Commercial Bancgroup, Inc. Announces Results for Third Quarter 2025

Rhea-AI Summary

Commercial Bancgroup (Nasdaq: CBK) reported Q3 2025 net income less non-controlling interest of $9.5M, or $0.77 per diluted share, and YTD net income $27.1M or $2.22 per diluted share.

The company completed an IPO priced at $24.00 per share in October 2025, received approximately $30.6M net proceeds and began trading on Nasdaq on October 2, 2025 under CBK. Tangible book value per share was $19.05 as of September 30, 2025 (prior: $16.64).

Key balance-sheet items: total assets $2.2B, total deposits $1.8B (down $158.0M), total net loans $1.7B. Efficiency ratio improved to 46.2%. A conference call is scheduled for October 28, 2025 at 10:00 AM ET.

Positive

• Q3 net income of $9.5M
• YTD net income of $27.1M
• IPO net proceeds of ~$30.6M
• Tangible book value $19.05 per share (from $16.64)

Negative

• Total deposits down $158.0M (8.1%) from Dec 31, 2024
• Return on average shareholders' equity down to 15.76% (Q3 2025) from 17.32% (Q3 2024)
• Non-interest income decreased 7.4% year-to-date

Insights

Bank financial analyst

Solid core earnings with an accretive IPO and improved tangible book value, though deposits and asset size dipped.

Net income rose to $9.5 million for Q3 2025, or $0.77 per diluted share, and year‑to‑date net income reached $27.1 million, driven by higher net interest income and steady operating revenue of $22.9 million for the quarter; tangible book value per share improved to $19.05.

Capital and liquidity actions materially changed the capital structure: the company completed an IPO that generated approximately $30.6 million in net proceeds and listed on Nasdaq under CBK, and it used proceeds to repay certain indebtedness and plans to redeem subordinated debentures and related trust preferred securities — these are concrete deleveraging steps that strengthen regulatory capital ratios reported at 15.2% total risk‑based and 14.2% CET1.

Risks and dependencies include a 8.1% decline in total deposits to $1.8 billion and a 3.8% decline in total assets to $2.2 billion, driven partly by reduced time and brokered deposits and by loan payoffs; asset quality moved slightly with nonperforming assets at 0.26% and allowance for credit losses at 1.01%. Monitor the planned redemption of subordinated debt, deposit trends, and loan pipeline over the next 3–12 months for funding stability and impact on net interest margin.

HARROGATE, TN / ACCESS Newswire / October 27, 2025 / Commercial Bancgroup, Inc. ("Commercial" or the "Company") (Nasdaq:CBK), the parent company of Commercial Bank (the "Bank"), today announced net income less non-controlling interest of $9.5 million, or $0.77 per diluted common share, for the third quarter of 2025, compared to net income less non-controlling interest of $9.2 million, or $0.74 per diluted common share, for the third quarter of 2024.

On October 1, 2025, the Company priced its initial public offering (the "IPO") of 7,173,092 shares of its common stock 1,458,334 of which were sold by Commercial and 5,714,758 of which were sold by certain selling shareholders, at a public offering price of $24.00 per share.

Prior to September 18, 2025, Commercial had three classes of common stock outstanding: common stock, Class B common stock, and Class C common stock. On September 18, 2025, Commercial's charter was amended and restated. The Company's amended and restated charter provided for, among other things:

• effective upon the filing of the amended and restated charter, the reclassification and conversion of (i) each outstanding share of Class B common stock into 1.15 shares of common stock and (ii) each outstanding share of Class C common stock into 1.05 shares of common stock (collectively, the "Stock Reclassification"); and

• effective immediately following the Stock Reclassification, a 250-for-1 forward stock split in respect of the outstanding shares of our common stock (the "Stock Split").

The Company's common stock began trading on The Nasdaq Stock Market LLC on October 2, 2025, under the ticker symbol "CBK." On October 3, 2025, the Company completed its IPO, from which it received net proceeds of approximately $30.6 million. Commercial used certain of its proceeds from the IPO to repay certain Commercial indebtedness and intends to use other of its proceeds from the IPO to redeem its outstanding subordinated debentures and related trust preferred securities.

Our financial statements, including earnings per share and book value per share, reflect the stock Reclassification and Stock Split retroactively. Because the IPO occurred after September 30, 2025, the financial impacts of the IPO are not included in the financial statements presented in this press release.

