Stock Yards Bancorp (NASDAQ: SYBT) lifts Q2 profit and grows via FM deal

Rhea-AI Filing Summary

Stock Yards Bancorp reported higher results for the quarter ended June 30, 2026 and closed its acquisition of Field & Main Bancorp. Net income for the quarter was $40.1 million, up from $34.0 million a year earlier, with diluted EPS of $1.31 versus $1.15. Net interest income rose to $87.8 million from $73.5 million, while no credit loss provision was recorded compared with $2.2 million in the prior-year quarter. Non‑interest income was $26.7 million and non‑interest expense increased to $63.8 million, including $2.3 million of merger expenses.

For the first six months, net income was $76.7 million versus $67.3 million, and diluted EPS was $2.55 versus $2.28. Total assets reached about $10.37 billion and loans were $7.88 billion at June 30, 2026, compared with $9.54 billion and $7.04 billion at December 31, 2025. The May 1, 2026 acquisition of Field & Main Bancorp added six branches, net loans of approximately $625.6 million, and generated purchase‑accounting goodwill of $44.3 million on total consideration of $112.2 million. FM contributed approximately $6.8 million of total revenue and $2.6 million of net income (excluding merger costs) through June 30, 2026.

Filing Explained

The completed acquisition issued 1,551,000 shares, increasing the common share base and diluting existing holders’ proportional ownership.

The Form 10-Q is an unaudited interim report. The company reports that its $112 million acquisition of Field & Main was completed on May 1, 2026, with the consideration paid in 1,551,000 newly issued common shares; this expands the share base and reduces existing holders’ proportional ownership.

The stock-funded portion was not an authorization or future capacity: the shares were issued as acquisition consideration. At June 30, 2026, 31,068,000 common shares were issued and outstanding, compared with 29,476,000 at December 31, 2025.

The filing says the acquisition accounting remains preliminary. Management has up to 12 months after the acquisition date to finalize fair values, and the reported $44,263 thousand of goodwill may change if those estimates are revised.

Key Figures

Net income Q2 2026: 40,057 thousand Diluted EPS Q2 2026: $1.31 Total assets: 10,368,564 thousand +5 more

8 metrics

Net income Q2 2026 40,057 thousand Three months ended June 30, 2026; prior-year quarter 34,024 thousand

Diluted EPS Q2 2026 $1.31 Three months ended June 30, 2026 vs $1.15 for the same period in 2025

Total assets 10,368,564 thousand Balance sheet at June 30, 2026 vs 9,536,124 thousand at December 31, 2025

Total loans 7,883,749 thousand Gross loans at June 30, 2026 vs 7,041,310 thousand at December 31, 2025

Total deposits 8,486,097 thousand Deposits at June 30, 2026 vs 7,791,137 thousand at December 31, 2025

FM acquisition consideration 112,205 thousand Total stock and cash consideration for Field & Main Bancorp on May 1, 2026

Goodwill from FM acquisition 44,263 thousand Goodwill recognized, allocated $36 million to commercial banking and $8 million to WM&T

Allowance for credit losses on loans 109,094 thousand ACL on loans at June 30, 2026 vs 91,867 thousand at December 31, 2025

Key Terms

Purchased Credit-Deteriorated ("PCD") loans, purchased seasoned loans, Core Deposit Intangible, Allowance for Credit Losses, +1 more

5 terms

Purchased Credit-Deteriorated ("PCD") loans financial

"Purchased Credit-Deteriorated ("PCD") loans | Par value | $ | 76,220"

purchased seasoned loans financial

"now referred to as “purchased seasoned loans,” (PSLs). Under this model, an allowance"

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.

Core Deposit Intangible financial

"Core Deposit Intangible (“CDI”) – The CDI represents the value of the relationships"

Core deposit intangible is an accounting asset that represents the value of customer deposits a bank gains, usually through an acquisition, because those deposits provide a stable, low-cost source of funding. Think of it like paying for a loyal customer list that will save the bank money over time; it is written down over several years and affects reported earnings and the apparent cost of acquiring new funds, so investors watch it to understand future profitability and capital impact.

Allowance for Credit Losses financial

"ACL | | Allowance for Credit Losses | | FM | | Field & Main Bancorp, Inc"

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.

collateral dependent loans financial

"the amortized cost basis and ACL allocated for collateral dependent loans, which are"

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

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Available on EDGAR 08/04/2026 - 02:15 PM Accepted by SEC EDGAR 08/04/2026 - 02:14 PM Learn about SEC filing dates

FAQ

How did Stock Yards Bancorp (SYBT) perform in Q2 2026?

Stock Yards Bancorp earned $40.1 million in Q2 2026, up from $34.0 million a year earlier, with diluted EPS of $1.31 versus $1.15. Net interest income increased to $87.8 million and no credit loss provision was recorded, compared with $2.2 million previously.

What impact did the Field & Main (FM) acquisition have on SYBT?

The May 1, 2026 acquisition of Field & Main Bancorp involved total consideration of $112.2 million and created $44.3 million of goodwill. SYBT acquired net loans of about $625.6 million, six branches, and FM contributed roughly $6.8 million in revenue and $2.6 million in net income.

How did assets, loans, and deposits change for SYBT by June 30, 2026?

At June 30, 2026, SYBT reported $10.37 billion in assets and loans of $7.88 billion, up from $9.54 billion and $7.04 billion at December 31, 2025. Total deposits rose to $8.49 billion from $7.79 billion, largely reflecting organic growth and the FM acquisition.

