Stock Yards Bancorp Q3 2026 earnings rise to $43.5M

Field & Main's three Henderson branches were among six locations acquired in Kentucky and Indiana.

Available on EDGAR 11/05/2026 - 02:13 PM EST Accepted by SEC EDGAR 11/05/2026 - 02:12 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Stock Yards Bancorp, Inc. (SYBT) reported third-quarter 2026 net income of $43.508 million, compared with $36.241 million a year earlier; diluted earnings per share were $1.40 versus $1.23. Net interest income was $92.604 million, up from $77.037 million, while non-interest expense was $64.114 million versus $53.831 million.

The company completed its acquisition of Field & Main Bancorp, Inc. on May 1, 2026, for total consideration of $112.205 million, including 1,551,000 Stock Yards common shares and $5,000 cash. The transaction added six retail branches: three in Henderson, Kentucky, and locations in Lexington and Cynthiana, Kentucky, and Evansville, Indiana. Field & Main contributed approximately $9.8 million of revenue and $3.2 million of net income for the third quarter. The purchase-accounting fair-value estimates remain under evaluation and may be adjusted.

As of September 30, 2026, total assets were $10.260130 billion, loans were $7.987664 billion and deposits were $8.389825 billion, compared with $9.536124 billion, $7.041310 billion and $7.791137 billion, respectively, at December 31, 2025. Net cash from operating activities for the first nine months was $152.853 million, compared with $113.934 million in 2025.

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Positive

• Moderate pointThird-quarter net income reached $43.508 million, versus $36.241 million in 2025.
• Moderate pointField & Main contributed $3.2 million in third-quarter net income after acquisition.

Negative

• None.

Filing Explained

Nonaccrual loans were $20,014 thousand at September 30, 2026, compared with $12,585 thousand at December 31, 2025.

This unaudited Form 10-Q updates Stock Yards Bancorp's financial position through September 30, 2026.

At that date, available-for-sale debt securities had $723,015 thousand amortized cost and $618,646 thousand fair value, with $104,485 thousand of unrealized losses; held-to-maturity securities had $180,776 thousand carrying value and $158,157 thousand fair value, with $22,623 thousand of unrecognized losses. The company says it expects to receive all contractual cash flows except for one corporate security; it recorded a $250 thousand allowance for that security, while the other unrealized and unrecognized losses were not recorded as expense.

Key Figures

Net income: $43.508 million Net interest income: $92.604 million Diluted net income per share: $1.40 per share +4 more

7 metrics

Net income $43.508 million Three months ended September 30, 2026; $36.241 million in 2025

Net interest income $92.604 million Three months ended September 30, 2026; $77.037 million in 2025

Diluted net income per share $1.40 per share Three months ended September 30, 2026; $1.23 per share in 2025

Total assets $10.260130 billion As of September 30, 2026; $9.536124 billion as of December 31, 2025

Loans $7.987664 billion As of September 30, 2026; $7.041310 billion as of December 31, 2025

Deposits $8.389825 billion As of September 30, 2026; $7.791137 billion as of December 31, 2025

Net cash provided by operating activities $152.853 million Nine months ended September 30, 2026; $113.934 million in 2025

Key Terms

Purchased seasoned loans, Purchased Credit-Deteriorated, Allowance for Credit Losses, amortized cost basis

4 terms

Purchased seasoned loans technical

"now referred to as “purchased seasoned loans,” (PSLs)"

Purchased seasoned loans are existing loans that an investor buys after they have been outstanding for some time and have a track record of payments. Like buying a used car with a known service history, these loans give buyers clearer information about how likely borrowers are to keep paying, which helps investors estimate future cash flow, potential losses, and the returns they can expect.

Purchased Credit-Deteriorated financial

"Purchased Credit-Deteriorated ("PCD") loans"

Purchased credit-deteriorated describes loans, bonds, or receivables that an investor or lender bought after the borrower's ability to pay had already worsened. Investors pay less for these assets because they carry higher risk of default; valuing them requires extra allowances for expected losses, which can reduce reported income and increase volatility. Think of buying a used car with known engine trouble—cheaper up front but likely costlier over time.

Allowance for Credit Losses financial

"ACL for Loans"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

amortized cost basis financial

"the amortized cost basis of non-performing loans"

The purchase price of a debt instrument (or similar financial asset) adjusted over time for the systematic recognition of any premium or discount and for principal repayments, producing the carrying value used on financial statements. Amortized cost basis is typically calculated by spreading the difference between purchase price and maturity value across the life of the instrument (commonly using the effective interest method), so the basis moves toward par at maturity; it does not reflect current market price or unrealized gains and losses recognized under fair-value accounting. Accounting and tax regimes can require different amortization methods, so the exact calculation may vary depending on the applicable standard or tax rule.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did SYBT earn in the third quarter of 2026?

SYBT reported net income of $43.508 million for the three months ended September 30, 2026, compared with $36.241 million in the same 2025 period. Diluted net income per share was $1.40, compared with $1.23.

What did Field & Main contribute to SYBT in the third quarter of 2026?

Field & Main contributed approximately $9.8 million of revenue and $3.2 million of net income for the three months ended September 30, 2026. The acquisition closed May 1, 2026, and added six retail branches.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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, 2026

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 30, 2026, was 31,065,660.

1

Table of Contents

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION			5
Item 1.    Financial Statements			5
CONDENSED CONSOLIDATED BALANCE SHEETS			5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)			6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)			8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)			9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)			11
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)			13
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations			64
Item 3.    Quantitative and Qualitative Disclosures about Market Risk.			99
Item 4.    Controls and Procedures.			99
PART II – OTHER INFORMATION			99
Item 1.    Legal Proceedings.			99
Item 1A.    Risk Factors.			99
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.			100
Item 3.    Defaults Upon Senior Securities.			100
Item 5.    Other Information			100
Item 6.    Exhibits.			101
SIGNATURES			102

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

EPS

Earnings Per Share

MSRs

Mortgage Servicing Rights

AFS

Available for Sale

ESG

Environmental, Social and Governance

Nasdaq

The Nasdaq Stock Market, LLC

AI

Artificial intelligence

ETR

Effective Tax Rate

NIM

Net Interest Margin (FTE)

APIC

Additional paid-in capital

EVP

Executive Vice President

NPV

Net Present Value

ACL

Allowance for Credit Losses

FM

Field & Main Bancorp, Inc and Field & Main Bank

Net Interest Spread

Net Interest Spread (FTE)

AOCI

Accumulated Other Comprehensive Income

FASB

Financial Accounting Standards Board

NM

Not Meaningful

ASC

Accounting Standards Codification

FDIC

Federal Deposit Insurance Corporation

OAEM

Other Assets Especially Mentioned

ASU

Accounting Standards Update

FFP

Federal Funds Purchased

OREO

Other Real Estate Owned

ATM

Automated Teller Machine

FFS

Federal Funds Sold

PV

Present Value

AUM

Assets Under Management

FFTR

Federal Funds Target Rate

PCD

Purchased Credit Deteriorated

Bancorp / the Company

Stock Yards Bancorp, Inc.

FHA

Federal Housing Authority

PD

Probability of Default

Bank / SYB

Stock Yards Bank & Trust Company

FHC

Financial Holding Company

Prime

The Wall Street Journal Prime Interest Rate

BOLI

Bank Owned Life Insurance

FHLB

Federal Home Loan Bank of Cincinnati

Provision

Provision for Credit Losses

BP

Basis Point - 1/100th of one percent

FHLMC

Federal Home Loan Mortgage Corporation

PSL

Purchased Seasoned Loans

C&D

Construction and Land Development

FICA

Federal Insurance Contributions Act

PSU

Performance Stock Unit

Captive

SYB Insurance Company, Inc.

FNMA

Federal National Mortgage Association

ROA

Return on Average Assets

C&I

Commercial and Industrial

FRB

Federal Reserve Bank

ROE

Return on Average Equity

CB

Commonwealth Bancshares, Inc. and Commonwealth Bank & Trust Company

FTE

Fully Tax Equivalent

RSA

Restricted Stock Award

CD

Certificate of Deposit

GAAP

United States Generally Accepted Accounting Principles

RSU

Restricted Stock Unit

CDI

Core Deposit Intangible

GLB

Gramm-Leach-Bliley Act

SAR

Stock Appreciation Right

CECL

Current Expected Credit Loss (ASC-326)

GNMA

Government National Mortgage Association

SBA

Small Business Administration

CEO

Chief Executive Officer

HELOC

Home Equity Line of Credit

SEC

Securities and Exchange Commission

CFO

Chief Financial Officer

HTM

Held to Maturity

SOFR

Secured Overnight Financing Rate

CFPB

Consumer Financial Protection Bureau

ICS

Insured Cash Sweep

SSUAR

Securities Sold Under Agreements to Repurchase

CLI

Customer List Intangible

ITM

Interactive Teller Machine

SVP

Senior Vice President

CRA

Community Reinvestment Act

KB

Kentucky Bancshares, Inc. and Kentucky Bank

TBA

To Be Announced

CRE

Commercial Real Estate

KSB

King Bancorp, Inc. and King Southern Bank

TBOC

The Bank Oldham County

DCF

Discounted Cash Flow

LGD

Loss Given Default

TCE

Tangible Common Equity

DTA

Deferred Tax Asset

Loans

Loans and Leases

TPS

Trust Preferred Securities

DTL

Deferred Tax Liability

MBS

Mortgage Backed Securities

VA

U.S. Department of Veterans Affairs

Dodd-Frank Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act

MSA

Metropolitan Statistical Area

WM&T

Wealth Management and Trust

3

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2026 (unaudited) and December 31, 2025 (in thousands, except share data)

			September 30, 2026						December 31, 2025
Assets
Cash and due from banks			$	78,128					$	70,061
Federal funds sold and interest bearing due from banks			595,265						816,315
Total cash and cash equivalents			673,393						886,376
Mortgage loans held for sale, at fair value			9,100						6,247
Available for sale debt securities (amortized cost of $723,015 in 2026 and $801,371 in 2025, respectively)			618,646						722,111
Held to maturity debt securities (fair value of $158,157 in 2026 and $181,203 in 2025, respectively)			180,776						198,946
Federal Home Loan Bank stock, at cost			23,777						20,717
Loans			7,987,664						7,041,310
Allowance for credit losses on loans			(107,855)						(91,867)
Net loans			7,879,809						6,949,443
Premises and equipment, net			131,365						118,698
Premises held for sale			896						1,678
Bank owned life insurance			107,160						91,885
Accrued interest receivable			32,010						28,783
Goodwill			239,862						194,074
Core deposit intangible			21,632						6,688
Customer list intangible			9,138						5,472
Other assets			332,566						305,006
Total assets			$	10,260,130					$	9,536,124
Liabilities
Deposits:
Non-interest bearing			$	1,679,364					$	1,435,846
Interest bearing			6,710,461						6,355,291
Total deposits			8,389,825						7,791,137
Securities sold under agreements to repurchase			83,647						112,476
Federal funds purchased			7,528						7,289
Subordinated debentures			26,806						26,806
Federal Home Loan Bank advances			250,000						300,000
Accrued interest payable			2,804						1,740
Other liabilities			232,250						220,979
Total liabilities			8,992,860						8,460,427
Commitments and contingent liabilities (Footnote 13)
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 31,066,000 and 29,476,000 shares in 2026 and 2025, respectively			64,384						59,090
Additional paid-in capital			516,253						402,820
Retained earnings			761,370						675,062
Accumulated other comprehensive loss			(74,737)						(61,275)
Total stockholders’ equity			1,267,270						1,075,697
Total liabilities and equity			$	10,260,130					$	9,536,124

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

For the three and nine months ended September 30, 2026 and 2025 (in thousands, except per share data)

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Interest income:
Loans, including fees			$	123,322					$	107,207					$	347,756					$	309,816
Federal funds sold and interest bearing due from banks			5,596						5,003						15,300						9,734
Mortgage loans held for sale			97						74						260						229
Federal Home Loan Bank stock			434						488						1,231						1,682
Investment securities:
Taxable			4,518						7,033						14,469						23,580
Tax-exempt			417						467						1,322						1,397
Total interest income			134,384						120,272						380,338						346,438
Interest expense:
Deposits			38,223						39,294						110,456						111,386
Securities sold under agreements to repurchase			462						588						1,207						2,027
Federal funds purchased and other short-term borrowings			68						72						199						214
Federal Home Loan Bank advances			2,654						2,870						8,515						10,519
Subordinated debentures			373						411						1,108						1,230
Total interest expense			41,780						43,235						121,485						125,376
Net interest income			92,604						77,037						258,853						221,062
Provision for credit losses			950						1,975						2,575						5,050
Net interest income after provision expense			91,654						75,062						256,278						216,012
Non-interest income:
Wealth management and trust services			12,863						10,704						36,761						31,834
Deposit service charges			2,555						2,281						7,079						6,429
Debit and credit card income			5,611						5,009						15,393						14,354
Treasury management fees			3,327						2,923						9,490						8,601
Mortgage banking income			876						1,252						2,819						3,263
Net investment product sales commissions and fees			1,216						1,112						3,351						3,102
Bank owned life insurance			729						631						2,052						1,882
(Loss) gain on sale of premises and equipment			—						—						445						74
Other			456						564						1,584						2,281
Total non-interest income			27,633						24,476						78,974						71,820
Non-interest expenses:
Compensation			31,573						28,836						91,692						82,047
Employee benefits			6,422						4,878						18,774						15,993
Net occupancy and equipment			4,991						4,086						14,056						12,234
Technology and communication			6,416						4,837						18,173						14,438
Debit and credit card processing			2,367						1,984						6,415						5,711
Marketing and business development			1,971						1,887						5,486						5,353
Postage, printing and supplies			957						910						2,895						2,816
Legal and professional			1,043						891						3,278						2,886
FDIC insurance			1,073						1,198						3,328						3,681
Capital and deposit based taxes			852						1,082						2,706						2,520
Merger expenses			678						—						2,961						—
Intangible amortization			1,920						915						4,265						2,744
Other			3,851						2,327						9,133						7,135
Total non-interest expenses			64,114						53,831						183,162						157,558
Income before income tax expense			55,173						45,707						152,090						130,274
Income tax expense			11,665						9,466						31,930						26,738
Net income			$	43,508					$	36,241					$	120,160					$	103,536
Net income per share - basic			$	1.41					$	1.23					$	3.97					$	3.53
Net income per share - diluted			$	1.40					$	1.23					$	3.95					$	3.51
Weighted average outstanding shares
Basic			30,956						29,369						30,267						29,360
Diluted			31,118						29,526						30,402						29,511

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, 2026 and 2025 (in thousands)

			Three months ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Net income			$	43,508					$	36,241					$	120,160					$	103,536
Other comprehensive income (loss):
Change in unrealized gain (loss) on AFS debt securities			(21,601)						10,466						(25,109)						37,009
Change in fair value of derivatives used in cash flow hedge			3,554						(273)						7,231						(5,779)
Total other comprehensive income (loss) before income tax effect			(18,047)						10,193						(17,878)						31,230
Income tax effect			4,441						2,504						4,416						7,701
Total other comprehensive income (loss) net of tax			(13,606)						7,689						(13,462)						23,529
Comprehensive income			$	29,902					$	43,930					$	106,698					$	127,065

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, 2026 and 2025 (in thousands, except per share data)

						Common stock												Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss						Total stockholders' equity
						Shares outstanding						Amount
Balance, January 1, 2026						29,476						$	59,090					$	402,820					$	675,062					$	(61,275)					$	1,075,697
Activity for three months ended March 31, 2026:
Net income						—						—						—						36,595						—						36,595
Other comprehensive income						—						—						—						—						75						75
Stock compensation expense						—						—						1,287						—						—						1,287
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations						42						140						2,812						(4,232)						—						(1,280)
Cash dividends declared, $0.32 per share						—						—						—						(9,439)						—						(9,439)
Shares cancelled						(2)						(8)						(145)						153						—						—
Balance, March 31, 2026						29,516						$	59,222					$	406,774					$	698,139					$	(61,200)					$	1,102,935
Activity for three months ended June 30, 2026:
Net income						—						—						—						40,057						—						40,057
Other comprehensive income						—						—						—						—						69						69
Stock compensation expense						—						—						1,259						—						—						1,259
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations						2						8						160						(357)						—						(189)
Stock issued for FM acquisition						1,551						5,166						107,034						—						—						112,200
Cash dividends declared, $0.32 per share						—						—						—						(9,939)						—						(9,939)
Shares cancelled						(1)						(6)						(110)						116						—						—
Balance, June 30, 2026						31,068						$	64,390					$	515,117					$	728,016					$	(61,131)					$	1,246,392
Activity for three months ended September 30, 2026:
Net income						—						—						—						43,508						—						43,508
Other comprehensive income						—						—						—						—						(13,606)						(13,606)
Stock compensation expense						—						—						1,249						—						—						1,249
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations						—						1						16						(42)						—						(25)
Cash dividends declared, $0.33 per share						—						—						—						(10,248)						—						(10,248)
Shares cancelled						(2)						(7)						(129)						136						—						—
Balance, September 30, 2026						31,066						$	64,384					$	516,253					$	761,370					$	(74,737)					$	1,267,270

(continued)

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						Common stock												Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss						Total stockholders' equity
						Shares outstanding						Amount
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

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, 2026 and 2025 (in thousands)

			2026						2025
Cash flows from operating activities:
Net income			$	120,160					$	103,536
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			2,575						5,050
Depreciation, amortization and accretion, net			11,095						3,935
Deferred income tax expense (benefit)			1,957						(2,226)
Gain on sale of mortgage loans held for sale			(1,803)						(2,374)
Origination of mortgage loans held for sale			(124,003)						(105,149)
Proceeds from sale of mortgage loans held for sale			123,634						107,764
Bank owned life insurance income			(2,052)						(1,882)
Gain on the sale of premises and equipment			(445)						(74)
Gain on other real estate owned			(17)						(31)
Stock compensation expense			3,795						3,387
Excess tax benefit from share-based compensation arrangements			(196)						(604)
Net change in accrued interest receivable and other assets			8,290						14,566
Net change in accrued interest payable and other liabilities			9,863						(11,964)
Net cash provided by operating activities			152,853						113,934
Cash flows from investing activities:
Proceeds from maturities and paydowns of available for sale debt securities			177,750						789,721
Purchases of available for sale debt securities			(99,579)						(495,032)
Proceeds from sales of acquired available for sale debt securities			54,725						—
Proceeds from maturities and paydowns of held to maturity debt securities			18,043						167,049
Purchases of FHLB stock			(410)						(17,814)
Proceeds from redemption of FHLB stock			1,894						18,700
Net change in loans			(308,176)						(408,236)
Purchases of premises and equipment			(6,402)						(7,453)
Proceeds from sale or disposal of premises and equipment			1,301						710
Other investment activities			(21,573)						(54,585)
Proceeds from sales of other real estate owned			248						116
Cash from acquisition, net of cash paid			92,167						—
Net cash used in investing activities			(90,012)						(6,824)
Cash flows from financing activities:
Net change in deposits			(166,072)						477,571
Net change in securities sold under agreements to repurchase and federal funds purchased			(28,590)						(89,614)
Proceeds from FHLB advances			850,000						900,000
Repayments of FHLB advances			(900,000)						(900,000)
Repurchase of common stock			(1,494)						(2,089)
Cash dividends paid			(29,668)						(27,709)
Net cash (used in) provided by financing activities			(275,824)						358,159
Net change in cash and cash equivalents			(212,983)						465,269
Beginning cash and cash equivalents			886,376						291,020
Ending cash and cash equivalents			$	673,393					$	756,289

(continued)

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

For the nine months ended September 30, 2026 and 2025 (in thousands)

Supplemental cash flow information:			2026						2025
Interest paid			$	120,421					$	125,403
Income taxes paid, net of refunds			15,800						15,995
Cash paid for operating lease liabilities			3,360						3,308
Supplemental non-cash activity:
Change in unfunded commitments in tax credit investments			$	16,244					$	21,000
Dividends payable to stockholders			260						241
Loans transferred to OREO			312						265
Liabilities assumed in conjunction with acquisitions:
Fair value of assets acquired			$	883,357					$	-
Cash paid in acquisition			5						-
Common stock issued in acquisition			112,200						-
Total consideration paid			112,205						-
Liabilities assumed			$	771,152					$	-

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, 2026 do not necessarily indicate the results that Bancorp will achieve for the year ended December 31, 2026, 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. In the opinion of management, all adjustments considered necessary to present the results for interim periods fairly have been included.

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.

Use of Estimates – To prepare financial statement in conformity with GAAP, management must make estimates and assumptions that 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. Facts and circumstances which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.

Adoption of New Accounting Guidance – In November 2025, the FASB issued ASU 2025-08, “Financial Instruments – Credit Losses (Topic 326): Purchased Loans.” ASU 2025-08 expands the scope of the “gross up” method, formerly applicable only to PCD assets, to include acquired non-PCD loans that meet certain criteria, now referred to as “purchased seasoned loans,” (PSLs). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day-one credit-loss expense previously required for non-PCD assets. PSLs are defined as non-PCD loans acquired either (i) through a business combination, or (ii) purchased more than 90 days after origination, when the acquirer was not involved in origination. As permitted, Bancorp has elected to early adopt the amended guidance on January 1, 2026 on a prospective basis. The initial application of this ASU was utilized for the acquisition of Field & Main Bancorp, Inc. See the footnote titled “Loans and Allowance for Credit Losses on Loans,” for additional information regarding the impact of adoption related to this ASU on PCD and PSL loans.

Accounting Standards Updates – 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 update requires disaggregated disclosure of income statement expenses for public business entities. New financial statement disclosures are required in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Bancorp does not expect adoption to have a material impact on our financial statements.

