 | % |  |  | 12.83 | % |  | 133 bps |  |  |  | 10 | %

Additional discussion follows under the section titled “Results of Operations.”

General highlights for the three months ended September 30, 2025 compared to September 30, 2024:

| ● | Net income totaled $36.2 million for the three months ended September 30, 2025, resulting in diluted EPS of $1.23, compared to net income of $29.4 million for the three months ended September 30, 2024, which resulted in diluted EPS of $1.00.

| ● | Total loans increased $651 million, or 10%, compared to September 30, 2024, attributed largely to growth in the CRE segment, with the residential real estate, C&I lines of credit and C&D segments also experiencing solid growth. Average loans increased $699 million, or 11%, for the three months ended September 30, 2025 compared to the same period of the prior year.

| ● | Bancorp’s ACL on loans increased $6.8 million, or 8%, compared to September 30, 2024. The increase over the past 12 months was attributed to significant loan growth, changes within the FRB’s national unemployment forecast and increased specific reserves, which were only partially offset by annual CECL model updates.

| o | Provision for credit losses on loans totaled $1.6 million for the three months ended September 30, 2025, compared to $4.3 million for the three months ended September 30, 2024.

| ● | Deposit balances increased $918 million, or 14%, compared to September 30, 2024, driven most notably by growth in time deposits tied to the success of competitive CD offerings.

| ● | Net interest income (FTE) totaled $77.1 million for the three months ended September 30, 2025, representing an increase of $12.1 million, or 19%, compared to the three months ended September 30, 2024.

| ○ | Interest income experienced a $14.5 million, or 14%, increase over this period as a result of significant average earning asset growth, far surpassing the $2.5 million, or 6%, increase in interest expense driven entirely by interest-bearing deposit growth.

| ○ | However, despite higher interest expense, the overall cost of interest-bearing liabilities declined 18 bps for the three months ended September 30, 2025 compared to the same period of the prior year. The lower cost was driven by both rate reductions enacted by the FRB over the last 12 months as well as interest-bearing deposit growth that eliminated the need for more expensive overnight borrowings through the FHLB.

| ○ | NIM increased 23 bps to 3.56% for the three months ended September 30, 2025, compared to the same period of the prior year, driven by improved earning asset yields and decline in the cost of total interest bearing liabilities.

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| ● | Non-interest income decreased $321,000, or 1%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, attributed largely to declines in WM&T revenue and other income.

| ● | Non-interest expenses increased $5.4 million, or 11%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, driven mainly by higher compensation expenses associated with increased bonus accrual levels in addition to broad expense increases attributed to the Company’s growth over the past 12 months.

| ● | Bancorp’s efficiency ratio (FTE) for the three months ended September 30, 2025 was 52.99% compared to 53.92% for the three months ended September 30, 2024. This improvement is attributed to strong net interest income growth, which outpaced growth in non-interest expenses.

| ● | As of September 30, 2025, Bancorp continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with capital ratios experiencing growth compared to both December 31, 2024 and September 30, 2025. Total stockholders’ equity to total assets was 11.19% as of September 30, 2025, compared to 10.61% and 11.07% at December 31, 2024 and September 30, 2024, respectively. Tangible common equity to tangible assets was 9.16% at September 30, 2025, compared to 8.44% and 8.79% at December 31, 2024 and September 30, 2024, respectively.

The following table presents an overview of Bancorp’s financial performance for the nine months ended September 30, 2025 and 2024:

(dollars in thousands, except per share data) |  |  |  |  |  |  |  |  |  | Variance |
Nine months ended September 30, |  | 2025 |  |  | 2024 |  |  | $/bp |  |  | % |
Net income |  | $ | 103,536 |  |  | $ | 82,845 |  |  | $ | 20,691 |  |  |  | 25 | %
Diluted earnings per share |  | $ | 3.51 |  |  | $ | 2.82 |  |  | $ | 0.69 |  |  |  | 24 | %
ROA |  |  | 1.53 | % |  |  | 1.34 | % |  | 19 bps |  |  |  | 14 | %
ROE |  |  | 14.17 | % |  |  | 12.53 | % |  | 164 bps |  |  |  | 13 | %

Additional discussion follows under the section titled “Results of Operations.”

General highlights for the nine months ended September 30, 2025 compared to September 30, 2024:

| ● | Net income totaled $103.5 million for the nine months ended September 30, 2025, resulting in diluted EPS of $3.51, compared to net income of $82.8 million for the nine months ended September 30, 2024, which resulted in diluted EPS of $2.82.

| ● | Total loans increased $651 million, or 10%, compared to September 30, 2024, attributed largely to growth in the CRE segment, with the residential real estate, C&I lines of credit and C&D segments also experiencing solid growth. Average loans increased $754 million, or 13%, for the nine months ended September 30, 2025 compared to the same period of the prior year.

| ● | Bancorp’s ACL on loans increased $6.8 million, or 8%, compared to September 30, 2024. The increase over the past 12 months was attributed to significant loan growth, changes within the FRB’s national unemployment forecast and increased specific reserves, which were only partially offset by annual CECL model updates.

| ○ | Provision for credit losses on loans totaled $4.7 million for the nine months ended September 30, 2025, compared to $6.6 million for the nine months ended September 30, 2024.

| ● | Deposit balances increased $918 million, or 14%, compared to September 30, 2024, most notably by growth in time deposits tied to the success of competitive CD offerings.

| ● | Net interest income (FTE) totaled $221.3 million for the nine months ended September 30, 2025, representing an increase of $34.0 million, or 18%, compared to the nine months ended September 30, 2024.

| ○ | Interest income experienced a $43.8 million, or 14%, increase as a result of significant average earning asset growth, far surpassing the $9.9 million, or 9%, increase in interest expense driven by growth in interest-bearing liabilities. Interest income for the nine months ended September 30, 2025 also benefitted from the payoff of two non-accrual relationships, including interest income, during the year.

| ○ | However, despite higher interest expense, the overall cost of interest-bearing liabilities declined 10 bps for the nine months ended September 30, 2025 compared to the same period of the prior year. The lower cost was driven by both rate reductions enacted by the FRB over the last 12 months as well as interest-bearing deposit growth that eliminated the need for more expensive overnight borrowings through the FHLB.

| ○ | NIM increased 26 bps to 3.52% for the nine months ended September 30, 2025, compared to the same period of the prior year, driven by improved earning asset yields and a decline in the cost of interest-bearing liabilities.

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| ● | Non-interest income increased $97,000, or less than 1%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, as fluctuations within non-interest revenue streams were largely offsetting.

| ● | Non-interest expenses increased $11.0 million, or 8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven mainly by higher compensation expenses associated with increased bonus accrual levels in addition to broad expense increases attributed to the Company’s growth over the past 12 months.

| ● | Bancorp’s efficiency ratio (FTE) for the nine months ended September 30, 2025 was 53.75% compared to 56.56% for the nine months ended September 30, 2024. This improvement is attributed to strong net interest income growth, which outpaced growth in non-interest expenses.

Results of Operations

Net Interest Income - Overview

As is the case with most banks, Bancorp’s primary revenue sources are net interest income and fee income from various financial services provided to customers. Net interest income is the difference between interest income earned on loans, investment securities and other interest earning assets less interest expense on deposit accounts and other interest bearing liabilities. Loan volume and interest rates earned on those loans are critical to overall profitability. Similarly, deposit volume is crucial to funding loans and rates paid on deposits directly impact profitability. New business volume is influenced by numerous economic factors including market interest rates, business spending, liquidity, consumer confidence and competitive conditions within the marketplace. The discussion that follows is based on FTE net interest income data.

Comparative information regarding net interest income follows:

(dollars in thousands) |  |  |  |  |  |  |  |  |  | Variance |
As of and for the three months ended September 30, |  | 2025 |  |  | 2024 |  |  | $/bp |  |  | % |
Net interest income |  | $ | 77,037 |  |  | $ | 64,979 |  |  | $ | 12,058 |  |  |  | 19 | %
Net interest income (FTE)* |  |  | 77,119 |  |  |  | 65,064 |  |  |  | 12,055 |  |  |  | 19 | %
Net interest spread (FTE)* |  |  | 2.90 | % |  |  | 2.57 | % |  | 33 bps |  |  |  | 13 | %
Net interest margin (FTE)* |  |  | 3.56 | % |  |  | 3.33 | % |  | 23 bps |  |  |  | 7 | %
Average interest earning assets |  | $ | 8,586,419 |  |  | $ | 7,783,997 |  |  | $ | 802,422 |  |  |  | 10 | %
Average interest bearing liabilities |  |  | 6,439,410 |  |  |  | 5,701,063 |  |  |  | 738,347 |  |  |  | 13 | %
Five year Treasury note rate at period end |  |  | 3.74 | % |  |  | 3.58 | % |  | 16 bps |  |  |  | 4 | %
Average five year Treasury note rate |  |  | 3.80 | % |  |  | 3.80 | % |  | (0) bps |  |  |  | 0 | %
Prime rate at period end |  |  | 7.25 | % |  |  | 8.00 | % |  | (75) bps |  |  |  | -9 | %
Average Prime rate |  |  | 7.46 | % |  |  | 8.44 | % |  | (98) bps |  |  |  | -12 | %
One month term SOFR at period end |  |  | 4.13 | % |  |  | 4.85 | % |  | (72) bps |  |  |  | -15 | %
Average one month term SOFR |  |  | 4.29 | % |  |  | 5.22 | % |  | (93) bps |  |  |  | -18 | %

*See table titled, "Average Balance Sheets and Interest Rates (FTE)" for detail of Net interest income (FTE).

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(dollars in thousands) |  |  |  |  |  |  |  |  |  | Variance |
As of and for the nine months ended September 30, |  | 2025 |  |  | 2024 |  |  | $/bp |  |  | % |
Net interest income |  | $ | 221,062 |  |  | $ | 187,071 |  |  | $ | 33,991 |  |  |  | 18 | %
Net interest income (FTE)* |  |  | 221,315 |  |  |  | 187,344 |  |  |  | 33,971 |  |  |  | 18 | %
Net interest spread (FTE)* |  |  | 2.86 | % |  |  | 2.52 | % |  | 34 bps |  |  |  | 13 | %
Net interest margin (FTE)* |  |  | 3.52 | % |  |  | 3.26 | % |  | 26 bps |  |  |  | 8 | %
Average interest earning assets |  | $ | 8,408,159 |  |  | $ | 7,670,807 |  |  | $ | 737,352 |  |  |  | 10 | %
Average interest bearing liabilities |  |  | 6,326,894 |  |  |  | 5,611,573 |  |  |  | 715,321 |  |  |  | 13 | %
Five year Treasury note rate at period end |  |  | 3.74 | % |  |  | 3.58 | % |  | 16 bps |  |  |  | 4 | %
Average five year Treasury note rate |  |  | 4.00 | % |  |  | 4.13 | % |  | (13) bps |  |  |  | -3 | %
Prime rate at period end |  |  | 7.25 | % |  |  | 8.00 | % |  | (75) bps |  |  |  | -9 | %
Average Prime rate |  |  | 7.49 | % |  |  | 8.48 | % |  | (99) bps |  |  |  | -12 | %
One month term SOFR at period end |  |  | 4.13 | % |  |  | 4.85 | % |  | (72) bps |  |  |  | -15 | %
Average one month term SOFR |  |  | 4.31 | % |  |  | 5.29 | % |  | (98) bps |  |  |  | -19 | %

*See table titled, "Average Balance Sheets and Interest Rates (FTE)" for detail of Net interest income (FTE).

NIM and net interest spread calculations above exclude the sold portion of certain participation loans, which totaled $2 million at both September 30, 2025 and December 31, 2024, respectively. These sold loans are on Bancorp’s balance sheet as required by GAAP because Bancorp retains some form of effective control; however, Bancorp receives no interest income on the sold portion. These participation loans sold are excluded from NIM and spread analysis, as Bancorp believes it provides a more accurate depiction of loan portfolio performance.

At September 30, 2025, Bancorp’s loan portfolio consisted of approximately 64% fixed and 36% variable rate loans. At inception, most of Bancorp’s fixed rate loans are generally priced in relation to the five year treasury note. Bancorp’s variable rate loans are typically indexed to either Prime or one month term SOFR, repricing as those rates change. At September 30, 2025, approximately 55% and 45% of Bancorp’s variable rate loan portfolio was indexed to Prime and SOFR, respectively.

Prime rate, the five year treasury note rate and one month term SOFR are included in the preceding tables to provide a general indication of the interest rate environment in which Bancorp has operated during the past 12 months. The FRB increased the FFTR a total of 100 bps in 2023 via four separate 25 bps rate hikes, two of which occurred during the first quarter of 2023. These increases took the FFTR to a range of 5.25% - 5.50%, and Prime to 8.50%, in July of 2023. Interest rates remained at these levels until September 2024, when the FRB implemented its first rate reduction in over four years, beginning its attempt to avoid recession and pilot a “soft landing,” with three separate decreases of the FFTR over the final four months of 2024, ultimately lowering the FFTR a total of 100 bps to a range of 4.25% - 4.50%, and Prime to 7.50%, as of December 31, 2024. The FFTR and Prime rate remained at these levels through mid-September 2025, when the FRB reduced the FFTR 25 bps to 4.00% - 4.25%, ultimately taking Prime to 7.25%.

Recent projections indicate the likelihood for additional rate reductions in the fourth quarter of 2025 and the first half of 2026. As a result, pricing pressure/competition for both loans and deposits could increase in the coming quarters.

Net Interest Income (FTE) – Three months ended September 30, 2025 compared to September 30, 2024:

Net interest spread (FTE) and NIM (FTE) were 2.90% and 3.56%, for the three months ended September 30, 2025, compared to 2.57% and 3.33% for the same period in 2024, respectively.

Net interest income (FTE) increased $12.1 million, or 19%, for the three months ended September 30, 2025 compared to the same period of 2024, as the impact of significant loan growth on interest income far surpassed the increase in interest expense tied to interest bearing deposit growth.

Total average interest earning assets increased $802 million, or 10%, for the three months ended September 30, 2025, as compared to the same period of 2024, attributed to substantial average loan and interest-bearing cash balance growth that was partially offset by a decline in average investment securities driven by scheduled maturities and normal amortization. Further, the average rate earned on total average interest earning assets climbed 15 bps to 5.56%, as the previously mentioned loan growth, coupled with the repricing of matured/renewed loans at higher rates, lifted yields compared to the prior period.