What were Stock Yards Bancorp’s credit quality and allowance trends?

The allowance for credit losses on loans was $109.1 million at June 30, 2026, up from $91.9 million at year‑end 2025. Non‑accrual loans totaled $19.5 million versus $12.6 million, while the six‑month provision for credit losses was $1.6 million compared with $3.1 million a year earlier.

What accounting changes affected SYBT’s 2026 results?

SYBT early adopted ASU 2025‑08 on January 1, 2026, extending the CECL gross‑up approach to purchased seasoned loans and applying it to the FM acquisition. The company also disclosed forthcoming expense disaggregation requirements under ASU 2024‑03 and is evaluating their impact.

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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 June 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 July 31, 2026, was 31,066,643.

1

Table of Contents

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.	4
Condensed Consolidated Balance Sheets	4
Condensed Consolidated Statements of Income	5
Condensed Consolidated Statements of Comprehensive Income	6
Condensed Consolidated Statements of Changes in Stockholders’ Equity	7
Condensed Consolidated Statements of Cash Flows	9
Notes to Condensed Consolidated Financial Statements	11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	57
Item 3. Quantitative and Qualitative Disclosures about Market Risk.	88
Item 4. Controls and Procedures.	88
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.	88
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	88
Item 5. Other Information	89
Item 6. Exhibits.	89
Signatures	90

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 Annouced
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

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

		June 30,				December 31,
		2026				2025
Assets
Cash and due from banks		$	89,258			$	70,061
Federal funds sold and interest bearing due from banks			753,573				816,315
Total cash and cash equivalents			842,831				886,376
Mortgage loans held for sale, at fair value			8,262				6,247
Available for sale debt securities (amortized cost of $748,957 in 2026 and $801,371 in 2025, respectively)			666,189				722,111
Held to maturity debt securities (fair value of $167,613 in 2026 and $181,203 in 2025, respectively)			185,969				198,946
Federal Home Loan Bank stock, at cost			24,934				20,717
Loans			7,883,749				7,041,310
Allowance for credit losses on loans			(109,094	)			(91,867	)
Net loans			7,774,655				6,949,443
Premises and equipment, net			129,695				118,698
Premises held for sale			896				1,678
Bank owned life insurance			106,431				91,885
Accrued interest receivable			31,366				28,783
Goodwill			238,337				194,074
Core deposit intangible			23,023				6,688
Customer list intangible			9,667				5,472
Other assets			326,309				305,006
Total assets		$	10,368,564			$	9,536,124
Liabilities
Deposits:
Non-interest bearing		$	1,659,007			$	1,435,846
Interest bearing			6,827,090				6,355,291
Total deposits			8,486,097				7,791,137
Securities sold under agreements to repurchase			102,695				112,476
Federal funds purchased			7,385				7,289
Subordinated debentures			26,806				26,806
Federal Home Loan Bank advances			300,000				300,000
Accrued interest payable			3,076				1,740
Other liabilities			196,113				220,979
Total liabilities			9,122,172				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 31,068,000 and 29,476,000 shares in 2026 and 2025, respectively			64,390				59,090
Additional paid-in capital			515,117				402,820
Retained earnings			728,016				675,062
Accumulated other comprehensive loss			(61,131	)			(61,275	)
Total stockholders’ equity			1,246,392				1,075,697
Total liabilities and equity		$	10,368,564			$	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 six months ended June 30, 2026 and 2025 (in thousands, except per share data)

		Three months ended								Six months ended
		June 30,								June 30,
		2026				2025				2026				2025
Interest income:
Loans, including fees		$	117,975			$	103,009			$	224,434			$	202,609
Federal funds sold and interest bearing due from banks			4,674				2,730				9,704				4,731
Mortgage loans held for sale			93				78				163				155
Federal Home Loan Bank stock			405				662				797				1,194
Investment securities:
Taxable			4,708				8,052				9,951				16,547
Tax-exempt			457				469				905				930
Total interest income			128,312				115,000				245,954				226,166
Interest expense:
Deposits			36,771				37,511				72,233				72,092
Securities sold under agreements to repurchase			344				625				745				1,439
Federal funds purchased and other short-term borrowings			66				72				131				142
Federal Home Loan Bank advances			2,934				2,908				5,861				7,649
Subordinated debentures			369				411				735				819
Total interest expense			40,484				41,527				79,705				82,141
Net interest income			87,828				73,473				166,249				144,025
Provision for credit losses			-				2,175				1,625				3,075
Net interest income after provision expense			87,828				71,298				164,624				140,950
Non-interest income:
Wealth management and trust services			12,563				10,483				23,898				21,130
Deposit service charges			2,368				2,069				4,524				4,148
Debit and credit card income			5,144				4,837				9,782				9,345
Treasury management fees			3,175				3,005				6,163				5,678
Mortgage banking income			1,013				1,094				1,943				2,011
Net investment product sales commissions and fees			1,074				980				2,135				1,990
Bank owned life insurance			691				629				1,323				1,251
(Loss) gain on sale of premises and equipment			(34	)			74				445				74
Other			753				1,177				1,128				1,717
Total non-interest income			26,747				24,348				51,341				47,344
Non-interest expenses:
Compensation			30,953				27,279				60,119				53,211
Employee benefits			6,183				5,330				12,352				11,115
Net occupancy and equipment			4,745				4,025				9,065				8,148
Technology and communication			6,422				4,773				11,757				9,601
Debit and credit card processing			2,126				1,908				4,048				3,727
Marketing and business development			2,237				1,951				3,515				3,466
Postage, printing and supplies			1,025				937				1,938				1,906
Legal and professional			1,359				1,088				2,235				1,995
FDIC insurance			1,109				1,260				2,255				2,483
Capital and deposit based taxes			976				738				1,854				1,438
Merger expenses			2,283				—				2,283				—
Intangible amortization			1,546				915				2,345				1,829
Other			2,842				2,496				5,282				4,808
Total non-interest expenses			63,806				52,700				119,048				103,727
Income before income tax expense			50,769				42,946				96,917				84,567
Income tax expense			10,712				8,922				20,265				17,272
Net income		$	40,057			$	34,024			$	76,652			$	67,295
Net income per share - basic		$	1.32			$	1.16			$	2.56			$	2.29
Net income per share - diluted		$	1.31			$	1.15			$	2.55			$	2.28
Weighted average outstanding shares
Basic			30,442				29,364				29,917				29,356
Diluted			30,568				29,505				30,038				29,503