Third quarter 2025 highlights:

• Net income less non-controlling interest of $9.5 million or $0.77 per share and $0.77 per diluted share for the three months ended September 30, 2025, compared to $9.2 million or $0.75 per share and $0.74 per diluted share for the three months ended September 30, 2024.

• Return on average assets of 1.69% for the three months ended September 30, 2025, compared to 1.65% for the three months ended September 30, 2024.

• Return on average shareholders' equity of 15.76% for the three months ended September 30, 2025, compared to 17.32% for the three months ended September 30, 2024.

• Total operating revenue of $22.9 million for the three months ended September 30, 2025, compared to $21.9 million for the three months ended September 30, 2024.

• Non-interest expense of $10.6 million for the three months ended September 30, 2025, compared to $10.5 million for the three months ended September 30, 2024.

• Tangible book value per share of $19.05 per share as of September 30, 2025, compared to $16.64 per share as of September 30, 2024 (see non-GAAP reconciliation).

• Efficiency ratio of 46.2% for the three months ended September 30, 2025, compared to 48.1% for the three months ended September 30, 2024.

Year to date highlights:

• Net income less non-controlling interest of $27.1 million or $2.22 per share and $2.22 per diluted share for the nine months ended September 30, 2025, compared to $25.8 million or $2.12 per share and $2.09 per diluted share for the nine months ended September 30, 2024.

• Return on average assets of 1.60% for the nine months ended September 30, 2025, compared to 1.57% for the nine months ended September 30, 2024.

• Return on average shareholders' equity of 15.50% for the nine months ended September 30, 2025, compared to 16.94% for the nine months ended September 30, 2024.

• Total operating revenue of $66.9 million for the nine months ended September 30, 2025, compared to $65.7 million for the nine months ended September 30, 2024.

• Non-interest expense of $31.9 million for the nine months ended September 30, 2025, compared to $32.1 million for the nine months ended September 30, 2024.

• Tangible book value per share of $19.05 per share as of September 30, 2025, compared to $16.64 per share as of September 30, 2024 (see non-GAAP reconciliation).

• Efficiency ratio of 47.6% for the nine months ended September 30, 2025, compared to 48.9% for the nine months ended September 30, 2024.

Balance Sheet Trends

Total assets were $2.2 billion as of September 30, 2025, a decrease of $86.8 million, or 3.8%, from December 31, 2024. This decrease was primarily due to a decrease in our loan portfolio and our investment portfolio.

Total net loans were $1.7 billion as of September 30, 2025, a decrease of $39.5 million, or 2.2%, from December 31, 2024. While we experienced moderate loan growth during the nine months ended September 30, 2025, we had some large loan payoffs from long-term borrowers selling their businesses.

As of September 30, 2025, the Bank exceeded the minimum requirements to be well-capitalized for bank regulatory purposes, with a total risk-based capital ratio of 15.2%, a Tier 1 risk-based capital ratio of 14.2%, a common equity Tier 1 capital ratio of 14.2%, and a Tier 1 leverage ratio of 12.0%.

Total deposits were $1.8 billion as of September 30, 2025, a decrease of $158.0 million, or 8.1%, from December 31, 2024. This decrease was primarily driven by a $106.8 million reduction in time deposits to $469.7 million at September 30, 2025, from $576.5 million at December 31, 2024. The decrease in time deposits was a result of brokered deposits decreasing by $126.9 million to $48.0 million at September 30, 2025, from $174.9 million at December 31, 2024.

Noninterest bearing demand deposits increased $2.2 million, or 0.5%, to $398.8 million as of September 30, 2025, from $396.6 million as of December 31, 2024.

Non-brokered deposits were $1.7 billion as of September 30, 2025, a decrease of $31.0 million, or 1.8%, from December 31, 2024. This decrease was primarily driven by normal customer business cycles.

Asset quality declined slightly with nonperforming assets to total assets of 0.26% as of September 30, 2025, an increase of 0.01% from December 31, 2024. The allowance for credit losses to total loans remained flat at 1.01% for the same periods of time.

Net Income Before Income Taxes

Net income before income taxes was $35.1 million for the nine months ended September 30, 2025, an increase of $3.3 million, or 10.5%, from the nine months ended September 30, 2024. The increase was primarily the result of an increase in net interest income after provision for credit losses.