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| ● | Average total loan balances increased $699 million, or 11%, for the three months ended September 30, 2025, compared to the same period of 2024. While the CRE segment drove a significant portion of the period over period growth, the residential real estate, C&I lines of credit and C&D segments also experienced solid growth.

| ● | Average investment securities declined $188 million, or 13%, for the three months ended September 30, 2025 compared to the same period of 2024, mainly as the result of significant scheduled maturities within the treasury portfolio, and to a lesser extent, normal amortization activity. The funding provided by this activity has benefitted interest-earning asset yields and overall NIM, as the related liquidity has helped fund Bancorp’s substantial loan growth or shifted into interest-bearing cash balances.

| ● | Average FFS and interest bearing due from bank balances increased $300 million, or 202%, for the three months ended September 30, 2025, which was largely the result of the previously mentioned liquidity provided by the investment securities portfolio in addition to deposit growth outpacing loan growth.

Total interest income (FTE) increased $14.5 million, or 14%, to $120.3 million for the three months ended September 30, 2025, as compared to the same period of 2024.

| ● | Interest and fee income (FTE) on loans increased $11.5 million, or 12%, to $107.3 million for the three months ended September 30, 2025, compared to the same period of 2024, driven mainly by loan growth. The yield on the overall loan portfolio increased 2 bps to 6.19% for the three months ended September 30, 2025 compared to 6.17% for the same period of the prior year.

| ● | Despite the decline in average investment securities, there was a $136,000, or 2%, increase in interest income (FTE) on the portfolio for the three months ended September 30, 2025 compared to the same period of 2024. This increase was driven by reinvesting a portion of lower-yielding maturities at significantly higher rates to satisfy collateral pledging requirements over the past 12 months. As a result, the corresponding yield on the portfolio grew to 2.42% for the three months ended September 30, 2025, compared to 2.07% for the prior year period.

| ● | Interest income on FFS and interest bearing due from bank balances increased $3.1 million, or 157% for the three months ended September 30, 2025, consistent with the increase in corresponding average balances. The yield on these assets decreased 78 bps to 4.42% for the three months ended September 30, 2025 compared to the same period of 2024 due to rate reductions enacted by the FRB.

Total average interest bearing liabilities increased $738 million, or 13%, to $6.44 billion for the three month period ended September 30, 2025 compared with the same period in 2024.

| ● | Average interest bearing deposits increased $954 million, or 19%, for the three months ended September 30, 2025 compared to the same period in 2024. Bancorp experienced a $572 million, or 51%, increase in average time deposits and increases of $245 million, or 11%, and $137 million, or 11%, increase in average interest bearing demand and money market deposits, respectively, consistent with the success of Bancorp’s competitive CD offerings and depositors seeking higher-yielding deposit products in the current environment.

| ● | Average FHLB advances decreased $161 million, or 35%, for the three months ended September 30, 2025 compared to the same period of the prior year, as significant interest-bearing deposit growth eliminated the need for more expensive overnight borrowings through the FHLB during the third quarter of 2025. Bancorp currently utilizes a $300 million term advance in conjunction with four separate interest rate swaps of varying maturities in an effort to secure longer-term funding at more favorable rates. This advance represents the only outstanding FHLB borrowing as of September 30, 2025.

| ● | Average SSUAR decreased $52 million, or 33%, for the three months ended September 30, 2025 compared to the same period of the prior year, attributed largely to a number of clients moving into other deposit products.

Total interest expense increased $2.5 million, or 6%, for the three months ended September 30, 2025 compared to the same period of 2024, driven almost entirely by increased time deposit expense associated with successful CD promotion, which was only partially offset by a decline in interest expense on FHLB advances.

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| ● | Total interest bearing deposit expense increased $5.3 million, or 16%, driven by growth in the time deposit portfolio associated with successful promotional campaigns. However, each interest bearing deposit category experienced a decline in cost for the three months ended September 30, 2025 compared to the same period of the prior year, which was driven by Bancorp’s ability to reduce deposit rates consistent with rate reductions enacted by the FRB. Total interest-bearing deposit cost decreased 8 bps to 2.60%.

| ● | Interest expense on FHLB borrowings decreased $2.3 million, or 45%, for the three months ended September 30, 2025, as compared to same period of the prior year, consistent with the $161 million decrease in average FHLB advances.

| ● | Interest expense on SSUAR decreased $349,000, or 37%, for the three months ended September 30, 2025, as compared to the same period of the prior year, consistent with the average balance decrease.

Net Interest Income (FTE) – Nine months ended September 30, 2025 compared to September 30, 2024:

Net interest spread (FTE) and NIM (FTE) were 2.86% and 3.52%, for the nine months ended September 30, 2025, compared to 2.52% and 3.26% for the same period in 2024, respectively.

Net interest income (FTE) increased $34.0 million, or 18%, for the nine months ended September 30, 2025 compared to the same period of 2024, as the impact of significant loan growth on interest income far surpassed the increase in interest expense tied to interest bearing deposit growth.

Total average interest earning assets increased $737 million, or 10%, for the nine months ended September 30, 2025, as compared to the same period of 2024, attributed to substantial average loan growth that was partially offset by a decline in average investment securities driven by scheduled maturities and normal amortization. The average rate earned on total average interest earning assets climbed 24 bps to 5.51%.

| ● | Average total loan balances increased $754 million, or 13%, for the nine months ended September 30, 2025, compared to the same period of 2024. While the CRE segment drove a significant portion of the period over period growth, the residential real estate, C&I lines of credit and C&D segments also experienced solid growth.

| ● | Average investment securities declined $155 million, or 10%, for the nine months ended September 30, 2025 compared to the same period of 2024, mainly as the result of significant scheduled maturities within the treasury portfolio, and to a lesser extent, normal amortization activity. The funding provided by this activity has benefitted interest-earning asset yields and overall NIM, as the related liquidity has helped fund Bancorp’s substantial loan growth or shifted into interest-bearing cash balances.

| ● | Average FFS and interest bearing due from bank balances increased $140 million, or 91%, for the nine months ended September 30, 2025, which was largely the result of the previously mentioned liquidity provided by the investment securities portfolio.

Total interest income (FTE) increased $43.8 million, or 14%, to $347 million for the nine months ended September 30, 2025, as compared to the same period of 2024.

| ● | Interest and fee income (FTE) on loans increased $38.2 million, or 14%, to $310 million for the nine months ended September 30, 2025, compared to the same period of 2024, driven by significant average loan growth. The yield on the overall loan portfolio increased 9 bps to 6.15% for the nine months ended September 30, 2025 compared to 6.06% for the same period of the prior year. The nine months ended September 30, 2025 also benefitted from the payoff of two non-accrual loans during the period, which included approximately $828,000 of interest income.

| ● | Despite the decline in average investment securities, there was a $1.9 million, or 8%, increase in interest income (FTE) on the portfolio for the nine months ended September 30, 2025 compared to the same period of 2024. This increase was driven by temporarily reinvesting a portion of lower-yielding maturities at significantly higher short-term rates to satisfy collateral pledging requirements. As a result, the corresponding yield on the portfolio climbed to 2.50% for the nine months ended September 30, 2025, compared to 2.06% for the prior year period. These short-term securities ultimately matured toward the end of the third quarter and were not reinvested.

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| ● | Interest income on FFS and interest bearing due from bank balances increased $3.5 million, or 57%, for the nine months ended September 30, 2025, consistent with the average balance increase. The yield on these assets decreased 96 bps to 4.43% for the nine months ended September 30, 2025 compared to the same period of 2024 due to rate reductions enacted by the FRB over the last 12 months.

Total average interest bearing liabilities increased $715 million, or 13%, to $6.33 billion for the nine month period ended September 30, 2025 compared with the same period in 2024.

| ● | Average interest bearing deposits increased $781 million, or 16%, for the nine months ended September 30, 2025 compared to the same period in 2024. Bancorp experienced a $485 million, or 46%, increase in average time deposits and increases of $178 million, or 8%, and $124 million, or 10%, increase in average interest bearing demand and money market deposits, respectively, as a result of depositors seeking higher-yielding deposit products in the current environment.

| ● | Average FHLB advances decreased $37 million, or 9%, for the nine months ended September 30, 2025 compared to the same period of the prior year. Bancorp’s utilization of overnight borrowings declined the nine months ended September 30, 2025, consistent with substantial interest-bearing deposit growth. No overnight borrowings were outstanding as of September 30, 2025. Bancorp currently utilizes a $300 million term advance in conjunction with four separate interest rate swaps of varying maturities in an effort to secure longer-term funding at more favorable rates. This advance represents the only outstanding FHLB borrowing as of September 30, 2025.

| ● | Average SSUAR decreased $26 million, or 17%, for the nine months ended September 30, 2025 compared to the same period of the prior year, driven by both normal fluctuation and a number of clients moving into other deposit offerings.

Total interest expense increased $9.9 million, or 9%, for the nine months ended September 30, 2025 compared to the same period of 2024, driven almost entirely by increased time deposit expense associated with successful CD promotion, which was only partially offset by smaller declines in virtually every other interest-bearing liability category. Despite the increased expense, the cost of interest-bearing deposits declined 3 bps to 2.56% and total interest-bearing liability cost declined 10 bps 2.65%, which was attributed to the impact of the FRB’s interest rate reductions enacted over the last 12 months.

| ● | Total interest bearing deposit expense increased $13.9 million, or 14%, driven by growth in the time deposit portfolio associated with successful promotional CD products offered through April of this year. The cost of interest bearing deposits declined 3 bps compared to the nine months ended September 30, 2024, which was driven by Bancorp’s ability to reduce deposit rates consistent with the rate reductions implemented by the FRB over the last 12 months.

| ● | Interest expense on FHLB borrowings decreased $3.0 million, or 22%, for the nine months ended September 30, 2025, as compared to same period of the prior year. Both overnight borrowing volume and cost declined consistent with interest-bearing deposit growth and the FRB’s previously mentioned rate cuts.

| ● | Interest expense on SSUAR decreased $612,000, or 23%, for the nine months ended September 30, 2025, as compared to the same period of the prior year, consistent with the average balance decrease and rate reductions.

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Average Balance Sheets and Interest Rates (FTE) – Three-Month Comparison

|  | Three months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Average |  |  |  |  |  |  | Average |  |  | Average |  |  |  |  |  |  | Average |
(dollars in thousands) |  | Balance |  |  | Interest |  |  | Rate |  |  | Balance |  |  | Interest |  |  | Rate |
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold and interest bearing due from banks |  | $ | 448,969 |  |  | $ | 5,003 |  |  |  | 4.42 | % |  | $ | 148,818 |  |  | $ | 1,946 |  |  |  | 5.20 | %
Mortgage loans held for sale |  |  | 6,051 |  |  |  | 74 |  |  |  | 4.85 |  |  |  | 4,862 |  |  |  | 47 |  |  |  | 3.85 |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 1,165,522 |  |  |  | 7,033 |  |  |  | 2.39 |  |  |  | 1,347,533 |  |  |  | 6,918 |  |  |  | 2.04 |
Tax-exempt |  |  | 71,193 |  |  |  | 506 |  |  |  | 2.82 |  |  |  | 77,282 |  |  |  | 485 |  |  |  | 2.50 |
Total securities |  |  | 1,236,715 |  |  |  | 7,539 |  |  |  | 2.42 |  |  |  | 1,424,815 |  |  |  | 7,403 |  |  |  | 2.07 |
Federal Home Loan Bank stock |  |  | 21,125 |  |  |  | 488 |  |  |  | 9.16 |  |  |  | 31,193 |  |  |  | 663 |  |  |  | 8.46 |
Loans |  |  | 6,873,559 |  |  |  | 107,250 |  |  |  | 6.19 |  |  |  | 6,174,309 |  |  |  | 95,748 |  |  |  | 6.17 |
Total interest earning assets |  |  | 8,586,419 |  |  |  | 120,354 |  |  |  | 5.56 |  |  |  | 7,783,997 |  |  |  | 105,807 |  |  |  | 5.41 |
Less allowance for credit losses on loans |  |  | 92,859 |  |  |  |  |  |  |  |  |  |  |  | 84,260 |  |  |  |  |  |  |  |  |
Non-interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 75,952 |  |  |  |  |  |  |  |  |  |  |  | 72,692 |  |  |  |  |  |  |  |  |
Premises and equipment, net |  |  | 115,810 |  |  |  |  |  |  |  |  |  |  |  | 113,150 |  |  |  |  |  |  |  |  |
Bank owned life insurance |  |  | 90,882 |  |  |  |  |  |  |  |  |  |  |  | 88,356 |  |  |  |  |  |  |  |  |
Goodwill |  |  | 194,074 |  |  |  |  |  |  |  |  |  |  |  | 194,074 |  |  |  |  |  |  |  |  |
Accrued interest receivable and other |  |  | 246,525 |  |  |  |  |  |  |  |  |  |  |  | 216,596 |  |  |  |  |  |  |  |  |
Total assets |  | $ | 9,216,803 |  |  |  |  |  |  |  |  |  |  | $ | 8,384,605 |  |  |  |  |  |  |  |  |
Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing demand |  | $ | 2,518,044 |  |  | $ | 12,353 |  |  |  | 1.95 | % |  | $ | 2,273,444 |  |  | $ | 11,783 |  |  |  | 2.06 | %
Savings |  |  | 423,488 |  |  |  | 289 |  |  |  | 0.27 |  |  |  | 423,754 |  |  |  | 298 |  |  |  | 0.28 |
Money market |  |  | 1,370,189 |  |  |  | 9,654 |  |  |  | 2.80 |  |  |  | 1,233,297 |  |  |  | 9,930 |  |  |  | 3.20 |
Time |  |  | 1,689,554 |  |  |  | 16,998 |  |  |  | 3.99 |  |  |  | 1,117,276 |  |  |  | 11,986 |  |  |  | 4.27 |
Total interest bearing deposits |  |  | 6,001,275 |  |  |  | 39,294 |  |  |  | 2.60 |  |  |  | 5,047,771 |  |  |  | 33,997 |  |  |  | 2.68 |
Securities sold under agreements to repurchase |  |  | 104,640 |  |  |  | 588 |  |  |  | 2.23 |  |  |  | 156,865 |  |  |  | 937 |  |  |  | 2.38 |
Federal funds purchased |  |  | 6,689 |  |  |  | 72 |  |  |  | 4.27 |  |  |  | 8,480 |  |  |  | 120 |  |  |  | 5.63 |
Federal Home Loan Bank advances |  |  | 300,000 |  |  |  | 2,870 |  |  |  | 3.80 |  |  |  | 461,141 |  |  |  | 5,209 |  |  |  | 4.49 |
Subordinated debentures |  |  | 26,806 |  |  |  | 411 |  |  |  | 6.08 |  |  |  | 26,806 |  |  |  | 480 |  |  |  | 7.12 |
Total interest bearing liabilities |  |  | 6,439,410 |  |  |  | 43,235 |  |  |  | 2.66 |  |  |  | 5,701,063 |  |  |  | 40,743 |  |  |  | 2.84 |
Non-interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing demand deposits |  |  | 1,540,029 |  |  |  |  |  |  |  |  |  |  |  | 1,510,515 |  |  |  |  |  |  |  |  |
Accrued interest payable and other |  |  | 221,886 |  |  |  |  |  |  |  |  |  |  |  | 262,753 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 8,201,325 |  |  |  |  |  |  |  |  |  |  |  | 7,474,331 |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 1,015,478 |  |  |  |  |  |  |  |  |  |  |  | 910,274 |  |  |  |  |  |  |  |  |
Total liabilities and stockholders' equity |  | $ | 9,216,803 |  |  |  |  |  |  |  |  |  |  | $ | 8,384,605 |  |  |  |  |  |  |  |  |
Net interest income |  |  |  |  |  | $ | 77,119 |  |  |  |  |  |  |  |  |  |  | $ | 65,064 |  |  |  |  |
Net interest spread |  |  |  |  |  |  |  |  |  |  | 2.90 | % |  |  |  |  |  |  |  |  |  |  | 2.57 | %
Net interest margin |  |  |  |  |  |  |  |  |  |  | 3.56 | % |  |  |  |  |  |  |  |  |  |  | 3.33 | %