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

For the three and six months ended June 30, 2026 and 2025 (in thousands)

		Three months ended								Six months ended
		June 30,								June 30,
		2026				2025				2026				2025
Net income		$	40,057			$	34,024			$	76,652			$	67,295
Other comprehensive income (loss):
Change in unrealized gain (loss) on AFS debt securities			(1,908	)			8,028				(3,508	)			26,543
Change in fair value of derivatives used in cash flow hedge			1,986				(2,010	)			3,676				(5,506	)
Total other comprehensive income (loss) before income tax effect			78				6,018				168				21,037
Income tax effect			9				1,489				24				5,197
Total other comprehensive income (loss) net of tax			69				4,529				144				15,840
Comprehensive income		$	40,126			$	38,553			$	76,796			$	83,135

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 six months ended June 30, 2026 and 2025 (in thousands, except per share data)

																		Accumulated
		Common stock								Additional								other				Total
		Shares								paid-in				Retained				comprehensive				stockholders'
		outstanding				Amount				capital				earnings				loss				equity
Balance, January 1, 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

(continued)

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

See accompanying notes to unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

For the six months ended June 30, 2026 and 2025 (in thousands)

		2026				2025
Cash flows from operating activities:
Net income		$	76,652			$	67,295
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			1,625				3,075
Depreciation, amortization and accretion, net			6,549				2,021
Deferred income tax expense (benefit)			2,666				(930	)
Gain on sale of mortgage loans held for sale			(1,246	)			(1,377	)
Origination of mortgage loans held for sale			(79,696	)			(68,063	)
Proceeds from sale of mortgage loans held for sale			79,608				70,712
Bank owned life insurance income			(1,323	)			(1,251	)
Gain on the sale of premises and equipment			(445	)			(74	)
Stock compensation expense			2,546				2,274
Excess tax benefit from share-based compensation arrangements			(126	)			(532	)
Net change in accrued interest receivable and other assets			498				12,549
Net change in accrued interest payable and other liabilities			(17,067	)			(9,980	)
Net cash provided by operating activities			70,241				75,719
Cash flows from investing activities:
Proceeds from maturities and paydowns of available for sale debt securities			152,451				501,594
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			12,891				162,229
Purchases of FHLB stock			(410	)			(17,814	)
Proceeds from redemption of FHLB stock			737				16,578
Net change in loans			(200,683	)			(328,921	)
Purchases of premises and equipment			(5,592	)			(4,398	)
Proceeds from sale or disposal of premises and equipment			1,257				710
Other investment activities			(21,573	)			(34,268	)
Proceeds from sales of other real estate owned			197				75
Cash from acquisition, net of cash paid			92,167				—
Net cash used in investing activities			(13,412	)			(199,247	)
Cash flows from financing activities:
Net change in deposits			(69,800	)			340,349
Net change in securities sold under agreements to repurchase and federal funds purchased			(9,685	)			(36,207	)
Proceeds from FHLB advances			600,000				600,000
Repayments of FHLB advances			(600,000	)			(600,000	)
Repurchase of common stock			(1,469	)			(1,916	)
Cash dividends paid			(19,420	)			(18,306	)
Net cash (used in) provided by financing activities			(100,374	)			283,920
Net change in cash and cash equivalents			(43,545	)			160,392
Beginning cash and cash equivalents			886,376				291,020
Ending cash and cash equivalents		$	842,831			$	451,412

(continued)

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

For the six months ended June 30, 2026 and 2025 (in thousands)

Supplemental cash flow information:		2026				2025
Interest paid		$	78,369			$	82,218
Income taxes paid, net of refunds			12,700				11,035
Cash paid for operating lease liabilities			2,311				2,174
Supplemental non-cash activity:
Change in unfunded commitments in tax credit investments		$	10,000			$	21,000
Dividends payable to stockholders			229				214
Loans transferred to OREO			(312	)			75
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 six month periods ended June 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 of subjective judgements, 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 judgements 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 is evaluating the impact this ASU will have 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 aquired:
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			641,145
Allowance for credit losses on loans			(15,527	)
Net loans			625,618
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			3,658
Other assets			6,590
Total assets acquired		$	839,094
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		$	67,942
Consideration for common stock		$	112,200
Cash consideration paid			5
Total consideration		$	112,205
Goodwill		$	44,263

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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.