Non-Interest Income

Non-interest income was $7.3 million for the nine months ended September 30, 2025, a decrease of $0.6 million, or 7.4%, from the nine months ended September 30, 2024. This decrease was primarily due to one-time gains on the sale of bank property during 2024 of $0.4 million.

Conference Call Information

Commercial will host a conference call to discuss its third quarter 2025 results on Tuesday, October 28, 2025, at 10:00 a.m. Eastern Time. The call will be available via https://events.q4inc.com/attendee/913670081, and you can access the interactive teleconference by dialing (800) 715-9871 or (646) 307-1963 and using the Call ID 8389212. A replay of the conference call will be available through November 4, 2025, by dialing (800) 770-2030 and inputting Playback ID 8389212 followed by the "#" key. An online replay will be available by selecting "Events and Presentations" under "News and Events" within the Investor Relations section of Commercial's website (https://ir.cbtn.com/overview/default.aspx) approximately two hours after the conclusion of the call and will remain available through November 24, 2025.

About Commercial Bancgroup, Inc.

Commercial Bancgroup, Inc. is a bank holding company headquartered in Harrogate, Tennessee. Through our wholly owned subsidiary, Commercial Bank, a Tennessee state-chartered commercial bank, we offer a suite of traditional consumer and commercial banking products and services to businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee. More information about Commercial can be found on its website at www.cbtn.com.

Contacts

Philip J. Metheny
Executive Vice President, Chief Financial Officer
Commercial Bancgroup, Inc.
ir@cbtn.com
423-869-5151 Ext. 3307

Roger Mobley
Executive Vice President, Assistant Chief Financial Officer
Commercial Bancgroup, Inc.
ir@cbtn.com
704-648-0185 Ext. 4118

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. The statements in this press release that are not purely historical facts are forward-looking statements. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other variations or comparable terminology and expressions. This press release specifically contains forward-looking statements regarding our intended use of proceeds from the IPO. You should not place undue reliance on these forward-looking statements as actual future results may differ materially from those expressed or implied by any forward-looking statement. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those expressed in any forward-looking statements, including but not limited to: (1) business and economic conditions nationally, regionally and in our target markets, particularly in Kentucky, North Carolina and Tennessee and the particular geographic areas in which we operate; (2) the level of, or changes in the level of, interest rates and inflation, including the effects thereof on our earnings and financial condition and the market value of our investment securities and loan portfolios; (3) the concentration of our loan portfolio in real estate loans and changes in the prices, values and sales volumes of commercial and residential real estate; (4) the concentration of our business within our geographic areas of operation in Kentucky, North Carolina and Tennessee and neighboring markets; (5) credit and lending risks associated with our commercial real estate, commercial, and construction and land development loan portfolios; (6) risks associated with our focus on lending to small and medium-sized businesses; (7) our ability to maintain important deposit customer relationships, maintain our reputation or otherwise avoid liquidity risks; (8) changes in demand for our products and services; (9) the failure of assumptions and estimates underlying the establishment of allowances for possible credit losses and other asset impairments, losses, valuations of assets and liabilities and other estimates; (10) the sufficiency of our capital, including sources of such capital and the extent to which capital may be used or required; (11) our inability to secure a "satisfactory" rating under the Community Reinvestment Act; (12) the risk that our cost of funding could increase in the event we are unable to continue to attract stable, low-cost deposits and reduce our cost of deposits; (13) our inability to raise necessary capital to fund our growth strategy and operations or to meet increased required minimum regulatory capital levels; (14) our ability to execute and prudently manage our growth and execute our business strategy, including expansionary activities; (15) the composition of and changes in our management team and our ability to attract, incentivize and retain key personnel; (16) the effects of competition from a wide variety of local, regional, national and other providers of financial, investment, trust and other wealth management services and insurance services, including the disruptive effects of financial technology and other competitors who are not subject to the same regulations as the Company and the Bank; (17) the deterioration of our asset quality or the value of collateral securing loans; (18) changes in accounting standards; (19) the effectiveness of our risk management framework, including internal controls; (20) severe weather, natural disasters, pandemics, epidemics, acts of war, terrorism, or other external events, such as the transition risk associated with climate change, and other matters beyond our control; (21) changes in technology or products that may be more difficult, costly, or less effective than anticipated; (22) the risks of acquisitions and other expansionary activities, including without limitation our ability to identify and consummate transactions with potential future acquisition candidates, the time and costs associated with pursuing such transactions, our ability to successfully integrate operations as part of such transactions and our ability, and possible failures, to achieve expected gains, revenue growth, expense savings and/or other synergies from such transactions; (23) our ability to maintain our historical rate of growth; (24) failure to keep pace with technological change or difficulties when implementing new technologies; (25) systems failures or interruptions involving our risk management framework, our information technology and telecommunications systems or third-party service providers; (26) our ability to identify and address unauthorized data access, cyber-crime and other threats to data security and customer privacy; (27) our compliance with governmental and regulatory requirements, including the Bank Holding Company Act of 1956, as amended, and other laws relating to banking, consumer protection, securities and tax matters, and our ability to maintain licenses required in connection with mortgage origination, sale and servicing operations; (28) compliance with the Bank Secrecy Act of 1970, Office of Foreign Assets Control rules and anti-money laundering laws and regulations; (29) governmental monetary and fiscal policies; (30) changes in laws, rules, or regulations, or interpretations thereof, or policies relating to financial institutions or accounting, tax, trade, monetary or fiscal matters; (31) our ability to receive dividends from the Bank and satisfy our obligations as they become due; (32) the institution and outcome of litigation and other legal proceedings against us or to which we become subject; (33) the limited experience of our management team in managing and operating a public company; (34) the incremental costs of operating as a public company; (35) our ability to meet our obligations as a public company, including our obligations under Section 404 of the Sarbanes-Oxley Act of 2002; and (36) other risks and factors described under the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Registration Statement on Form S-1/A (Registration No. 333-289862) filed with the U.S. Securities and Exchange Commission on September 22, 2025. Commercial undertakes no obligation to update these forward-looking statements, as a result of changes in assumptions, new information, or otherwise, after the date of this press release, except as required by law.