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Average Balance Sheets and Interest Rates (FTE) – Nine-Month Comparison

|  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Average |  |  |  |  |  |  | Average |  |  | Average |  |  |  |  |  |  | Average |
(dollars in thousands) |  | Balance |  |  | Interest |  |  | Rate |  |  | Balance |  |  | Interest |  |  | Rate |
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds sold and interest bearing due from banks |  | $ | 294,033 |  |  | $ | 9,734 |  |  |  | 4.43 | % |  | $ | 153,755 |  |  | $ | 6,199 |  |  |  | 5.39 | %
Mortgage loans held for sale |  |  | 6,310 |  |  |  | 229 |  |  |  | 4.85 |  |  |  | 5,230 |  |  |  | 152 |  |  |  | 3.88 |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 1,270,410 |  |  |  | 23,580 |  |  |  | 2.48 |  |  |  | 1,418,794 |  |  |  | 21,700 |  |  |  | 2.04 |
Tax-exempt |  |  | 72,332 |  |  |  | 1,514 |  |  |  | 2.80 |  |  |  | 79,298 |  |  |  | 1,456 |  |  |  | 2.45 |
Total securities |  |  | 1,342,742 |  |  |  | 25,094 |  |  |  | 2.50 |  |  |  | 1,498,092 |  |  |  | 23,156 |  |  |  | 2.06 |
Federal Home Loan Bank stock |  |  | 24,756 |  |  |  | 1,682 |  |  |  | 9.08 |  |  |  | 27,364 |  |  |  | 1,601 |  |  |  | 7.82 |
Loans |  |  | 6,740,318 |  |  |  | 309,952 |  |  |  | 6.15 |  |  |  | 5,986,366 |  |  |  | 271,736 |  |  |  | 6.06 |
Total interest earning assets |  |  | 8,408,159 |  |  |  | 346,691 |  |  |  | 5.51 |  |  |  | 7,670,807 |  |  |  | 302,844 |  |  |  | 5.27 |
Less allowance for credit losses on loans |  |  | 91,106 |  |  |  |  |  |  |  |  |  |  |  | 83,344 |  |  |  |  |  |  |  |  |
Non-interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 76,178 |  |  |  |  |  |  |  |  |  |  |  | 72,444 |  |  |  |  |  |  |  |  |
Premises and equipment, net |  |  | 115,891 |  |  |  |  |  |  |  |  |  |  |  | 111,113 |  |  |  |  |  |  |  |  |
Bank owned life insurance |  |  | 90,252 |  |  |  |  |  |  |  |  |  |  |  | 87,760 |  |  |  |  |  |  |  |  |
Goodwill |  |  | 194,074 |  |  |  |  |  |  |  |  |  |  |  | 194,074 |  |  |  |  |  |  |  |  |
Accrued interest receivable and other |  |  | 240,332 |  |  |  |  |  |  |  |  |  |  |  | 209,163 |  |  |  |  |  |  |  |  |
Total assets |  | $ | 9,033,780 |  |  |  |  |  |  |  |  |  |  | $ | 8,262,017 |  |  |  |  |  |  |  |  |
Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing demand |  | $ | 2,496,769 |  |  | $ | 35,809 |  |  |  | 1.92 | % |  | $ | 2,318,696 |  |  | $ | 35,365 |  |  |  | 2.04 | %
Savings |  |  | 422,850 |  |  |  | 873 |  |  |  | 0.28 |  |  |  | 429,546 |  |  |  | 895 |  |  |  | 0.28 |
Money market |  |  | 1,349,068 |  |  |  | 28,236 |  |  |  | 2.80 |  |  |  | 1,224,878 |  |  |  | 28,521 |  |  |  | 3.11 |
Time |  |  | 1,538,245 |  |  |  | 46,468 |  |  |  | 4.04 |  |  |  | 1,053,065 |  |  |  | 32,705 |  |  |  | 4.15 |
Total interest bearing deposits |  |  | 5,806,932 |  |  |  | 111,386 |  |  |  | 2.56 |  |  |  | 5,026,185 |  |  |  | 97,486 |  |  |  | 2.59 |
Securities sold under agreements to repurchase |  |  | 130,507 |  |  |  | 2,027 |  |  |  | 2.08 |  |  |  | 156,392 |  |  |  | 2,639 |  |  |  | 2.25 |
Federal funds purchased |  |  | 6,605 |  |  |  | 214 |  |  |  | 4.33 |  |  |  | 9,585 |  |  |  | 395 |  |  |  | 5.50 |
Federal Home Loan Bank advances |  |  | 356,044 |  |  |  | 10,519 |  |  |  | 3.95 |  |  |  | 392,609 |  |  |  | 13,469 |  |  |  | 4.58 |
Subordinated debentures |  |  | 26,806 |  |  |  | 1,230 |  |  |  | 6.13 |  |  |  | 26,802 |  |  |  | 1,511 |  |  |  | 7.53 |
Total interest bearing liabilities |  |  | 6,326,894 |  |  |  | 125,376 |  |  |  | 2.65 |  |  |  | 5,611,573 |  |  |  | 115,500 |  |  |  | 2.75 |
Non-interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing demand deposits |  |  | 1,485,519 |  |  |  |  |  |  |  |  |  |  |  | 1,508,947 |  |  |  |  |  |  |  |  |
Accrued interest payable and other |  |  | 237,702 |  |  |  |  |  |  |  |  |  |  |  | 258,230 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 8,050,115 |  |  |  |  |  |  |  |  |  |  |  | 7,378,750 |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 983,665 |  |  |  |  |  |  |  |  |  |  |  | 883,267 |  |  |  |  |  |  |  |  |
Total liabilities and stockholders' equity |  | $ | 9,033,780 |  |  |  |  |  |  |  |  |  |  | $ | 8,262,017 |  |  |  |  |  |  |  |  |
Net interest income |  |  |  |  |  | $ | 221,315 |  |  |  |  |  |  |  |  |  |  | $ | 187,344 |  |  |  |  |
Net interest spread |  |  |  |  |  |  |  |  |  |  | 2.86 | % |  |  |  |  |  |  |  |  |  |  | 2.52 | %
Net interest margin |  |  |  |  |  |  |  |  |  |  | 3.52 | % |  |  |  |  |  |  |  |  |  |  | 3.26 | %

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Supplemental Information - Average Balance Sheets and Interest Rates (FTE)

| ● | Average loan balances include the principal balance of non-accrual loans, as well as unearned income such as loan premiums, discounts, fees/costs and exclude participation loans accounted for as secured borrowings. Participation loans accounted for as secured borrowings averaged $2 million for the three month periods ended both September 30, 2025 and 2024, respectively. Participation loans accounted for as secured borrowings averaged $2 million and $3 million for the nine month periods ended September 30, 2025 and 2024, respectively.

| ● | Interest income on a FTE basis includes additional amounts of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal taxes yielding the same after-tax income. Interest income on municipal securities and tax-exempt loans has been calculated on a FTE basis using a federal income tax rate of 21%. Approximate tax equivalent adjustments to interest income were $82,000 and $85,000 for the three month periods ended September 30, 2025 and 2024, respectively, and $253,000 and $273,000 for the nine month periods ended September 30, 2025 and 2024, respectively.

| ● | Interest income includes loan fees of $1.3 million and $1.7 million for the three month periods ended September 30, 2025 and 2024, respectively, and $4.3 million and $4.6 million for the nine month periods ended September 30, 2025 and 2024, respectively. Interest income on loans may be materially impacted by the level of prepayment fees collected and net accretion income related to acquired loans. Net accretion income related to acquired loans totaled $375,000 and $467,000 for the three month periods ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the nine month periods ended September 30, 2025 and 2024.

| ● | Net interest income, the most significant component of Bancorp's earnings, represents total interest income less total interest expense. The level of net interest income is determined by mix and volume of interest earning assets, interest bearing deposits and borrowed funds, and changes in interest rates.

| ● | NIM represents net interest income on a FTE basis as a percentage of total average interest earning assets.

| ● | Net interest spread (FTE) is the difference between taxable equivalent rates earned on total interest earning assets less the cost of interest bearing liabilities.

| ● | The fair market value adjustment on investment securities resulting from ASC 320, “Investments – Debt and Equity Securities” is included as a component of other assets.

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Asset/Liability Management and Interest Rate Risk

Managing interest rate risk is fundamental for the financial services industry. The primary objective of interest rate risk management is to neutralize effects of interest rate changes on net income. By considering both on and off-balance sheet financial instruments, management evaluates interest rate sensitivity with the goal of optimizing net interest income within the constraints of prudent capital adequacy, liquidity needs, market opportunities and customer funding requirements.

Interest Rate Simulation Sensitivity Analysis

Bancorp uses an earnings simulation model to estimate and evaluate the impact of an immediate change in interest rates on earnings in a one-year forecast. The simulation model is designed to reflect dynamics of interest earning assets and interest bearing liabilities. By estimating effects of interest rate fluctuations, the model can approximate interest rate risk exposure. This simulation model is used by management to gauge approximate results given a specific change in interest rates at a given point in time. The model is therefore a tool to indicate earnings trends in given interest rate scenarios and may not indicate actual or expected results.

The results of the interest rate sensitivity analysis performed as of September 30, 2025 were derived from conservative assumptions Bancorp uses in its model, particularly in relation to deposit betas, which measure how responsive management’s deposit repricing may be to changes in market rates based on historical data. Management uses different betas in the rising and falling rate scenarios in an effort to best simulate expected earnings trends.

Bancorp’s interest rate sensitivity analysis indicates that increases in interest rates of 100 and 200 bps would have a positive effect on net interest income, while decreases in interest rates of 100 and 200 bps would have a negative impact. These results depict an asset-sensitive interest rate risk profile. The increase in net interest income in the rising rate scenarios is primarily due to variable rate loans and short-term investments repricing more quickly than deposits and short-term borrowings. Net interest income decreases in the falling rate scenarios because rates on non-maturity deposits cannot be lowered sufficiently to offset the decline in interest income associated with assets that immediately reprice as rates fall.

|  | -200 |  |  | -100 |  |  | +100 |  |  | +200 |
|  | Basis Points |  |  | Basis Points |  |  | Basis Points |  |  | Basis Points |
% Change from base net interest income at September 30, 2025 |  |  | -7.64 | % |  |  | -3.98 | % |  |  | 3.99 | % |  |  | 8.34 | %

Bancorp’s loan portfolio is currently composed of approximately 64% fixed and 36% variable rate loans, with the fixed rate portion pricing generally based on a spread to the five year treasury curve at the time of origination and the variable portion pricing based on an on-going spread to Prime (approximately 55%) or SOFR (approximately 45%).

Periodically, Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value, with changes in fair value recorded in other non-interest income as interest rates fluctuate. Because of matching terms of offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings and are therefore not included in the simulation analysis results above. For additional information see the Footnote titled “Assets and Liabilities Measured and Reported at Fair Value.”

In addition, Bancorp periodically uses derivative financial instruments as part of its interest rate risk management, including interest rate swaps. These interest rate swaps are designated as cash flow hedges as described in the Footnote titled “Derivative Financial Instruments.” For these derivatives, the effective portion of gains or losses is reported as a component of OCI and is subsequently reclassified into earnings as an adjustment to interest expense in periods in which the hedged transaction affects earnings.

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Provision for Credit Losses

Provision for credit losses on loans at September 30, 2025 represents the amount of expense that, based on management’s judgment, is required to maintain the ACL for loans at an appropriate level under the CECL model. The determination of the amount of the ACL for loans is complex and involves a high degree of judgment and subjectivity. See the Footnote titled “Basis of Presentation and Summary of Significant Accounting Policies” in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024 for detailed discussion regarding Bancorp’s ACL methodology by loan segment.

An analysis of the changes in the ACL for loans, including provision, and selected ratios follow:

|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 90,722 |  |  | $ | 82,155 |  |  | $ | 86,943 |  |  | $ | 79,374 |
Provision for credit losses on loans |  |  | 1,550 |  |  |  | 4,325 |  |  |  | 4,700 |  |  |  | 6,575 |
Total charge-offs |  |  | (429 | ) |  |  | (1,345 | ) |  |  | (1,596 | ) |  |  | (1,954 | )
Total recoveries |  |  | 317 |  |  |  | 208 |  |  |  | 2,113 |  |  |  | 1,348 |
Net loan recoveries |  |  | (112 | ) |  |  | (1,137 | ) |  |  | 517 |  |  |  | (606 | )
Ending balance |  | $ | 92,160 |  |  | $ | 85,343 |  |  | $ | 92,160 |  |  | $ | 85,343 |
Average total loans |  | $ | 6,873,559 |  |  | $ | 6,174,309 |  |  | $ | 6,740,318 |  |  | $ | 5,986,366 |
Provision for credit losses on loans to average total loans (1) |  |  | 0.02 | % |  |  | 0.07 | % |  |  | 0.07 | % |  |  | 0.11 | %
Net loan (charge-offs)/recoveries to average total loans (1) |  |  | 0.00 | % |  |  | -0.02 | % |  |  | 0.01 | % |  |  | -0.01 | %
ACL for loans to total loans |  |  | 1.33 | % |  |  | 1.36 | % |  |  | 1.33 | % |  |  | 1.36 | %
ACL for loans to average total loans |  |  | 1.34 | % |  |  | 1.38 | % |  |  | 1.37 | % |  |  | 1.43 | %

(1) Ratios are not annualized

The ACL for loans totaled $92 million as of September 30, 2025 compared to $85 million at September 30, 2024, representing an ACL to total loans ratio of 1.33% and 1.36% for the respective periods.