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(2)             Acquisition

Bancorp completed its acquisition of Field & Main Bancorp, Inc. (referred to herein as “FM”), a Henderson, Kentucky-based commercial bank and trust company, on May 1, 2026. Bancorp acquired 100% of the outstanding common stock of FM that resulted in total consideration paid to Field & Main Bancorp, Inc. shareholders of $112 million for the 1,551,000 common shares issued based on the $72.33 closing market price of Bancorp’s shares on May 1, 2026. The acquisition of FM provides Bancorp presence in the Western Kentucky region, as 6 retail branches were acquired as part of the transaction, including three in Henderson, Kentucky and one each in Lexington, Kentucky, Cynthiana, Kentucky and Evansville, Indiana, respectively.

The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date. As provided for under GAAP, management has up to 12 months following the date of acquisition to finalize the fair values of the acquired assets and assumed liabilities. The preliminary fair value adjustments and the preliminary fair values shown in the following table continue to be evaluated by management and may be subjected to further adjustment.

(in thousands)						Fair Value of Net Assets Acquired at Date of Acquisition
Assets acquired:
Cash and due from banks						$	92,172
Available for sale debt securities						55,582
Federal Home Loan Bank stock, at cost						4,544
Mortgage loans held for sale						681
Loans						641,137
Allowance for credit losses on loans						(17,540)
Net loans						623,597
Premises and equipment, net						9,031
Bank owned life insurance						13,222
Accrued interest receivable						3,718
Core deposit intangible						17,923
Customer list intangible						4,953
Other real estate owned						135
Mortgage servicing rights						1,267
Deferred income taxes, net						4,154
Other assets						6,590
Total assets acquired						$	837,569
Liabilities assumed:
Deposits:
Non-interest bearing						$	134,069
Interest bearing						630,691
Total deposits						764,760
Accrued interest payable						1,268
Other liabilities						5,124
Total liabilities assumed						771,152
Net assets acquired						$	66,417
Consideration for common stock						$	112,200
Cash consideration paid						5
Total consideration						$	112,205
Goodwill						$	45,788

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The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Estimated fair values were based on management’s best estimates, using the information available at the date of acquisition, including the use of third-party valuation specialists. The fair value estimates used in valuing certain acquired assets and liabilities assumed are based, in part, on inputs that are unobservable. For loans, these include, but are not limited to, forecasted future cash flows and discount rates.

During the third quarter of 2026, Bancorp revised certain provisional acquisition-date amounts related to the FM acquisition based on additional information obtained regarding facts and circumstances that existed as of the acquisition date. The adjustments included the classification of additional acquired loans as PCD and a corresponding increase of approximately $2.0 million in the acquisition-date allowance for credit losses on PCD loans. The adjustment did not impact the provision of credit losses on loans for the three months ended September 30, 2026.

The following table presents additional information related to the acquired loan portfolio at the acquisition date:

(in thousands)						May 1, 2026
Purchased Credit-Deteriorated ("PCD") loans
Par value						$	76,220
Allowance for credit losses at acquisition						(12,449)
Non-credit discount						(1,851)
Fair value at date of acquisition						$	61,920
Purchased seasoned loans (PSL)
Fair value at date of acquisition						$	561,261
Gross contractual amounts receivable at date of acquisition						572,754
Estimate of contractual cash flows not expected to be collected at date of acquisition						5,091

The following valuation approaches were utilized to estimate the acquisition date fair values for the intangible assets acquired:

Core Deposit Intangible (“CDI”) – The CDI represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer retention rates, cost of the deposit base, net servicing costs attributable to customer deposits and an estimate of the cost associated with alternative funding sources. The discount rates used for CDI assets are based on market rates.

Customer List Intangible (“CLI”) – The CLI represents the value of the relationships with WM&T customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer retention rates, projected management fees and an estimated operating margin. The discount rates used for CLI assets are based on market rates.

Goodwill of approximately $46 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, was recorded in relation to the FM acquisition and is the result of expected operational synergies and other factors. Of this total, $38 million is attributed to the commercial banking segment and $8 million is attributed to the WM&T segment. Goodwill related to the FM acquisition is not deductible for tax purposes, as it was structured as a stock sale. To the extent that management revises any of the above fair value adjustments as a result of its continuing evaluation, the amount of goodwill recorded in the FM acquisition will change.

Total revenue, defined as net interest income and non-interest income, attributed to FM totaled approximately $9.8 million and $16.5 million for the three and nine months ended September 30, 2026. Net income attributed to FM totaled $3.2 million and $4.0 million for the three and nine months ended September 30, 2026.

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The following unaudited pro forma condensed combined financial information presents the results of operations of the Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the FM acquisition taken place on January 1, 2025:

(in thousands)						Three months ended September 30, 2026						Three months ended September 30, 2025
Net interest income						$	92,604					$	84,154
Provision for credit losses						950						2,197
Non-interest income						27,633						27,444
Non-interest expense						64,114						59,721
Income before taxes						55,173						49,680
Income tax expense						11,665						10,284
Net income						$	43,508					$	39,396

(in thousands)						Nine months ended September 30, 2026						Nine months ended September 30, 2025
Net interest income						$	268,948					$	242,414
Provision for credit losses						2,775						5,716
Non-interest income						81,591						80,723
Non-interest expense (1)						191,601						178,227
Income before taxes						156,163						139,194
Income tax expense						32,881						29,192
Net income						$	123,282					$	110,002

(1)- The 2026 supplemental pro-forma earnings were adjusted to exclude $678,000 and $3.0 million in pre-tax merger expenses for the three and nine months ended September 30, 2026, respectively, and instead, these costs are reflected in the pro-forma earnings for the nine months ended September 30, 2025 in the table above.

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(3)             Investment 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 cost						Unrealized
September 30, 2026												Gains						Losses						Fair value
Government sponsored agency obligations						$	68,430					$	115					$	(3,466)					$	65,079
Mortgage backed securities						545,499						-						(85,779)						459,720
Obligations of states and political subdivisions						108,833						1						(15,202)						93,632
Other						253						-						(38)						215
Total available for sale debt securities						$	723,015					$	116					$	(104,485)					$	618,646
December 31, 2025
Government sponsored agency obligations						$	75,459					$	97					$	(2,737)					$	72,819
Mortgage backed securities						602,261						322						(67,576)						535,007
Obligations of states and political subdivisions						123,083						10						(9,339)						113,754
Other						568						-						(37)						531
Total available for sale debt securities						$	801,371					$	429					$	(79,689)					$	722,111

AFS debt securities totaling $56.3 million (stated at fair value) were acquired as a result of the FM acquisition. Immediately after acquisition, 86 securities with a total fair value of $55.6 million in the acquired AFS debt securities portfolio were sold.

An ACL on AFS investment securities totaling $250,000 was established as of September 30, 2026 to record the impairment of a security owned as a result of a prior acquisition, representing the only security in Bancorp's investment securities portfolio that management has deemed impaired. Provision expense of $250,000, or approximately half of the bond’s book value, was recorded to establish the ACL.

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 value						Unrecognized
September 30, 2026												Gains						Losses						Fair value
Government sponsored agency obligations						$	19,479					$	-					$	(1,610)					$	17,869
Mortgage backed securities						161,297						4						(21,013)						140,288
Total held to maturity debt securities						$	180,776					$	4					$	(22,623)					$	158,157
December 31, 2025
U.S. Treasury and other U.S. Government obligations						$	1,994					$	-					$	(12)					$	1,982
Government sponsored agency obligations						22,957						-						(1,112)						21,845
Mortgage backed securities						173,995						5						(16,624)						157,376
Total held to maturity debt securities						$	198,946					$	5					$	(17,748)					$	181,203

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All investment securities classified as HTM by Bancorp as of September 30, 2026 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, 2026. Further, as of September 30, 2026, none of Bancorp’s HTM securities were in non-accrual or past due status.

Debt Securities by Contractual Maturity

A summary of AFS and HTM debt securities by contractual maturity as of September 30, 2026 follows:

						AFS Debt Securities												HTM Debt Securities
(in thousands)						Amortized cost						Fair value						Carrying value						Fair value
Due within one year						$	5,043					$	5,024					$	3					$	3
Due after one year but within five years						37,901						35,407						34						34
Due after five years but within 10 years						81,938						69,663						19,152						17,551
Due after 10 years						52,634						48,832						290						281
Mortgage backed securities						545,499						459,720						161,297						140,288
Total						$	723,015					$	618,646					$	180,776					$	158,157

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 $3 million and $4 million at September 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on the investment securities portfolios is included in the condensed consolidated balance sheets.

Securities with a carrying value of $541 million and $707 million were pledged at September 30, 2026 and December 31, 2025, respectively, to secure accounts of commercial depositors in cash management accounts, public deposits and uninsured cash balances for 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, with the exception of the previously noted corporate security. As such, an allowance of $250,000 was recorded with respect to investment securities as of September 30, 2026. No allowance or impairment was recorded with respect to investment securities as of December 31, 2025.

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Unrealized and Unrecognized Loss Analysis on Debt Securities

Debt securities with unrealized and unrecognized losses at September 30, 2026 and December 31, 2025, 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 value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
September 30, 2026
Government sponsored agency obligations						$	-					$	-					$	57,344					$	(3,466)					$	57,344					$	(3,466)
Mortgage-backed securities						36,691						(2,189)						423,030						(83,590)						459,721						(85,779)
Obligations of states and political subdivisions						22,387						(1,279)						69,818						(13,923)						92,205						(15,202)
Other						-						-						465						(38)						465						(38)
Total AFS debt securities						$	59,078					$	(3,468)					$	550,657					$	(101,017)					$	609,735					$	(104,485)
December 31, 2025
Government sponsored agency obligations						$	-					$	-					$	69,880					$	(2,737)					$	69,880					$	(2,737)
Mortgage-backed securities						-						-						507,041						(67,576)						507,041						(67,576)
Obligations of states and political subdivisions						1,446						(4)						91,609						(9,335)						93,055						(9,339)
Other						-						-						531						(37)						531						(37)
Total AFS debt securities						$	1,446					$	(4)					$	669,061					$	(79,685)					$	670,507					$	(79,689)

						HTM Debt Securities
						Less than 12 months												12 months or more												Total
(in thousands)						Fair value						Unrecognized losses						Fair value						Unrecognized losses						Fair value						Unrecognized losses
September 30, 2026
Government sponsored agency obligations						$	-					$	-					$	17,867					$	(1,610)					$	17,867					$	(1,610)
Mortgage-backed securities						141						(1)						139,846						(21,012)						139,987						(21,013)
Total HTM debt securities						$	141					$	(1)					$	157,713					$	(22,622)					$	157,854					$	(22,623)
December 31, 2025
U.S. Treasury and other U.S. Government obligations						$	-					$	-					$	1,982					$	(12)					$	1,982					$	(12)
Government sponsored agency obligations						-						-						21,649						(1,112)						21,649						(1,112)
Mortgage-backed securities						-						-						156,877						(16,624)						156,877						(16,624)
Total HTM debt securities						$	-					$	-					$	180,508					$	(17,748)					$	180,508					$	(17,748)

Applicable dates for determining when securities are in unrealized and unrecognized loss positions are September 30, 2026 and December 31, 2025. 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.

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. With the exception of the ACL established for the previously mentioned corporate security, 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 448 and 402 separate investment positions as of September 30, 2026 and December 31, 2025, respectively.

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(4)             Loans and Allowance for Credit Losses on Loans

Composition of loans by class follows:

(in thousands)						September 30, 2026						December 31, 2025
Commercial real estate - non-owner occupied						$	2,167,416					$	1,915,252
Commercial real estate - owner occupied						1,290,241						1,121,896
Total commercial real estate						3,457,657						3,037,148
Commercial and industrial - term						1,146,822						897,576
Commercial and industrial - lines of credit						624,936						611,913
Total commercial and industrial						1,771,758						1,509,489
Residential real estate - owner occupied						1,002,144						881,865
Residential real estate - non-owner occupied						478,244						391,216
Total residential real estate						1,480,388						1,273,081
Construction and land development						769,628						751,897
Home equity lines of credit						355,934						285,115
Consumer						113,937						142,425
Leases						11,256						16,912
Credits cards						27,106						25,243
Total loans (1)						$	7,987,664					$	7,041,310

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

Net loans, including purchase accounting adjustments, totaling approximately $624 million were acquired as a result of the FM acquisition on May 1, 2026.

Accrued interest receivable on loans, which is excluded from the amortized cost of loans, totaled $29 million and $25 million at September 30, 2026 and December 31, 2025, respectively, and was included in the condensed consolidated balance sheets. The increase during the first nine months of the year was attributed mainly to the FM acquisition.

Loans with carrying amounts of $4.26 billion and $3.78 billion were pledged to secure FHLB borrowing capacity at September 30, 2026 and December 31, 2025, respectively, the increase being attributed to the loan portfolio acquired from FM.

Loans to directors and their related interests, including loans to companies for which directors are principal owners and executive officers, totaled $59 million and $104 million as of September 30, 2026 and December 31, 2025, respectively. The decrease from December 31, 2025 was the result of a change in the composition of Bancorp’s Board of Directors.

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ACL for Loans

Fluctuations in the ACL for loans during the three and nine months ended September 30, 2026 were the result of loan growth, the impact of the FM acquisition, an improved unemployment forecast and annual CECL model updates in addition to net charge offs.

The beginning balance of the ACL for the three months ended September 30, 2026 reflects a measurement-period adjustment to the provisional acquisition-date allowance associated with PCD loans acquired in the FM acquisition. The adjustment related to facts and circumstances existing as of the acquisition date and, accordingly, was not recognized as provision for credit losses on loans during the three months ended September 30, 2026.

The tables below reflect activity in the ACL for loans:

(in thousands)						Beginning Balance						Initial Allowance on PCD Loans						Initial Allowance on PSL Loans						Provision for Credit Losses on Loans						Charge-offs						Recoveries						Ending Balance
Three Months Ended September 30, 2026
Commercial real estate - non-owner occupied						$	18,800					$	-					$	-					$	(225)					$	(785)					$	-					$	17,790
Commercial real estate - owner occupied						17,919						-						-						(1,075)						(227)						-						16,617
Total commercial real estate						36,719						-						-						(1,300)						(1,012)						-						34,407
Commercial and industrial - term						25,102						-						-						2,065						(2,099)						58						25,126
Commercial and industrial - lines of credit						7,419						-						-						(179)						(150)						-						7,090
Total commercial and industrial						32,521						-						-						1,886						(2,249)						58						32,216
Residential real estate - owner occupied						16,449						-						-						542						(176)						11						16,826
Residential real estate - non-owner occupied						5,262						-						-						(37)						(288)						-						4,937
Total residential real estate						21,711						-						-						505						(464)						11						21,763
Construction and land development						15,176						-						-						(635)						-						-						14,541
Home equity lines of credit						1,940						-						-						33						-						-						1,973
Consumer						2,427						-						-						145						(325)						177						2,424
Leases						284						-						-						(34)						-						-						250
Credit cards						329						-						-						100						(204)						56						281
Total						$	111,107					$	-					$	-					$	700					$	(4,254)					$	302					$	107,855

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(in thousands)						Beginning Balance						Initial Allowance on PCD Loans						Initial Allowance on PSL Loans						Provision for Credit Losses on Loans						Charge-offs						Recoveries						Ending Balance
Nine Months Ended September 30, 2026
Commercial real estate - non-owner occupied						$	13,779					$	3,519					$	1,387					$	(110)					$	(785)					$	-					$	17,790
Commercial real estate - owner occupied						13,100						4,922						704						(1,882)						(227)						-						16,617
Total commercial real estate						26,879						8,441						2,091						(1,992)						(1,012)						-						34,407
Commercial and industrial - term						21,121						1,246						359						4,121						(2,099)						378						25,126
Commercial and industrial - lines of credit						7,323						375						200						(658)						(150)						-						7,090
Total commercial and industrial						28,444						1,621						559						3,463						(2,249)						378						32,216
Residential real estate - owner occupied						14,914						92						720						1,407						(341)						34						16,826
Residential real estate - non-owner occupied						4,287						157						726						55						(288)						-						4,937
Total residential real estate						19,201						249						1,446						1,462						(629)						34						21,763
Construction and land development						12,316						2,105						476						(356)						-						-						14,541
Home equity lines of credit						1,439						30						500						4						-						-						1,973
Consumer						2,924						3						19						(354)						(733)						565						2,424
Leases						524						-						-						(274)						-						-						250
Credit cards						140						-						-						372						(339)						108						281
Total						$	91,867					$	12,449					$	5,091					$	2,325					$	(4,962)					$	1,085					$	107,855

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(in thousands)						Beginning Balance						Provision for Credit Losses on Loans						Charge-offs						Recoveries						Ending Balance
Three Months Ended September 30, 2025
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)						Beginning Balance						Provision for Credit Losses on Loans						Charge-offs						Recoveries						Ending Balance
Nine Months Ended September 30, 2025
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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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:

(in thousands)						Non-accrual Loans With No Recorded ACL						Total Non-accrual						Past Due 90-Days- or-More and Still Accruing Interest
September 30, 2026
Commercial real estate - non-owner occupied						$	1,141					$	1,883					$	1,053
Commercial real estate - owner occupied						1,148						4,671						382
Total commercial real estate						2,289						6,554						1,435
Commercial and industrial - term						723						1,856						103
Commercial and industrial - lines of credit						—						431						74
Total commercial and industrial						723						2,287						177
Residential real estate - owner occupied						464						9,319						190
Residential real estate - non-owner occupied						814						1,181						—
Total residential real estate						1,278						10,500						190
Construction and land development						—						—						—
Home equity lines of credit						—						60						75
Consumer						20						519						—
Leases						—						—						—
Credit cards						—						94						—
Total						$	4,310					$	20,014					$	1,877

(in thousands)						Non-accrual Loans With No Recorded ACL						Total Non-accrual						Past Due 90-Days- or-More and Still Accruing Interest
December 31, 2025
Commercial real estate - non-owner occupied						$	—					$	283					$	72
Commercial real estate - owner occupied						—						2,449						219
Total commercial real estate						—						2,732						291
Commercial and industrial - term						348						819						—
Commercial and industrial - lines of credit						—						182						—
Total commercial and industrial						348						1,001						—
Residential real estate - owner occupied						400						7,349						158
Residential real estate - non-owner occupied						324						1,173						—
Total residential real estate						724						8,522						158
Construction and land development						—						—						—
Home equity lines of credit						—						—						—
Consumer						20						278						—
Leases						—						—						—
Credit cards						—						52						—
Total						$	1,092					$	12,585					$	449

For the three and nine month periods ended September 30, 2026 and 2025, 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, 2026 and 2025, 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)						Real Estate						Accounts Receivable / Equipment						Other						Total						ACL Allocation
September 30, 2026
Commercial real estate - non-owner occupied						$	5,761					$	-					$	-					$	5,761					$	1,788
Commercial real estate - owner occupied						12,428						-						-						12,428						3,851
Total commercial real estate						18,189						-						-						18,189						5,639
Commercial and industrial - term						345						872						-						1,217						841
Commercial and industrial - lines of credit						35						1,055						-						1,090						266
Total commercial and industrial						380						1,927						-						2,307						1,107
Residential real estate - owner occupied						7,951						-						-						7,951						1,438
Residential real estate - non-owner occupied						1,181						-						-						1,181						-
Total residential real estate						9,132						-						-						9,132						1,438
Construction and land development						2,051						-						-						2,051						2,051
Home equity lines of credit						-						60						-						60						-
Consumer						-						-						499						499						-
Leases						-						-						-						-						-
Credit cards						-						-						-						-						-
Total collateral dependent loans						$	29,752					$	1,987					$	499					$	32,238					$	10,235

(in thousands)						Real Estate						Accounts Receivable / Equipment						Other						Total						ACL Allocation
December 31, 2025
Commercial real estate - non-owner occupied						$	6,809					$	-					$	-					$	6,809					$	887
Commercial real estate - owner occupied						4,302						-						-						4,302						755
Total commercial real estate						11,111						-						-						11,111						1,642
Commercial and industrial - term						877						97						46						1,020						405
Commercial and industrial - lines of credit						289						-						382						671						306
Total commercial and industrial						1,166						97						428						1,691						711
Residential real estate - owner occupied						6,376						-						-						6,376						1,464
Residential real estate - non-owner occupied						1,608						-						-						1,608						470
Total residential real estate						7,984						-						-						7,984						1,934
Construction and land development						-						-						-						-						-
Home equity lines of credit						-						-						-						-						-
Consumer						-						-						272						272						-
Leases						-						-						-						-						-
Credit cards						-						-						-						-						-
Total collateral dependent loans						$	20,261					$	97					$	700					$	21,058					$	4,287

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

(in thousands)						Current						30-59 days Past Due						60-89 days Past Due						90 or more days Past Due						Total Past Due Loans						Total Loans
September 30, 2026
Commercial real estate - non-owner occupied						$	2,160,920					$	2,925					$	724					$	2,847					$	6,496					$	2,167,416
Commercial real estate - owner occupied						1,285,766						339						939						3,197						4,475						1,290,241
Total commercial real estate						3,446,686						3,264						1,663						6,044						10,971						3,457,657
Commercial and industrial - term						1,141,390						3,303						578						1,551						5,432						1,146,822
Commercial and industrial - lines of credit						622,418						174						1,839						505						2,518						624,936
Total commercial and industrial						1,763,808						3,477						2,417						2,056						7,950						1,771,758
Residential real estate - owner occupied						978,358						8,376						6,722						8,688						23,786						1,002,144
Residential real estate - non-owner occupied						475,953						957						188						1,146						2,291						478,244
Total residential real estate						1,454,311						9,333						6,910						9,834						26,077						1,480,388
Construction and land development						767,678						397						1,553						—						1,950						769,628
Home equity lines of credit						354,776						896						188						74						1,158						355,934
Consumer						112,680						595						173						489						1,257						113,937
Leases						11,256						—						—						—						—						11,256
Credit cards						25,433						1,444						135						94						1,673						27,106
Total						$	7,936,628					$	19,406					$	13,039					$	18,591					$	51,036					$	7,987,664

(in thousands)						Current						30-59 days Past Due						60-89 days Past Due						90 or more days Past Due						Total Past Due Loans						Total Loans
December 31, 2025
Commercial real estate - non-owner occupied						$	1,912,951					$	2,042					$	151					$	108					$	2,301					$	1,915,252
Commercial real estate - owner occupied						1,120,790						383						—						723						1,106						1,121,896
Total commercial real estate						3,033,741						2,425						151						831						3,407						3,037,148
Commercial and industrial - term						896,911						71						84						510						665						897,576
Commercial and industrial - lines of credit						611,757						156						—						—						156						611,913
Total commercial and industrial						1,508,668						227						84						510						821						1,509,489
Residential real estate - owner occupied						862,509						8,514						4,137						6,705						19,356						881,865
Residential real estate - non-owner occupied						390,148						103						151						814						1,068						391,216
Total residential real estate						1,252,657						8,617						4,288						7,519						20,424						1,273,081
Construction and land development						751,897						—						—						—						—						751,897
Home equity lines of credit						284,707						369						39						—						408						285,115
Consumer						141,352						445						350						278						1,073						142,425
Leases						16,912						—						—						—						—						16,912
Credit cards						24,970						187						34						52						273						25,243
Total						$	7,014,904					$	12,270					$	4,946					$	9,190					$	26,406					$	7,041,310

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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.