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			(10,399	)
Non-credit discount			(1,851	)
Fair value at date of acquisition		$	63,970
Non-PCD loans
Fair value		$	561,261
Gross contractual amounts receivable			572,754
Estimate of contractual cash flows not expected to be collected			5,128

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 $44 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, is expected to be recorded in the FM acquisition and is the result of expected operational synergies and other factors. Of this total, $36 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 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 $6.8 million for the three and six months ended June 30, 2026. Net income, excluding one-time merger-related expenses, attributed to FM totaled $2.6 million for the three and six months ended June 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 June 30, 2026				Three months ended June 30, 2025
Net interest income		$	90,352			$	80,398
Provision for credit losses			50				2,433
Non-interest income			27,401				27,814
Non-interest expense (1)			63,633				58,588
Income before taxes			54,070				47,191
Income tax expense			10,950				9,797
Net income		$	43,120			$	37,394

(in thousands)		Six months ended June 30, 2026				Six months ended June 30, 2025
Net interest income		$	176,344			$	157,875
Provision for credit losses			1,825				3,591
Non-interest income			53,958				54,276
Non-interest expense (1)			125,204				115,502
Income before taxes			103,273				93,058
Income tax expense			21,216				19,022
Net income		$	82,057			$	74,036

(1) - Excludes $2.3 million in pre-tax merger expenses for the three and six months ended June 30, 2026, respectively.

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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				Unrealized
June 30, 2026		cost				Gains				Losses				Fair value
Government sponsored agency obligations		$	70,764			$	91			$	(2,905	)		$	67,950
Mortgage backed securities			565,599				73				(70,436	)			495,236
Obligations of states and political subdivisions			112,082				11				(9,566	)			102,527
Other			512				-				(36	)			476
Total available for sale debt securities		$	748,957			$	175			$	(82,943	)		$	666,189
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 market 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.

HTM Debt Securities

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

(in thousands)		Carrying				Unrecognized
June 30, 2026		value				Gains				Losses				Fair value
Government sponsored agency obligations		$	20,316			$	-			$	(1,305	)		$	19,011
Mortgage backed securities			165,653				4				(17,055	)			148,602
Total held to maturity debt securities		$	185,969			$	4			$	(18,360	)		$	167,613
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

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

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Debt Securities by Contractual Maturity

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

		AFS Debt Securities								HTM Debt Securities
(in thousands)		Amortized cost				Fair value				Carrying value				Fair value
Due within one year		$	3,888			$	3,878			$	4			$	4
Due after one year but within five years			40,164				38,719				74				74
Due after five years but within 10 years			82,847				74,255				19,923				18,625
Due after 10 years			56,459				54,101				315				308
Mortgage backed securities			565,599				495,236				165,653				148,602
Total		$	748,957			$	666,189			$	185,969			$	167,613

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 June 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 $603 million and $707 million were pledged at June 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. As such, no allowance or impairment was recorded with respect to investment securities as of June 30, 2026 and December 31, 2025.

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Unrealized and Unrecognized Loss Analysis on Debt Securities

Debt securities with unrealized and unrecognized losses at June 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				Unrealized				Fair				Unrealized				Fair				Unrealized
June 30, 2026		value				losses				value				losses				value				losses
Government sponsored agency obligations		$	4,454			$	(9	)		$	60,609			$	(2,896	)		$	65,063			$	(2,905	)
Mortgage-backed securities			33,622				(631	)			454,731				(69,805	)			488,353				(70,436	)
Obligations of states and political subdivisions			10,947				(96	)			76,289				(9,470	)			87,236				(9,566	)
Other			-				-				477				(36	)			477				(36	)
Total AFS debt securities		$	49,023			$	(736	)		$	592,106			$	(82,207	)		$	641,129			$	(82,943	)
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				Unrecognized				Fair				Unrecognized				Fair				Unrecognized
June 30, 2026		value				losses				value				losses				value				losses
Government sponsored agency obligations		$	-			$	-			$	19,007			$	(1,305	)		$	19,007			$	(1,305	)
Mortgage-backed securities			-				-				148,147				(17,055	)			148,147				(17,055	)
Total HTM debt securities		$	-			$	-			$	167,154			$	(18,360	)		$	167,154			$	(18,360	)
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 June 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. Unrealized and unrecognized losses on Bancorp’s investment securities portfolio have not been recognized as an expense because the securities are of high credit quality, and the decline in fair values is attributable to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach maturity and/or the interest rate environment returns to conditions similar to when these securities were purchased. These investments consisted of 417 and 402 separate investment positions as of June 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)		June 30, 2026				December 31, 2025
Commercial real estate - non-owner occupied		$	2,150,290			$	1,915,252
Commercial real estate - owner occupied			1,288,855				1,121,896
Total commercial real estate			3,439,145				3,037,148
Commercial and industrial - term			1,065,527				897,576
Commercial and industrial - lines of credit			643,384				611,913
Total commercial and industrial			1,708,911				1,509,489
Residential real estate - owner occupied			990,825				881,865
Residential real estate - non-owner occupied			476,119				391,216
Total residential real estate			1,466,944				1,273,081
Construction and land development			771,069				751,897
Home equity lines of credit			347,187				285,115
Consumer			114,354				142,425
Leases			12,665				16,912
Credits cards			23,474				25,243
Total loans (1)		$	7,883,749			$	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 $626 million were acquired as a result of the FM acquisition.