Provision expense on loans of $1.6 million and $4.7 million was recorded for the three and nine month periods ended September 30, 2025. While expense for both periods were consistent with strong loan growth, changes within the FRB’s national unemployment forecast and increased specific reserves, expense for the nine month period was also impacted by annual CECL model updates made during the first quarter of 2025. Net charge offs of $112,000 and net recoveries of $517,000 were recorded for the three and nine month periods ended September 30, 2025, respectively.

Provision expense on loans of $4.3 million and $6.6 million was recorded for the three and nine month periods ended September 30, 2024. Expense for the prior year was driven mainly to strong loan growth and deterioration in the FRB’s national unemployment forecast. Net charge offs of $1.1 million and $606,000 were recorded for the three and nine month periods ended September 30, 2024, serving to decrease the ACL for loans.

While separate from the ACL for loans and recorded in other liabilities on the consolidated balance sheets, the ACL for off balance sheet credit exposures also increased between December 31, 2024 and September 30, 2025. Provision expense of $425,000 and $350,000 for off balance sheet credit exposures was recorded for the three and nine month periods ended September 30, 2025, respectively, driven by increased availability associated with new line production, particularly within the C&D segment. The lower expense recorded for the nine month period stemmed from recording a credit to provision expense for off balance sheet credit exposures during the first quarter, consistent with improved utilization and thus reduced availability for that period. The ACL for off balance sheet exposures totaled $7.1 million as of September 30, 2025.

While no provision for credit loss expense for off balance sheet credit exposures was recorded for the three month period ended September 30, 2024, expense of $475,000 was recorded for the nine month period ended September 30, 2024, driven by increased availability in the C&D portfolio. The ACL for off balance sheet credit exposures was $6.3 million as of September 30, 2024.

Bancorp’s loan portfolio is well-diversified with no significant concentrations of credit. Geographically, most loans are extended to borrowers in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets. The adequacy of the ACL is monitored on an ongoing basis and it is the opinion of management that the balance of the ACL at September 30, 2025 is adequate to absorb probable losses inherent in the loan portfolio as of the financial statement date.

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Non-interest Income

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | $ Variance |  |  | % Variance |  |  | 2025 |  |  | 2024 |  |  | $ Variance |  |  | % Variance |
Wealth management and trust services |  | $ | 10,704 |  |  | $ | 10,931 |  |  | $ | (227 | ) |  |  | (2 | )% |  | $ | 31,834 |  |  | $ | 32,497 |  |  | $ | (663 | ) |  |  | (2 | )%
Deposit service charges |  |  | 2,281 |  |  |  | 2,314 |  |  |  | (33 | ) |  |  | (1 | ) |  |  | 6,429 |  |  |  | 6,630 |  |  |  | (201 | ) |  |  | (3 | )
Debit and credit card income |  |  | 5,009 |  |  |  | 5,083 |  |  |  | (74 | ) |  |  | (1 | ) |  |  | 14,354 |  |  |  | 14,688 |  |  |  | (334 | ) |  |  | (2 | )
Treasury management fees |  |  | 2,923 |  |  |  | 2,939 |  |  |  | (16 | ) |  |  | (1 | ) |  |  | 8,601 |  |  |  | 8,389 |  |  |  | 212 |  |  |  | 3 |
Mortgage banking income |  |  | 1,252 |  |  |  | 1,112 |  |  |  | 140 |  |  |  | 13 |  |  |  | 3,263 |  |  |  | 3,077 |  |  |  | 186 |  |  |  | 6 |
Net investment product sales commissions and fees |  |  | 1,112 |  |  |  | 915 |  |  |  | 197 |  |  |  | 22 |  |  |  | 3,102 |  |  |  | 2,580 |  |  |  | 522 |  |  |  | 20 |
Bank owned life insurance |  |  | 631 |  |  |  | 634 |  |  |  | (3 | ) |  |  | (0 | ) |  |  | 1,882 |  |  |  | 1,817 |  |  |  | 65 |  |  |  | 4 |
Gain on sale of premises and equipment |  |  | - |  |  |  | (59 | ) |  |  | 59 |  |  |  | (100 | ) |  |  | 74 |  |  |  | (39 | ) |  |  | 113 |  |  |  | (290 | )
Other |  |  | 564 |  |  |  | 928 |  |  |  | (364 | ) |  |  | (39 | ) |  |  | 2,281 |  |  |  | 2,084 |  |  |  | 197 |  |  |  | 9 |
Total non-interest income |  | $ | 24,476 |  |  | $ | 24,797 |  |  | $ | (321 | ) |  |  | (1 | )% |  | $ | 71,820 |  |  | $ | 71,723 |  |  | $ | 97 |  |  |  | 0 | %

Total non-interest income decreased $321,000, or 1%, and increased $97,000, or less 1%, for the three and nine month periods ended September 30, 2025, respectively, compared to the same periods of 2024. Non-interest income comprised 24.1% and 24.5% of total revenues, defined as net interest income and non-interest income, for the three and nine month periods ended September 30, 2025 compared to 27.6% and 27.7% for the same periods of 2024, respectively. The decreases from prior year were attributed to the sharp rise in net interest income compared to prior year. WM&T services comprised 43.7% and 44.3% of total non-interest income for the three and nine month periods ended September 30, 2025 compared to 44.1% and 45.3% for the same periods of the prior year. The decreases from the prior year were attributed to period over period declines in WM&T revenue related to the impact of business lost over the past 12 months.

WM&T Services:

The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. WM&T revenue decreased $227,000, or 2%, and $663,000, or 2%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024, attributed to the residual impact of business lost in prior periods in addition to lower estate fee income, the latter of which is non-recurring in nature.

Net new business refers to revenue generated from newly acquired customers, excluding revenue from upselling or cross-selling to existing active customers. It plays a crucial role in expanding Bancorp’s financial base and ensuring long-term sustainability and success. In the latter part of 2024, the WM&T department experienced negative net new business for the first time in several years, driven by employee attrition associated with aggressive recruiting and market competition for clients. Positions impacted by attrition have since been filled and Bancorp experienced positive net new business (annualized) during the nine months ended September 30, 2025. While recent trends suggest a turn-around regarding net new business is in process, the fallout from the previously mentioned employee attrition/client departures is still being felt, as it could take several quarters for benefit of new hire production to be realized.

Recurring fees earned for managing accounts are based on a percentage of market value of AUM and are typically assessed on a monthly basis. Recurring fees, which generally comprise the vast majority of WM&T revenue, increased $175,000, or 2%, and decreased $294,000, or 1%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. While both the three and nine month periods ended September 30, 2025 were impacted by the previously mentioned lost business, the three month period benefitted from stronger market returns as compared to the same period of the prior year.

A portion of WM&T revenue, most notably executor and certain employee benefit plan-related fees, are non-recurring in nature and the timing of these revenues corresponds with the related administrative activities. For this reason, such fees are subject to greater period over period fluctuation. Total non-recurring fees decreased $403,000, or 59%, and $369,000, or 28%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024 due to the prior year periods experiencing particularly strong estate fee revenue.

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AUM, stated at market value, totaled $7.48 billion at September 30, 2025 compared with $7.07 billion at December 31, 2024 and $7.32 billion at September 30, 2024. The increase in AUM between September 30, 2024 and September 30, 2025 was attributed to appreciation within the equity and fixed income markets over the past 12 months in addition to positive net new business through the first nine months of 2025. After experiencing 4 consecutive quarters of contraction beginning in the third quarter of 2024, AUM expanded during both the second and third quarters of 2025, as general market appreciation has aided positive net new business trends in recent months.

Contracts between WM&T and their customers do not permit performance-based fees and accordingly, none of the WM&T revenue is performance based. Management believes the WM&T department will continue to factor significantly in Bancorp’s financial results and provide strategic diversity to revenue streams.

Detail of WM&T Service Income by Account Type:

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment advisory |  | $ | 4,561 |  |  | $ | 4,240 |  |  | $ | 13,132 |  |  | $ | 12,726 |
Personal trust |  |  | 3,142 |  |  |  | 3,815 |  |  |  | 9,938 |  |  |  | 11,465 |
Personal investment retirement |  |  | 2,085 |  |  |  | 1,955 |  |  |  | 6,092 |  |  |  | 5,661 |
Company retirement |  |  | 419 |  |  |  | 416 |  |  |  | 1,228 |  |  |  | 1,240 |
Foundation and endowment |  |  | 335 |  |  |  | 339 |  |  |  | 998 |  |  |  | 1,003 |
Custody and safekeeping |  |  | 73 |  |  |  | 56 |  |  |  | 207 |  |  |  | 172 |
Brokerage and insurance services |  |  | 33 |  |  |  | 5 |  |  |  | 51 |  |  |  | 9 |
Other |  |  | 56 |  |  |  | 105 |  |  |  | 188 |  |  |  | 221 |
Total WM&T services income |  | $ | 10,704 |  |  | $ | 10,931 |  |  | $ | 31,834 |  |  | $ | 32,497 |

The preceding table demonstrates that WM&T fee revenue is concentrated within investment advisory and personal trust accounts. WM&T fees are predominantly based on AUM and tailored for individual/company accounts and/or relationships with fee structures customized based on account type and other factors, with larger relationships paying a lower percentage of AUM in fees. For example, recurring AUM fee structures are in place for investment management, irrevocable and revocable trusts, personal investment retirement accounts and accounts holding only fixed income securities. WM&T also provides company retirement plan services, which can consist of a one-time conversion fee with recurring AUM fees to follow. While there are also fee structures for estate settlements, income received is typically non-recurring in nature. Fee structures are agreed upon at the time of account opening and any subsequent revisions are communicated in writing to the customer. As previously mentioned, WM&T fees earned are not performance-based nor are they based on investment strategy or transactions. Bancorp also earns management fees on in-house investments funds added through bank acquisitions.

AUM by Account Type:

AUM (not included on balance sheet) increased from $7.07 billion at December 31, 2024 to $7.48 billion at September 30, 2025 as follows:

|  | September 30, 2025 |  |  | December 31, 2024 |
(in thousands) |  | Managed |  |  | Non-managed (1) |  |  | Total |  |  | Managed |  |  | Non-managed (1) |  |  | Total |
Investment advisory |  | $ | 2,861,846 |  |  | $ | 39,072 |  |  | $ | 2,900,918 |  |  | $ | 2,645,233 |  |  | $ | 66,026 |  |  | $ | 2,711,259 |
Personal trust |  |  | 1,537,988 |  |  |  | 480,603 |  |  |  | 2,018,591 |  |  |  | 1,475,683 |  |  |  | 408,602 |  |  |  | 1,884,285 |
Personal investment retirement |  |  | 1,015,516 |  |  |  | 17,400 |  |  |  | 1,032,916 |  |  |  | 937,493 |  |  |  | 21,536 |  |  |  | 959,029 |
Company retirement |  |  | 54,419 |  |  |  | 681,554 |  |  |  | 735,973 |  |  |  | 54,626 |  |  |  | 679,539 |  |  |  | 734,165 |
Foundation and endowment |  |  | 521,355 |  |  |  | 7,628 |  |  |  | 528,983 |  |  |  | 497,890 |  |  |  | 7,383 |  |  |  | 505,273 |
Subtotal |  | $ | 5,991,124 |  |  | $ | 1,226,257 |  |  | $ | 7,217,381 |  |  | $ | 5,610,925 |  |  | $ | 1,183,086 |  |  | $ | 6,794,011 |
Custody and safekeeping |  |  | — |  |  |  | 263,020 |  |  |  | 263,020 |  |  |  | — |  |  |  | 271,491 |  |  |  | 271,491 |
Total AUM |  | $ | 5,991,124 |  |  | $ | 1,489,277 |  |  | $ | 7,480,401 |  |  | $ | 5,610,925 |  |  | $ | 1,454,577 |  |  | $ | 7,065,502 |

(1) Non-managed assets represent those for which the WM&T department does not hold investment discretion.

As of September 30, 2025 and December 31, 2024, approximately 80% and 79% of AUM were actively managed, respectively. Company retirement plan accounts consist primarily of participant-directed assets. The amount of custody and safekeeping accounts are insignificant to overall WM&T operations.

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Managed AUM by Class of Investment:

(in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Interest bearing deposits |  | $ | 402,664 |  |  | $ | 460,521 |
Treasury and government agency obligations |  |  | 212,183 |  |  |  | 194,461 |
State, county and municipal obligations |  |  | 407,778 |  |  |  | 341,940 |
Money market mutual funds |  |  | 34,579 |  |  |  | 36,657 |
Equity mutual funds |  |  | 1,345,464 |  |  |  | 1,183,611 |
Other mutual funds - fixed, balanced and municipal |  |  | 638,287 |  |  |  | 561,218 |
Other notes and bonds |  |  | 171,531 |  |  |  | 167,548 |
Common and preferred stocks |  |  | 2,592,319 |  |  |  | 2,437,672 |
Real estate mortgages |  |  | - |  |  |  | 167 |
Real estate |  |  | 21,050 |  |  |  | 42,250 |
Other miscellaneous assets (1) |  |  | 165,269 |  |  |  | 184,880 |
Total managed assets |  | $ | 5,991,124 |  |  | $ | 5,610,925 |

(1) Includes client directed instruments such as rights, warrants, annuities, insurance policies, unit investment trusts, and oil and gas rights.

Managed assets are invested in instruments for which market values can be readily determined, the majority of which are sensitive to market fluctuations and consist of approximately 66% in equities and 34% in fixed income securities as of September 30, 2025, compared to 65% and 35% as of December 31, 2024. This composition has remained relatively consistent from period to period.