As of September 30, 2026, 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 cost basis						Total
September 30, 2026						2026						2025						2024						2023						2022						Prior
Commercial real estate - non-owner occupied:
Risk rating
Pass						$	389,232					$	410,263					$	270,129					$	321,385					$	316,365					$	365,775					$	27,807					$	2,100,956
OAEM						17,417						4,955						1,193						4,626						9,721						8,372						-						46,284
Substandard						5,048						1,006						-						11,364						-						875						-						18,293
Substandard non-performing						159						77						141						491						711						304						-						1,883
Doubtful						-						-						-						-						-						-						-						-
Total Commercial real estate non-owner occupied						$	411,856					$	416,301					$	271,463					$	337,866					$	326,797					$	375,326					$	27,807					$	2,167,416
Current period gross charge offs						$	-					$	(60)					$	-					$	(725)					$	-					$	-					$	-					$	(785)

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Commercial real estate - owner occupied:
Risk rating
Pass						$	219,066					$	207,032					$	152,807					$	172,315					$	152,046					$	316,115					$	21,320					$	1,240,701
OAEM						2,434						1,946						5,749						2,988						6,048						7,942						-						27,107
Substandard						1,377						2,955						384						3,787						2,874						6,385						-						17,762
Substandard non-performing						1,544						1,640						240						-						148						1,099						-						4,671
Doubtful						-						-						-						-						-						-						-						-
Total Commercial real estate owner occupied						$	224,421					$	213,573					$	159,180					$	179,090					$	161,116					$	331,541					$	21,320					$	1,290,241
Current period gross charge offs						$	-					$	(227)					$	-					$	-					$	-					$	-					$	-					$	(227)
Commercial and industrial - term:
Risk rating
Pass						$	418,818					$	236,376					$	168,508					$	107,282					$	96,618					$	104,894					$	-					$	1,132,496
OAEM						870						2,552						1,834						125						1,369						-						-						6,750
Substandard						1,295						16						509						1,792						1,217						891						-						5,720
Substandard non-performing						400						752						235						24						303						142						-						1,856
Doubtful						-						-						-						-						-						-						-						-
Total Commercial and industrial - term						$	421,383					$	239,696					$	171,086					$	109,223					$	99,507					$	105,927					$	-					$	1,146,822
Current period gross charge offs						$	(799)					$	-					$	(342)					$	(753)					$	(205)					$	-					$	-					$	(2,099)
Commercial and industrial - lines of credit
Risk rating
Pass						$	45,447					$	10,436					$	6,954					$	1,209					$	1,512					$	2,060					$	533,414					$	601,032
OAEM						-						-						-						-						-						-						12,864						12,864
Substandard						-						-						-						-						-						-						10,609						10,609
Substandard non-performing						-						-						-						-						-						35						396						431
Doubtful						-						-						-						-						-						-						-						-
Total Commercial and industrial - lines of credit						$	45,447					$	10,436					$	6,954					$	1,209					$	1,512					$	2,095					$	557,283					$	624,936
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	(150)					$	(150)

(continued)

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(continued)

(in thousands)						Term Loans Amortized Cost Basis by Origination Year																																				Revolving loans amortized cost basis						Total
September 30, 2026						2026						2025						2024						2023						2022						Prior
Residential real estate - owner occupied
Risk rating
Pass						$	135,066					$	157,748					$	149,743					$	135,688					$	148,284					$	264,762					$	-					$	991,291
OAEM						220						-						176						-						-						177						-						573
Substandard						-						-						-						57						7						897						-						961
Substandard non-performing						340						558						2,305						2,735						2,415						966						-						9,319
Doubtful						-						-						-						-						-						-						-						-
Total Residential real estate - owner occupied						$	135,626					$	158,306					$	152,224					$	138,480					$	150,706					$	266,802					$	-					$	1,002,144
Current period gross charge offs						$	(100)					$	(36)					$	-					$	(162)					$	(43)					$	-					$	-					$	(341)
Residential real estate - non-owner occupied
Risk rating
Pass						$	79,329					$	88,720					$	68,104					$	61,724					$	68,023					$	110,163					$	-					$	476,063
OAEM						32						194						-						-						-						529						-						755
Substandard						-						-						-						-						147						98						-						245
Substandard non-performing						-						91						-						790						177						123						-						1,181
Doubtful						-						-						-						-						-						-						-						-
Total Residential real estate - non-owner occupied						$	79,361					$	89,005					$	68,104					$	62,514					$	68,347					$	110,913					$	-					$	478,244
Current period gross charge offs						$	-					$	(138)					$	-					$	(150)					$	-					$	-					$	-					$	(288)
Construction and land development
Risk rating
Pass						$	230,636					$	300,910					$	133,056					$	90,431					$	2,006					$	3,407					$	5,959					$	766,405
OAEM						-						-						-						-						-						-						-						-
Substandard						-						3,223						-						-						-						-						-						3,223
Substandard non-performing						-						-						-						-						-						-						-						-
Doubtful						-						-						-						-						-						-						-						-
Total Construction and land development						$	230,636					$	304,133					$	133,056					$	90,431					$	2,006					$	3,407					$	5,959					$	769,628
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-

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Home equity lines of credit
Risk rating
Pass						$	-					$	-					$	-					$	-					$	-					$	-					$	355,863					$	355,863
OAEM						-						-						-						-						-						-						3						3
Substandard						-						-						-						-						-						-						8						8
Substandard non-performing						-						-						-						-						-						-						60						60
Doubtful						-						-						-						-						-						-						-						-
Total Home equity lines of credit						$	-					$	-					$	-					$	-					$	-					$	-					$	355,934					$	355,934
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-
Consumer
Risk rating
Pass						$	21,177					$	18,254					$	10,028					$	6,683					$	6,453					$	3,193					$	47,609					$	113,397
OAEM						-						-						-						-						21						-						-						21
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						-						146						187						160						-						26						-						519
Doubtful						-						-						-						-						-						-						-						-
Total Consumer						$	21,177					$	18,400					$	10,215					$	6,843					$	6,474					$	3,219					$	47,609					$	113,937
Current period gross charge offs						$	(556)					$	(40)					$	(42)					$	(60)					$	(26)					$	(9)					$	-					$	(733)

(continued)

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(continued)

(in thousands)						Term Loans Amortized Cost Basis by Origination Year																																				Revolving loans amortized cost basis						Total
September 30, 2026						2026						2025						2024						2023						2022						Prior
Leases
Risk rating
Pass						$	-					$	4,133					$	2,999					$	2,803					$	793					$	528					$	-					$	11,256
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						-						-						-						-						-						-						-						-
Doubtful						-						-						-						-						-						-						-						-
Total Leases						$	-					$	4,133					$	2,999					$	2,803					$	793					$	528					$	-					$	11,256
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-
Credit cards
Risk rating
Pass						$	-					$	-					$	-					$	-					$	-					$	-					$	27,012					$	27,012
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						-						-						-						-						-						-						94						94
Doubtful						-						-						-						-						-						-						-						-
Total Credit cards						$	-					$	-					$	-					$	-					$	-					$	-					$	27,106					$	27,106
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	(339)					$	(339)
Total loans
Risk rating
Pass						$	1,538,771					$	1,433,872					$	962,328					$	899,520					$	792,100					$	1,170,897					$	1,018,984					$	7,816,472
OAEM						20,973						9,647						8,952						7,739						17,159						17,020						12,867						94,357
Substandard						7,720						7,200						893						17,000						4,245						9,146						10,617						56,821
Substandard non-performing						2,443						3,264						3,108						4,200						3,754						2,695						550						20,014
Doubtful						-						-						-						-						-						-						-						-
Total Loans						$	1,569,907					$	1,453,983					$	975,281					$	928,459					$	817,258					$	1,199,758					$	1,043,018					$	7,987,664
Current period gross charge offs*						$	(1,455)					$	(501)					$	(384)					$	(1,850)					$	(274)					$	(9)					$	(489)					$	(4,962)

*Current period gross charge offs represent year-to-date activity.

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As of December 31, 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 cost basis						Total
December 31, 2025						2025						2024						2023						2022						2021						Prior
Commercial real estate - non-owner occupied:
Risk rating
Pass						$	473,903					$	308,918					$	322,311					$	304,074					$	234,941					$	198,207					$	21,473					$	1,863,827
OAEM						16,521						2,271						11,620						2,240						7,638						5,945						-						46,235
Substandard						138						-						1,219						595						2,747						208						-						4,907
Substandard non-performing						-						151						-						-						-						132						-						283
Doubtful						-						-						-						-						-						-						-						-
Total Commercial real estate non-owner occupied						$	490,562					$	311,340					$	335,150					$	306,909					$	245,326					$	204,492					$	21,473					$	1,915,252
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-
Commercial real estate - owner occupied:
Risk rating
Pass						$	206,283					$	143,496					$	173,577					$	165,211					$	167,487					$	210,266					$	16,784					$	1,083,104
OAEM						1,613						4,308						1,774						4,632						1,264						5,225						-						18,816
Substandard						5,279						2,156						3,896						3,140						2,861						195						-						17,527
Substandard non-performing						1,184						240						-						158						714						153						-						2,449
Doubtful						-						-						-						-						-						-						-						-
Total Commercial real estate owner occupied						$	214,359					$	150,200					$	179,247					$	173,141					$	172,326					$	215,839					$	16,784					$	1,121,896
Current period gross charge offs						$	-					$	(99)					$	-					$	(38)					$	-					$	-					$	-					$	(137)
Commercial and industrial - term:
Risk rating
Pass						$	264,366					$	239,708					$	129,940					$	127,077					$	84,782					$	38,764					$	-					$	884,637
OAEM						341						7,853						392						1,020						-						-						-						9,606
Substandard						-						-						82						1,162						1,238						32						-						2,514
Substandard non-performing						198						15						46						9						-						551						-						819
Doubtful						-						-						-						-						-						-						-						-
Total Commercial and industrial - term						$	264,905					$	247,576					$	130,460					$	129,268					$	86,020					$	39,347					$	-					$	897,576
Current period gross charge offs						$	-					$	(350)					$	(328)					$	(56)					$	(4)					$	-					$	-					$	(738)

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Commercial and industrial - lines of credit
Risk rating
Pass						$	62,731					$	77,599					$	5,292					$	586					$	1,852					$	1,905					$	425,487					$	575,452
OAEM						485						2,258						-						-						-						-						13,955						16,698
Substandard						-						-						-						-						-						-						19,581						19,581
Substandard non-performing						182						-						-						-						-						-						-						182
Doubtful						-						-						-						-						-						-						-						-
Total Commercial and industrial - lines of credit						$	63,398					$	79,857					$	5,292					$	586					$	1,852					$	1,905					$	459,023					$	611,913
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	(287)					$	(287)

(continued)

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(continued)

(in thousands)						Term Loans Amortized Cost Basis by Origination Year																																				Revolving loans amortized cost basis						Total
December 31, 2025						2025						2024						2023						2022						2021						Prior
Residential real estate - owner occupied
Risk rating
Pass						$	166,712					$	147,066					$	136,367					$	152,065					$	140,120					$	131,827					$	-					$	874,157
OAEM						151						-						-						-						77						-						-						228
Substandard						-						-						-						10						-						121						-						131
Substandard non-performing						602						1,459						2,676						1,956						-						656						-						7,349
Doubtful						-						-						-						-						-						-						-						-
Total Residential real estate - owner occupied						$	167,465					$	148,525					$	139,043					$	154,031					$	140,197					$	132,604					$	-					$	881,865
Current period gross charge offs						$	(25)					$	-					$	(252)					$	-					$	(26)					$	(5)					$	-					$	(308)
Residential real estate - non-owner occupied
Risk rating
Pass						$	79,805					$	66,030					$	54,464					$	64,198					$	61,721					$	63,348					$	-					$	389,566
OAEM						-						-						-						-						-						163						-						163
Substandard						-						-						208						-						-						106						-						314
Substandard non-performing						-						-						878						159						-						136						-						1,173
Doubtful						-						-						-						-						-						-						-						-
Total Residential real estate - non-owner occupied						$	79,805					$	66,030					$	55,550					$	64,357					$	61,721					$	63,753					$	-					$	391,216
Current period gross charge offs						$	-					$	(150)					$	(3)					$	-					$	-					$	(3)					$	-					$	(156)
Construction and land development
Risk rating
Pass						$	253,687					$	254,341					$	182,016					$	44,909					$	3,095					$	1,687					$	12,162					$	751,897
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						-						-						-						-						-						-						-						-
Doubtful						-						-						-						-						-						-						-						-
Total Construction and land development						$	253,687					$	254,341					$	182,016					$	44,909					$	3,095					$	1,687					$	12,162					$	751,897
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-

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Home equity lines of credit
Risk rating
Pass						$	-					$	-					$	-					$	-					$	-					$	-					$	284,064					$	284,064
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						1,051						1,051
Substandard non-performing						-						-						-						-						-						-						-						-
Doubtful						-						-						-						-						-						-						-						-
Total Home equity lines of credit						$	-					$	-					$	-					$	-					$	-					$	-					$	285,115					$	285,115
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	(10)					$	(10)
Consumer
Risk rating
Pass						$	27,560					$	13,948					$	9,927					$	8,561					$	3,838					$	650					$	77,663					$	142,147
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						21						126						110						12						-						9						-						278
Doubtful						-						-						-						-						-						-						-						-
Total Consumer						$	27,581					$	14,074					$	10,037					$	8,573					$	3,838					$	659					$	77,663					$	142,425
Current period gross charge offs						$	(857)					$	(72)					$	(97)					$	(36)					$	(5)					$	(36)					$	-					$	(1,103)

(continued)

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(continued)

(in thousands)						Term Loans Amortized Cost Basis by Origination Year																																				Revolving loans amortized cost basis						Total
December 31, 2025						2025						2024						2023						2022						2021						Prior
Leases
Risk rating
Pass						$	6,848					$	3,880					$	3,831					$	1,014					$	836					$	137					$	-					$	16,546
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						366						-						-						-						366
Substandard non-performing						-						-						-						-						-						-						-						-
Doubtful						-						-						-						-						-						-						-						-
Total Leases						$	6,848					$	3,880					$	3,831					$	1,380					$	836					$	137					$	-					$	16,912
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	-					$	-
Credit cards
Risk rating
Pass						$	-					$	-					$	-					$	-					$	-					$	-					$	25,191					$	25,191
OAEM						-						-						-						-						-						-						-						-
Substandard						-						-						-						-						-						-						-						-
Substandard non-performing						-						-						-						-						-						-						52						52
Doubtful						-						-						-						-						-						-						-						-
Total Credit cards						$	-					$	-					$	-					$	-					$	-					$	-					$	25,243					$	25,243
Current period gross charge offs						$	-					$	-					$	-					$	-					$	-					$	-					$	(303)					$	(303)
Total loans
Risk rating
Pass						$	1,541,895					$	1,254,986					$	1,017,725					$	867,695					$	698,672					$	646,791					$	862,824					$	6,890,588
OAEM						19,111						16,690						13,786						7,892						8,979						11,333						13,955						91,746
Substandard						5,417						2,156						5,405						5,273						6,846						662						20,632						46,391
Substandard non-performing						2,187						1,991						3,710						2,294						714						1,637						52						12,585
Doubtful						-						-						-						-						-						-						-						-
Total Loans						$	1,568,610					$	1,275,823					$	1,040,626					$	883,154					$	715,211					$	660,423					$	897,463					$	7,041,310
Current period gross charge offs*						$	(882)					$	(671)					$	(680)					$	(130)					$	(35)					$	(44)					$	(600)					$	(3,042)

*Current period gross charge offs represent year-to-date activity.

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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:

(in thousands)						September 30, 2026						December 31, 2025
Credit cards
Performing						$	27,012					$	25,191
Non-performing						94						52
Total credit cards						$	27,106					$	25,243

Bancorp had $2 million and $1 million in residential real estate loans for which formal foreclosure proceedings were in process at September 30, 2026 and December 31, 2025, respectively.

Modifications to Borrowers Experiencing Financial Difficulty

During the three and nine month periods ended September 30, 2026 and 2025, there were no loans were modifie 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.

(5)             Goodwill

As of September 30, 2026, goodwill totaled $240 million, of which $209 million was attributed to the commercial banking segment and $31 million was attributed to WM&T. As of December 31, 2025, goodwill totaled $194 million, of which $172 million was attributed to the commercial banking segment and $22 million was attributed to WM&T.

Goodwill totaling $46 million related to the FM acquisition was recorded as of September 30, 2026. Management has up to 12 months following the date of acquisition to finalize fair values of the acquired assets and assumed liabilities related to the FM acquisition. During this measurement period, Bancorp may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date.

The following table presents the changes in the carrying amount of goodwill:

(in thousands)						September 30, 2026						December 31, 2025
Balance at the beginning of the period						$	194,074					$	194,074
Acquisitions and adjustments						45,788						-
Balance at the end of the period						$	239,862					$	194,074

Goodwill and intangible assets with indefinite useful lives will not be amortized, but instead will 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 October 1 of each year or more often as situations dictate.

At October 1, 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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(6)             Core Deposit and Customer List Intangible Assets

The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets:

						September 30, 2026																		December 31, 2025
(in thousands)						Gross Carrying Amount						Accumulated Amortization						Net Amount						Gross Carrying Amount						Accumulated Amortization						Net Amount
Amortizable intangible assets:
Core deposit intangibles						$	38,114					$	(16,482)					$	21,632					$	20,191					$	(13,503)					$	6,688
Customer list intangibles						16,809						(7,671)						9,138						11,856						(6,384)						5,472
Total amortizable intangible assets						$	54,923					$	(24,153)					$	30,770					$	32,047					$	(19,887)					$	12,160

CDI and CLI assets totaling $18 million and $5 million, respectively, were added in relation to the FM acquisition as of the acquisition date. CDI and CLI assets are initially measured at fair value and then amortized over their estimated useful lives on an accelerated basis.

Amortization expense for all amortizable intangible assets totaled $1.9 million and $4.3 million for the three and nine month periods ended September 30, 2026. Amortization expense for all amortizable intangible assets totaled $915,000 and $2.7 million for the three and nine month periods ended September 30, 2025.

Future CDI and CLI amortization expense is estimated as follows:

(in thousands)						CDI						CLI
Remainder of 2026						$	1,391					$	529
2027						4,987						1,905
2028						4,232						1,662
2029						3,410						1,420
2030						2,700						1,178
Thereafter						4,912						2,444
Total future expense						$	21,632					$	9,138

(7)             Other Assets

A summary of the major components of other assets follows:

(in thousands)						September 30, 2026						December 31, 2025
Cash surrender value of life insurance other than BOLI						$	23,429					$	22,156
Net deferred tax asset						51,279						44,667
Investments in tax credit partnerships						197,256						194,643
Derivative assets						17,197						4,501
Prepaid assets						9,157						8,818
WM&T fees receivable						5,645						5,253
Mortgage servicing rights						10,555						10,189
Other real estate owned						406						190
Other						17,642						14,589
Total other assets						$	332,566					$	305,006

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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.

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.”

(8)             Income Taxes

In accordance with the applicable accounting guidance, the principal method established for computing the provision for income taxes in interim periods requires the use of estimates related to the effective tax rate expected to be applicable for the full year. The estimated effective tax rate is then applied to the interim consolidated pre-tax operating income to determine the interim provision for income taxes.

The effective tax rate, which is the provision for income taxes as a percentage of income before income taxes, was 20.99% for the nine months ended September 30, 2026 compared to 20.52% for the same period of the prior year.

(9)             Deposits

The composition of deposits follows:

(in thousands)						September 30, 2026						December 31, 2025
Non-interest bearing demand deposits						$	1,679,364					$	1,435,846
Interest bearing deposits:
Interest bearing demand						3,161,774						2,886,406
Savings						475,700						420,382
Money market						1,272,970						1,311,969
Time deposits of $250 thousand or more						559,048						567,404
Other time deposits						1,240,969						1,169,130
Total time deposits						1,800,017						1,736,534
Total interest bearing deposits						6,710,461						6,355,291
Total deposits						$	8,389,825					$	7,791,137

Deposits totaling approximately $765 million were assumed as a result of the FM acquisition on May 1, 2026.