Accrued interest receivable on loans, which is excluded from the amortized cost of loans, totaled $28 million and $25 million at June 30, 2026 and December 31, 2025, respectively, and was included in the condensed consolidated balance sheets. The increase during the first six months of the year was attributed mainly to the FM acquisition.

Loans with carrying amounts of $4.22 billion and $3.78 billion were pledged to secure FHLB borrowing capacity at June 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 $71 million and $104 million as of June 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 six months ended June 30, 2026 were the result of loan growth, the impact of the FM acquisition, changes in the unemployment forecast and annual CECL model updates in addition to net recoveries.

The tables below reflect activity in the ACL for loans:

(in thousands) Three Months Ended June 30, 2026		Beginning Balance				Initial Allowance on PCD Loans				Initial Allowance on PSL Loans				Provision for Credit Losses on Loans				Charge-offs				Recoveries				Ending Balance
Commercial real estate - non-owner occupied		$	13,979			$	3,519			$	1,387			$	(85	)		$	-			$	-			$	18,800
Commercial real estate - owner occupied			13,526				4,922				704				(1,233	)			-				-				17,919
Total commercial real estate			27,505				8,441				2,091				(1,318	)			-				-				36,719
Commercial and industrial - term			22,541				1,246				359				869				-				87				25,102
Commercial and industrial - lines of credit			7,555				375				200				(711	)			-				-				7,419
Total commercial and industrial			30,096				1,621				559				158				-				87				32,521
Residential real estate - owner occupied			14,711				92				720				968				(62	)			20				16,449
Residential real estate - non-owner occupied			4,178				157				726				201				-				-				5,262
Total residential real estate			18,889				249				1,446				1,169				(62	)			20				21,711
Construction and land development			12,072				55				513				523				-				-				13,163
Home equity lines of credit			1,464				30				500				(54	)			-				-				1,940
Consumer			2,944				3				19				(523	)			(154	)			138				2,427
Leases			364				-				-				(80	)			-				-				284
Credit cards			262				-				-				125				(81	)			23				329
Total		$	93,596			$	10,399			$	5,128			$	-			$	(297	)		$	268			$	109,094

(in thousands) Six Months Ended June 30, 2026		Beginning Balance				Initial Allowance on PCD Loans				Initial Allowance on PSL Loans				Provision for Credit Losses on Loans				Charge-offs				Recoveries				Ending Balance
Commercial real estate - non-owner occupied		$	13,779			$	3,519			$	1,387			$	115			$	-			$	-			$	18,800
Commercial real estate - owner occupied			13,100				4,922				704				(807	)			-				-				17,919
Total commercial real estate			26,879				8,441				2,091				(692	)			-				-				36,719
Commercial and industrial - term			21,121				1,246				359				2,056				-				320				25,102
Commercial and industrial - lines of credit			7,323				375				200				(479	)			-				-				7,419
Total commercial and industrial			28,444				1,621				559				1,577				-				320				32,521
Residential real estate - owner occupied			14,914				92				720				865				(165	)			23				16,449
Residential real estate - non-owner occupied			4,287				157				726				92				-				-				5,262
Total residential real estate			19,201				249				1,446				957				(165	)			23				21,711
Construction and land development			12,316				55				513				279				-				-				13,163
Home equity lines of credit			1,439				30				500				(29	)			-				-				1,940
Consumer			2,924				3				19				(499	)			(408	)			388				2,427
Leases			524				-				-				(240	)			-				-				284
Credit cards			140				-				-				272				(135	)			52				329
Total		$	91,867			$	10,399			$	5,128			$	1,625			$	(708	)		$	783			$	109,094

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(in thousands) Three Months Ended June 30, 2025		Beginning Balance				Provision for Credit Losses on Loans				Charge-offs				Recoveries				Ending Balance
Commercial real estate - non-owner occupied		$	14,616			$	654			$	-			$	8			$	15,278
Commercial real estate - owner occupied			11,839				195				(38	)			-				11,996
Total commercial real estate			26,455				849				(38	)			8				27,274
Commercial and industrial - term			21,677				(943	)			(82	)			25				20,677
Commercial and industrial - lines of credit			6,629				1,312				-				-				7,941
Total commercial and industrial			28,306				369				(82	)			25				28,618
Residential real estate - owner occupied			13,438				773				-				54				14,265
Residential real estate - non-owner occupied			4,487				103				(3	)			-				4,587
Total residential real estate			17,925				876				(3	)			54				18,852
Construction and land development			11,387				(253	)			-				-				11,134
Home equity lines of credit			1,280				63				-				-				1,343
Consumer			2,844				293				(377	)			117				2,877
Leases			341				49				-				-				390
Credit cards			276				4				(53	)			7				234
Total		$	88,814			$	2,250			$	(553	)		$	211			$	90,722