Additional Sources of Non-interest income:

Deposit service charges, which consist of non-sufficient funds charges and to a lesser extent, other activity based charges, decreased $33,000, or 1%, and $201,000, or 3%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. Consistent with the banking industry generally, Bancorp has experienced a steady decline in the volume of fees earned on overdrawn checking accounts over the past several years. This trend has been driven by lower check presentment volume, which has in turn led to fewer overdrawn accounts in general. Further, Bancorp anticipates that future growth of this revenue stream could be significantly impacted by changing industry practices. Bancorp could be faced with strategic decisions surrounding deposit-related service charges in the future, which could negatively impact the contributions made by this, or similar, revenue streams.

Debit and credit card income consists of interchange revenue, ancillary fees and incentives received from card processors. Debit and credit card revenue decreased $74,000, or 1%, and $334,000, or 2%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024, attributed mainly to lower transaction volumes. Total debit card income decreased $43,000, or 1%, and $204,000, or 2%, and total credit card income decreased $31,000, or 2%, and $130,000, or 3%, for the three and nine month periods ended September 30, 2025, compared the same periods of the prior year. While Bancorp generally expects this revenue stream to grow with continued expansion of the customer base, interchange rate compression and fluctuations in business and consumer spend levels could serve as challenges to future growth.

Treasury management fees primarily consist of fees earned for cash management services provided to commercial customers. Treasury management fees decreased $16,000, or 1%, and increased $212,000, or 3%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. While both periods have benefitted from organic growth and new product sales in addition to broad fee increases implemented towards the end of the first quarter, the decrease for the three month period is attributed to the prior year period experiencing elevated levels of foreign currency exchange income.

Mortgage banking income primarily includes gains on sales of mortgage loans and net loan servicing income offset by MSR amortization. Bancorp’s mortgage banking department predominantly originates residential mortgage loans to be sold in the secondary market, primarily to FNMA and FHLMC. Bancorp offers conventional, VA, FHA and GNMA financing for purchases and refinances, as well as programs for first-time homebuyers. Interest rates on mortgage loans directly influence the volume of business transacted by the mortgage-banking department. Mortgage banking revenue increased $140,000, or 13%, and $186,000, or 6%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024, driven by higher origination volumes related largely to the addition of new sales officers.

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Net investment product sales commissions and fees are generated primarily on stock, bond and mutual fund sales, as well as wrap fees earned on brokerage accounts via an arrangement with a third party broker-dealer. Wrap fees represent charges for investment programs that bundle together a suite of services, such as brokerage, advisory, research and management and are based on a percentage of account assets. Bancorp deploys its financial advisors primarily through its branch network, while larger managed accounts are generally serviced by Bancorp’s WM&T group. Net investment product sales commissions and fees increased $197,000, or 22%, and $522,000, or 20%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024, attributed to the addition of a new broker and a general shift towards more profitable wrap fee-based business.

BOLI assets represent the cash surrender value of life insurance policies on certain active and non-active employees who have provided consent for Bancorp to be the beneficiary for a portion of such policies. The related change in cash surrender value and any death benefits received under the policies are recorded as non-interest income and serves to offset the cost of various employee benefits. BOLI income decreased $3,000, or less than 1%, and increased $65,000, or 4%, for the three and nine month periods ending September 30, 2025 compared to the same periods of the prior year, consistent with yields within the policy plans compared to the prior year.

While no activity was recorded for the three months ended September 30, 2025, a gain on the sale of premises and equipment totaling $74,000 was recorded for the nine month period ended September 30, 2025. The gain recorded for the current year stems mainly from the sale of a property owned through a prior acquisition that had been held for sale. Losses on the sale of premises and equipment of $59,000 and $39,000 were recorded for the three and nine month periods ended September 30, 2024.

Other non-interest income decreased $364,000, or 39%, and increased $197,000, or 9%, for the three and nine month periods ended September 30, 2025 compared with the same periods of 2024. The variances for both periods are attributed mainly to the timing and size of swap fee revenue, which is non-recurring in nature and can be relatively volatile.

Non-interest Expenses

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | $ Variance |  |  | % Variance |  |  | 2025 |  |  | 2024 |  |  | $ Variance |  |  | % Variance |
Compensation |  | $ | 28,836 |  |  | $ | 25,534 |  |  | $ | 3,302 |  |  |  | 13 | % |  | $ | 82,047 |  |  | $ | 74,389 |  |  | $ | 7,658 |  |  |  | 10 | %
Employee benefits |  |  | 4,878 |  |  |  | 4,629 |  |  |  | 249 |  |  |  | 5 |  |  |  | 15,993 |  |  |  | 15,591 |  |  |  | 402 |  |  |  | 3 |
Net occupancy and equipment |  |  | 4,086 |  |  |  | 3,775 |  |  |  | 311 |  |  |  | 8 |  |  |  | 12,234 |  |  |  | 11,264 |  |  |  | 970 |  |  |  | 9 |
Technology and communication |  |  | 4,837 |  |  |  | 4,500 |  |  |  | 337 |  |  |  | 7 |  |  |  | 14,438 |  |  |  | 14,463 |  |  |  | (25 | ) |  |  | (0 | )
Debit and credit card processing |  |  | 1,984 |  |  |  | 1,845 |  |  |  | 139 |  |  |  | 8 |  |  |  | 5,711 |  |  |  | 5,402 |  |  |  | 309 |  |  |  | 6 |
Marketing and business development |  |  | 1,887 |  |  |  | 1,438 |  |  |  | 449 |  |  |  | 31 |  |  |  | 5,353 |  |  |  | 4,109 |  |  |  | 1,244 |  |  |  | 30 |
Postage, printing and supplies |  |  | 910 |  |  |  | 901 |  |  |  | 9 |  |  |  | 1 |  |  |  | 2,816 |  |  |  | 2,740 |  |  |  | 76 |  |  |  | 3 |
Legal and professional |  |  | 891 |  |  |  | 968 |  |  |  | (77 | ) |  |  | (8 | ) |  |  | 2,886 |  |  |  | 3,268 |  |  |  | (382 | ) |  |  | (12 | )
FDIC insurance |  |  | 1,198 |  |  |  | 1,095 |  |  |  | 103 |  |  |  | 9 |  |  |  | 3,681 |  |  |  | 3,368 |  |  |  | 313 |  |  |  | 9 |
Capital and deposit based taxes |  |  | 1,082 |  |  |  | 825 |  |  |  | 257 |  |  |  | 31 |  |  |  | 2,520 |  |  |  | 2,128 |  |  |  | 392 |  |  |  | 18 |
Intangible amortization |  |  | 915 |  |  |  | 1,052 |  |  |  | (137 | ) |  |  | (13 | ) |  |  | 2,744 |  |  |  | 3,155 |  |  |  | (411 | ) |  |  | (13 | )
Other |  |  | 2,327 |  |  |  | 1,890 |  |  |  | 437 |  |  |  | 23 |  |  |  | 7,135 |  |  |  | 6,645 |  |  |  | 490 |  |  |  | 7 |
Total non-interest expenses |  | $ | 53,831 |  |  | $ | 48,452 |  |  | $ | 5,379 |  |  |  | 11 | % |  | $ | 157,558 |  |  | $ | 146,522 |  |  | $ | 11,036 |  |  |  | 8 | %

Total non-interest expenses increased $5.4 million, or 11%, and $11.0 million, or 8%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024. Compensation and employee benefits comprised 62.6% and 62.2% of Bancorp’s total non-interest expenses for the three and nine month periods ended September 30, 2025, compared to 62.3% and 61.4% for the same periods of 2024.

Compensation, which includes salaries, incentives, bonuses and stock based compensation, increased $3.3 million, or 13%, and $7.7 million, or 10%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. The increases were attributed primarily to higher bonus accrual levels associated with the strong performance experienced this year and growth in full time equivalent employees. Net full time equivalent employees totaled 1,140 at September 30, 2025 compared to 1,080 at December 31, 2024 and 1,068 at September 30, 2024.

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Employee benefits consists of all personnel-related expense not included in compensation, with the most significant items being health insurance, payroll taxes and employee retirement plan contributions. Employee benefits increased $249,000, or 5%, and $402,000, or 3%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024. The increases for both periods were driven largely by the previously mentioned growth in FTEs.

Net occupancy and equipment expenses primarily include depreciation, rent, property taxes, utilities and maintenance. Costs of capital asset additions flow through the statement of income over the lives of the assets in the form of depreciation expense. Net occupancy expense increased $311,000, or 8%, and $970,000, or 9%, for the three and nine month periods ended September 30, 2025, as compared with the same periods of 2024, consistent with higher rent and depreciation expense. The nine month period was also impacted by elevated snow removal activity stemming from severe winter weather experienced in all of Bancorp’s markets earlier in the year. At September 30, 2025, Bancorp’s branch network consisted of 73 locations throughout Louisville, central, eastern and Northern Kentucky, as well as the MSAs of Indianapolis, Indiana and Cincinnati, Ohio.

Technology and communication expenses include computer software usage and licensing fees, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources. Technology expense increased $337,000, or 7%, and decreased $25,000, or less than 1%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024. The variances for both periods are attributed to the timing of technology spending and various upgrade expenses incurred in the prior year. Several planned technology investments began in the third quarter, driving the increase for the three month period and closing the gap on what had been a larger year-to-date variance through the first and second quarters of 2025.

Bancorp outsources processing for debit and commercial credit card operations, which generate significant revenue for the Company. The related expenses typically fluctuate consistent with transaction volumes. Debit and credit card processing expense increased $139,000, or 8%, and $309,000, or 6%, for the three and nine month periods ending September 30, 2025 compared to the same periods of the prior year, driven by higher processing fees, including increased fraud-mitigation expenses.

Marketing and business development expenses include all costs associated with promoting Bancorp, including community support, retaining customers and acquiring new business. Marketing and business development expenses increased $449,000, or 31%, and $1.2 million, or 30%, for the three and nine month periods ending September 30, 2025, as compared to the same periods of 2024, which was primarily the result of higher advertising expense tied to deposit product promotions in addition to various Bank initiatives, sponsorships and ad campaigns.

Postage, printing and supplies expense increased $9,000, or 1% and $76,000, or 3%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024, consistent with the previously mentioned deposit product promotions and other initiatives.

Legal and professional fees decreased $77,000, or 8%, and $382,000, or 12%, for the three and nine month periods ended September 30, 2025 compared to the same periods of the prior year, driven primarily by lower compliance-related consulting expense associated with Bancorp approaching $10 billion in total assets in addition to generally lower legal expenses, including collections-related expenses.

FDIC insurance expense increased $103,000, or 9%, and $313,000, or 9%, for the three and nine month periods ended September 30, 2025, as compared to the same periods of 2024, consistent with Bancorp’s growth in addition to changes in loan mix, as higher assessments are levied on C&D lending concentrations, a segment which has grown as a percentage of total loans.

Capital and deposit based taxes, which consist primarily of capital-based local income taxes and franchise taxes, increased $257,000, or 31%, and $392,000, or 18%, for the three and nine month periods ended September 30, 2025 compared to the same periods of 2024. Bancorp’s capital and deposit based tax expense is based on deposits held within various local taxing districts, as well as gross revenues generated within/appropriated to the state of Ohio, which is the only state Bancorp operates in with a capital-based deposit tax. The increases for the current year periods stem mainly from the substantial deposit growth experienced over the last 12 months.

Intangible amortization expense consists of amortization associated with the CDI of acquired deposit portfolios, as well as an intangible related to customer list of the WM&T business line added through a past acquisition. The intangibles are amortized on an accelerated basis over a period of approximately ten years. Intangible amortization expense decreased $137,000, or 13%, and $411,000, or 13%, for the three and nine month periods ended September 30, 2025 compared to the same period of the prior year, which is attributed to the accelerated depreciation method for which intangible assets are amortized.

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Other non-interest expenses increased $437,000, or 23%, and $490,000, or 7%, for the three and nine month periods ended September 30, 2025, as compared to the same periods of 2024. The increases over the prior year stemmed mainly from higher credit card rewards and increases in premiums for insurance policies related to general bank liabilities.

Income Tax Expense

A comparison of income tax expense and ETR follows:

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | $/bp Variance |  |  | % Variance |  |  | 2025 |  |  | 2024 |  |  | $ Variance |  |  | % Variance |
Income before income tax expense |  | $ | 45,707 |  |  | $ | 36,999 |  |  | $ | 8,708 |  |  |  | 24 | % |  | $ | 130,274 |  |  | $ | 105,222 |  |  | $ | 25,052 |  |  |  | 24 | %
Income tax expense |  |  | 9,466 |  |  |  | 7,639 |  |  |  | 1,827 |  |  |  | 24 |  |  |  | 26,738 |  |  |  | 22,377 |  |  |  | 4,361 |  |  |  | 19 |
Effective tax rate |  |  | 20.71 | % |  |  | 20.65 | % |  | 6 bps |  |  |  | 0 |  |  |  | 20.52 | % |  |  | 21.27 | % |  | (75) bps |  |  |  | (4 | )

Fluctuations in the ETR are primarily attributed to the following:

| ● | The impact of state income taxes, net of federal benefit, serves to increase the overall ETR and fluctuates consistent with the level of pre-tax income that is taxable at the state level. The ETR was increased by 2.93% for the nine months ended September 30, 2025, compared to an increase of 3.12% for the same period of 2024. The impact to the ETR attributed to state income taxes for the current year was lower compared to the prior year, despite higher pre-tax income, due to recognizing more interest income from U.S. treasury securities, which is tax-exempt at the state level.

| ● | The stock based compensation component of the ETR fluctuates consistent with the level of SAR exercise activity in addition to the levels of PSU, RSA and RSU vesting. The ETR was reduced by 0.32% for the nine months ended September 30, 2025 compared to an decrease of 0.36% for the same period of 2024, consistent with exercise and vesting activity.

| ● | The cash surrender value of life insurance policies can vary widely from period to period, driven largely by market changes. The related impact is inversely correlated with the ETR generally, with cash surrender value declines typically serving to increase the ETR and vice versa. Changes in the cash surrender value of life insurance policies decreased the ETR by 0.59% and 0.73% for the nine months ended September 30, 2025 and 2024, respectively.

| ● | Bancorp invests in certain partnerships that yield federal income tax credits. Taken as a whole, the tax benefit of these investments exceeds amortization expense, resulting in a positive impact on net income. The timing and magnitude of these transactions may vary widely from period to period. Cumulative tax credit activity for the nine months ended September 30, 2025 and 2024 served to reduce the ETR 2.54% and 0.90%, respectively.

| ● | Tax-exempt interest income earned on loans and investment securities reduced the ETR by 0.32% and 0.45% for the nine months ended September 30, 2025 and 2024, respectively.

On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill (“the Act”). Bancorp is currently evaluating income tax implications of the Act, but does not expect the Act to have a material impact on the financial statements.