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(10)             Securities Sold Under Agreements to Repurchase

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. Bancorp’s repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. Bancorp reports its repurchase agreements to these arrangements on a gross basis. At September 30, 2026 and December 31, 2025, all of these financing arrangements had overnight maturities. The lender agrees to resell substantially the same securities to Bancorp at the maturity of the repurchase agreement. Should the fair value of the securities pledged as collateral fall below the associated repurchase agreements, Bancorp would be required to pledge additional securities. To mitigate the risk of under-collateralization due to balance fluctuations, Bancorp generally pledges more in securities than the associated repurchase agreements.

Information concerning SSUAR follows:

(dollars in thousands)						September 30, 2026						December 31, 2025
Outstanding balance at end of period						$	83,647					$	112,476
Weighted average interest rate at end of period						1.97		%				1.80		%
Fair value of securities pledged:
Mortgage backed securities						$	111,253					$	116,097
Government sponsored agency obligations						12,553						12,811
Total securities pledged						$	123,806					$	128,908

						Three months ended September 30,												Nine months ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Average outstanding balance during the period						$	98,741					$	104,640					$	90,635					$	130,507
Average interest rate during the period						1.86		%				2.23		%				1.78		%				2.08		%
Maximum outstanding at any month end during the period						$	108,939					$	113,304					$	108,939					$	151,483

The following table presents information regarding the Company’s repurchase agreements as if they had been presented on a net basis:

(dollars in thousands)						Gross amount of recognized liabilities						Gross amount offset in the balance sheet						Net amount of liabilities presented in the balance sheet						Investment securities posted as collateral						Net amount
September 30, 2026
Repurchase agreements						$	83,647					$	-					$	83,647					$	(83,647)					$	-
December 31, 2025
Repurchase agreements						$	112,476					$	-					$	112,476					$	(112,476)					$	-

(1)Amounts disclosed for collateral received by or posted to the same counterparty include the fair value of investment securities up to and not exceeding the amount or the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.

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(11)             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, 2026 and carried the notes at the costs noted below at September 30, 2026:

(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

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.

(12)             FHLB Advances and Other Borrowings

FHLB advances outstanding at September 30, 2026 consisted of a rolling $250 million three-month advance that matures in November 2026, which Bancorp utilizes in conjunction with interest rate swaps in an effort to hedge cash flows. FHLB advances outstanding at December 31, 2025 consisted of a rolling $300 million three-month advance that matured in February 2026, which was also utilized in conjunction with the previously mentioned interest rate swaps.

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, 2026						December 31, 2025
Outstanding balance at end of period						$	250,000					$	300,000
Weighted average interest rate at end of period						3.79		%				3.85		%

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, 2026 and December 31, 2025, the amount of available credit from the FHLB totaled $1.60 billion and $1.47 billion, respectively.

Bancorp also had unsecured available FFP lines with correspondent banks totaling $80 million at both September 30, 2026 and December 31, 2025, respectively. There were no outstanding balances associated with these lines as of both September 30, 2026 and December 31, 2025.

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(13)             Commitments and Contingent Liabilities

As of September 30, 2026 and December 31, 2025, 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, 2026						December 31, 2025
Commercial and industrial						$	879,513					$	811,568
Construction and development						611,352						639,190
Home equity lines of credit						505,097						429,070
Credit cards						69,019						90,673
Overdrafts						88,789						54,863
Standby letters of credit						29,255						28,410
Other						115,619						99,462
Future loan commitments						299,929						177,135
Total off balance sheet commitments to extend credit						$	2,598,573					$	2,330,371

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 $8.3 million and $7.9 million as of September 30, 2026 and December 31, 2025, respectively. While no provision expense was recorded for off balance sheet credit exposures for the three and nine months ended September 30, 2026, the liability was increased as a result of the line of credit portfolio added through the FM acquisition, with the corresponding offset recorded to goodwill (as opposed to provision expense). The lack of expense for the first nine months of 2026 was consistent with changes in expected utilization within the C&D portfolio.

Provision expense of $425,000 and $350,000 was recorded for off balance sheet credit exposures for the three and nine month periods ended September 30, 2025, respectively, driven by increased availability associated with new line production. The lower expense recorded for the nine month period of the prior year 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 credit exposures totaled $7.1 million as of September 30, 2025.

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, 2026, Bancorp would have been required to make payments of approximately $4.3 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.

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Bancorp also utilizes standby letters of credit through the FHLB as a means of collateralizing certain public fund deposit relationships. These letters of credit are issued to such depositors by FHLB on behalf of Bancorp, guaranteeing collateralization of their deposits in excess of FDIC-insured coverage, and are backed by the Company’s collateral-based borrowing capacity. As of September 30, 2026, such standby letters of credit totaled $67 million.

Bancorp periodically invests in certain partnerships that generate federal income tax credits, which result in contribution commitments and serve as an economical means of fulfilling CRA goals. 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. As of September 30, 2026, tax credit contribution commitments of $87 million were recorded in other liabilities on the consolidated balance sheets.

As of September 30, 2026, 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.

(14)             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 mandatory forward sales contracts and interest rate lock loan commitments. The fair value of Bancorp’s mandatory forward sales contracts 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 judgment by Bancorp (Level 2 inputs). While the fair value measurement of Bancorp’s interest rate lock commitments incorporate similar observable inputs, it also includes assumptions that utilize inputs related to the probability of a mortgage loan ultimately closing and funding, otherwise known as a “pull-through” rate. The determination of this rate requires management judgment and significant unobservable inputs (Level 3 inputs).

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As of September 30, 2026, the weighted average pull-through rate was 94.9%, with a range of 78.5% to 99.0%. As of December 31, 2025, the weighted average pull-through rate was 84.4%, with a range of 65.1% to 98.1%. These weighted averages were calculated based on the relative loan amount of the instruments.

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).

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

						Fair Value Measurements Using:																		Total
September 30, 2026 (in thousands)						Level 1						Level 2						Level 3						Fair Value
Assets:
Available for sale debt securities:
Government sponsored enterprise obligations						$	—					$	65,079					$	—					$	65,079
Mortgage backed securities - government agencies						—						459,720						—						459,720
Obligations of states and political subdivisions						—						93,632						—						93,632
Other						—						215						—						215
Total available for sale debt securities						$	—					618,646						—						618,646
Mortgage loans held for sale						—						9,100						—						9,100
Rate lock loan commitments						—						—						193						193
Mandatory forward contracts						—						332						—						332
Interest rate swap assets						—						17,196						—						17,196
Total assets						$	—					$	645,274					$	193					$	645,467
Liabilities:
Interest rate swap liabilities						$	—					$	11,930					$	—					$	11,930
Mandatory forward contracts						—						—						—						—
Total liabilities						$	—					$	11,930					$	—					$	11,930

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						Fair Value Measurements Using:																		Total
December 31, 2025 (in thousands)						Level 1						Level 2						Level 3						Fair Value
Assets:
Available for sale debt securities:
Government sponsored enterprise obligations						$	—					$	72,819					$	—					$	72,819
Mortgage backed securities - government agencies						—						535,007						—						535,007
Obligations of states and political subdivisions						—						113,754						—						113,754
Other						—						531						—						531
Total available for sale debt securities						—						722,111						—						722,111
Mortgage loans held for sale						—						6,247						—						6,247
Rate lock loan commitments						—						—						333						333
Interest rate swap assets						—						4,501						—						4,501
Total assets						$	—					$	732,859					$	333					$	733,192
Liabilities:
Interest rate swap liabilities						$	—					$	6,319					$	—					$	6,319
Mandatory forward contracts						—						49						—						49
Total liabilities						$	—					$	6,368					$	—					$	6,368

There were no transfers into or out of Level 3 of the fair value hierarchy during 2026 or 2025.

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. 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.

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

						Fair Value Measurements Using:																		Total Fair Value						Losses recorded nine months ended September 30, 2026
September 30, 2026 (in thousands)						Level 1						Level 2						Level 3
Collateral dependent loans						$	—					$	—					$	15,449					$	15,449					$	3,200
Other real estate owned						—						—						406						406						—

						Fair Value Measurements Using:																		Total Fair Value						Losses recorded nine months ended September 30, 2025
December 31, 2025 (in thousands)						Level 1						Level 2						Level 3
Collateral dependent loans						$	—					$	—					$	14,684					$	14,684					$	24
Other real estate owned						—						—						190						190						—

There were no liabilities measured at fair value on a non-recurring basis at September 30, 2026 and December 31, 2025.

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, 2026
(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of inputs												Weighted Average (1)
Collateral dependent loans						$	15,449					Appraisal						Appraisal discounts						0.0			-			100.0%						38.8		%
Other real estate owned						406						Appraisal						Appraisal discounts						4.3			-			20.1						15.4

						December 31, 2025
(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of inputs												Weighted Average (1)
Collateral dependent loans						$	14,684					Appraisal						Appraisal discounts						—		%	-			100.0%						22.6		%
Other real estate owned						190						Appraisal						Appraisal discounts						15.4		%										15.4		%

(1)The weighted average discount rate was calculated based on the relative carrying value of the instruments.

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(15)             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, 2026 (in thousands)						amount						Fair value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents						$	679,393					$	673,393					$	673,393					$	—					$	—
HTM debt securities						180,776						158,157						—						158,157						—
Federal Home Loan Bank stock						23,777						23,777						—						23,777						—
Loans, net						7,879,809						7,810,338						—						—						7,810,338
Accrued interest receivable						32,010						32,010						—						32,010						—
Mortgage servicing rights						10,555						26,868						—						—						26,868
Liabilities
Non-interest bearing deposits						$	1,679,364					$	1,679,364					$	1,679,364					$	—					$	—
Transaction deposits						4,910,444						4,910,444						—						4,910,444						—
Time deposits						1,800,017						1,792,384						—						1,792,384						—
Securities sold under agreement to repurchase						83,647						83,647						—						83,647						—
Federal funds purchased						7,528						7,528						—						7,528						—
Subordinated debentures						26,806						25,911						—						25,911						—
FHLB advances						250,000						241,658						—						241,658						—
Accrued interest payable						2,804						2,804						—						2,804						—

						Carrying												Fair Value Measurements Using:
December 31, 2025 (in thousands)						Amount						Fair Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents						$	886,376					$	886,376					$	886,376					$	—					$	—
HTM debt securities						198,946						181,203						1,982						179,221						—
Federal Home Loan Bank stock						20,717						20,717						—						20,717						—
Loans, net						6,949,443						6,872,537						—						—						6,872,537
Accrued interest receivable						28,783						28,783						—						28,783						—
Mortgage servicing rights						10,189						22,237						—						—						22,237
Liabilities
Non-interest bearing deposits						$	1,435,846					$	1,435,846					$	1,435,846					$	—					$	—
Transaction deposits						4,618,757						4,618,757						—						4,618,757						—
Time deposits						1,736,534						1,740,161						—						1,740,161						—
Securities sold under agreement to repurchase						112,476						112,476						—						112,476						—
Federal funds purchased						7,289						7,289						—						7,289						—
Subordinated debentures						26,806						26,547						—						26,547						—
FHLB advances						300,000						297,101						—						297,101						—
Accrued interest payable						1,740						1,740						—						1,740						—

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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.

(16)             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 September 30,												Nine months ended September 30,
(in thousands)						2026						2025						2026						2025
Balance, beginning of period:						$	8,262					$	5,014					$	6,247					$	6,286
Origination of mortgage loans held for sale						44,307						37,086						124,003						105,149
Loans held for sale acquired						—						—						681						—
Proceeds from the sale of mortgage loans held for sale						(44,026)						(37,052)						(123,634)						(107,764)
Net gain realized on sale of mortgage loans held for sale						557						997						1,803						2,374
Balance, end of period						$	9,100					$	6,045					$	9,100					$	6,045

The following table represents the components of Mortgage banking income:

						Three months ended September 30,												Nine months ended September 30,
(in thousands)						2026						2025						2026						2025
Net gain realized on sale of mortgage loans held for sale						$	557					$	997					$	1,803					$	2,374
Net change in fair value recognized on loans held for sale						(114)						26						(93)						2
Net change in fair value recognized on rate lock loan commitments						(265)						18						(147)						239
Net change in fair value recognized on forward contracts						578						(129)						582						(360)
Net gain recognized						756						912						2,145						2,255
Net loan servicing income						746						807						2,430						2,411
Amortization of mortgage servicing rights						(719)						(581)						(2,017)						(1,714)
Change in mortgage servicing rights valuation allowance						-						-						-						-
Net servicing income recognized						27						226						413						697
Other mortgage banking income						93						114						261						311
Total mortgage banking income						$	876					$	1,252					$	2,819					$	3,263

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Activity for capitalized mortgage servicing rights was as follows:

						Three months ended September 30,												Nine months ended September 30,
(in thousands)						2026						2025						2026						2025
Balance, beginning of period						$	10,914					$	10,706					$	10,189					$	11,333
MSRs acquired						—						—						1,267						—
Additions for mortgage loans sold						360						322						1,116						828
Amortization						(719)						(581)						(2,017)						(1,714)
Impairment						—						—						—						—
Balance, end of period						$	10,555					$	10,447					$	10,555					$	10,447

The estimated fair value of MSRs at September 30, 2026 and December 31, 2025 was $27 million and $22 million, respectively. There was no valuation allowance recorded for MSRs as of September 30, 2026 and December 31, 2025, as fair value exceeded carrying value. The fair value of MSRs at September 30, 2026 was determined using discount rates ranging from 10.0% to 13.0%, prepayment speeds ranging from 6.1% to 8.7%, 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, 2025 was determined using discount rates ranging from 9.5% to 12.5%, prepayment speeds ranging from 6.8% to 11.8%, depending on the characteristics of the specific rights, and a weighted average default rate of 0.5%.

Total outstanding principal balances of loans serviced for others were $1.78 billion and $1.73 billion at September 30, 2026 and December 31, 2025, respectively.

(17)             Accumulated Other Comprehensive Income (Loss)

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

(in thousands)						Net unrealized gains (losses) on available for sale debt securities						Net unrealized gains (losses) on cash flow hedges						Minimum pension liability adjustment						Total
Three months ended September 30, 2026
Balance, beginning of period						$	(62,474)					$	1,300					$	43					$	(61,131)
Other comprehensive income (loss) before reclassifications						(21,601)						3,506						-						(18,095)
Amounts reclassified from accumulated other comprehensive income (loss)						-						48						-						48
Income tax benefit (expense)						5,303						(862)												4,441
Net current period other comprehensive income (loss)						(16,298)						2,692						-						(13,606)
Balance, end of period						$	(78,772)					$	3,992					$	43					$	(74,737)
Three months ended September 30, 2025
Balance, beginning of period						$	(74,168)					$	(1,260)					$	117					$	(75,311)
Other comprehensive income (loss) before reclassifications						10,466						(773)						-						9,693
Amounts reclassified from accumulated other comprehensive income (loss)						-						500						-						500
Income tax benefit (expense)						(2,570)						66						-						(2,504)
Net current period other comprehensive income (loss)						7,896						(207)						-						7,689
Balance, end of period						$	(66,272)					$	(1,467)					$	117					$	(67,622)

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(in thousands)						Net unrealized gains (losses) on available for sale debt securities						Net unrealized gains (losses) on cash flow hedges						Minimum pension liability adjustment						Total
Nine months ended September 30, 2026
Balance, beginning of period						$	(59,825)					$	(1,493)					$	43					$	(61,275)
Other comprehensive income (loss) before reclassifications						(25,109)						7,234						-						(17,875)
Amounts reclassified from accumulated other comprehensive income (loss)						-						(3)						-						(3)
Income tax benefit (expense)						6,162						(1,746)												4,416
Net current period other comprehensive income (loss)						(18,947)			-			5,485			-			-						(13,462)
Balance, end of period						$	(78,772)					$	3,992					$	43					$	(74,737)
Nine months ended September 30, 2025
Balance, beginning of period						$	(94,190)					$	2,922					$	117					$	(91,151)
Other comprehensive income (loss) before reclassifications						37,009						(7,262)						-						29,747
Amounts reclassified from accumulated other comprehensive income (loss)						-						1,483						-						1,483
Income tax benefit (expense)						(9,091)						1,390						-						(7,701)
Net current period other comprehensive income (loss)						27,918						(4,389)						-						23,529
Balance, end of period						$	(66,272)					$	(1,467)					$	117					$	(67,622)

(18)             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.

(19)             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 September 30,												Nine months ended September 30,
(in thousands, except per share data)						2026						2025						2026						2025
Net income						$	43,508					$	36,241					$	120,160					$	103,536
Weighted average shares outstanding - basic						30,956						29,369						30,267						29,360
Dilutive securities						162						157						135						151
Weighted average shares outstanding- diluted						31,118						29,526						30,402						29,511
Net income per share - basic						$	1.41					$	1.23					$	3.97					$	3.53
Net income per share - diluted						1.40						1.23						3.95						3.51

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

(shares in thousands)						Three months ended September 30,												Nine months ended September 30,
						2026						2025						2026						2025
Antidilutive SARs						60						26						73						22

(20)             Stock-Based Compensation

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 at Bancorp’s 2024 Annual Meeting of Shareholders on April 25, 2024. As of September 30, 2026, there were 859,000 shares available for future awards. 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-Sholes 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						2026						2025
Dividend yield						2.18		%				2.26		%
Expected volatility						29.13		%				29.29		%
Risk free interest rate						3.85		%				4.42		%
Expected life (in years)						7.8						7.8

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 equally over five years on each grant’s anniversary date. There is no performance-based requirement necessary for vesting. 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% for both 2026 and 2025.

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 2026 and 2025, Bancorp awarded 8,280 and 7,670 RSUs to non-employee directors of Bancorp with a grant date fair value of $540,000 and $539,000, respectively.

Bancorp utilized cash of $325,000 and $344,000 during the first nine months of 2026 and 2025, 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, 2026
(in thousands)						Stock Appreciation Rights						Restricted Stock Awards						Restricted Stock Units						Performance Stock Units						Total
Expense						$	137					$	546					$	95					$	471					$	1,249
Deferred tax benefit						(28)						(115)						(20)						(98)						(261)
Total net expense						$	109					$	431					$	75					$	373					$	988

						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

						Nine months ended September 30, 2026
(in thousands)						Stock Appreciation Rights						Restricted Stock Awards						Restricted Stock Units						Performance Stock Units						Total
Expense						$	393					$	1,640					$	333					$	1,429					$	3,795
Deferred tax benefit						(82)						(344)						(70)						(297)						(793)
Total net expense						$	311					$	1,296					$	263					$	1,132					$	3,002

						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

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Detail of unrecognized stock-based compensation expense follows:

(in thousands)						Stock Appreciation Rights						Restricted Stock Awards						Restricted Stock Units						Performance Stock Units						Total
Year ended
Remainder of 2026						$	136					$	542					$	95					$	472					$	1,245
2027						482						1,901						1						1,887						4,271
2028						393						1,538						—						678						2,609
2029						278						1,194						—						—						1,472
2030						159						685						—						—						844
2031						23						58						—						—						81
Total estimated future expense						$	1,471					$	5,918					$	96					$	3,037					$	10,522

The following table summarizes SARs activity and related information:

(in thousands, except per share and life data)						SARs						Exercise price												Weighted average exercise price						Aggregate intrinsic value(1)						Weighted average fair value						Weighted average remaining contractual life (in years)
Outstanding, January 1, 2025						340						$	25.76		-			$	74.92					$	43.41					$	9,774					$	8.69					5.3
Granted						26						67.85			-			75.21						74.93						—						23.63
Exercised						(28)						25.76			-			40.00						29.67						1,332						4.32
Forfeited						—									—									—						—						—
Outstanding, December 31, 2025						338						$	35.90		-			$	75.21					$	46.98					$	6,354					$	10.21					5.0
Outstanding, January 1, 2026						338						$	35.90		-			$	75.21					$	46.98					$	6,354					$	10.21					5.0
Granted						34						66.53			-			70.21						68.16						—						20.91
Exercised						(10)						40			-			53.29						41.15						340						7.01
Forfeited						—									—									—						—						—
Outstanding, September 30, 2026						362						$	35.90		-			$	75.21					$	49.15					$	10,116					$	11.31					4.8
Vested and exercisable						265						$	35.90		-			$	75.21					$	44.01					$	8,765					$	8.61					3.6
Unvested						97						47.17			-			75.21						63.10						1,351						18.67						3.6
Outstanding, September 30, 2026						362						$	35.90		-			$	75.21					$	49.15					$	10,116					$	11.31					4.8
Vested in the current year						30						$	47.17		-			75.21						$	56.94					$	606					$	14.86

(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.

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The following table summarizes activity for RSAs granted:

(in thousands, except per share data)						RSAs						Grant date weighted average cost
Unvested at January 1, 2025						102						$	54.92
Shares awarded						42						75.34
Restrictions lapsed and shares released						(32)						51.92
Shares cancelled						(6)						61.89
Unvested at December 31, 2025						106						$	62.49
Unvested at January 1, 2026						106						$	62.49
Shares awarded						43						71.20
Restrictions lapsed and shares released						(33)						59.49
Shares cancelled						(6)						67.08
Unvested at September 30, 2026						110						$	66.57

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:

Grant year						Vesting period in years						Fair value						Shares expected to be awarded
2024						3						41.84						49,957
2025						3						67.61						53,254
2026						3						60.86						33,415

(21)             Derivative Financial Instruments

Bancorp utilizes derivative financial instruments as part of its asset liability and interest rate risk management strategies. The Company does not use derivatives for trading or speculative purposes.

Interest Rate Swaps

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. As of September 30, 2026, Bancorp had interest rate swap contracts entered into with a single counterparty in a net asset position of $11.1 million. No cash collateral was posted or held due to collateral requirements as of September 30, 2026. The remaining interest rate swap transactions are entered into with borrowers and are not subject to netting.