Non-GAAP Financial Measures

This press release contains certain financial measure(s) that are not financial measure(s) recognized under generally accepted accounting principles in the U.S. ("GAAP") and, therefore, are considered non-GAAP financial measure(s) and should be read along with the accompanying reconciliation of non-GAAP financial measure(s) to GAAP financial measure(s). We use non-GAAP financial measures, certain of which are included in this press release, both to explain our operating results to shareholders and the investment community and to evaluate, analyze, and manage our business. We believe that these non-GAAP financial measures provide a better understanding of ongoing operations, enhance the comparability of results across periods, and enable investors to better understand our performance. However, non-GAAP financial measures should not be considered in isolation and should be considered supplemental in nature and not as a substitute for or superior to the most directly comparable or other financial measures calculated in accordance with GAAP. Additionally, the manner in which the non-GAAP financial measure(s) contained in this press release are calculated may differ from the manner in which measures with similar names are calculated by other companies. You should understand how other companies calculate their financial measures similar to, or with names similar to, the non-GAAP financial measure(s) contained in this press release when comparing such financial measures.

The non-GAAP financial measures in this press release include "tangible book value per common share."

Commercial Bancgroup, Inc.
Consolidated Balance Sheets

		For the nine Months
		Ended
		September 30, 2025				December 31, 2024
		(unaudited)				(audited)
Assets
Cash and due from banks			44,242,184				18,991,800
Federal funds sold			31,841,525				43,742,762
Interest-bearing demand deposits in banks			78,703,235				115,463,354
Cash and cash equivalents			154,786,944				178,197,916
Available-for-sale securities			29,555,603				47,937,616
Held-to-maturity securities			131,915,382				128,216,954
Loans, net of allowance for credit losses of $17,942,293			1,749,250,647				1,788,791,583
$18,205,421 at September 30, 2025 and December 31, 2024, respectively
Premises and equipment, net			50,268,024				50,288,378
Federal Reserve Bank and Federal Home Loan Bank stock			8,163,700				8,264,150
Foreclosed assets held for sale, net			532,953				831,662
Interest receivable			7,096,937				7,187,304
Bank owned life insurance			46,482,172				45,883,124
Core deposits and other intangibles			4,638,230				5,824,968
Goodwill			8,510,852				8,514,092
Deferred tax asset			1,426,948				1,078,881
Other			21,779,863				30,194,510
Total assets			2,214,408,255				2,301,211,138
Liabilities and Stockholders' Equity
Liabilities
Deposits
Demand			928,957,598				976,481,028
Savings, NOW and money market			382,002,346				385,614,692
Time			469,673,638				576,501,235
Total deposits			1,780,633,582				1,938,596,955
Short-term borrowings			62,662,527				3,391,566
Long-term debt			100,097,343				105,772,642
Interest payable			3,410,094				4,224,695
Other liabilities			22,451,383				28,969,497
Total liabilities			1,969,254,929				2,080,955,355
Stockholders' Equity
Common stock
Common stock			122,396				121,131
Additional paid-in capital			8,406,116				9,388,181
Retained earnings			237,366,245				212,310,977
Accumulated other comprehensive income (loss)			(741,431	)			(1,564,506	)
Total stockholders' equity			245,153,326				220,255,783
Total liabilities and stockholders' equity			2,214,408,255				2,301,211,138