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Financial Condition – September 30, 2025 Compared to December 31, 2024

Overview

Total assets increased $444 million, or 5%, to $9.31 billion at September 30, 2025 from $8.86 billion at December 31, 2024. The increase for the first nine months of 2025 was attributed to strong loan growth of $409 million, or 6%, and a $465 million, or 160%, increase in cash and cash equivalents, which was partially offset by a decline of $420 million, or 31%, in the investment securities portfolio attributed mainly to scheduled maturity activity.

Total liabilities increased $343 million, or 4%, to $8.27 billion at September 30, 2025 from $7.92 billion at December 31, 2024, with total deposit growth of $478 million, or 7%, driven in large part by successful deposit promotions, which was offset partially by smaller declines in SSURA and other liabilities.

Stockholders’ equity increased $101 million, or 11%, to $1.04 billion at September 30, 2025 from $940 million at December 31, 2024, as net income of $103.5 million and a $23.5 million improvement in AOCI was offset by $27.7 million of cash dividends declared during the first nine months of 2025. The improvement in AOCI was associated with changes in the interest rate environment and the corresponding impact on the valuation of the AFS debt securities portfolio and cash flow hedging derivatives.

Cash and Cash Equivalents

Cash and cash equivalents increased $465 million, or 160%, ending at $756 million at September 30, 2025 compared to $291 million at December 31, 2024, which was attributed to the previously mentioned maturity activity within the investment securities portfolio and deposit growth outpacing loan growth through the first nine months of 2025. The elevated cash levels currently held by Bancorp are also consistent with balance sheet management strategies implemented in preparation for approaching the $10 billion regulatory threshold.

Investment Securities

The primary purpose of the investment securities portfolio is to provide another source of interest income, as well as a tool for liquidity management. In managing the composition of the balance sheet, Bancorp seeks a balance between earnings sources, credit and liquidity considerations.

Investment securities decreased $420 million, or 31%, to $941 million at September 30, 2025 compared to $1.36 billion at December 31, 2024. This decline was driven mainly by scheduled maturities within the treasury portfolio specifically, and to a lesser extent, normal pay down activity. Investment in the securities portfolio during the first nine months of 2025 consisted of purchasing short-term treasury securities to put excess liquidity to work and provide collateral to meet pledging requirements, while still offering the funding flexibility allowed by their short duration. Bancorp opted to let these short-term investments mature toward the end of the third quarter, providing liquidity to fund continued loan growth and the ability to strategically manage the balance sheet.

FHLB Stock

FHLB stock holdings decreased $886,000, or 4%, to $21 million at September 30, 2025 compared to $22 million at December 31, 2024. The increase was driven by fluctuations in FHLB borrowing activity during the first nine months of 2025, as FHLB members are required to hold certain levels of FHLB stock in relation to the amount of their borrowings. Bancorp’s reliance on overnight borrowings through the FHLB was gradually eliminated through the first nine months of 2025, consistent with substantial deposit growth. Bancorp’s FHLB stock holdings are expected to fluctuate consistent with borrowing activity from period to period.

Loans

Total loans increased $409 million, or 6%, from December 31, 2024 to September 30, 2025. The loan growth experienced during the first nine months of 2025 was well spread across loan categories, with CRE, residential real estate and C&I line of credit growth leading the way.

Total line of credit utilization has experienced steady improvement over the past several quarters, ending at 46.8% as of September 30, 2025 compared to 45.9% at December 31, 2024 and 43.2% at September 30, 2024. Similarly, utilization within the C&I portfolio improved to 36.8% at September 30, 2025 compared to 33.7% at December 31, 2024 and 31.8% at September 30, 2024, which was evidenced by the solid growth seen within the C&I line of credit segment of the loan portfolio.

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Bancorp’s credit exposure is diversified between businesses and individuals. No specific industry concentration exceeds 10% of loans outstanding. While Bancorp has a diversified loan portfolio, a customer’s ability to honor loan agreements is somewhat dependent upon the economic stability and/or industry in which that customer does business. Loans outstanding and related unfunded commitments are primarily concentrated within Bancorp’s current market areas, which encompass the Louisville, Kentucky MSA, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio MSAs.

CRE represents the largest segment of Bancorp’s loan portfolio, totaling $3.04 billion, or 44%, of total loans as of September 30, 2025. While a combination of sustained higher interest rates and rising central business district vacancies across the country have created credit and collateral concerns within the CRE sector generally over the past few years, Bancorp believes the quality of its CRE portfolio, and the overall loan portfolio, remains solid.

Office building exposure, which is a sub-segment of CRE and perceived to be of particular risk in the current environment, is a smaller component of Bancorp’s loan portfolio, totaling $604 million, or 9%, of total loans as of September 30, 2025. Approximately $252 million, or 42%, of Bancorp’s office building exposure is medical-related, which in management’s opinion presents reduced risk compared to other CRE uses. In addition, approximately $326 million, or 54%, of the office building exposure is owner-occupied and is generally accompanied by a full commercial banking relationship. This sub-segment is concentrated in Bancorp’s primary markets, with no exposure to large office towers and minimal exposure to central business districts, and continues to perform well with minimal substandard/non-accrual and past due loans as of September 30, 2025.

Bancorp occasionally enters into loan participation agreements with other banks to diversify credit risk. For certain participation loans sold, Bancorp has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their ownership share of the loan without permission from Bancorp. GAAP requires the participated portion of these loans to be recorded as secured borrowings. These participated loans are included in the C&I and CRE loan portfolio segments with a corresponding liability recorded in other liabilities. At both September 30, 2025 and December 31, 2024, the total participated portion of loans of this nature totaled $2 million.

The following table presents the maturity distribution (based on contractual maturity) and rate sensitivity of the total loan portfolio as of September 30, 2025:

|  | Maturity |  |  |  |  |  |  |  |  |
September 30, 2025 (in thousands) |  | Within one year |  |  | After one but within five years |  |  | After five but within fifteen years |  |  | Ater fifteen years |  |  | Total |  |  | % of Total |
Fixed rate |  | $ | 359,485 |  |  | $ | 2,221,694 |  |  | $ | 867,132 |  |  | $ | 964,398 |  |  | $ | 4,412,709 |  |  |  | 64 | %
Variable rate |  |  | 743,201 |  |  |  | 1,115,947 |  |  |  | 623,016 |  |  |  | 34,583 |  |  |  | 2,516,747 |  |  |  | 36 | %
Total loans |  | $ | 1,102,686 |  |  | $ | 3,337,641 |  |  | $ | 1,490,148 |  |  | $ | 998,981 |  |  | $ | 6,929,456 |  |  |  | 100 | %

In the event where Bancorp structures a loan with a maturity exceeding five years, an automatic rate adjustment will typically be set in place at five years from origination date to limit interest rate sensitivity.

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Non-performing Loans and Assets

Information summarizing non-performing loans and assets follows:

(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Non-accrual loans |  | $ | 18,559 |  |  | $ | 21,727 |
Modifications to borrowers experiencing financial difficulty |  |  | - |  |  |  | - |
Loans past due 90 days or more and still accruing |  |  | 100 |  |  |  | 487 |
Total non-performing loans |  |  | 18,659 |  |  |  | 22,214 |
Other real estate owned |  |  | 190 |  |  |  | 10 |
Total non-performing assets |  | $ | 18,849 |  |  | $ | 22,224 |
Non-performing loans to total loans |  |  | 0.27 | % |  |  | 0.34 | %
Non-performing assets to total assets |  |  | 0.20 | % |  |  | 0.25 | %
ACL for loans to total non-performing loans |  |  | 494 | % |  |  | 391 | %

As of September 30, 2025, non-accrual loans totaled $19 million compared to $22 million at December 31, 2024. The decrease in total non-accrual loans between December 31, 2024 and September 30, 2025 stemmed mainly from the payoff of two CRE relationships during the first quarter and the paydown of another during the second quarter.

Non-performing assets as of September 30, 2025 consisted of approximately 90 loans, ranging in individual amounts up to $4 million, and one residential real estate property held as OREO.

Delinquent Loans

Delinquent loans (consisting of all loans 30 days or more past due) totaled $32 million at both September 30, 2025 and December 31, 2024. Delinquent loans to total loans were 0.47% and 0.50% at September 30, 2025 and December 31, 2024, respectively.

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Allowance for Credit Losses on Loans

The ACL for loans is a valuation allowance for loans estimated at each balance sheet date in accordance with GAAP. When Bancorp deems all or a portion of a loan to be uncollectible, the appropriate amount is written off and the ACL is reduced by the same amount. Subsequent recoveries, if any, are credited to the ACL when received. Allocations of the ACL may be made for specific loans, but the entire ACL for loans is available for any loan that, in Bancorp’s judgment, should be charged-off. See the Footnote titled “Summary of Significant Accounting Policies” from Bancorp’s most recent Annual Report on Form 10-K for discussion of Bancorp’s ACL methodology on loans.

Bancorp’s ACL for loans was $92 million as of September 30, 2025 compared to $87 million as of December 31, 2024. Provision expense for credit losses on loans of $4.7 million was recorded for the nine months ended September 30, 2025, consistent with strong loan growth, changes in the FRB’s national unemployment forecast, increased specific reserves and annual CECL model updates. Further, net recoveries of $517,000 were recorded for the nine months ended September 30, 2025, serving to increase the ACL for loans.

The ACL for loans calculation and resulting credit loss expense is significantly impacted by changes in forecasted economic conditions. Should the forecast for economic conditions change, Bancorp could experience further adjustments in its required ACL for loans.

The following table sets forth the ACL by category of loan:

|  | September 30, 2025 |  |  | December 31, 2024 |
(dollars in thousands) |  | Allocated Allowance |  |  | % of Total ACL on loans |  |  | ACL for loans to Total Loans |  |  | Allocated Allowance |  |  | % of Total ACL on loans |  |  | ACL for loans to Total Loans |
Commercial real estate - non-owner occupied |  | $ | 14,318 |  |  |  | 16 | % |  |  | 0.73 | % |  | $ | 13,935 |  |  |  | 16 | % |  |  | 0.76 | %
Commercial real estate - owner occupied |  |  | 12,882 |  |  |  | 14 | % |  |  | 1.18 | % |  |  | 10,192 |  |  |  | 12 | % |  |  | 1.02 | %
Total commercial real estate |  |  | 27,200 |  |  |  | 30 | % |  |  | 0.89 | % |  |  | 24,127 |  |  |  | 28 | % |  |  | 0.85 | %
Commercial and industrial - term |  |  | 20,823 |  |  |  | 23 | % |  |  | 2.41 | % |  |  | 21,284 |  |  |  | 25 | % |  |  | 2.41 | %
Commercial and industrial - lines of credit |  |  | 8,546 |  |  |  | 9 | % |  |  | 1.37 | % |  |  | 6,496 |  |  |  | 7 | % |  |  | 1.17 | %
Total commercial and industrial |  |  | 29,369 |  |  |  | 32 | % |  |  | 1.97 | % |  |  | 27,780 |  |  |  | 32 | % |  |  | 1.93 | %
Residential real estate - owner occupied |  |  | 14,795 |  |  |  | 16 | % |  |  | 1.69 | % |  |  | 14,468 |  |  |  | 17 | % |  |  | 1.80 | %
Residential real estate - non-owner occupied |  |  | 4,552 |  |  |  | 5 | % |  |  | 1.15 | % |  |  | 5,154 |  |  |  | 6 | % |  |  | 1.35 | %
Total residential real estate |  |  | 19,347 |  |  |  | 21 | % |  |  | 1.53 | % |  |  | 19,622 |  |  |  | 23 | % |  |  | 1.65 | %
Construction and land development |  |  | 11,221 |  |  |  | 12 | % |  |  | 1.66 | % |  |  | 10,981 |  |  |  | 13 | % |  |  | 1.76 | %
Home equity lines of credit |  |  | 1,377 |  |  |  | 2 | % |  |  | 0.51 | % |  |  | 1,277 |  |  |  | 1 | % |  |  | 0.52 | %
Consumer |  |  | 2,910 |  |  |  | 3 | % |  |  | 2.07 | % |  |  | 2,531 |  |  |  | 3 | % |  |  | 1.75 | %
Leases |  |  | 436 |  |  |  | 0 | % |  |  | 2.36 | % |  |  | 370 |  |  |  | 0 | % |  |  | 2.38 | %
Credit cards |  |  | 300 |  |  |  | 0 | % |  |  | 1.07 | % |  |  | 255 |  |  |  | 0 | % |  |  | 1.04 | %
Total |  | $ | 92,160 |  |  |  | 100 | % |  |  | 1.33 | % |  | $ | 86,943 |  |  |  | 100 | % |  |  | 1.33 | %

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The table below details net charge-offs to average loans outstanding by category of loan for the three and nine month periods ended September 30, 2025 and 2024, respectively.