(in thousands) Six Months Ended June 30, 2025		Beginning Balance				Provision for Credit Losses on Loans				Charge-offs				Recoveries				Ending Balance
Commercial real estate - non-owner occupied		$	13,935			$	1,317			$	-			$	26			$	15,278
Commercial real estate - owner occupied			10,192				1,842				(38	)			-				11,996
Total commercial real estate			24,127				3,159				(38	)			26				27,274
Commercial and industrial - term			21,284				(1,707	)			(342	)			1,442				20,677
Commercial and industrial - lines of credit			6,496				1,445				-				-				7,941
Total commercial and industrial			27,780				(262	)			(342	)			1,442				28,618
Residential real estate - owner occupied			14,468				(210	)			(50	)			57				14,265
Residential real estate - non-owner occupied			5,154				(564	)			(3	)			-				4,587
Total residential real estate			19,622				(774	)			(53	)			57				18,852
Construction and land development			10,981				153				-				-				11,134
Home equity lines of credit			1,277				76				(10	)			-				1,343
Consumer			2,531				696				(580	)			230				2,877
Leases			370				20				-				-				390
Credit cards			255				82				(144	)			41				234
Total		$	86,943			$	3,150			$	(1,167	)		$	1,796			$	90,722

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

		Non-accrual Loans								Past Due 90-Days-
(in thousands)		With No				Total				or-More and Still
June 30, 2026		Recorded ACL				Non-accrual				Accruing Interest
Commercial real estate - non-owner occupied		$	573			$	2,486			$	2,435
Commercial real estate - owner occupied			—				3,708				508
Total commercial real estate			573				6,194				2,943
Commercial and industrial - term			33				3,152				194
Commercial and industrial - lines of credit			—				136				734
Total commercial and industrial			33				3,288				928
Residential real estate - owner occupied			364				7,888				247
Residential real estate - non-owner occupied			324				1,383				230
Total residential real estate			688				9,271				477
Construction and land development			—				—				584
Home equity lines of credit			—				79				—
Consumer			20				504				—
Leases			—				—				—
Credit cards			—				173				—
Total		$	1,314			$	19,509			$	4,932

		Non-accrual Loans								Past Due 90-Days-
(in thousands)		With No				Total				or-More and Still
December 31, 2025		Recorded ACL				Non-accrual				Accruing Interest
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 six month periods ended June 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 six month periods ended June 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) June 30, 2026		Real Estate				Accounts Receivable / Equipment				Other				Total				ACL Allocation
Commercial real estate - non-owner occupied		$	12,744			$	-			$	-			$	12,744			$	3,623
Commercial real estate - owner occupied			17,788				136				-				17,924				5,536
Total commercial real estate			30,532				136				-				30,668				9,159
Commercial and industrial - term			769				2,348				33				3,150				1,993
Commercial and industrial - lines of credit			293				598				-				891				566
Total commercial and industrial			1,062				2,946				33				4,041				2,559
Residential real estate - owner occupied			7,888				-				-				7,888				1,153
Residential real estate - non-owner occupied			1,772				-				-				1,772				614
Total residential real estate			9,660				-				-				9,660				1,767
Construction and land development			-				-				-				-				-
Home equity lines of credit			79				-				-				79				-
Consumer			-				-				500				500				-
Leases			-				-				-				-				-
Credit cards			-				-				-				-				-
Total collateral dependent loans		$	41,333			$	3,082			$	533			$	44,948			$	13,485

(in thousands) December 31, 2025		Real Estate				Accounts Receivable / Equipment				Other				Total				ACL Allocation
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)						30-59 days				60-89 days				90 or more				Total Past				Total
June 30, 2026		Current				Past Due				Past Due				days Past Due				Due Loans				Loans
Commercial real estate - non-owner occupied		$	2,144,688			$	750			$	1,452			$	3,400			$	5,602			$	2,150,290
Commercial real estate - owner occupied			1,282,382				3,076				—				3,397				6,473				1,288,855
Total commercial real estate			3,427,070				3,826				1,452				6,797				12,075				3,439,145
Commercial and industrial - term			1,064,702				104				282				439				825				1,065,527
Commercial and industrial - lines of credit			639,598				679				685				2,422				3,786				643,384
Total commercial and industrial			1,704,300				783				967				2,861				4,611				1,708,911
Residential real estate - owner occupied			969,049				8,574				6,353				6,849				21,776				990,825
Residential real estate - non-owner occupied			473,602				438				504				1,575				2,517				476,119
Total residential real estate			1,442,651				9,012				6,857				8,424				24,293				1,466,944
Construction and land development			768,658				1,592				235				584				2,411				771,069
Home equity lines of credit			346,442				556				170				19				745				347,187
Consumer			113,143				533				174				504				1,211				114,354
Leases			12,665				—				—				—				—				12,665
Credit cards			22,046				1,074				181				173				1,428				23,474
Total		$	7,836,975			$	17,376			$	10,036			$	19,362			$	46,774			$	7,883,749

(in thousands)						30-59 days				60-89 days				90 or more				Total Past				Total
December 31, 2025		Current				Past Due				Past Due				days Past Due				Due Loans				Loans
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.