Commercial Bancgroup, Inc.
Consolidated Statements of Income
(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Interest and Dividend Income
Loans, including fees			28,073,755				28,718,458				84,435,068				84,968,617
Debt securities - Taxable			929,519				607,232				2,974,335				1,915,455
Debt securities - Tax-Exempt			102,154				64,595				328,309				276,505
Dividends on Federal Home Loan and Federal Reserve Bank stock			155,591				158,486				464,028				515,747
Interest-bearing time deposits			759,917				1,072,326				3,443,784				4,203,304
Total Interest and Dividend Income			30,020,936				30,621,097				91,645,524				91,879,628
Interest Expense Deposits			8,653,819				10,276,321				28,665,194				29,975,273
Short-term borrowings			55,431				76,284				130,043				164,649
Long-term debt			1,090,087				1,212,795				3,229,909				3,923,504
Total Interest Expense			9,799,337				11,565,400				32,025,146				34,063,426
Net Interest Income			20,221,599				19,055,697				59,620,378				57,816,202
Provision for Credit Losses			-				323,000				-				1,823,644
Net Interest Income After Provision for Credit Losses			20,221,599				18,732,697				59,620,378				55,992,558
Noninterest Income
Customer service fees			735,353				654,268				2,064,670				2,158,524
Net gains (losses) on sales of
premises and equipment			20,500				388,448				24,959				411,542
Net gains (losses) on sales of
foreclosed assets			109,720				31,818				113,270				150,913
Net gains on sales of loans			1,579				-				1,579				-
ATM Fees			845,782				883,331				2,536,231				2,432,517
Increase in BOLI			306,026				313,393				949,557				876,093
Other			606,985				536,667				1,601,376				1,848,463
Total Noninterest Income			2,625,945				2,807,925				7,291,642				7,878,052
Noninterest Expense
Salaries and employee benefits			5,728,660				5,604,733				17,011,656				16,851,817
Occupancy			738,481				935,675				2,529,370				2,650,555
Data processing			1,103,542				1,067,417				3,461,901				3,393,223
Deposit insurance premiums			267,221				350,326				738,209				875,138
Professional fees			135,786				328,773				616,727				979,447
Depreciation and amortization			954,748				1,061,939				2,705,755				3,117,152
Other			1,624,003				1,174,235				4,795,031				4,277,314
Total Noninterest Expense			10,552,441				10,523,098				31,858,649				32,144,646
Income Before Income Taxes			12,295,103				11,017,524				35,053,371				31,725,964
Provision for Income Taxes			2,828,954				1,810,311				7,997,024				5,650,639
Net Income			9,466,149				9,207,213				27,056,347				26,075,325
Less: Net Income Attributable to Noncontrolling Interest			-				-				-				275,857
Net Income attributable to Commercial Bancgroup, Inc.			9,466,149				9,207,213				27,056,347			$	25,799,468

Commercial Bancgroup, Inc.
Consolidated Statements of Comprehensive Income Unaudited