|  | 2025 |  |  | 2024 |
Three months ended September 30, (dollars in thousands) |  | Net (charge offs)/ recoveries |  |  | Average Loans |  |  | Net (charge offs)/ recoveries to average loans |  |  | Net (charge offs)/ recoveries |  |  | Average Loans |  |  | Net (charge offs)/ recoveries to average loans |
Commercial real estate - non-owner occupied |  | $ | - |  |  | $ | 1,964,277 |  |  |  | 0.00 | % |  | $ | 18 |  |  | $ | 1,669,466 |  |  |  | 0.00 | %
Commercial real estate - owner occupied |  |  | 17 |  |  |  | 1,048,426 |  |  |  | 0.00 | % |  |  | - |  |  |  | 946,239 |  |  |  | 0.00 | %
Total commercial real estate |  |  | 17 |  |  |  | 3,012,703 |  |  |  | 0.00 | % |  |  | 18 |  |  |  | 2,615,705 |  |  |  | 0.00 | %
Commercial and industrial - term |  |  | 107 |  |  |  | 859,260 |  |  |  | 0.01 | % |  |  | (591 | ) |  |  | 866,705 |  |  |  | -0.07 | %
Commercial and industrial - lines of credit |  |  | - |  |  |  | 627,858 |  |  |  | 0.00 | % |  |  | - |  |  |  | 501,374 |  |  |  | 0.00 | %
Total commercial and industrial |  |  | 107 |  |  |  | 1,487,118 |  |  |  | 0.01 | % |  |  | (591 | ) |  |  | 1,368,079 |  |  |  | -0.04 | %
Residential real estate - owner occupied |  |  | (81 | ) |  |  | 860,371 |  |  |  | -0.01 | % |  |  | (291 | ) |  |  | 766,574 |  |  |  | -0.05 | %
Residential real estate - non-owner occupied |  |  | 2 |  |  |  | 391,677 |  |  |  | 0.00 | % |  |  | 7 |  |  |  | 373,434 |  |  |  | 0.00 | %
Total residential real estate |  |  | (79 | ) |  |  | 1,252,048 |  |  |  | -0.01 | % |  |  | (284 | ) |  |  | 1,140,008 |  |  |  | -0.03 | %
Construction and land development |  |  | - |  |  |  | 671,439 |  |  |  | 0.00 | % |  |  | - |  |  |  | 630,845 |  |  |  | 0.00 | %
Home equity lines of credit |  |  | - |  |  |  | 266,789 |  |  |  | 0.00 | % |  |  | (100 | ) |  |  | 230,053 |  |  |  | 0.00 | %
Consumer |  |  | (145 | ) |  |  | 141,097 |  |  |  | -0.10 | % |  |  | (86 | ) |  |  | 147,447 |  |  |  | -0.06 | %
Leases |  |  | - |  |  |  | 16,501 |  |  |  | 0.00 | % |  |  | - |  |  |  | 17,008 |  |  |  | 0.00 | %
Credit cards |  |  | (12 | ) |  |  | 25,864 |  |  |  | -0.05 | % |  |  | (94 | ) |  |  | 25,164 |  |  |  | -0.37 | %
Total |  | $ | (112 | ) |  | $ | 6,873,559 |  |  |  | 0.00 | % |  | $ | (1,137 | ) |  | $ | 6,174,309 |  |  |  | -0.02 | %

|  | 2025 |  |  | 2024 |
Nine months ended September 30, (dollars in thousands) |  | Net (charge offs)/ recoveries |  |  | Average Loans |  |  | Net (charge offs)/ recoveries to average loans |  |  | Net (charge offs)/ recoveries |  |  | Average Loans |  |  | Net (charge offs)/ recoveries to average loans |
Commercial real estate - non-owner occupied |  | $ | 26 |  |  | $ | 1,912,089 |  |  |  | 0.00 | % |  | $ | 51 |  |  | $ | 1,625,903 |  |  |  | 0.00 | %
Commercial real estate - owner occupied |  |  | (21 | ) |  |  | 1,027,927 |  |  |  | 0.00 | % |  |  | 49 |  |  |  | 932,038 |  |  |  | 0.01 | %
Total commercial real estate |  |  | 5 |  |  |  | 2,940,016 |  |  |  | 0.00 | % |  |  | 100 |  |  |  | 2,557,941 |  |  |  | 0.00 | %
Commercial and industrial - term |  |  | 1,207 |  |  |  | 877,183 |  |  |  | 0.14 | % |  |  | (126 | ) |  |  | 865,401 |  |  |  | -0.01 | %
Commercial and industrial - lines of credit |  |  | - |  |  |  | 594,547 |  |  |  | 0.00 | % |  |  | 204 |  |  |  | 467,513 |  |  |  | 0.04 | %
Total commercial and industrial |  |  | 1,207 |  |  |  | 1,471,730 |  |  |  | 0.08 | % |  |  | 78 |  |  |  | 1,332,914 |  |  |  | 0.01 | %
Residential real estate - owner occupied |  |  | (74 | ) |  |  | 836,390 |  |  |  | -0.01 | % |  |  | (292 | ) |  |  | 740,579 |  |  |  | -0.05 | %
Residential real estate - non-owner occupied |  |  | (1 | ) |  |  | 387,559 |  |  |  | 0.00 | % |  |  | 7 |  |  |  | 366,270 |  |  |  | 0.00 | %
Total residential real estate |  |  | (75 | ) |  |  | 1,223,949 |  |  |  | -0.01 | % |  |  | (285 | ) |  |  | 1,106,849 |  |  |  | -0.03 | %
Construction and land development |  |  | - |  |  |  | 662,466 |  |  |  | 0.00 | % |  |  | - |  |  |  | 580,720 |  |  |  | 0.00 | %
Home equity lines of credit |  |  | (10 | ) |  |  | 258,742 |  |  |  | 0.00 | % |  |  | (98 | ) |  |  | 220,764 |  |  |  | 0.00 | %
Consumer |  |  | (495 | ) |  |  | 141,957 |  |  |  | -0.35 | % |  |  | (241 | ) |  |  | 146,168 |  |  |  | -0.16 | %
Leases |  |  | - |  |  |  | 15,772 |  |  |  | 0.00 | % |  |  | - |  |  |  | 16,518 |  |  |  | 0.00 | %
Credit cards |  |  | (115 | ) |  |  | 25,686 |  |  |  | -0.45 | % |  |  | (160 | ) |  |  | 24,492 |  |  |  | -0.65 | %
Total |  | $ | 517 |  |  | $ | 6,740,318 |  |  |  | 0.01 | % |  | $ | (606 | ) |  | $ | 5,986,366 |  |  |  | -0.01 | %

While separate from the ACL for loans and recorded in other liabilities on the consolidated balance sheets, the ACL for off balance sheet credit exposures experienced an increase between December 31, 2024 and September 30, 2025. Provision expense of $350,000 was recorded for off balance sheet credit exposures for the nine months ended September 30, 2025, driven by increased availability associated with new line production, particularly within the C&D segment. The ACL for off balance sheet credit exposures totaled $7.1 million and $6.8 million as of September 30, 2025 and December 31, 2024.

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Premises and Equipment

Premises and equipment are presented on the consolidated balance sheets net of related depreciation on the respective assets, as well as fair value adjustments associated with purchase accounting. Premises and equipment increased $3.5 million, or 3%, between December 31, 2024 and September 30, 2025. Bancorp’s branch network currently consists of 73 locations throughout Louisville, central, eastern and northern, Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets.

Premises held for sale totaling $1.7 million and $2.3 million was recorded on Bancorp’s consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. The decrease during the first nine months of 2025 was attributed to the sale of a former administrative building owned through a prior acquisition during the second quarter. Premises held for sale consisted of three vacant parcels of land and one former branch location as of September 30, 2025.

BOLI

Bank-owned life insurance assets increased to $91 million at September 30, 2025, compared to $89 million at December 31, 2024, due to general appreciation of the cash surrender values within the policy plans experienced during the nine month period ended September 30, 2025.

Goodwill

At September 30, 2025 and December 31, 2024, Bancorp had $194 million in goodwill recorded on its balance sheet. Goodwill of $58 million and $123 million is attributed to the acquisitions of CB and KB in 2022 and 2021, respectively. Additionally, goodwill totaling $12 million and $682,000 is attributed to the acquisitions of KSB and Austin State Bank in 2019 and 1996, respectively. The acquisition of TBOC in 2013 resulted in a bargain purchase gain.

Events that may trigger goodwill impairment include deterioration in economic conditions, a decline in market-dependent multiples or metrics (i.e. stock price declining below tangible book value), negative trends in overall financial performance and regulatory actions. At September 30, 2025, Bancorp performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

Core Deposit and Customer List Intangibles

CDIs and CLIs arising from business acquisitions are initially measured at fair value and are then amortized on an accelerated method based on their useful lives. As of September 30, 2025 and December 31, 2024, Bancorp’s CDI assets totaled $7.3 million and $9.0 million, respectively, and are attributed entirely to the Commercial segment. As of September 30, 2025 and December 31, 2024, Bancorp’s CLI assets were $5.8 million and $6.8 million, respectively, and attributed entirely to the WM&T segment.

Other Assets and Other Liabilities

Other assets decreased $7 million, or 2%, to $302 million between December 31, 2024 and September 30, 2025. Other liabilities decreased $45 million, or 17%, to $214 million over the same period. The decrease in other assets was associated mainly with declines in DTAs and interest rate swap assets driven by changes in the interest rate environment generally, which were only partially offset by additional tax credit investments. The decrease in other liabilities was driven largely by a reduction in accrued tax credit investment contributions, which are made according to scheduled contractual commitments related to the respective investments.

Deposits

Total deposits increased $478 million, or 7%, from December 31, 2024 to September 30, 2025. Interest bearing deposits increased $345 million, or 6%, tied primarily to the success of deposit promotions during the first quarter, which more than offset declines in interest bearing demand and money market deposits. While non-interest bearing deposits increased $133 million, or 9%, as of period end, average non-interest bearing deposits decreased $23 million, or 2%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

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Bancorp continues to experience a shift in the deposit portfolio mix, as customers have sought higher-yielding alternatives in the current interest rate environment. While the cost of interest-bearing deposits has moderated in recent quarters, the cost of total deposits (including non-interest deposits) increased to 2.04% from 1.99% for the nine months ended September 30, 2025 compared to the same period of the prior year, as higher-costing time deposits have become a larger percentage of the total deposit portfolio. Bancorp is cautious regarding deposit costs due to potential deposit pricing pressure/competition and the continued shift in deposit mix.

During the current year, Bancorp implemented ICS (insured cash sweep), a new deposit product offering for larger depositors that require collateralization. This product was added to the portfolio of offerings to allow flexibility for both liquidity needs and strategic balance sheet management, as we continue to grow towards $10 billion in total assets. ICS allows us to provide the necessary collateralization for public funds clients and other larger depositors in the form of a reciprocal network of other banks, which effectively spreads large deposit balances amongst enough participating banks to achieve FDIC coverage for each client. In turn, we receive deposits from other banks, helping them to achieve a similar goal. As collateral is provided to our clients through this network, the investments securities we would have otherwise had to pledge as collateral are now unrestricted from a liquidity perspective.

Additionally, the ICS network provides a one-way sell service, which will enable us to move large deposit balances off balance sheet temporarily by sending an equivalent amount of cash to the same network of participating banks. In this scenario, we do not receive any deposits, effectively helping us lower total assets (and total liabilities by lowering total deposits) to remain under the $10 billion threshold. Such activity occurs overnight and the deposits (and cash) are brought back on balance sheet the next day.

While both the reciprocal and one-way sell services offered by the ICS network may be utilized by Bancorp, the deposit customers of the Bank remain our customers. ICS effectively sweeps balances back and forth, so customers are minimally affected by the operational requirements and are provided the security of FDIC coverage.

Securities Sold Under Agreements to Repurchase

SSUAR declined $90 million, or 55%, between December 31, 2024 and September 30, 2025, driven mainly by a small number of clients within the product switching into other deposit offerings, primarily the previously mentioned ICS offering.

SSUAR represent a funding source of Bancorp and are used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within one business day from the transaction date. At September 30, 2025 and December 31, 2024, all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government agency mortgage-backed securities that were owned and controlled by Bancorp.

SSUAR are collateralized by securities and are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. All securities underlying the agreements are under Bancorp’s control.

Federal Funds Purchased

FFP and other short-term borrowing balances were relatively flat between December 31, 2024 and September 30, 2025, increasing $204,000, or 3%. At September 30, 2025, FFP related mainly to excess liquidity held by downstream correspondent bank customers of Bancorp.

Subordinated Debentures

Bancorp owns the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier 1 Capital. The subordinated note and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. As of September 30, 2025 and December 31, 2024, subordinated notes totaled $27 million, respectively.

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FHLB Advances

FHLB advances outstanding totaled $300 million at both September 30, 2025 and December 31, 2024, and consisted entirely of a $300 million three-month rolling advance that is hedged with four separate interest rate swaps (cash flow hedges) entered into in an effort to secure longer-term funding at more attractive rates. For more information related to the interest rate swaps noted above, see the footnote titled, “Derivative Financial Instruments.”

Average FHLB advances decreased $37 million, or 9%, for the nine months ended September 30, 2025 compared to the same period of the prior year. The utilization of overnight borrowings in the current year was virtually eliminated after the first quarter as deposit growth and investment maturities provided significant liquidity during the second and third quarters. No overnight borrowings were outstanding as of September 30, 2025, nor December 31, 2024.

Liquidity

The role of liquidity management is to ensure funds are available to meet depositors’ withdrawal and borrowers’ credit demands while at the same time maximizing profitability. This is accomplished by balancing changes in demand for funds with changes in supply of those funds. Liquidity is provided by short-term assets that can be converted to cash, AFS debt securities, various lines of credit available to Bancorp, and the ability to attract funds from external sources, principally deposits. Management believes it has the ability to increase deposits at any time by offering rates slightly higher than market rate.

Bancorp’s Asset/Liability Committee is comprised of senior management and has direct oversight responsibility for Bancorp’s liquidity position and profile. A combination of reports provided to management details internal liquidity metrics, composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, and exposure to contingent draws on Bancorp’s liquidity.

Bancorp’s most liquid assets are comprised of cash and due from banks, FFS and AFS debt securities. FFS and interest bearing deposits totaled $672 million and $212 million at September 30, 2025 and December 31, 2024, respectively. The increase experienced for the nine months of 2025 was attributed largely to deposit growth associated with successful deposit promotions and maturity activity within the investment securities portfolio. FFS normally have overnight maturities while interest-bearing deposits in banks are accessible on demand. These investments are generally used for daily liquidity purposes.

The fair value of the AFS debt security portfolio was $738 million and $990 million at September 30, 2025 and December 31, 2024, respectively. The decrease in AFS debt security portfolio for the first nine months of 2025 was attributed mainly to scheduled treasury maturities, and to a lesser extent, normal amortization. The investment portfolio (HTM and AFS) includes total cash flows on amortizing debt securities of approximately $178 million (based on assumed prepayment speeds and contractual maturities as of September 30, 2025) expected over the next 12 months. Combined with FFS and interest bearing deposits from banks, AFS debt securities offer substantial resources to meet either loan growth or reductions in Bancorp’s deposit funding base. Bancorp pledges portions of its investment securities portfolio to secure public funds, cash balances of certain WM&T accounts and SSUAR. At September 30, 2025, the total carrying value of investment securities pledged for these purposes comprised 60% of the debt securities portfolio, leaving approximately $373 million of unpledged debt securities, compared to 63% and $508 million at December 31, 2024.

Bancorp’s deposit base consists mainly of core deposits, which are defined as demand, savings, and money market deposit accounts, time deposits less than or equal to $250,000, and excludes public funds and brokered deposits. At September 30, 2025, such deposits totaled $6.56 billion and represented 86% of Bancorp’s total deposits, as compared with $6.14 billion, or 86% of total deposits at December 31, 2024. Because these core deposits are less volatile and are often tied to other products of Bancorp through long lasting relationships, they are not expected to place undue pressure on liquidity.

As of September 30, 2025 and December 31, 2024, Bancorp held no brokered deposits.