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As of June 30, 2026, the risk rating of loans based on year of origination was as follows:

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
June 30, 2026		2026				2025				2024				2023				2022				Prior				cost basis				Total
Commercial real estate - non-owner occupied:
Risk rating
Pass		$	247,149			$	426,803			$	294,197			$	366,351			$	325,491			$	406,035			$	25,698			$	2,091,724
OAEM			16,054				4,476				4,044				14,069				2,400				8,326				-				49,369
Substandard			4,949				137				-				696				-				929				-				6,711
Substandard non-performing			-				-				141				521				691				1,133				-				2,486
Doubtful			-				-				-				-				-				-				-				-
Total Commercial real estate non-owner occupied		$	268,152			$	431,416			$	298,382			$	381,637			$	328,582			$	416,423			$	25,698			$	2,150,290
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial real estate - owner occupied:
Risk rating
Pass		$	125,052			$	202,270			$	194,436			$	180,253			$	160,296			$	348,059			$	20,724			$	1,231,090
OAEM			290				3,712				7,353				955				5,730				10,635				-				28,675
Substandard			2,252				3,136				2,278				3,790				2,873				11,053				-				25,382
Substandard non-performing			686				1,451				240				-				151				1,180				-				3,708
Doubtful			-				-				-				-				-				-				-				-
Total Commercial real estate owner occupied		$	128,280			$	210,569			$	204,307			$	184,998			$	169,050			$	370,927			$	20,724			$	1,288,855
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial and industrial - term:
Risk rating
Pass		$	263,225			$	258,331			$	178,710			$	122,585			$	105,771			$	117,570			$	-			$	1,046,192
OAEM			908				3,453				7,620				129				1,593				-				-				13,703
Substandard			1,271				-				-				243				17				949				-				2,480
Substandard non-performing			-				878				1,406				33				519				316				-				3,152
Doubtful			-				-				-				-				-				-				-				-
Total Commercial and industrial - term		$	265,404			$	262,662			$	187,736			$	122,990			$	107,900			$	118,835			$	-			$	1,065,527
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial and industrial - lines of credit
Risk rating
Pass		$	28,884			$	18,691			$	2,223			$	6,717			$	1,177			$	3,286			$	547,485			$	608,463
OAEM			-				-				2,151				-				-				-				20,959				23,110
Substandard			-				-				-				-				-				36				11,639				11,675
Substandard non-performing			-				-				-				-				-				36				100				136
Doubtful			-				-				-				-				-				-				-				-
Total Commercial and industrial - lines of credit		$	28,884			$	18,691			$	4,374			$	6,717			$	1,177			$	3,358			$	580,183			$	643,384
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

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25

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(continued)

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
June 30, 2026		2026				2025				2024				2023				2022				Prior				cost basis				Total
Residential real estate - owner occupied
Risk rating
Pass		$	95,471			$	160,850			$	155,393			$	141,361			$	154,782			$	273,332			$	-			$	981,189
OAEM			147				-				180				-				-				289				-				616
Substandard			-				-				-				59				8				1,065				-				1,132
Substandard non-performing			346				497				1,848				1,764				1,791				1,642				-				7,888
Doubtful			-				-				-				-				-				-				-				-
Total Residential real estate - owner occupied		$	95,964			$	161,347			$	157,421			$	143,184			$	156,581			$	276,328			$	-			$	990,825
Current period gross charge offs		$	(100	)		$	-			$	-			$	(22	)		$	(43	)		$	-			$	-			$	(165	)
Residential real estate - non-owner occupied
Risk rating
Pass		$	46,466			$	90,686			$	71,764			$	64,988			$	71,555			$	127,998			$	-			$	473,457
OAEM			-				-				-				-				-				950				-				950
Substandard			-				230				-				-				-				99				-				329
Substandard non-performing			-				-				-				1,080				178				125				-				1,383
Doubtful			-				-				-				-				-				-				-				-
Total Residential real estate - non-owner occupied		$	46,466			$	90,916			$	71,764			$	66,068			$	71,733			$	129,172			$	-			$	476,119
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Construction and land development
Risk rating
Pass		$	144,910			$	320,773			$	142,807			$	103,995			$	46,233			$	3,881			$	7,609			$	770,208
OAEM			-				-				-				-				-				-				-				-
Substandard			-				861				-				-				-				-				-				861
Substandard non-performing			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Total Construction and land development		$	144,910			$	321,634			$	142,807			$	103,995			$	46,233			$	3,881			$	7,609			$	771,069
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home equity lines of credit
Risk rating
Pass		$	-			$	-			$	-			$	-			$	-			$	-			$	347,001			$	347,001
OAEM			-				-				-				-				-				-				3				3
Substandard			-				-				-				-				-				-				104				104
Substandard non-performing			-				-				-				-				-				-				79				79
Doubtful			-				-				-				-				-				-				-				-
Total Home equity lines of credit		$	-			$	-			$	-			$	-			$	-			$	-			$	347,187			$	347,187
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer
Risk rating
Pass		$	14,108			$	20,424			$	11,533			$	7,841			$	7,212			$	3,489			$	49,215			$	113,822
OAEM			-				-				-				-				-				28				-				28
Substandard			-				-				-				-				-				-				-				-
Substandard non-performing			-				50				148				285				10				11				-				504
Doubtful			-				-				-				-				-				-				-				-
Total Consumer		$	14,108			$	20,474			$	11,681			$	8,126			$	7,222			$	3,528			$	49,215			$	114,354
Current period gross charge offs		$	(250	)		$	(40	)		$	(37	)		$	(60	)		$	(21	)		$	-			$	-			$	(408	)

(continued)

26

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(continued)