Cash Flow Hedges –Interest rate swaps used to hedge exposure to variability in expected future cash flows, or other forecasted transactions, are designated as cash flow hedges. Interest rate swaps involve exchange of Bancorp’s floating rate interest payments for fixed rate swap payments on underlying principal amounts. Derivative financial instruments that are designated and qualify as cash flow hedging instruments are highly effective. Gains or losses are reported as a component of AOCI and are subsequently reclassified into earnings as an adjustment to interest expense in periods for which the hedged forecasted transaction impacts earnings. As of September 30, 2026, Bancorp estimates that $1.8 million of pre-tax net gains related to cash flow hedges recorded in AOCI will be recognized in income over the next 12 months.

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Interest rate swaps with notional amounts totaling $250 million and $300 million as of September 30, 2026 and December 31, 2025, respectively, were designated at cash flow hedges of certain FHLB advances and were determined to be effective during all periods presented. The Company expects the hedges to remain effective during the remaining terms of the swaps, the last of which matures in August of 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.

Derivatives Not Designated as Hedging Instruments - Bancorp periodically 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 are offsetting and therefore have no effect on Bancorp’s earnings or cash flows.

Mortgage Banking Derivatives

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 - These contracts 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.

Interest Rate Lock Commitments - 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.

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The following table presents the notional amounts and gross fair values of the Company’s derivative financial instruments. The derivative asset and liability balances are presented prior to the application of any master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets.

						September 30, 2026																		December 31, 2025
						Notional						Fair Value												Notional						Fair Value
(dollars in thousands)						amount						Assets						Liabilities						amount						Assets						Liabilities
Designated as hedging instruments:
Interest rate swaps - Cash flow hedges						$	250,000					$	5,267					$	-					$	300,000					$	-					$	1,964
Not designated as hedging instruments:
Interest rate swaps						343,966						11,930						11,930						345,098						4,428						4,428
Mortgage banking derivatives:
Interest rate lock commitments						13,006						193						-						7,799						333						-
Mandatory forward contracts						16,000						332						-						10,250						-						49
Total derivative financial instruments:						$	622,972					$	17,722					$	11,930					$	663,147					$	4,761					$	6,441

The table below presents a gross presentation, the effects of offsetting, and a net presentation of Bancorp's interest rate swap derivatives as of September 30, 2026 and December 31, 2025. Bancorp's interest rate swaps are subject to master netting arrangements between the Company and its counterparties. Bancorp has made a policy election to present its derivative positions at fair value on a net basis when a right to offset exists, based on transactions with a single counterparty for derivative contracts that are subject to legally enforceable master netting agreements. The interest rate swaps with borrowers are cross-collateralized with the underlying loan and, therefore, there is no posted collateral. Interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and allow for the receipt of collateral for agreements in a net asset position. Bancorp had posted cash collateral of $5 million as of December 31, 2025, which was included in Federal funds sold and interest bearing due from banks on the consolidated balance sheets.

(dollars in thousands)						Gross amount of recognized assets/liabilities						Gross amount offset in the balance sheet						Net amount of assets/liabilities presented in the balance sheet						Cash collateral						Net amount of assets/liabilities
September 30, 2026
Other assets - derivative assets						$	17,752					$	30					$	17,722					$	—					$	17,722
Other liabilities - derivative liabilities						11,960						30						11,930						—						11,930
December 31, 2025
Other assets - derivative assets						$	9,046					$	4,285					$	4,761					$	—					$	4,761
Other liabilities - derivative liabilities						10,726						4,285						6,441						—						6,441

(22)             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

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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, 2026, 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, 2026 and December 31, 2025, 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, 2026						Amount						Ratio						Amount						Ratio						Amount						Ratio
Total risk-based capital (1)
Consolidated						$	1,214,635					13.73		%				$	707,631					8.00		%				NA						NA
Bank						1,184,194						13.39						707,276						8.00						$	884,095					10.00		%
Common equity tier 1 risk-based capital (1)
Consolidated						1,077,999						12.19						398,042						4.50						NA						NA
Bank						1,073,612						12.14						397,843						4.50						574,662						6.50
Tier 1 risk-based capital (1)
Consolidated						1,103,999						12.48						530,723						6.00						NA						NA
Bank						1,073,612						12.14						530,457						6.00						707,276						8.00
Leverage
Consolidated						1,103,999						11.02						400,717						4.00						NA						NA
Bank						1,073,612						10.72						400,465						4.00						500,581						5.00

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(dollars in thousands)						Actual												Minimum for adequately capitalized												Minimum for well capitalized
December 31, 2025						Amount						Ratio						Amount						Ratio						Amount						Ratio
Total risk-based capital (1)
Consolidated						$	1,057,932					13.42		%				$	630,800					8.00		%				NA						NA
Bank						1,030,454						13.07						630,567						8.00						$	788,209					10.00		%
Common equity tier 1 risk-based capital (1)
Consolidated						933,354						11.84						354,825						4.50						NA						NA
Bank						931,912						11.82						354,694						4.50						512,336						6.50
Tier 1 risk-based capital (1)
Consolidated						959,354						12.17						473,100						6.00						NA						NA
Bank						931,912						11.82						472,925						6.00						630,567						8.00
Leverage
Consolidated						959,354						10.30						372,695						4.00						NA						NA
Bank						931,912						10.01						372,449						4.00						465,561						5.00

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

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

(23)             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. 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. Other direct and indirect/allocated expenses include legal and professional fees, advertising and business development costs as well as other miscellaneous expenses. Measurement of performance for 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.

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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. Bancorp evaluates performance and allocates resources based on a reportable segment’s net income.

The majority of the net assets of Bancorp are associated with in the Commercial Banking segment. As of September 30, 2026, goodwill totaling $240 million was recorded on Bancorp’s consolidated balance sheets, of which $209 million is attributed to the commercial banking segment and $31 million is attributed to WM&T.

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 $8.95 billion and $7.64 billion as of September 30, 2026 and December 31, 2025, respectively. AUM totaling approximately $825 million were added as a result of the FM acquisition on May 1, 2026.

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

						Three months ended September 30, 2026																		Three months ended September 30, 2025
						Commercial																		Commercial
(in thousands)						Banking						WM&T						Total						Banking						WM&T						Total
Interest income						$	134,145					$	239					$	134,384					$	119,994					$	278					$	120,272
Interest expense						41,780						—						41,780						43,235						—						43,235
Net interest income						92,365						239						92,604						76,759						278						77,037
Provision for credit losses						950						—						950						1,975						—						1,975
Net interest income after provision expense						91,415						239						91,654						74,784						278						75,062
Non-interest income:
Wealth management and trust services						—						12,863						12,863						—						10,704						10,704
All other non-interest income						14,770						—						14,770						13,772						—						13,772
Total non-interest income						14,770						12,863						27,633						13,772						10,704						24,476
Non-interest expenses:
Compensation and employee benefits						32,988						5,007						37,995						28,840						4,874						33,714
Net occupancy and equipment						4,739						252						4,991						3,841						245						4,086
Technology and communication						5,950						466						6,416						4,414						423						4,837
Intangible amortization						1,391						529						1,920						573						342						915
Other direct and indirect/allocated expenses						12,204						588						12,792						9,746						533						10,279
Total non-interest expenses						57,272						6,842						64,114						47,414						6,417						53,831
Income before income tax expense						48,913						6,260						55,173						41,142						4,565						45,707
Income tax expense						10,511						1,154						11,665						8,475						991						9,466
Net income						$	38,402					$	5,106					$	43,508					$	32,667					$	3,574					$	36,241
Total assets						$	10,214,572					$	45,558					$	10,260,130					$	9,273,951					$	33,425					$	9,307,376

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						Nine months ended September 30, 2026																		Nine months ended September 30, 2025
						Commercial																		Commercial
(in thousands)						Banking						WM&T						Total						Banking						WM&T						Total
Interest income						$	379,593					$	745					$	380,338					$	345,592					$	846					$	346,438
Interest expense						121,485						—						121,485						125,376						—						125,376
Net interest income						258,108						745						258,853						220,216						846						221,062
Provision for credit losses						2,575						—						2,575						5,050						—						5,050
Net interest income after provision expense						255,533						745						256,278						215,166						846						216,012
Non-interest income:
Wealth management and trust services						—						36,761						36,761						—						31,834						31,834
All other non-interest income						42,213						—						42,213						39,986						—						39,986
Total non-interest income						42,213						36,761						78,974						39,986						31,834						71,820
Non-interest expenses:
Compensation and employee benefits						95,198						15,268						110,466						83,302						14,738						98,040
Net occupancy and equipment						13,298						758						14,056						11,498						736						12,234
Technology and communication						16,247						1,926						18,173						12,566						1,872						14,438
Intangible amortization						2,978						1,287						4,265						1,718						1,026						2,744
Other direct and indirect/allocated expenses						34,505						1,697						36,202						28,545						1,557						30,102
Total non-interest expenses						162,226						20,936						183,162						137,629						19,929						157,558
Income before income tax expense						135,520						16,570						152,090						117,523						12,751						130,274
Income tax expense						28,677						3,253						31,930						23,971						2,767						26,738
Net income						$	106,843					$	13,317					$	120,160					$	93,552					$	9,984					$	103,536
Total assets						$	10,214,572					$	45,558					$	10,260,130					$	9,273,951					$	33,425					$	9,307,376

(24)             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, 2026																		Three months ended September 30, 2025
(in thousands)						Commercial Banking						WM&T						Total						Commercial Banking						WM&T						Total
Wealth management and trust services						$	—					$	12,863					$	12,863					$	—					$	10,704					$	10,704
Deposit service charges						2,555						—						2,555						2,281						—						2,281
Debit and credit card income						5,611						—						5,611						5,009						—						5,009
Treasury management fees						3,327						—						3,327						2,923						—						2,923
Mortgage banking income (1)						876						—						876						1,252						—						1,252
Net investment product sales commissions and fees						1,216						—						1,216						1,112						—						1,112
Bank owned life insurance (1)						729						—						729						631						—						631
Gain on sale of premises and equipment (1)						—						—						—						—						—						—
Other (2)						456						—						456						564						—						564
Total non-interest income						$	14,770					$	12,863					$	27,633					$	13,772					$	10,704					$	24,476

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						Nine months ended September 30, 2026																		Nine months ended September 30, 2025
(Dollars in thousands)						Commercial Banking						WM&T						Total						Commercial Banking						WM&T						Total
Wealth management and trust services						$	—					$	36,761					$	36,761					$	—					$	31,834					$	31,834
Deposit service charges						7,079						—						7,079						6,429						—						6,429
Debit and credit card income						15,393						—						15,393						14,354						—						14,354
Treasury management fees						9,490						—						9,490						8,601						—						8,601
Mortgage banking income (1)						2,819						—						2,819						3,263						—						3,263
Net investment product sales commissions and fees						3,351						—						3,351						3,102						—						3,102
Bank owned life insurance (1)						2,052						—						2,052						1,882						—						1,882
Gain on sale of premises and equipment (1)						445						—						445						74						—						74
Other(2)						1,584						—						1,584						2,281						—						2,281
Total non-interest income						$	42,213					$	36,761					$	78,974					$	39,986					$	31,834					$	71,820

(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. The Company has elected the practical expedient to expense such costs as incurred, as the amortization period of the related contracts is one year or less. Accordingly, no assets are recognized for incentive compensation costs to obtain customer contracts, and these costs are included in compensation and benefits expense in the consolidated statements of income. Incentive compensation costs expensed during the year were not material to the consolidated financial statements. 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 $5.6 million and $5.3 million at September 30, 2026 and December 31, 2025, 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.

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.

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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 $818,000 and $874,000 for the nine month periods ended September 30, 2026 and 2025.

Bancorp did not establish any contract assets or liabilities as a result of adopting ASC 606, nor were any recognized during the three month period ended September 30, 2026.

(25)             Leases

Bancorp has operating leases (land and building) for various locations with terms ranging from approximately one month to 19 years, several of which include options to extend the leases in five-year increments. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate, which represents the rate Bancorp would incur to borrow on a collateralized basis over terms similar to the lease commencement date. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made prior to lease commencement and for any lease incentives. 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, 2026						December 31, 2025
Balance Sheet
Operating lease right-of-use asset						$	33,519					$	31,241
Operating lease liability						35,478						32,971
Weighted average remaining lease term (years)						10.1						10.2
Weighted average discount rate						3.87		%				3.65		%
Maturities of lease liabilities:
One year or less						$	1,112					$	4,131
Year two						4,592						4,149
Year three						4,658						4,198
Year four						4,597						4,129
Year five						4,448						3,974
Greater than five years						24,051						19,347
Total lease payments						$	43,458					$	39,928
Less imputed interest						(7,980)						(6,957)
Total						$	35,478					$	32,971

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(in thousands)						Three months ended September 30, 2026						Three months ended September 30, 2025
Income Statement
Components of lease expense:
Operating lease cost						$	1,154					$	1,047
Variable lease cost						110						91
Less sublease income						16						19
Total lease cost						$	1,248					$	1,119

(in thousands)						Nine months ended September 30, 2026						Nine months ended September 30, 2025
Income Statement
Components of lease expense:
Operating lease cost						$	3,425					$	3,142
Variable lease cost						326						280
Less sublease income						55						70
Total lease cost						$	3,696					$	3,352

(in thousands)						Nine months ended September 30, 2026						Nine months ended September 30, 2025
Cash flow Statement
Supplemental cash flow information:
Operating cash flows from operating leases						$	3,360					$	3,308

As of September 30, 2026, Bancorp had entered into two lease agreements 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 throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 82 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 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, 2025. 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.

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;

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•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, 2025.

Acquisition of Field & Main Bancorp, Inc. and its Subsidiary Field & Main Bank

On May 1, 2026, Bancorp completed its acquisition of Field & Main Bancorp, Inc. and its wholly owned subsidiary, Field & Main Bank, a Henderson, Kentucky-based commercial bank and trust company, which operated 6 retail branches, including three in Henderson County, Kentucky and one each in Lexington, Kentucky, Cynthiana, Kentucky and Evansville, Indiana. At the time of acquisition and including purchase accounting adjustments, FM had $838 million in assets, including $624 million in net loans, $56 million in investment securities, and $765 million in deposits in addition to maintaining a Wealth Management and Trust Department with total assets under management of approximately $825 million. Bancorp acquired all outstanding common stock of Field & Main Bancorp, Inc. in an all-stock transaction that resulted in total consideration paid to Field & Main Bancorp, Inc. shareholders of $112 million.

Bancorp recorded goodwill of $46 million and incurred pre-tax merger related expenses totaling $3.0 million for the nine months ended September 30, 2026 as a result of the FM acquisition.

Further, the FM acquisition served to increase the ACL on loans by $18 million at acquisition date. This increase consisted of $11 million attributed to the acquired PCD loan portfolio and $5 million attributed to the acquired non-PCD portfolio recognized as part of the initial purchase accounting for the acquisition.

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, 2026 and 2025:

(dollars in thousands, except per share data)																		Variance
Three months ended September 30,						2026						2025						$/bp						%
Net income						$	43,508					$	36,241					$	7,267					20		%
Diluted earnings per share						$	1.40					$	1.23					$	0.17					14		%
ROA						1.69		%				1.56		%				13 bps						8		%
ROE						13.72		%				14.16		%				(44) bps						-3		%

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

General highlights for the three months ended September 30, 2026 compared to September 30, 2025:

•Net income totaled a record $43.5 million for the three months ended September 30, 2026, resulting in diluted EPS of $1.40, compared to net income of $36.2 million for the three months ended September 30, 2025, which resulted in diluted EPS of $1.23.

•The three months ended September 30, 2026 represented the first full quarter of activity associated with the FM acquisition, which contributed approximately $7.8 million in net interest income, $2.0 million in non-interest income and $6.2 million in non-interest expense, including $678,000 of non-recurring merger-related charges.

•Total loans increased $1.06 billion, or 15%, compared to September 30, 2025, driven by the loan portfolio acquired from FM in addition to solid organic growth. Average loans also increased $1.06 million, or 15%, for the three months ended September 30, 2026 compared to the same period of the prior year.

•Bancorp’s ACL on loans increased $16 million, or 17%, compared to September 30, 2025, driven by organic and acquisition-related loan growth.

◦Provision for credit losses on loans of $700,000 was recorded for the three months ended September 30, 2026, consistent with moderate loan growth that was partially offset by an improved unemployment forecast and strong credit quality metrics.

◦The ACL on loans was increased $18 million as a result of the loan portfolio added through the FM acquisition.

•Deposit balances increased $746 million, or 10%, compared to September 30, 2025, which was attributed primarily to the deposit portfolio assumed through the FM acquisition.

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•Net interest income (FTE) totaled $92.7 million for the three months ended September 30, 2026, representing an increase of $15.6 million, or 20%, compared to the three months ended September 30, 2025.

◦Interest income experienced a $14.1 million, or 12%, increase over this period as a result of strong average loan growth, which was coupled with a $1.5 million, or 3%, decrease in interest expense stemming from lower deposit costs that were the result of strategically lowering rates in tandem with interest rate reductions implemented by the FRB in the latter part of 2025, despite the interest expense added as a result of the FM acquisition.

◦NIM increased 32 bps to 3.88% for the three months ended September 30, 2026, compared to the same period of the prior year, driven by a 31 bps decline in the cost of interest-bearing liabilities and a 7 bps improvement in earning asset yields.

•Non-interest income increased $3.2 million, or 13%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, which was the result of both organic growth and acquisition-related activity.

•Non-interest expenses increased $10.3 million, or 19%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, attributed to higher compensation and employee benefit expense in addition to continued investment in technology and the impact of the FM acquisition.

•Bancorp’s efficiency ratio (FTE) for the three months ended September 30, 2026 was 53.29% compared to 52.99% for the three months ended September 30, 2025, the higher ratio being attributed to the impact of the FM acquisition. Bancorp also considers an adjusted efficiency ratio, which eliminates certain non-recurring activity, such as one-time merger-related expenses. Bancorp’s adjusted efficiency ratio (FTE) for the three months ended September 30, 2026 was 52.72%.

•As of September 30, 2026, Bancorp continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with capital ratios experiencing growth compared to both December 31, 2025 and September 30, 2025. Total stockholders’ equity to total assets was 12.35% as of September 30, 2026, compared to 11.28% and 11.19% at December 31, 2025 and September 30, 2025, respectively. Tangible common equity to tangible assets was 9.98% at September 30, 2026, compared to 9.32% and 9.16% at December 31, 2025 and September 30, 2025, respectively.

The following table presents an overview of Bancorp’s financial performance for the nine months ended September 30, 2026 and 2025:

(dollars in thousands, except per share data)																		Variance
Nine months ended September 30,						2026						2025						$/bp						%
Net income						$	120,160					$	103,536					$	16,624					16		%
Diluted earnings per share						$	3.95					$	3.51					$	0.44					13		%
ROA						1.63		%				1.53		%				10 bps						7		%
ROE						13.62		%				14.17		%				(55) bps						-4		%

General highlights for the nine months ended September 30, 2026 compared to September 30, 2025:

•Net income totaled $120.2 million for the nine months ended September 30, 2026, resulting in diluted EPS of $3.95, compared to net income of $103.5 million for the nine months ended September 30, 2025, which resulted in diluted EPS of $3.51.

•Bancorp completed its acquisition of FM on May 1, 2026. At the time of acquisition, and net of purchase accounting adjustments, approximately $838 million in total assets were acquired, including $624 million in net loans and total deposits of $765 million were assumed.

◦The nine months ended September 30, 2026 included five months of activity associated with the FM acquisition, which contributed approximately $13.2 million in net interest income, $3.3 million in non-interest income and $12.3 million in non-interest expense, including $3.0 million of non-recurring merger-related charges.

•Total loans increased $1.06 billion, or 15%, compared to September 30, 2025, driven by the loan portfolio acquired from FM in addition to solid organic growth. Average loans increased $840 million, or 12%, for the nine months ended September 30, 2026 compared to the same period of the prior year.

•Bancorp’s ACL on loans increased $16 million, or 17%, compared to September 30, 2025, driven primarily by organic and acquisition-related loan growth.

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◦Provision for credit losses on loans of $2.3 million was recorded for the nine months ended September 30, 2026, consistent with moderate loan growth that was partially offset by annual CECL model updates, an improved unemployment forecast and strong credit quality metrics.

◦Further, the ACL on loans was increased $18 million as a result of the loan portfolio added through the FM acquisition.

•Deposit balances increased $746 million, or 10%, compared to September 30, 2025, which was attributed primarily to the deposit portfolio assumed through the FM acquisition.

•Net interest income (FTE) totaled $259.1 million for the nine months ended September 30, 2026, representing an increase of $37.8 million, or 17%, compared to the nine months ended September 30, 2025.

◦Interest income experienced a $33.9 million, or 10%, increase over this period as a result of strong average loan growth, which was coupled with a $3.9 million, or 3%, decrease in interest expense attributed to eliminating more expensive overnight borrowings that had been utilized in the prior year and the strategic reduction of deposit rates in tandem with the FRB's interest rate decreases over the past 12 months.

◦NIM increased 27 bps to 3.79% for the nine months ended September 30, 2026, compared to the same period of the prior year, driven by a 29 bps decline in the cost of interest-bearing liabilities and a 6 bps improvement in earning asset yields.

•Non-interest income increased $7.2 million, or 10%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, which was attributed in large part to organic growth, but was also bolstered by acquisition-related activity.

•Non-interest expenses increased $25.6 million, or 16%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, attributed to higher compensation and employee benefits expense in addition to a continued investment in technology, as well as the impact of the FM acquisition, the latter of which included $3.0 million of one-time merger-related expenses.

•Bancorp’s efficiency ratio (FTE) for the nine months ended September 30, 2026 was 54.17% compared to 53.75% for the nine months ended September 30, 2025, the higher ratio being attributed to the impact of the FM acquisition. Bancorp also considers an adjusted efficiency ratio, which eliminates certain non-recurring activity, such as one-time merger-related expenses. Bancorp’s adjusted efficiency ratio (FTE) for the nine months ended September 30, 2026 was 53.37%.