		Three months Ended								Nine months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income attributable to
Commerical Bancgroup, Inc.		$	9,465,149			$	9,207,213			$	27,056,347			$	25,799,468
Other comprehensive income (loss):
Unrealized holding gains (losses)
on securities available for sale
arising during the period			535,864				769,789				917,176				491,720
Tax benefit (expense)			(159,558	)			(188,616	)			(232,227	)			(107,968	)
Reclassification adjustment for accretion
of unrealized holding gains included in
accumulated other comprehensive income
from the transfer of securities from
available-for-sale to held-to-maturity			58,417				120,324				186,997				369,061
Tax expense			(15,268	)			(30,475	)			(48,871	)			(95,482	)
Other comprehensive income (loss), net of tax			419,455				671,022				823,075				657,331
Comprehensive income		$	9,884,604			$	9,878,235			$	27,879,422			$	26,456,799

Commercial Bancgroup, Inc.
Consolidated Statements of Stockholders' Equity (Unaudited)

						Additional								Other
						Paid-In				Retained				Comprehensive
		Common Stock				Capital				Earnings				Income (Loss)				Interest				TOTAL
BALANCE - JANUARY 1, 2024		$	122,118			$	9,073,467			$	182,903,720			$	(1,724,275	)		$	5,402,293			$	195,777,323
Net income											25,799,468								275,857				26,075,325
Other comprehensive income															657,331				-				657,331
Dividends paid to shareholders											(2,002,669	)											(2,002,669	)
Issuance of stock (125 Class B shares)																							-
Repurchase of stock (11 Class A shares)			(28	)			(45,213	)															(45,241	)
Acquisition of minority interest																			(5,678,150	)			(5,678,150	)
			-				-				-				-				-				-
BALANCE - SEPTEMBER 30, 2024		$	122,090			$	9,028,254			$	206,700,519			$	(1,066,944	)		$	-			$	214,783,919
BALANCE - JANUARY 1, 2025		$	121,131			$	9,388,181			$	212,310,977			$	(1,564,506	)		$	-			$	220,255,783
Net income											27,056,347												27,056,347
Other comprehensive income			-				-								823,075				-				823,075
Dividends paid to shareholders											(2,002,079	)											(2,002,079	)
Non-controlling interest			-				-				-								-				-
Stock Compensation																							-
Issuance of stock related to stock grant (625 Class B shares)			1,797				(1,797	)			-				-				-				-
Repurchase of stock (185 Class B shares)			(532	)			(980,268	)			-				-				-				(980,800	)
BALANCE - SEPTEMBER 30, 2025		$	122,396				8,406,116			$	237,365,245			$	(741,431	)		$	-			$	245,152,326
							-
BALANCE - June 30, 2024		$	122,090			$	9,028,254			$	197,493,306			$	(1,737,966	)		$	5,678,150			$	210,583,834
Net income											9,207,213								-				9,207,213
Other comprehensive income															671,022				-				671,022
Dividends paid to shareholders											-												-
Acquisition of minority interest																			(5,678,150	)			(5,678,150	)
Repurchase of stock (11 Class A shares)			-				-																-
Repurchase of stock (436 Class B shares)																							-
			-				-				-				-				-				-
BALANCE - September 30, 2024		$	122,090			$	9,028,254			$	206,700,519			$	(1,066,944	)		$	-			$	214,783,919
BALANCE - June 30, 2025		$	122,396			$	8,406,116			$	227,900,096			$	(1,160,886	)		$	-			$	235,267,722
Net income											9,466,149												9,466,149
Other comprehensive income			-				-								419,455				-				419,455
Dividends paid to shareholders											-												-
Non-controlling interest			-				-				-								-				-
Stock Compensation																							-
Issuance of stock related to stock grant (625 Class B shares)			-				-				-				-				-				-
Repurchase of stock (30 Class A shares)
Repurchase of stock (185 Class B shares)			-				-				-				-				-				-
BALANCE - September 30, 2025		$	122,396				8,406,116			$	237,366,245			$	(741,431	)		$	-			$	245,153,326