Included in total deposit balances at September 30, 2025 are $519 million in public funds generally comprised of accounts with local government agencies and public school districts in the markets in which Bancorp operates. At December 31, 2024, public funds deposits totaled $663 million. The decrease experienced during the first nine months of 2025 was attributed to normal seasonal public funds run-off.

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Bancorp is a member of the FHLB of Cincinnati. As a member of the FHLB, Bancorp has access to credit products of the FHLB. Bancorp views these borrowings as a potential low cost alternative to brokered deposits. At September 30, 2025 and December 31, 2024, available credit from the FHLB totaled $1.44 billion and $1.25 billion, respectively. Bancorp also had unsecured FFP lines with correspondent banks totaling $80 million at both September 30, 2025 and December 31, 2024, respectively.

During the normal course of business, Bancorp enters into certain forms of off-balance sheet transactions, including unfunded loan commitments and letters of credit. These transactions are managed through Bancorp’s various risk management processes. Management considers both on-balance sheet and off-balance sheet transactions in its evaluation of Bancorp’s liquidity.

Bancorp’s principal source of cash is dividends paid to it as the sole shareholder of the Bank. As discussed in the Footnote titled “Commitments and Contingent Liabilities,” as of January 1st of any year, the Bank may pay dividends in an amount equal to the Bank’s net income of the prior two years less any dividends paid for the same two years. At September 30, 2025, the Bank could pay an amount equal to $235 million in dividends to Bancorp without regulatory approval subject to ongoing capital requirements of the Bank.

Sources and Uses of Cash

Cash flow is provided primarily through financing activities of Bancorp, which include raising deposits and borrowing funds from institutional sources such as advances from FHLB and FFP, as well as scheduled loan repayments and cash flows from debt securities. These funds are primarily used to facilitate investment activities of Bancorp, which include making loans and purchasing securities for the investment portfolio. Another important source of cash is net income of the Bank from operating activities. For further detail regarding the sources and uses of cash, see the “Condensed Consolidated Statements of Cash Flows” in Bancorp’s consolidated financial statements.

Commitments

In the normal course of business, Bancorp is party to activities that contain credit, market and operational risk that are not reflected in whole or in part in Bancorp’s consolidated financial statements. Such activities include traditional off-balance sheet credit-related financial instruments, commitments under operating leases and long-term debt.

Bancorp provides customers with off-balance sheet credit support through loan commitments and standby letters of credit. Unused loan commitments decreased $29 million, or 1%, as of September 30, 2025 compared to December 31, 2024, largely as a result of a decrease in future loan commitments.

Most commitments to extend credit are an agreement to lend to a customer as long as collateral is available as agreed upon and there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Bancorp uses the same credit and collateral policies in making commitments and conditional guarantees as for on-balance sheet instruments. Bancorp evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, securities, equipment and real estate. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, our maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those instruments.

The ACL for off balance sheet credit exposures, which is separate from the ACL for loans and recorded in other liabilities on the consolidated balance sheets, was $7.1 million as of September 30, 2025 and $6.8 million December 31, 2024, respectively. Provision expense of $350,000 was recorded for off balance sheet credit exposures for the nine months ended September 30, 2025, driven by increased availability associated with new line production, particularly within the C&D segment.

Standby letters of credit are conditional commitments issued by Bancorp to guarantee the performance of a customer to a third party beneficiary. Those guarantees are primarily issued to support commercial transactions. Standby letters of credit generally have maturities of one to two years.

In addition to owned banking facilities, Bancorp has entered into long-term leasing arrangements for certain facilities. Bancorp also has required future payments for a non-qualified defined benefit retirement plan, TPS and the maturity of time deposits.

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See the footnote titled “Commitments and Contingent Liabilities” for additional information regarding commitments.

Capital

At September 30, 2025, stockholders’ equity totaled $1.04 billion, representing an increase of $101 million, or 11%, compared to December 31, 2024, as net income of $103.5 million and an $23.5 million improvement in AOCI was offset by $27.7 million of dividends declared during the first nine months of 2025. The improvement in AOCI was associated with changes in the interest rate environment and the corresponding impact on the valuation of the AFS debt securities portfolio and cash flow hedging derivatives. See the “Condensed Consolidated Statement of Changes in Stockholders’ Equity” for further detail of changes in equity.

Bancorp’s TCE ratio and tangible book value per share, both non-GAAP disclosures, experienced improvement between December 31, 2024 and September 30, 2025, which stemmed largely from recording net income of $103.5 million. TCE was 9.16% at September 30, 2025 compared to 8.44% at December 31, 2024, while tangible book value per share was $28.30 at September 30, 2025, compared to $24.82 at December 31, 2024. See the section titled “Non-GAAP Financial Measures” for reconcilement of non-GAAP to GAAP measures.

In July 2025, Bancorp’s Board of Directors adopted a share repurchase program authorizing the repurchase of up to 1 million shares, or approximately 4%, of Bancorp’s total common shares outstanding. This share repurchase program replaces the program that expired in May and will expire in two years unless otherwise extended or completed at an earlier date. The plan does not obligate Bancorp to repurchase any specific dollar amount or number of shares prior to the plan’s expiration. Bancorp has not repurchased shares under any share repurchase program since 2019.

Bank holding companies and their subsidiary banks are required by regulators to meet risk-based capital standards. These standards, or ratios, measure the relationship of capital to a combination of balance sheet and off-balance sheet risks. The value of both balance sheet and off-balance sheet items are adjusted to reflect credit risks. See the Footnote titled “Regulatory Matters” for additional detail regarding regulatory capital requirements, as well as capital ratios of Bancorp and the Bank. The Bank exceeds regulatory capital ratios required to be well-capitalized. Regulatory framework does not define well capitalized for holding companies. Management considers the effects of growth on capital ratios as it contemplates plans for expansion.

Capital ratios as of September 30, 2025 increased compared December 31, 2024, as a result of strong operating results, which helped offset risk-weighted asset growth within the loan portfolio. Bancorp continues to exceed the regulatory requirements for all calculations. Bancorp and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the capital conservation buffer.

Banking regulators have categorized the Bank as well-capitalized. To meet the definition of well-capitalized for prompt corrective action requirements, a bank must have a minimum 6.5% Common Equity Tier 1 Risk-Based Capital ratio, 8.0% Tier 1 Risk-Based Capital ratio, 10.0% Total Risk-Based Capital ratio and 5.0% Tier 1 Leverage ratio.

Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, Bancorp and the Bank must hold a 2.5% capital conservation buffer composed of Common Equity Tier 1 Risk-Based Capital above the minimum risk-based capital requirements for the Common Equity Tier 1 Risk-Based Capital ratio, Tier 1 Risk-Based Capital ratio and Total Risk-Based Capital ratio necessary to be considered adequately-capitalized. At September 30, 2025, the adequately-capitalized minimums, including the capital conservation buffer, were a 7.0% Common Equity Tier 1 Risk-Based Capital ratio, 8.5% Tier 1 Risk-Based Capital ratio and 10.5% Total Risk-Based Capital ratio.

As previously noted, Bancorp is the 100% owner of three unconsolidated trust subsidiaries. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier 1 Capital. The subordinated note and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. As of September 30, 2025 and December 31, 2024, subordinated notes totaled $27 million, respectively.

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As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, Bancorp elected the option to delay the estimated impact on regulatory capital related to the adoption of ASC 326 “Financial Instruments – Credit Losses,” or CECL, which was effective January 1, 2020. The initial impact of adoption of ASC 326, as well as 25% of the quarterly increases in the ACL subsequent to adoption of ASC 326 (collectively the “transition adjustments”) were delayed for two years. After two years, the cumulative amount of the transition adjustments became fixed and was phased out of the regulatory capital calculations evenly over a three-year period, with 75% recognized in year three, 50% recognized in year four and 25% recognized in year five. 2024 represented the fifth and final year of the transition period for Bancorp and the temporary capital benefits became fully reversed as of December 31, 2024. Had Bancorp not elected to defer the regulatory capital impact of CECL, the post ASC 326 adoption capital ratios of Bancorp and the Bank would still have exceeded the well-capitalized level.

Non-GAAP Financial Measures

The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity (TCE), a non-GAAP disclosure. Bancorp provides the TCE per share, a non-GAAP measure, in addition to those defined by banking regulators, based on its widespread use by investors as a means to evaluate capital adequacy:

(dollars in thousands, except per share data) |  | September 30, 2025 |  |  | December 31, 2024 |
Total stockholders' equity - GAAP (a) |  | $ | 1,041,144 |  |  | $ | 940,476 |
Less: Goodwill |  |  | (194,074 | ) |  |  | (194,074 | )
Less: Core deposit and other intangibles |  |  | (13,074 | ) |  |  | (15,818 | )
Tangible common equity - Non-GAAP (c) |  | $ | 833,996 |  |  | $ | 730,584 |
Total assets - GAAP (b) |  | $ | 9,307,376 |  |  | $ | 8,863,419 |
Less: Goodwill |  |  | (194,074 | ) |  |  | (194,074 | )
Less: Core deposit and other intangibles |  |  | (13,074 | ) |  |  | (15,818 | )
Tangible assets - Non-GAAP (d) |  | $ | 9,100,228 |  |  | $ | 8,653,527 |
Total stockholders' equity to total assets - GAAP (a/b) |  |  | 11.19 | % |  |  | 10.61 | %
Tangible common equity to tangible assets - Non-GAAP (c/d) |  |  | 9.16 | % |  |  | 8.44 | %
Total shares outstanding (e) |  |  | 29,474 |  |  |  | 29,431 |
Book value per share - GAAP (a/e) |  | $ | 35.32 |  |  | $ | 31.96 |
Tangible common equity per share - Non-GAAP (c/e) |  |  | 28.30 |  |  |  | 24.82 |

The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income. In addition to the efficiency ratio presented, Bancorp considers an adjusted efficiency ratio. Bancorp believes it is important because it provides a comparable ratio after eliminating net gains (losses) on sales, calls, and impairment of investment securities, as well as net gains (losses) on sales of premises and equipment and disposition of any acquired assets, if applicable, and the fluctuation in non-interest expenses related to amortization of investments in tax credit partnerships and non-recurring merger expenses, if applicable.

|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total non-interest expenses (a) |  | $ | 53,831 |  |  | $ | 48,452 |  |  | $ | 157,558 |  |  | $ | 146,522 |
Total net interest income, FTE |  | $ | 77,119 |  |  | $ | 65,064 |  |  | $ | 221,315 |  |  | $ | 187,344 |
Total non-interest income |  |  | 24,476 |  |  |  | 24,797 |  |  |  | 71,820 |  |  |  | 71,723 |
Total revenue - Non-GAAP (b) |  | $ | 101,595 |  |  | $ | 89,861 |  |  | $ | 293,135 |  |  | $ | 259,067 |
Less: Gain/loss on sale of premises and equipment |  |  | - |  |  |  | 59 |  |  |  | (74 | ) |  |  | 39 |
Total adjusted revenue - Non-GAAP (c) |  | $ | 101,595 |  |  | $ | 89,920 |  |  | $ | 293,061 |  |  | $ | 259,106 |
Efficiency ratio - Non-GAAP (a/b) |  |  | 52.99 | % |  |  | 53.92 | % |  |  | 53.75 | % |  |  | 56.56 | %
Adjusted efficiency ratio - Non-GAAP (a/c) |  |  | 52.99 | % |  |  | 53.88 | % |  |  | 53.76 | % |  |  | 56.55 | %

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Information required by this item is included in Part I Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4. Controls and Procedures.

Stock Yards Bancorp, Inc.’s management, under the supervision and with the participation of the Chief Executive Officer (who is the principal executive officer) and Chief Financial Officer (who is the principal financial officer), evaluated the effectiveness of Bancorp’s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of September 30, 2025. The term “disclosure controls and procedures” means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, Bancorp’s Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2025, Bancorp’s disclosure controls and procedures were effective.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Bancorp and the Bank are defendants in various legal proceedings that arise in the ordinary course of business. There is no such proceeding pending or, to the knowledge of management, threatened in which an adverse decision could result in a material adverse change in the business or consolidated financial position of Bancorp or the Bank.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table shows information relating to the repurchase of shares of common stock by Bancorp during the three months ended September 30, 2025.

|  | Total number of shares purchased(1) |  |  | Average price paid per share |  |  | Total number of shares purchased as part of publicly announced plans or programs |  |  | Average price paid per share |  |  | Maximum number of shares that may yet be purchased under the plans or programs |
July 1 - July 31 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  |  |
August 1- August 31 |  |  | 2,448 |  |  |  | 78.19 |  |  |  | — |  |  |  | — |  |  |  |  |
September 1 - September 30 |  |  | 1,738 |  |  |  | 63.92 |  |  |  | — |  |  |  | — |  |  |  |  |
Total |  |  | 4,186 |  |  | $ | 72.27 |  |  |  | — |  |  | $ | — |  |  |  | 1,000,000 |

| (1) | Shares repurchased during the three month period ended September 30, 2025 represent shares withheld to pay taxes due.

In July 2025, Bancorp’s Board of Directors adopted a share repurchase program authorizing the repurchase of up to 1 million shares, or approximately 4%, of Bancorp’s total common shares outstanding. This share repurchase program replaces the program that expired in May and will expires in two years unless otherwise extended or completed at an earlier date. The plan does not obligate Bancorp to repurchase any specific dollar amount or number of shares prior to the plan’s expiration. Bancorp has not repurchased shares under any share repurchase program since 2019.

There were no equity securities of the registrant sold without registration during the quarter covered by this report.

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Item 5. Other Information

(c) During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits.

The following exhibits are filed or furnished as a part of this report:

Exhibit Number | Description of exhibit |
10.1 | Form of Performance-Vested Stock Unit Grant Agreement
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
32 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
101 | The following materials from Stock Yards Bancorp Inc.’s Form 10-Q Report for the quarterly period ended September 30, 2025 formatted in inline XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Changes in Shareholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
104 | The cover page from Stock Yards Bancorp Inc.’s Form 10-Q Report for the quarterly period ended September 30, 2025 formatted in inline XBRL and contained in Exhibit 101.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| STOCK YARDS BANCORP, INC. (Registrant)
Date: November 5, 2025 | By: | /s/ James A. Hillebrand
|  | James A. Hillebrand
|  | Chairman and CEO (Principal Executive Officer)
Date: November 5, 2025 |  | /s/ T. Clay Stinnett
|  | T. Clay Stinnett
|  | EVP, Treasurer and CFO (Principal Financial Officer)

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