Results of Operations

Net Interest Income - Overview

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.

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Comparative information regarding net interest income follows:

(dollars in thousands)																		Variance
As of and for the three months ended September 30,						2026						2025						$/bp						%
Net interest income						$	92,604					$	77,037					$	15,567					20		%
Net interest income (FTE)*						92,689						77,119						15,570						20		%
Net interest spread (FTE)*						3.28		%				2.90		%				38 bps						13		%
Net interest margin (FTE)*						3.88		%				3.56		%				32 bps						9		%
Average interest earning assets						$	9,474,431					$	8,586,419					$	888,012					10		%
Average interest bearing liabilities						7,064,909						6,439,410						625,499						10		%
Five year Treasury note rate at period end						5.09		%				3.74		%				135 bps						36		%
Average five year Treasury note rate						4.50		%				3.80		%				70 bps						18		%
Prime rate at period end						7.00		%				7.25		%				(25) bps						-3		%
Average Prime rate						6.79		%				7.46		%				(67) bps						-9		%
One month term SOFR at period end						3.91		%				4.13		%				(22) bps						-5		%
Average one month term SOFR						3.73		%				4.29		%				(56) bps						-13		%

(dollars in thousands)																		Variance
As of and for the nine months ended September 30,						2026						2025						$/bp						%
Net interest income						$	258,853					$	221,062					$	37,791					17		%
Net interest income (FTE)*						259,129						221,315						37,814						17		%
Net interest spread (FTE)*						3.21		%				2.86		%				35 bps						12		%
Net interest margin (FTE)*						3.79		%				3.52		%				27 bps						8		%
Average interest earning assets						$	9,130,616					$	8,408,159					$	722,457					9		%
Average interest bearing liabilities						6,877,128						6,326,894						550,234						9		%
Five year Treasury note rate at period end						5.09		%				3.74		%				135 bps						36		%
Average five year Treasury note rate						4.13		%				4.00		%				13 bps						3		%
Prime rate at period end						7.00		%				7.25		%				(25) bps						-3		%
Average Prime rate						6.76		%				7.49		%				(73) bps						-10		%
One month term SOFR at period end						3.91		%				4.13		%				(22) bps						-5		%
Average one month term SOFR						3.68		%				4.31		%				(63) bps						-15		%

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

At September 30, 2026, 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, 2026, approximately 54% and 46% 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.

While the yield curve was challenged by flatness and/or inversion during 2025, continued loan growth at higher rates and the benefit of repricing on portions of the loan portfolio that had been carrying lower pandemic-era rates drove NIM expansion during the prior year. These positive forces were coupled with a decline in overall funding costs attributed to deposit rate cuts and improved liquidity, the latter of which ended the need for more expensive overnight borrowings that had been utilized more heavily in the first part of last year.

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Towards the end of 2025, slight steepness on the longest portion of the yield curve began to be experienced, as three consecutive 25 bps rate reductions from the FRB in September, October and December resulted in the FFTR falling to a range of 3.50% - 3.75%, and Prime to 6.75%, as of December 31, 2025. These levels were maintained through September 16, 2026, when the FRB implemented a rate increase that took the FFTR to a range of 3.75% - 4.00% and Prime to 7.00%. The yield curve has gradually improved during 2026, with spreads on the portion of the curve that is most critical to Bancorp’s business (overnight through 5 years) showing a semblance of normalization after battling flatness/inversion ephor the past several years.

The NIM expansion experienced this year has been attributed mainly to a continued decline in the cost of interest-bearing deposits. Bancorp strategically lowered deposit rates in tandem with FRB rate reductions and the repricing of the time deposit portfolio as the prior year’s promotional rates have adjusted to lower current offerings has provided significant benefit to NIM. In addition, while earning-asset yields have been challenged by lower rates, excess liquidity provided by deposit growth and the scheduled maturity of lower-yielding investment securities over the past 12 months has been used to fund higher-yielding loan growth, providing gradual improvement to yields. While the FRB's recent interest increase had minimal impact on the third quarter given it's mid-September timing, Bancorp does expect it to provide a net benefit to NIM in coming months, as improved earning asset yields should outpace increasing deposit costs.

Recent projections indicate the potential for another 25 bps rate increase from the FRB towards the end of 2026. However, given current geopolitical uncertainty and regularly changing economic data/conditions, projections remain volatile. Further, Bancorp remains cautious regarding both loan and deposit rates as pricing related to competitive pressures could intensify in the coming quarters.

Net Interest Income (FTE) – Three months ended September 30, 2026 compared to September 30, 2025:

Net interest spread (FTE) and NIM (FTE) were 3.28% and 3.88%, for the three months ended September 30, 2026, compared to 2.90% and 3.56% for the same period of 2025, respectively.

Net interest income (FTE) increased $15.6 million, or 20%, for the three months ended September 30, 2026 compared to the same period of 2025, driven by solid organic average loan growth, a decline in interest expense related to the strategic reduction of deposit rates in tandem with FRB rate cuts and the impact of the FM acquisition. The third quarter of 2026 represents the first full quarter of activity associated with the FM acquisition.

Total average interest earning assets increased $888 million, or 10%, for the three months ended September 30, 2026, as compared to the same period of 2025, attributed to both organic average earning asset growth and the impact of the FM acquisition, which was partially offset by a decline in average investment securities driven by scheduled maturities and normal amortization. The rate earned on average earning assets increased 7 bps to 5.63% despite the impact of rate reductions implemented by the FRB in the latter part of 2025, as liquidity provided by the scheduled maturity of lower-yielding securities helped fund higher-yielding organic loan growth and earning assets added through the FM acquisition benefitted yields.

•Average total loan balances increased $1.06 billion, or 15%, for the three months ended September 30, 2026, compared to the same period of 2025, driven by the impact of the FM acquisition and solid organic loan growth.

•Average investment securities declined $313 million, or 25%, for the three months ended September 30, 2026 compared to the same period of 2025, 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 loan growth and/or shifted into higher-yielding interest-bearing cash balances. The FM acquisition had minimal impact on the investment securities portfolio, as Bancorp immediately sold virtually the entire acquired securities portfolio upon acquisition.

•Average FFS and interest bearing due from bank balances increased $140 million, or 31%, for the three months ended September 30, 2026, which was largely the result of the previously mentioned liquidity provided by the investment securities portfolio in addition to interest-bearing cash acquired from FM.

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Total interest income (FTE) increased $14.1 million, or 12%, to $134.5 million for the three months ended September 30, 2026, as compared to the same period of 2025.

•Interest and fee income (FTE) on loans increased $16.1 million, or 15%, to $123.4 million for the three months ended September 30, 2026, compared to the same period of 2025, driven by average loan balance growth. The yield on the overall loan portfolio decreased 2 bps to 6.17% for the three months ended September 30, 2026 compared to 6.19% for the same period of the prior year due to rate reductions enacted by the FRB in the latter part of 2025.

•Interest income (FTE) on the investment securities portfolio declined $2.6 million, or 34%, for the three months ended September 30, 2026 compared to the same period of 2025. This decrease was driven primarily by large, scheduled maturities within the treasury portfolio, and to a lesser extent, normal amortization activity. As a result, the corresponding yield on the portfolio declined 28 bps to 2.14% for the three months ended September 30, 2026 compared to the same period of 2025.

•Interest income on FFS and interest bearing due from bank balances increased $593,000, or 12% for the three months ended September 30, 2026, consistent with the increase in corresponding average balances. The yield on these assets decreased 65 bps to 3.77% for the three months ended September 30, 2026 compared to the same period of 2025 due to the previously mentioned FRB rate reductions.

Total average interest bearing liabilities increased $625 million, or 10%, to $7.06 billion for the three month period ended September 30, 2026 compared with the same period in 2025, driven by the impact of the FM acquisition and organic growth.

•Average interest bearing deposits increased $661 million, or 11%, for the three months ended September 30, 2026 compared to the same period in 2025, driven by a $564 million, or 22%, increase in average interest bearing demand deposits and a $115 million, or 7%, increase in average time deposits, driven primarily by the addition of the deposit portfolio acquired from FM.

•Average FHLB advances declined $30 million, or 10%, for the three months ended September 30, 2026 as the result of a $50 million maturity of an advance associated with a cash flow hedge interest rate swap. The swap contract matured and as such, the related advance was not renewed.

•Average SSUAR decreased $6 million, or 6%, for the three months ended September 30, 2026 compared to the same period of the prior year, attributed to normal balance fluctuations.

Total interest expense decreased $1.5 million, or 3%, for the three months ended September 30, 2026 compared to the same period of 2025 despite additional costs related to the acquired deposit portfolio, consistent with the strategic reduction of deposit rates in tandem with FRB rate decreases.

•Total interest bearing deposit expense decreased $1.1 million, or 3%, driven by a $2.1 million, or 22%, decrease in expense on money market deposits and a $931,000, or 5% decrease in expense on time deposits, both of which were driven primarily by strategic deposit rate reductions. This activity more than offset a $1.9 million, or 15% increase in expense on interest bearing demand deposits, which was driven by both organic and acquisition-related average balance growth. The cost of total interest bearing deposits declined 32 bps to 2.28%, and the cost of total deposits (including average non-interest bearing deposits) declined 25 bps to 1.82%, consistent with previously mentioned deposit rate reductions.

•Interest expense on FHLB advances declined $216,000, or 8%, as a result of the previously mentioned maturity of a $50 million advance associated with a cash flow hedge interest rate swap.

•Interest expense on SSUAR decreased $126,000, or 21%, for the three months ended September 30, 2026, as compared to the same period of the prior year, consistent with rate reductions, and to a lesser extent, the average balance decrease.

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Net Interest Income (FTE) – Nine months ended September 30, 2026 compared to September 30, 2025:

Net interest spread (FTE) and NIM (FTE) were 3.21% and 3.79%, for the nine months ended September 30, 2026, compared to 2.86% and 3.52% for the same period of 2025, respectively.

Net interest income (FTE) increased $37.8 million, or 17%, for the nine months ended September 30, 2026 compared to the same period of 2025, driven by the impact of strong average loan balance growth on interest income, a decline in interest expense related to both eliminating the need for the more expensive overnight borrowings that were utilized in the prior year and strategically lowering deposit rates, as well as the impact of the FM acquisition, the latter of which represents five months worth of activity.

Total average interest earning assets increased $722 million, or 9%, for the nine months ended September 30, 2026, as compared to the same period of 2025, attributed primarily to average organic loan balance growth, interest-bearing cash balance growth and the impact of the FM acquisition. This growth was only partially offset by a decline in average investment securities driven by scheduled maturities and normal amortization. The rate earned on average earning assets increased 6 bps to 5.57% despite the impact of rate reductions implemented by the FRB in the latter part of 2025, as liquidity provided by the scheduled maturity of lower-yielding securities helped fund loan growth and/or moved into higher-yielding cash balances. The earning assets added through the FM acquisition also provided benefit to earning asset yields for the nine months ended September 30, 2026.

•Average total loan balances increased $840 million, or 12%, for the nine months ended September 30, 2026, compared to the same period of 2025, driven by both solid organic growth and the impact of the FM acquisition.

•Average investment securities declined $371 million, or 28%, for the nine months ended September 30, 2026 compared to the same period of 2025, 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 loan growth or shifted into higher-yielding interest-bearing cash balances. As previously noted, the FM acquisition had minimal impact on the investment securities portfolio, as Bancorp immediately sold virtually the entire acquired securities portfolio upon acquisition.

•Average FFS and interest bearing due from bank balances increased $254 million, or 86%, for the nine months ended September 30, 2026, which was largely the result of the previously mentioned liquidity provided by the investment securities portfolio and interest bearing cash balances added through the FM acquisition.

Total interest income (FTE) increased $33.9 million, or 10%, to $380.6 million for the nine months ended September 30, 2026, as compared to the same period of 2025.

•Interest and fee income (FTE) on loans increased $37.9 million, or 10%, to $347.9 million for the nine months ended September 30, 2026, compared to the same period of 2025, driven by organic average loan balance growth the loan portfolio added through FM. The yield on the overall loan portfolio decreased 1 bp to 6.14% for the nine months ended September 30, 2026 compared to 6.15% for the same period of the prior year, as rate reductions enacted by the FRB in the latter part of 2025 created a hurdle for loan yield expansion.

•Interest income (FTE) on the investment securities portfolio declined $9.2 million, or 36%, for the nine months ended September 30, 2026 compared to the same period of 2025. This decrease was driven primarily by large, scheduled maturities within the treasury portfolio, and to a lesser extent, normal amortization activity. As a result, the corresponding yield on the portfolio declined 31 bps to 2.19% for the nine months ended September 30, 2026 compared to the same period of 2025.

•Interest income on FFS and interest bearing due from bank balances increased $5.6 million, or 57% for the nine months ended September 30, 2026, consistent with the increase in corresponding average balances. The yield on these assets decreased 70 bps to 3.73% for the nine months ended September 30, 2026 compared to the same period of 2025 due to the previously mentioned FRB rate reductions.

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Total average interest bearing liabilities increased $550 million, or 9%, to $6.88 billion for the nine month period ended September 30, 2026 compared with the same period in 2025, attributed to organic growth and the impact of the FM acquisition.

•Average interest bearing deposits increased $656 million, or 11%, for the nine months ended September 30, 2026 compared to the same period in 2025, driven by a $438 million, or 18%, increase in average interest bearing demand deposits and a $250 million, or 16%, increase in average time deposits, which were driven by organic growth and the impact of the FM acquisition.

•Average FHLB advances decreased $66 million, or 19%, for the nine months ended September 30, 2026 compared to the same period of the prior year, as significant interest-bearing deposit growth and liquidity provided from the investment securities portfolio eliminated the need for more expensive overnight borrowings through the FHLB. Further, a $50 million advance associated with a cash flow hedge interest rate swap matured during the three months ended September 30, 2026, also contributing to the average balance decline. Bancorp currently utilizes a $250 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, 2026.

•Average SSUAR decreased $40 million, or 31%, for the nine months ended September 30, 2026 compared to the same period of the prior year, attributed largely to a number of clients moving into other deposit products in addition to normal balance fluctuations.

Total interest expense decreased $3.9 million, or 3%, for the nine months ended September 30, 2026 compared to the same period of 2025 despite the added costs associated with the FM acquisition, driven in large part by eliminating the necessity of more expensive overnight borrowings from the FHLB and the strategic reduction of deposit rates in tandem with FRB rate cuts in the latter part of 2025.

•Total interest bearing deposit expense decreased $930,000, or 1%, as expense related to the acquired deposit portfolio and the impact of organic growth was more than offset by the favorable repricing of the time deposit portfolio. Total interest-bearing deposit cost decreased 27 bps to 2.29% compared to the prior year period and the cost of total deposits (including average non-interest bearing deposits) declined 20 bps to 1.84%, driven largely by the strategic reduction of deposit rates.

•Interest expense on FHLB borrowings decreased $2.0 million, or 19%, for the nine months ended September 30, 2026, as compared to same period of the prior year, consistent with the $66 million decrease in average FHLB advances.

•Interest expense on SSUAR decreased $820,000, or 40%, for the nine months ended September 30, 2026, as compared to the same period of the prior year, consistent with a $40 million average balance decrease and lower rates.

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

						Three months ended September 30,
						2026																		2025
(dollars in thousands)						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Interest earning assets:
Federal funds sold and interest bearing due from banks						$	589,179					$	5,596					3.77		%				$	448,969					$	5,003					4.42		%
Mortgage loans held for sale						7,975						97						4.83						6,051						74						4.85
Investment securities:
Taxable						865,363						4,518						2.07						1,165,522						7,033						2.39
Tax-exempt						58,082						457						3.12						71,193						506						2.82
Total securities						923,445						4,975						2.14						1,236,715						7,539						2.42
Federal Home Loan Bank stock						24,583						434						7.00						21,125						488						9.16
Loans						7,929,249						123,367						6.17						6,873,559						107,250						6.19
Total interest earning assets						9,474,431						134,469						5.63						8,586,419						120,354						5.56
Less allowance for credit losses on loans						111,371																		92,859
Non-interest earning assets:
Cash and due from banks						81,637																		75,952
Premises and equipment, net						131,162																		115,810
Bank owned life insurance						106,736																		90,882
Goodwill						238,354																		194,074
Accrued interest receivable and other						296,168																		246,525
Total assets						$	10,217,117																	$	9,216,803
Interest bearing liabilities:
Deposits:
Interest bearing demand						$	3,082,529					$	14,237					1.83		%				$	2,518,044					$	12,353					1.95		%
Savings						477,313						360						0.30						423,488						289						0.27
Money market						1,298,425						7,559						2.31						1,370,189						9,654						2.80
Time						1,804,092						16,067						3.53						1,689,554						16,998						3.99
Total interest bearing deposits						6,662,359						38,223						2.28						6,001,275						39,294						2.60
Securities sold under agreements to repurchase						98,741						462						1.86						104,640						588						2.23
Federal funds purchased						7,438						68						3.63						6,689						72						4.27
Federal Home Loan Bank advances						269,565						2,654						3.91						300,000						2,870						3.80
Subordinated debentures						26,806						373						5.52						26,806						411						6.08
Total interest bearing liabilities						7,064,909						41,780						2.35						6,439,410						43,235						2.66
Non-interest bearing liabilities:
Non-interest bearing demand deposits						1,673,942																		1,540,029
Accrued interest payable and other						220,240																		221,886
Total liabilities						8,959,091																		8,201,325
Stockholders’ equity						1,258,026																		1,015,478
Total liabilities and stockholders' equity						$	10,217,117																	$	9,216,803
Net interest income												$	92,689																	$	77,119
Net interest spread																		3.28		%																2.90		%
Net interest margin																		3.88		%																3.56		%

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

						Nine months ended September 30,
						2026																		2025
(dollars in thousands)						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Interest earning assets:
Federal funds sold and interest bearing due from banks						$	548,363					$	15,300					3.73		%				$	294,033					$	9,734					4.43		%
Mortgage loans held for sale						6,946						260						5.00						6,310						229						4.85
Investment securities:
Taxable						908,689						14,469						2.13						1,270,410						23,580						2.48
Tax-exempt						63,433						1,467						3.09						72,332						1,514						2.80
Total securities						972,122						15,936						2.19						1,342,742						25,094						2.50
Federal Home Loan Bank stock						22,960						1,231						7.17						24,756						1,682						9.08
Loans						7,580,225						347,887						6.14						6,740,318						309,952						6.15
Total interest earning assets						9,130,616						380,614						5.57						8,408,159						346,691						5.51
Less allowance for credit losses on loans						102,130																		91,106
Non-interest earning assets:
Cash and due from banks						78,741																		76,178
Premises and equipment, net						126,859																		115,891
Bank owned life insurance						100,236																		90,252
Goodwill						218,845																		194,074
Accrued interest receivable and other						279,467																		240,332
Total assets						$	9,832,634																	$	9,033,780
Interest bearing liabilities:
Deposits:
Interest bearing demand						$	2,934,898					$	38,478					1.75		%				$	2,496,769					$	35,809					1.92		%
Savings						456,197						982						0.29						422,850						873						0.28
Money market						1,283,452						22,051						2.30						1,349,068						28,236						2.80
Time						1,788,019						48,945						3.66						1,538,245						46,468						4.04
Total interest bearing deposits						6,462,566						110,456						2.29						5,806,932						111,386						2.56
Securities sold under agreements to repurchase						90,635						1,207						1.78						130,507						2,027						2.08
Federal funds purchased						7,377						199						3.61						6,605						214						4.33
Federal Home Loan Bank advances						289,744						8,515						3.93						356,044						10,519						3.95
Subordinated debentures						26,806						1,108						5.53						26,806						1,230						6.13
Total interest bearing liabilities						6,877,128						121,485						2.36						6,326,894						125,376						2.65
Non-interest bearing liabilities:
Non-interest bearing demand deposits						1,564,339																		1,485,519
Accrued interest payable and other						211,377																		237,702
Total liabilities						8,652,844																		8,050,115
Stockholders’ equity						1,179,790																		983,665
Total liabilities and stockholders' equity						$	9,832,634																	$	9,033,780
Net interest income												$	259,129																	$	221,315
Net interest spread																		3.21		%																2.86		%
Net interest margin																		3.79		%																3.52		%

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

•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 $85,000 and $82,000 for the three month periods ended September 30, 2026 and 2025, and $276,000 and $253,000 for the nine month periods ended September 30, 2026 and 2025.

•Interest income includes loan fees of $1.6 million and $1.3 million for the three month periods ended September 30, 2026 and 2025, and $4.9 million and $4.3 million for the nine month periods ended September 30, 2026 and 2025. 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 $567,000 and $375,000 for the three month periods ended September 30, 2026 and 2025, and $1.8 million and $1.1 million for the nine month periods ended September 30, 2026 and 2025.

•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, 2026 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, 2026			-6.68		%				-3.18		%				3.32		%				6.60		%

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 54%) or SOFR (approximately 46%).