Non-GAAP Reconciliation

		At or for the Nine Months								At or for the Year
		Ended September 30,								Ended December 31,
		2025				2024				2024
		(Dollars in thousands except per share data)
Pre-Tax Pre-Provision Net Income
Pre-tax income		$	35,053			$	31,726			$	40,572
Add: provision for loan and lease losses			-				1,824				1,829
Pre-tax pre-provision net income		$	35,053			$	33,550			$	42,401
Tangible Equity:
Shareholders' equity			245,153				214,784			$	220,256
Less: non controlling interest			-				-				-
Less: goodwill			8,511				8,511				8,514
Less: core deposit intangible (net of tax benefit)			3,449				4,663				4,331
Tangible common equity		$	233,194			$	201,610			$	207,411
Pre-Tax Pre-Provision Return on Average Assets:
Total average assets		$	2,257,810			$	2,220,709			$	2,217,423
Pre-tax pre-provision net income			35,053				33,550				42,401
Pre-tax pre-provision return on average assets			2.07	%			2.01	%			1.91	%
Return on Average Tangible Equity:
Total average shareholders' equity		$	232,705			$	205,281			$	206,622
Less: average intangible assets (net of tax benefit)			12,325				13,573				13,497
Less: average non controlling interest			-				2,701				2,701
Average tangible equity			220,380				189,006				190,424
Net income to shareholders			27,056				25,799				31,410
Return on average tangible equity			16.37	%			18.20	%			16.49	%
Tangible Book Value per Share, Reported:
Tangible common equity		$	233,194			$	201,610			$	207,411
Shares of common stock outstanding			12,239,644				12,113,144				12,113,144
Tangible book value per share, reported		$	19.05			$	16.64			$	17.12
Tangible Equity to Tangible Assets:
Tangible common equity		$	233,194			$	201,610			$	207,411
Total assets			2,214,408				2,244,809				2,301,211
Less: intangible assets			13,149				14,782				14,339
Tangible assets			2,201,259				2,230,027				2,286,872
Tangible equity to tangible assets			10.59	%			9.04	%			9.07	%
Core Deposits:
Total Deposits		$	1,780,634			$	1,893,152			$	1,938,597
Less: Time deposits greater than $250,000			101,767				91,974				94,566
Less: Brokered deposits			47,979				174,918				174,918
Core deposits		$	1,630,888			$	1,626,260			$	1,669,112
Core Earnings per Share:
Net income		$	27,056			$	25,799			$	31,410
Add: merger expenses from AB&T acquisition			309				697				2,788
Less: tax effect			(77	)			(174	)			(697	)
Core net income			27,288				26,322				33,501
Core Earnings per Share:
Core net income			27,288				26,322				33,501
Average shares outstanding			12,205,817				12,304,019				12,187,788
Core earnings per share		$	2.24			$	2.14			$	2.75
Core Return on Average Assets:
Core net income		$	27,288			$	26,322			$	33,501
Average assets			2,257,810				2,220,709				2,217,423
Core return on average assets			1.61	%			1.58	%			1.51	%
Core Return on Average Tangible Equity:
Average tangible common equity			220,380				189,006				190,424
Core net income			27,288				26,322				33,501
Core return on average tangible common equity			16.51	%			18.57	%			17.59	%
Core Efficiency Ratio:
Add: net interest income		$	59,620			$	57,816			$	77,584
Add: non interest income			7,292				7,878				10,878
Operating revenue			66,912				65,694				88,462
Total noninterest expenses			31,859				32,145				46,061
Less: merger expenses from AB&T acquisition			309				697				2,788
Core noninterest expenses			31,550				31,448				43,273
Core efficiency ratio			47.15	%			47.87	%			48.92	%

SOURCE: Commercial Bancgroup, Inc.

View the original press release on ACCESS Newswire

FAQ

What were Commercial Bancgroup's (CBK) Q3 2025 earnings per diluted share?

Commercial reported $0.77 per diluted share for Q3 2025.

How much did Commercial Bancgroup (CBK) raise in its October 2025 IPO?

The IPO was priced at $24.00 per share and the company received approximately $30.6M in net proceeds.

What is Commercial Bancgroup's (CBK) tangible book value per share as of September 30, 2025?

Tangible book value per share was reported at $19.05 as of September 30, 2025.

How did Commercial Bancgroup's (CBK) deposits change through September 30, 2025?

Total deposits were $1.8B as of September 30, 2025, down $158.0M (8.1%) from December 31, 2024.

When is Commercial Bancgroup's (CBK) Q3 2025 earnings conference call?

The conference call is scheduled for October 28, 2025 at 10:00 AM ET with a replay available through November 4, 2025.

Did Commercial Bancgroup (CBK) report changes in efficiency or profitability for Q3 2025?

Efficiency ratio improved to 46.2% for Q3 2025; return on average assets was 1.69% and ROAE was 15.76%.