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, 2026 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, 2025 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 September 30,												Nine months ended September 30,
(dollars in thousands)						2026						2025						2026						2025
Beginning balance						$	109,094					$	90,722					$	91,867					$	86,943
ACL for acquired loans (goodwill adjustment)						2,013						-						17,540						-
Provision for credit losses on loans						700						1,550						2,325						4,700
Total charge-offs						(4,254)						(429)						(4,962)						(1,596)
Total recoveries						302						317						1,085						2,113
Net loan recoveries						(3,952)						(112)						(3,877)						517
Ending balance						$	107,855					$	92,160					$	107,855					$	92,160
Average total loans						$	7,929,249					$	6,873,559					$	7,580,225					$	6,740,318
Provision for credit losses on loans to average total loans (1)						0.01		%				0.02		%				0.03		%				0.07		%
Net loan (charge-offs)/recoveries to average total loans (1)						(0.05		%)				0.00		%				(0.05		%)				0.01		%
ACL for loans to total loans						1.35		%				1.33		%				1.35		%				1.33		%
ACL for loans to average total loans						1.36		%				1.34		%				1.42		%				1.37		%

(1)Ratios are not annualized

The ACL for loans totaled $108 million as of September 30, 2026 compared to $92 million at September 30, 2025, representing an ACL to total loans ratio of 1.35% and 1.33% for the respective periods. The ACL for loans was increased $18 million as a result of the loan portfolio added through the FM acquisition, with the corresponding offset recorded to goodwill (as opposed to provision for credit loss expense).

Provision expense on loans of $700,000 was recorded for the three month period ended September 30, 2026, consistent with moderate organic loan growth, an improved unemployment forecast and strong credit quality metrics. Provision expense on loans totaling $2.3 million was recorded for the nine month period ended September 30, 2026, driven primarily by strong organic loan growth that was only partially offset by improvement in the unemployment forecast and decreased specific reserves. Net charge off/recovery activity totaled $4.0 million and $3.9 million the three and nine month periods ended September 30, 2026, serving to reduce the ACL for loans, as the majority of charge off activity was fully reserved for.

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 of the prior year was consistent with strong loan growth, slight deterioration within the 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.

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The ACL for off balance sheet credit exposures, which is separate from the ACL for loan and recorded in other liabilities on the consolidated balance sheets, increased $375,000 between December 31, 2025 and September 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and nine month periods ended September 30, 2026, the liability was increased as a result of the line of credit portfolio added through the FM acquisition, with the corresponding offset recorded to goodwill (as opposed to provision expense). The lack of expense for the first nine months of 2026 was consistent with changes in expected utilization within the C&D portfolio. The ACL for off balance sheet exposures totaled $8.3 million as of September 30, 2026.

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, driven by increased availability associated with new line production, particularly within the C&D segment for the respective periods. 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 of 2025, consistent with improved utilization and thus reduced availability for that period. The ACL for off balance sheet credit exposures totaled $7.1 million as of September 30, 2025.

Bancorp’s loan portfolio is well-diversified with no significant concentrations of credit. Geographically, most loans are extended to borrowers throughout the state of 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, 2026 is adequate to absorb probable losses inherent in the loan portfolio as of the financial statement date.

Additionally, an ACL for AFS investment securities was established as of September 30, 2026 to record the impairment of a corporate security owned as a result of the 2021 KB acquisition, which represents the only corporate security owned by Bancorp. Monthly payments had been received for the security since acquisition, but ceased in August due to a long-term tenant not renewing their lease, ultimately creating an event of default. Provision expense of $250,000, or approximately half of the bond’s book value, was recorded to establish the ACL. A committee of bondholders has been established to find resolution, which is likely to be a lengthy process. Bancorp will continue to monitor the situation as it develops.

Non-interest Income

						Three months ended September 30,																								Nine months ended September 30,
(dollars in thousands)						2026						2025						$ Variance						% Variance						2026						2025						$ Variance						% Variance
Wealth management and trust services						$	12,863					$	10,704					$	2,159					20		%				$	36,761					$	31,834					$	4,927					15		%
Deposit service charges						2,555						2,281						274						12						7,079						6,429						650						10
Debit and credit card income						5,611						5,009						602						12						15,393						14,354						1,039						7
Treasury management fees						3,327						2,923						404						14						9,490						8,601						889						10
Mortgage banking income						876						1,252						(376)						(30)						2,819						3,263						(444)						(14)
Net investment product sales commissions and fees						1,216						1,112						104						9						3,351						3,102						249						8
Bank owned life insurance						729						631						98						16						2,052						1,882						170						9
Gain on sale of premises and equipment						—						—						—						—						445						74						371						501
Other						456						564						(108)						(19)						1,584						2,281						(697)						(31)
Total non-interest income						$	27,633					$	24,476					$	3,157					13		%				$	78,974					$	71,820					$	7,154					10		%

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Total non-interest income increased $3.2 million, or 13%, and $7.2 million, or 10%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025. Non-interest income comprised 23.0% and 23.4% of total revenues, defined as net interest income and non-interest income, for the three and nine month periods ended September 30, 2026 compared to 24.1% and 24.5% for the same periods of 2025. The decreases from the prior year are attributed to net interest income growth outpacing non-interest income. WM&T services comprised 46.5% and 46.6% of total non-interest income for the three and nine month periods ended September 30, 2026 compared to 43.7% and 44.3% for the same periods of the prior year. The increases over the prior year were driven by WM&T revenue growth outpacing the other non-interest income categories.

Total non-interest income attributed to the FM acquisition for the three and nine month periods ended September 30, 2026 totaled $2.0 million and $3.3 million. The three months ended September 30, 2026 represents the first full quarter of activity associated with the acquisition of FM while the nine months ended September 30, 2026 represents five months of such activity.

WM&T Services:

The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. WM&T revenue increased $2.2 million, or 20%, and $4.9 million, or 15%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, attributed to AUM expansion over the past 12 months, which has been driven by both general market appreciation and new business development in addition to the impact of the FM acquisition, the latter of which contributed approximately $1.2 million and $2.0 million in revenue for the three and nine month periods ended September 30, 2026.

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 $2.1 million, or 20%, and $5.1 million, or 16%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, consistent with AUM expansion, general market appreciation and the impact of the FM acquisition.

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 increased $46,000, or 16%, and decreased $143,000, or 15%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, both the increase and the decrease for the respective periods being attributed to fluctuations in estate fee revenue.

AUM, stated at market value, totaled $8.95 billion at September 30, 2026 compared with $7.64 billion at December 31, 2025 and $7.48 billion at September 30, 2025. The increase in AUM between September 30, 2025 and September 30, 2026 was attributed largely to the impact of the FM acquisition, but was also driven by appreciation within the equity and fixed income markets in addition to organic new business development over the past 12 months. AUM totaling approximately $825 million were added as a result of the FM acquisition on May 1, 2026.

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.

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Detail of WM&T Service Income by Account Type:

						Three months ended September 30,												Nine months ended September 30,
(in thousands)						2026						2025						2026						2025
Investment advisory						$	5,581					$	4,561					$	15,829					$	13,132
Personal trust						3,525						3,142						10,553						9,938
Personal investment retirement						2,701						2,085						7,395						6,092
Company retirement						440						419						1,259						1,228
Foundation and endowment						389						335						1,190						998
Custody and safekeeping						175						73						352						207
Brokerage and insurance services						4						33						37						51
Other						48						56						146						188
Total WM&T services income						$	12,863					$	10,704					$	36,761					$	31,834

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. 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.

AUM by Account Type:

AUM (not included on balance sheet) increased from $7.64 billion at December 31, 2025 to $8.95 billion at September 30, 2026 as follows:

						September 30, 2026																		December 31, 2025
(in thousands)						Managed						Non-managed (1)						Total						Managed						Non-managed (1)						Total
Investment advisory						$	3,759,363					$	48,682					$	3,808,045					$	2,959,858					$	35,809					$	2,995,667
Personal trust						1,642,622						500,805						2,143,427						1,531,824						498,525						2,030,349
Personal investment retirement						1,320,510						28,672						1,349,182						1,037,825						17,654						1,055,479
Company retirement						49,357						728,179						777,536						52,669						670,690						723,359
Foundation and endowment						633,991						689						634,680						549,666						7,588						557,254
Subtotal						$	7,405,843					$	1,307,027					$	8,712,870					$	6,131,842					$	1,230,266					$	7,362,108
Custody and safekeeping						-						236,365						236,365						—						273,110						273,110
Total AUM						$	7,405,843					$	1,543,392					$	8,949,235					$	6,131,842					$	1,503,376					$	7,635,218

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

As of September 30, 2026 and December 31, 2025, approximately 83% and 80% 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, 2026						December 31, 2025
Interest bearing deposits						$	344,408					$	440,692
Treasury and government agency obligations						333,089						206,184
State, county and municipal obligations						493,316						425,178
Money market mutual funds						37,894						34,371
Equity mutual funds						1,664,113						1,344,762
Other mutual funds - fixed, balanced and municipal						783,487						670,680
Other notes and bonds						204,321						176,103
Unregistered funds & private equity investments						150						—
Common and preferred stocks						3,233,283						2,641,640
Real estate mortgages						5,771						—
Real estate						39,875						16,924
Other miscellaneous assets (1)						266,136						175,308
Total managed assets						$	7,405,843					$	6,131,842

(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, 2026, compared to 65% and 35% as of December 31, 2025. 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, increased $274,000, or 12%, and $650,000, or 10%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, driven by both acquisition-related activity and organic growth. However, Bancorp implemented compliance-related changes associated with regulatory deposit settlement requirements during the third quarter of 2026, which are consistent with changing industry practices. While these changes were expected to negatively impact this revenue stream, they were countered by the decision to increase the overdraft limit on deposit accounts. Bancorp remains cautious regarding the outlook for deposit service charge revenue, as regulation and industry practice continues to evolve.

Debit and credit card income consists of interchange revenue, ancillary fees and incentives received from card processors. Debit and credit card revenue increased $602,000, or 12%, and $1.0 million, or 7%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, attributed to both acquisition-related activity and organic growth. Debit card income increased $626,000, or 19%, and $1.1 million, or 12%, and total credit card income decreased $24,000, or 1%, and $103,000, or 2%, for the three and nine month periods ended September 30, 2026 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. Further, Bancorp will be subject to regulatory limitations on interchange transaction fees for debit card transactions after total consolidated assets exceed $10 billion as of any given December 31, which will negatively impact this revenue stream. Such limitations begin on July 1 of the calendar year immediately following the year an institution crosses this threshold. Bancorp expects to officially cross the $10 billion threshold for regulatory purposes on December 31, 2027.

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Treasury management fees primarily consist of fees earned for cash management services provided to commercial customers. Treasury management fees increased $404,000, or 14%, and $889,000 or 10%, for the three and nine month periods ended September 30, 2026 as compared with the same periods of 2025, driven by broad fee increases implemented towards the end of the first quarter of 2025 in addition to organic growth and new product sales. While the FM acquisition had little impact on overall treasury management fee income for the three and nine month periods ended September 30, 2026, the customer base added through the acquisition is expected to provide ample opportunity for future growth given Bancorp’s ability to offer these new customers a broader array of treasury services.

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 decreased $376,000, or 30%, and $444,000, or 14%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025. While overall volumes have remained steady, yields on mortgage loans sold in the secondary market have declined as a result of competitive pricing pressures created by rising mortgage rates, negatively impacting mortgage banking revenue. The FM acquisition had minimal impact on mortgage banking revenue for the three and nine months ended September 30, 2026.

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 $104,000, or 9%, and $249,000, or 8%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, driven by a continued shift to more profitable wrap fee-based business and general market appreciation. The FM acquisition had minimal impact on this non-interest revenue stream.

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 increased $98,000, or 16%, and $170,000, or 9%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, primarily as a result of adding BOLI assets totaling approximately $13 million as a result of the FM acquisition.

While no gain/loss on the sale of premises and equipment was recorded for the three months ended September 30, 2026, a gain of $445,000 was recorded for the nine months ended September 30, 2026, which consisted primarily of the sale of a former branch location during the first quarter of 2026, which was only partially offset by a loss recorded during the second quarter related to the disposal of miscellaneous equipment. No such activity was recorded during the three months ended September 30, 2025, however, a gain of $74,000 was recorded for the nine month period ended September 30, 2025 as a result of the sale of a property owned through a prior acquisition that had been held for sale.

Other non-interest income decreased $108,000, or 19%, and $697,000, or 31%, for the three and nine month periods ended September 30, 2026 compared with the same periods of 2025, driven mainly by the prior year periods benefitting from swap fee activity.

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Non-interest Expenses

						Three months ended September 30,																								Nine months ended September 30,
(dollars in thousands)						2026						2025						$ Variance						% Variance						2026						2025						$ Variance						% Variance
Compensation						$	31,573					$	28,836					$	2,737					9		%				$	91,692					$	82,047					$	9,645					12		%
Employee benefits						6,422						4,878						1,544						32						18,774						15,993						2,781						17
Net occupancy and equipment						4,991						4,086						905						22						14,056						12,234						1,822						15
Technology and communication						6,416						4,837						1,579						33						18,173						14,438						3,735						26
Debit and credit card processing						2,367						1,984						383						19						6,415						5,711						704						12
Marketing and business development						1,971						1,887						84						4						5,486						5,353						133						2
Postage, printing and supplies						957						910						47						5						2,895						2,816						79						3
Legal and professional						1,043						891						152						17						3,278						2,886						392						14
FDIC insurance						1,073						1,198						(125)						(10)						3,328						3,681						(353)						(10)
Capital and deposit based taxes						852						1,082						(230)						(21)						2,706						2,520						186						7
Merger expenses						678						-						678						100						2,961						-						2,961						100
Intangible amortization						1,920						915						1,005						110						4,265						2,744						1,521						55
Other						3,851						2,327						1,524						65						9,133						7,135						1,998						28
Total non-interest expenses						$	64,114					$	53,831					$	10,283					19		%				$	183,162					$	157,558					$	25,604					16		%

    

Total non-interest expenses increased $10.3 million, or 19%, and $25.6 million, or 16%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025. Compensation and employee benefits comprised 59.9% and 61.3% of Bancorp’s total non-interest expenses, excluding one-time merger-related expenses, for the three and nine month periods ended September 30, 2026, compared to 62.6% and 62.2% for the same periods of 2025.

Total non-interest expense, excluding one-time merger-related expenses, attributed to the FM acquisition for the three and nine month periods ended September 30, 2026 totaled $5.7 million and $9.4 million. While the three month period represents the first full quarter of activity related to the FM acquisition, the nine month period includes just five months of such activity. One-time merger-related expenses totaled $678,000 and $3.0 million for the three and nine month periods ended September 30, 2026. The vast majority of remaining one-time merger-related expenses are expected to be recorded during the fourth quarter of 2026.

Compensation, which includes salaries, incentives, bonuses and stock based compensation, increased $2.7 million, or 9%, and $9.6 million, or 12%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025. The increase was attributed primarily to growth in full time equivalent employees, including the impact of the FM acquisition and annual merit-based salary increases. Net full time equivalent employees totaled 1,270 at September 30, 2026 compared to 1,140 at September 30, 2025.

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 $1.5 million, or 32%, and $2.8 million, or 17%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, driven mainly by the previously mentioned growth in FTEs, including the impact of the FM acquisition, and increased health insurance claims activity.

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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 $905,000, or 22%, and $1.8 million, or 15%, for the three and nine month periods ended September 30, 2026, as compared with the same periods of 2025, consistent with the impact of the FM acquisition and organic branch network expansion in addition to higher rent and depreciation expense. In addition to the six full-service locations added through the FM acquisition, four new branch locations were opened over the past 12 months, including Bancorp's first full-service location in the Bowling Green, Kentucky, which represents the first location opened in the new South Central Kentucky market. At September 30, 2026, Bancorp’s branch network consisted of 82 locations throughout the state of 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 $1.6 million, or 33%, and $3.7 million, or 26%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, consistent with several planned investments, including the development of advanced data analytics capabilities, and the impact of the FM acquisition.

Bancorp outsources processing for debit and credit card operations, which generate significant revenue for the Company. These expenses typically fluctuate consistent with transaction volumes. Debit and credit card processing expense increased $383,000, or 19%, and $704,000, or 12%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, driven by higher processing fees, including increased fraud-mitigation and prevention expenses, in addition to the impact of the FM acquisition.

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 $84,000, or 4%, and $133,000, or 2%, for the three and nine month periods ended September 30, 2026, as compared to the same periods of 2025, the increases being driven by higher travel expenses and customer entertainment.

Postage, printing and supplies expense increased $47,000, or 5%, and $79,000, or 3%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, attributed primarily to increases in the general cost of postage.

Legal and professional fees increased $152,000, or 17%, and $392,000, or 14%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, driven by an increase in expenses related to general corporate legal matters and the impact of the FM acquisition.

FDIC insurance expense decreased $125,000, or 10%, and $353,000, or 10%, for the three and nine month periods ended September 30, 2026, as compared to the same periods of 2025, attributed in part to a lower assessment rate related mainly to improvement in Bancorp’s leverage ratio.

Capital and deposit based taxes, which consist primarily of capital-based local income taxes and franchise taxes, decreased $230,000, or 21%, and increased $186,000, or 7%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025. 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.

Merger expenses represent non-recurring expenses associated with completion of acquisitions and consist primarily of investment banker fees, legal fees, various compensation-related expenses, early termination fees relation to various contracts and system-conversion expenses. Such expenses totaled $678,000 and $3.0 million for the three and nine month periods ended September 30, 2026 and are attributed entirely the FM acquisition.

Intangible amortization expense consists of amortization associated with the CDI of acquired deposit portfolios, as well as intangibles related to customer lists of WM&T business lines added through a past acquisition. The intangibles are amortized on an accelerated basis over a period of approximately ten years. Intangible amortization expense increased $1.0 million, or 110%, and $1.5 million, or 55%, for the three and nine month periods ended September 30, 2026 compared to the same periods of 2025, which is attributed entirely to the CDI and CLI assets added through the FM acquisition.

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Other non-interest expenses increased $1.5 million, or 65%, and $2.0 million, or 28%, for the three and nine month periods ended September 30, 2026 as compared to the same periods of 2025, driven primarily by a singular, non-recurring credit card fraud loss that totaled $850,000 in addition to higher card reward expense and the impact of the FM acquisition.

A comparison of income tax expense and ETR follows:

						Three months ended September 30,																								Nine months ended September 30,
(dollars in thousands)						2026						2025						$/bp Variance						% Variance						2026						2025						$ Variance						% Variance
Income before income tax expense						$	55,173					$	45,707					$	9,466					21		%				$	152,090					$	130,274					$	21,816					17		%
Income tax expense						11,665						9,466						2,199						23						31,930						26,738						5,192						19
Effective tax rate						21.14		%				20.71		%				43 bps						2						20.99		%				20.52		%				47 bps						2

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 3.14% for the nine month period ended September 30, 2026, compared to an increase of 2.93% for the same period of 2025.

•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 increased by 0.12% for the nine month period ended September 30, 2026 compared to a decrease of 0.32% for the same period of 2025, 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 0.43% and 0.59% for the nine month periods ended September 30, 2026 and 2025, 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 month periods ended September 30, 2026 and 2025 served to reduce the ETR 2.79% and 2.54%, respectively.

•Tax-exempt interest income earned on loans and investment securities reduced the ETR by 0.26% and 0.32% for the nine month periods ended September 30, 2026 and 2025, respectively.

•Non-deductible merger expenses recorded during the nine months ended September 30, 2026 served to increase the ETR by 0.10%. No such expense was recorded for the prior year period.

Financial Condition – September 30, 2026 Compared to December 31, 2025

Overview

Total assets increased $724 million, or 8%, to $10.26 billion at September 30, 2026 from $9.54 billion at December 31, 2025. Total assets, including purchase accounting adjustments, of $838 million were added on May 1, 2026 as a result of the FM acquisition, including net loans of $624 million. Goodwill of $46 million was recorded in relation to this acquisition. Excluding the impact of the acquisition, total assets decreased $114 million, or 1%, during the first nine months of 2026. The decrease was attributed to a $213 million, or 24%, decrease in cash and cash equivalents and a $122 million, or 13%, decline in investment securities, as liquidity was used to fund $320 million, or 5%, of net loan growth and $166 million, or 2%, of deposit contraction.

As a result of the Durbin Amendment, Bancorp will be subject to regulatory limitations on interchange transaction fees for debit card transactions after total consolidated assets exceed $10 billion as of any given December 31. Such limitations begin on July 1 of the calendar year immediately following the year an institution crosses this threshold. Bancorp expects to officially cross the $10 billion threshold for regulatory purposes on December 31, 2027.

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While total assets technically exceed $10 billion as of September 30, 2026, Bancorp intends to implement balance sheet management strategies to be below this threshold at December 31, 2026, which is the official measurement date associated with the $10 billion regulatory threshold. Such strategies include use of the ICS network’s one-way sell service, which will enable Bancorp to move large deposit balances off balance sheet temporarily by sending an equivalent amount of cash to ICS’s network of participating banks. In this scenario, Bancorp does not receive any deposits, effectively helping 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.

Total liabilities increased $532 million, or 6%, to $9.00 billion at September 30, 2026 from $8.46 billion at December 31, 2025. Total liabilities of $771 million were assumed on May 1, 2026 as a result of the FM acquisition, including total deposits of $765 million. Excluding the impact of the acquisition, total liabilities decreased $239 million, or 3%, during the first nine months of 2026, driven by combined contraction of $195 million, or 2%, for total deposits and SSURA in addition to a $50 million, or 17%, decrease in FHLB advances.

Stockholders’ equity increased $192 million, or 18%, to $1.27 billion at September 30, 2026 from $1.08 billion at December 31, 2025. Stock issued in relation to the FM acquisition, which totaled $112 million, and net income of $120.2 million were only partially offset by $29.6 million of cash dividends declared and a $13.5 million decline in AOCI during the first nine months of 2026.

Cash and Cash Equivalents

Cash and cash equivalents decreased $213 million, or 24%, ending at $673 million at September 30, 2026 compared to $886 million at December 31, 2025, driven by a combination of solid organic loan growth and deposit contraction within both the legacy and acquired deposit portfolios. Cash and cash equivalents totaling $92 million were added through the FM acquisition as of the acquisition date.

Despite the decrease, cash levels currently held by Bancorp remain elevated and 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 $122 million, or 13%, to $799 million at September 30, 2026 compared to $921 million at December 31, 2025. This decline was driven mainly by scheduled maturities and normal amortization activity. The liquidity provided by the investment portfolio during the first nine months of 2026 was used primarily to fund organic loan growth.

AFS debt securities totaling $56 million (stated at market value) were acquired as a result of the FM acquisition. Shortly after acquisition, 86 securities with a total fair value of $55 million from the acquired AFS debt securities portfolio were sold, resulting in a loss on sale of $701,000, which was recognized as part of the initial purchase accounting for the acquisition.

Additionally, an ACL for AFS investment securities was established as of September 30, 2026 to record the impairment of a corporate security owned as a result of the 2021 KB acquisition. Monthly payments had been received for the security since acquisition, but ceased in August due to a long-term tenant not renewing their lease, ultimately creating an event of default. Provision expense of $250,000, or approximately half of the bond’s book value, was recorded to establish the ACL. A committee of bondholders has been established to find resolution, which is likely to be a lengthy process. We will continue to monitor the situation as it develops.

FHLB Stock

FHLB stock holdings increased from $21 million at December 31, 2025 to $24 million at September 30, 2026, the increase stemming entirely from stock added through the FM acquisition. FHLB members are required to hold certain levels of FHLB stock in relation to the amount of their borrowings, which declined during the first nine months of 2026. Bancorp’s FHLB stock holdings are expected to fluctuate consistent with borrowing activity from period to period.

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Loans

Total loans increased $946 million, or 13%, from December 31, 2025 to September 30, 2026. Net loans added through the FM acquisition, including purchase accounting-related adjustments, totaled $624 million, as of the acquisition date. Excluding the acquired loan portfolio, total loans increased $322 million, or 5%, during the first nine months of 2026, led most notably by increases in the CRE and C&I segments.

Total line of credit utilization has experienced gradual improvement over the past several quarters, ending at 48.3% as of September 30, 2026 compared to 48.0% at December 31, 2025 and 46.8% at September 30, 2025. However, utilization within the C&I portfolio was declined as of September 30, 2026, ending at 35.5% compared to 37.0% at December 31, 2025 and 36.8% at September 30, 2025, driven in part by payoff activity within the portfolio.

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 state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio MSAs.

The following table presents the maturity distribution (based on contractual maturity) and rate sensitivity of the total loan portfolio as of September 30, 2026:

						Maturity
September 30, 2026 (in thousands)						Within one year						After one but within five years						After five but within fifteen years						After fifteen years						Total						% of Total
Fixed rate						$	422,858					$	2,483,473					$	977,671					$	1,191,910					$	5,075,912					64		%
Variable rate						967,619						1,223,035						635,483						85,615						2,911,752						36		%
Total loans						$	1,390,477					$	3,706,508					$	1,613,154					$	1,277,525					$	7,987,664					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.

Non-performing Loans and Assets

Information summarizing non-performing loans and assets follows:

(dollars in thousands)						September 30, 2026						December 31, 2025
Non-accrual loans						$	20,014					$	12,585
Modifications to borrowers experiencing financial difficulty						-						-
Loans past due 90 days or more and still accruing						1,877						449
Total non-performing loans						21,891						13,034
Other real estate owned						406						190
Total non-performing assets						$	22,297					$	13,224
Non-performing loans to total loans						0.27		%				0.19		%
Non-performing assets to total assets						0.22		%				0.14		%
ACL for loans to total non-performing loans						493		%				705		%

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As of September 30, 2026, non-accrual loans totaled $20 million compared to $13 million at December 31, 2025. The increase in total non-accrual loans between December 31, 2025 and September 30, 2026 was attributed to both an increase in non-accruals within Bancorp’s legacy portfolio and the addition of the FM portfolio. A small number of larger, unrelated CRE and C&I relationships within the legacy portfolio were moved to non-accrual status during the period. FM’s non-accrual loans were similarly concentrated in CRE and C&I.

Loans past due 90 days or more and still accruing totaled $1.9 million as of September 30, 2026 compared to $449,000 as of December 31, 2025. The increase stems primarily from a CRE relationship within the legacy portfolio that was 90 days past due as of period end.

Non-performing assets as of September 30, 2026 consisted of approximately 140 loans, ranging in individual amounts up to $1.2 million, and three residential real estate properties held as OREO.

Delinquent Loans

Delinquent loans (consisting of all loans 30 days or more past due) totaled $51 million and $26 million at September 30, 2026 and December 31, 2025. Delinquent loans to total loans were 0.64% and 0.38% at September 30, 2026 and December 31, 2025, respectively. The increase for the period is attributed to both a few larger relationships within Bancorp’s legacy portfolio going past due as of period end and the loan portfolio added as a result of the FM acquisition, the latter of which was responsible for delinquent loans totaling $11 million. Bancorp anticipates that delinquent loans attributed to the acquired portfolio will decline in future periods as processes surrounding credit quality become aligned with the Company’s established standards.

Classified Loans

Classified loans, which consist of loans defined as OAEM, substandard, substandard non-performing (including non-accrual loans discussed above) and doubtful, totaled $171 million and $151 million at September 30, 2026 and December 31, 2025, respectively. The increase experienced during the first nine months of 2026 is attributed mainly to the loan portfolio acquired from FM. Similar to the increase experienced for delinquent loans, Bancorp anticipates that classified loans attributed to the acquired portfolio will decline in future periods as processes surrounding quality become aligned with the Company’s established standards.

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 $108 million as of September 30, 2026 compared to $92 million as of December 31, 2025. The ACL was increased by $18 million as a result of the loan portfolio added through the FM acquisition, which was recorded as an adjustment to goodwill at acquisition date. Additionally, provision expense for credit losses on loans of $2.3 million was recorded for the nine months ended September 30, 2026, consistent with solid loan growth and only partially offset by strong credit quality metrics, improvement in the FRB’s national unemployment forecast, annual CECL model updates and decreased specific reserves. Further, net charge offs of $3.9 million were recorded for the nine months ended September 30, 2026.

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.

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

						September 30, 2026																		December 31, 2025
(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						$	17,790					17		%				0.82		%				$	13,779					15		%				0.72		%
Commercial real estate - owner occupied						16,617						15		%				1.29		%				13,100						14		%				1.17		%
Total commercial real estate						34,407						32		%				1.00		%				26,879						29		%				0.89		%
Commercial and industrial - term						25,126						23		%				2.19		%				21,121						23		%				2.35		%
Commercial and industrial - lines of credit						7,090						7		%				1.13		%				7,323						8		%				1.20		%
Total commercial and industrial						32,216						30		%				1.82		%				28,444						31		%				1.88		%
Residential real estate - owner occupied						16,826						16		%				1.68		%				14,914						16		%				1.69		%
Residential real estate - non-owner occupied						4,937						5		%				1.03		%				4,287						5		%				1.10		%
Total residential real estate						21,763						21		%				1.47		%				19,201						21		%				1.51		%
Construction and land development						14,541						13		%				1.89		%				12,316						14		%				1.64		%
Home equity lines of credit						1,973						2		%				0.55		%				1,439						2		%				0.50		%
Consumer						2,424						2		%				2.13		%				2,924						3		%				2.05		%
Leases						250						0		%				2.22		%				524						0		%				2.35		%
Credit cards						281						0		%				1.04		%				140						0		%				1.05		%
Total						$	107,855					100		%				1.35		%				$	91,867					100		%				1.30		%

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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, 2026 and 2025, respectively.

						2026																		2025
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						$	(785)					$	2,157,096					(0.04		%)				$	-					$	1,964,277					0.00		%
Commercial real estate - owner occupied						(227)						1,288,499						(0.02		%)				17						1,048,426						0.00		%
Total commercial real estate						(1,012)						3,445,595						(0.03		%)				17						3,012,703						0.00		%
Commercial and industrial - term						(2,041)						1,105,274						(0.18		%)				107						859,260						0.01		%
Commercial and industrial - lines of credit						(150)						633,644						(0.02		%)				-						627,858						0.00		%
Total commercial and industrial						(2,191)						1,738,918						(0.13		%)				107						1,487,118						0.01		%
Residential real estate - owner occupied						(165)						995,674						(0.02		%)				(81)						860,371						(0.01		%)
Residential real estate - non-owner occupied						(288)						476,793						(0.06		%)				2						391,677						0.00		%
Total residential real estate						(453)						1,472,467						(0.03		%)				(79)						1,252,048						(0.01		%)
Construction and land development						-						769,722						0.00		%				-						671,439						0.00		%
Home equity lines of credit						-						351,274						0.00		%				-						266,789						0.00		%
Consumer						(148)						114,053						(0.13		%)				(145)						141,097						(0.10		%)
Leases						-						11,951						0.00		%				-						16,501						0.00		%
Credit cards						(148)						25,269						(0.59		%)				(12)						25,864						(0.05		%)
Total						$	(3,952)					$	7,929,249					(0.05		%)				$	(112)					$	6,873,559					0.00		%

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						2026																		2025
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						$	(785)					$	2,061,744					(0.04		%)				$	26					$	1,912,089					0.00		%
Commercial real estate - owner occupied						(227)						1,226,744						(0.02		%)				(21)						1,027,927						0.00		%
Total commercial real estate						(1,012)						3,288,488						(0.03		%)				5						2,940,016						0.00		%
Commercial and industrial - term						(1,721)						1,025,439						(0.17		%)				1,207						877,183						0.14		%
Commercial and industrial - lines of credit						(150)						630,169						(0.02		%)				-						594,547						—		%
Total commercial and industrial						(1,871)						1,655,608						(0.11		%)				1,207						1,471,730						0.08		%
Residential real estate - owner occupied						(307)						946,563						(0.03		%)				(74)						836,390						(0.01		%)
Residential real estate - non-owner occupied						(288)						435,921						(0.07		%)				(1)						387,559						0.00		%
Total residential real estate						(595)						1,382,484						(0.04		%)				(75)						1,223,949						(0.01		%)
Construction and land development						-						763,284						0.00		%				-						662,466						0.00		%
Home equity lines of credit						-						321,679						0.00		%				(10)						258,742						0.00		%
Consumer						(168)						129,178						(0.13		%)				(495)						141,957						(0.35		%)
Leases						-						14,166						0.00		%				-						15,772						0.00		%
Credit cards						(231)						25,338						(0.91		%)				(115)						25,686						(0.45		%)
Total						$	(3,877)					$	7,580,225					(0.05		%)				$	517					$	6,740,318					0.01		%

The ACL for off balance sheet credit exposures, which is separate from the ACL for loan and recorded in other liabilities on the consolidated balance sheets, increased $375,000 between December 31, 2025 and September 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and nine months ended September 30, 2026, the liability was increased as a result of the line of credit portfolio added through the FM acquisition, with the corresponding offset recorded to goodwill (as opposed to provision expense). The lack of expense for the first nine months of 2026 was consistent with changes in expected utilization within the C&D portfolio. The ACL for off balance sheet exposures totaled $8.3 million as of September 30, 2026.

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 $12.7 million, or 11%, between December 31, 2025 and September 30, 2026, driven by both the impact of the FM acquisition, which added six locations, and organic branch network expansion. Bancorp’s branch network currently consists of 82 locations throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets.

Premises held for sale totaling $896,000 and $1.7 million was recorded on Bancorp’s consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively. The decrease during the first nine months of 2026 was attributed to the sale of a former branch location during the first quarter of 2026. Premises held for sale consisted of three vacant parcels of land as of September 30, 2026.

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BOLI

BOLI assets increased to $107 million at September 30, 2026 compared to $92 million at December 31, 2025, consistent with the impact of the FM acquisition and general appreciation of the cash surrender values within the policy plans experienced during the nine month period ended September 30, 2026. BOLI assets totaling $13 million were added as a result of the FM acquisition.

Goodwill

Goodwill increased to $240 million at September 30, 2026 from $194 million at December 31, 2025, as $46 million of goodwill was recorded in relation to the FM acquisition. Management has up to 12 months following the date of acquisition to finalize the fair values of the acquired assets and assumed liabilities. Any changes to the related fair values during this measurement period could result in a change to the total goodwill recorded as a result of this acquisition.

Events that could potentially 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 October 1, 2026, 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, 2026 and December 31, 2025, Bancorp’s CDI assets totaled $22 million and $7 million, respectively, and are attributed entirely to the Commercial segment. The increase between these periods is attributed to the CDI added as a result of the FM acquisition.

As of September 30, 2026 and December 31, 2025, Bancorp’s CLI assets were $9 million and $5 million, and attributed entirely to the WM&T segment. The increase between these periods is the result of the CLI added through the FM acquisition.

Other Assets and Other Liabilities

Other assets increased $28 million, or 9%, to $333 million between December 31, 2025 and September 30, 2026. Other liabilities increased $11 million, or 5%, to $232 million over the same period. The increase in other assets was driven largely by the impact rising rates had on interest rate swap assets and deferred tax assets, the latter of which related to changing fair values within the investment securities portfolio. The increase in other liabilities resulted from a combination of changing interest rate swap liability values (also due to rising interest rates) and an increase in other miscellaneous liabilities, which were only partially offset by a reduction in accrued tax credit investment contributions as required funding payments were made during the period.

Deposits

Total deposits increased $599 million, or 8%, from December 31, 2025 to September 30, 2026. Deposits assumed as a result of the FM acquisition totaled $765 million as of the acquisition date, including $134 million of non-interest bearing deposits.

Excluding the deposit portfolio added as a result of the acquisition, total deposits decreased $166 million, or 2%. Interest bearing deposits decreased $279 million, or 4%, driven in part by normal seasonal declines in public fund balances in addition to time deposit contraction. However, non-interest bearing deposits increased $109 million, or 8%, during the first nine months of 2026.

The cost of interest-bearing deposits experienced a favorable decline over the past 12 months, ending at 2.29% for the nine months ended September 30, 2026 compared to 2.56% for the nine months ended September 30, 2025, as Bancorp strategically lowered deposit rates in tandem with the rate reductions implemented by the FRB in the latter part of 2025 and the higher-rate time deposit portfolio continued to reprice favorably to the promotional rates offered in the prior year. The cost of total deposits also decreased during the nine months ended September 30, 2026 compared to the same period of

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2025, declining 20 bps to 1.84%. However, despite the decreases noted above, Bancorp remains cautious regarding deposit costs and anticipates higher funding costs going forward due to pricing pressure/competition and potential changes in the overall deposit mix.

During 2025, Bancorp implemented ICS (insured cash sweep), a 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 investment 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 $29 million, or 26%, between December 31, 2025 and September 30, 2026, driven by a combination of normal seasonal balance fluctuations a small number of clients within the product switching into other deposit offerings, primarily the previously mentioned ICS offering. No SSUAR were assumed as a result of the FM acquisition.

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, 2026 and December 31, 2025, 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 increased $239,000, or 3%, between December 31, 2025 and September 30, 2026. At September 30, 2026, 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, 2026 and December 31, 2025, subordinated notes totaled $27 million, respectively.

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FHLB Advances

FHLB advances outstanding totaled $250 million and $300 million at September 30, 2026 and December 31, 2025, both periods consisting entirely of a rolling three-month 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. During the period, this advance was reduced by $50 million in tandem with the maturity of a related cash flow hedge interest rate swap. For more information related to the interest rate swaps noted above, see the footnote titled, “Derivative Financial Instruments.” No FHLB advances, or borrowings of any kind, were assumed as a result of the FM acquisition.

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 $595 million and $816 million at September 30, 2026 and December 31, 2025, respectively. Despite the impact of the FM acquisition, a decrease was experienced for the first nine months of 2026, which was attributed to loan growth and deposit contraction. 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 $619 million and $722 million at September 30, 2026 and December 31, 2025, respectively. The decrease in AFS debt security portfolio for the first nine months of 2026 was attributed primarily to normal amortization activity. The investment portfolio (HTM and AFS) includes total cash flows on amortizing debt securities of approximately $147 million (based on assumed prepayment speeds and contractual maturities as of September 30, 2026) 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, 2026, the total carrying value of investment securities pledged for these purposes comprised 68% of the debt securities portfolio, leaving approximately $258 million of unpledged debt securities, compared to 77% and $214 million at December 31, 2025.

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, 2026, such deposits totaled $7.14 billion and represented 84% of Bancorp’s total deposits, as compared with $6.44 billion, or 83% of total deposits at December 31, 2025. 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, 2026 and December 31, 2025, Bancorp held no brokered deposits.

Included in total deposit balances at September 30, 2026 are $695 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, 2025, public funds deposits totaled $781 million. The decrease experienced during the first nine months of 2026 was attributed to normal seasonal declines in public fund deposits, including those assumed through the FM acquisition.

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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, 2026 and December 31, 2025, available credit from the FHLB totaled $1.60 billion and $1.47 billion, respectively. Bancorp also had unsecured FFP lines with correspondent banks totaling $80 million at both September 30, 2026 and December 31, 2025, 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, 2026, the Bank could pay an amount equal to $280 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 increased $268 million, or 12%, as of September 30, 2026 compared to December 31, 2025, driven by the loan portfolio added through the FM acquisition in addition to an increase 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 loan and recorded in other liabilities on the consolidated balance sheets, increased $375,000 between December 31, 2025 and September 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and nine months ended September 30, 2026, the liability was increased as a result of the line of credit portfolio added through the FM acquisition, with the corresponding offset recorded to goodwill (as opposed to provision expense). The lack of expense for the first nine months of 2026 is consistent with decreased utilization (excluding acquisition-related activity) stemming primarily from payoff activity within the portfolio. The ACL for off balance sheet exposures totaled $8.3 million as of September 30, 2026.

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.

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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.

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

Capital

At September 30, 2026, stockholders’ equity totaled $1.27 billion, representing an increase of $191.6 million, or 18%, compared to December 31, 2025, as stock issued in relation to the FM acquisition, which totaled $112 million, and net income of $120.2 million was only partially offset by $29.6 million of dividends declared during the first nine months of 2026 and a $13.5 million decline in AOCI during the first nine months of 2026 stemming from the impact of rising interest rates on the AFS investment securities portfolio. 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, increased between December 31, 2025 and September 30, 2026, which stemmed largely from recording net income of $120.2 million. TCE was 9.98% at September 30, 2026 compared to 9.32% at December 31, 2025, while tangible book value per share was $32.08 at September 30, 2026, compared to $29.50 at December 31, 2025. 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 3%, of Bancorp’s total common shares outstanding. This share repurchase program replaces the program that expired in May of 2025 and will expire in 2027 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, 2026 increased compared December 31, 2025, as a result of strong operating results, which helped offset the substantial average asset and risk-weighted asset growth associated with the FM acquisition. 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, 2026, 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, 2026 and December 31, 2025, subordinated notes totaled $27 million, respectively.

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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, 2026						December 31, 2025
Total stockholders' equity - GAAP (a)						$	1,267,270					$	1,075,697
Less: Goodwill						(239,862)						(194,074)
Less: Core deposit and other intangibles						(30,770)						(12,160)
Tangible common equity - Non-GAAP (c)						$	996,638					$	869,463
Total assets - GAAP (b)						$	10,260,130					$	9,536,124
Less: Goodwill						(239,862)						(194,074)
Less: Core deposit and other intangibles						(30,770)						(12,160)
Tangible assets - Non-GAAP (d)						$	9,989,498					$	9,329,890
Total stockholders' equity to total assets - GAAP (a/b)						12.35		%				11.28		%
Tangible common equity to tangible assets - Non-GAAP (c/d)						9.98		%				9.32		%
Total shares outstanding (e)						31,066						29,476
Book value per share - GAAP (a/e)						$	40.79					$	36.49
Tangible common equity per share - Non-GAAP (c/e)						32.08						29.50

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)						2026						2025						2026						2025
Total non-interest expenses (a)						$	64,114					$	53,831					$	183,162					$	157,558
Less: Non-recurring merger expenses						(678)						—						(2,961)						—
Total non-interest expenses - Non-GAAP (c)						$	63,436					$	53,831					$	180,201					$	157,558
Total net interest income, FTE						$	92,689					$	77,119					$	259,129					$	221,315
Total non-interest income						27,633						24,476						78,974						71,820
Total revenue - Non-GAAP (b)						$	120,322					$	101,595					$	338,103					$	293,135
Less: Gain/loss on sale of premises and equipment						—						—						(445)						(74)
Total adjusted revenue - Non-GAAP (d)						$	120,322					$	101,595					$	337,658					$	293,061
Efficiency ratio - Non-GAAP (a/b)						53.29		%				52.99		%				54.17		%				53.75		%
Adjusted efficiency ratio - Non-GAAP (c/d)						52.72		%				52.99		%				53.37		%				53.76		%

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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), are responsible for 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, 2026. 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. In designing and evaluating the disclosure controls and procedures, management recognized that a control system, no matter how well designed and operated, can only provide reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Management, with the participation of Bancorp’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of September 30, 2026. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Bancorp’s disclosure controls and procedures were effective as of September 30, 2026.

There were no changes in Bancorp's internal control over financial reporting during the quarter ended September 30, 2026 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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 1A.    Risk Factors.

There have been no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

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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, 2026.

			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			1,908						$	70.00					—						$	—
August 1 - August 31			195						68.02						—						—
September 1 - September 30			182						80.09						—						—
Total			2,285						$	70.63					—						$	—					1,000,000

(1)Shares repurchased during the three month period ended September 30, 2026 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 3%, 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.

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

Item 3.    Defaults Upon Senior Securities.

None.

Item 5.    Other Information

(c) During the three months ended September 30, 2026, 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.

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Item 6.    Exhibits.

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

Exhibit Number						Description of exhibit
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, 2026 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 Stockholders’ 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, 2026 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, 2026			By:			/s/ James A. Hillebrand
						James A. Hillebrand Chairman and CEO (Principal Executive Officer)
Date: November 5, 2026						/s/ T. Clay Stinnett
						T. Clay Stinnett EVP, Treasurer and CFO (Principal Financial Officer)

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