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
June 30, 2026		2026				2025				2024				2023				2022				Prior				cost basis				Total
Leases
Risk rating
Pass		$	-			$	4,515			$	3,352			$	3,182			$	716			$	648			$	-			$	12,413
OAEM			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				252				-				-				252
Substandard non-performing			-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-
Total Leases		$	-			$	4,515			$	3,352			$	3,182			$	968			$	648			$	-			$	12,665
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Credit cards
Risk rating
Pass		$	-			$	-			$	-			$	-			$	-			$	-			$	23,301			$	23,301
OAEM			-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-
Substandard non-performing			-				-				-				-				-				-				173				173
Doubtful			-				-				-				-				-				-				-				-
Total Credit cards		$	-			$	-			$	-			$	-			$	-			$	-			$	23,474			$	23,474
Current period gross charge offs		$	-			$	-			$	-			$	-			$	-			$	-			$	(135	)		$	(135	)
Total loans
Risk rating
Pass		$	965,265			$	1,503,343			$	1,054,415			$	997,273			$	873,233			$	1,284,298			$	1,021,033			$	7,698,860
OAEM			17,399				11,641				21,348				15,153				9,723				20,228				20,962				116,454
Substandard			8,472				4,364				2,278				4,788				3,150				14,131				11,743				48,926
Substandard non-performing			1,032				2,876				3,783				3,683				3,340				4,443				352				19,509
Doubtful			-				-				-				-				-				-				-				-
Total Loans		$	992,168			$	1,522,224			$	1,081,824			$	1,020,897			$	889,446			$	1,323,100			$	1,054,090			$	7,883,749
Current period gross charge offs*		$	(350	)		$	(40	)		$	(37	)		$	(82	)		$	(64	)		$	-			$	(135	)		$	(708	)

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

27

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As of December 31, 2025, the risk rating of loans based on year of origination was as follows:

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
December 31, 2025		2025				2024				2023				2022				2021				Prior				cost basis				Total
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	)
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)

28

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(continued)

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
December 31, 2025		2025				2024				2023				2022				2021				Prior				cost basis				Total
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		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
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)

29

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(continued)

																										Revolving loans
(in thousands)		Term Loans Amortized Cost Basis by Origination Year																								amortized
December 31, 2025		2025				2024				2023				2022				2021				Prior				cost basis				Total
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. 

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:

		June 30,				December 31,
(in thousands)		2026				2025
Credit cards
Performing		$	23,301			$	25,191
Non-performing			173				52
Total credit cards		$	23,474			$	25,243

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

Modifications to Borrowers Experiencing Financial Difficulty

During the three and six month periods ended June 30, 2026 and 2025, there were no modifications made to loans for borrowers experiencing financial difficulty and there were no payment defaults of existing modified loans within 12 months following modification. Default is determined at 90 days or more past due, charge off, or foreclosure.

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(5) Goodwill

As of June 30, 2026, goodwill totaled $238 million, of which $207 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 is attributed to WM&T.

Goodwill totaling $44 million related to the FM acquisition was recorded as of June 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:

		June 30,				December 31,
(in thousands)		2026				2025
Balance at the beginning of the period		$	194,074			$	194,074
Acquisitions and adjustments			44,263				-
Balance at the end of the period		$	238,337			$	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:

		June 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			$	(15,091	)		$	23,023			$	20,191			$	(13,503	)		$	6,688
Customer list intangibles			16,809				(7,142	)			9,667				11,856				(6,384	)			5,472
Total amortizable intangible assets		$	54,923			$	(22,233	)		$	32,690			$	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.

Amortization expense for all amortizable intangible assets totaled $1.5 million and $2.3 million for the three and six month periods ended June 30, 2026. Amortization expense for all amortizable intangible assets totaled $915,000 and $1.8 million for the three and six month periods ended June 30, 2025.

Future CDI and CLI amortization expense is estimated as follows:

(in thousands)		CDI				CLI
Remainder of 2026		$	2,782			$	1,058
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		$	23,023			$	9,667

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(7) Other Assets

A summary of the major components of other assets follows:

		June 30,				December 31,
(in thousands)		2026				2025
Cash surrender value of life insurance other than BOLI		$	23,422			$	22,156
Net deferred tax asset			45,623				44,667
Investments in tax credit partnerships			196,165				194,643
Derivative assets			3,389				4,501
Prepaid assets			8,825				8,818
WM&T fees receivable			5,969				5,253
Mortgage servicing rights			10,914				10,189
Other real estate owned			440				190
Other			31,562				14,589
Total other assets		$	326,309			$	305,006

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.”

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(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 20.91% for the six months ended June 30, 2026 compared to 20.42% for the same period of the prior year.

(9) Deposits

The composition of deposits follows:

(in thousands)		June 30, 2026				December 31, 2025
Non-interest bearing demand deposits		$	1,659,007			$	1,435,846
Interest bearing deposits:
Interest bearing demand			3,223,367				2,886,406
Savings			478,559				420,382
Money market			1,273,593				1,311,969
Time deposits of $250 thousand or more			592,811				567,404
Other time deposits			1,258,760				1,169,130
Total time deposits			1,851,571				1,736,534
Total interest bearing deposits			6,827,090				6,355,291
Total deposits		$	8,486,097			$	7,791,137

Deposits totaling approximately $765 million were assumed as a result of the FM acquisition.

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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 June 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)		June 30, 2026				December 31, 2025
Outstanding balance at end of period		$	102,695			$	112,476
Weighted average interest rate at end of period			1.82	%			1.80	%
Fair value of securities pledged:
Mortgage backed securities		$	134,448			$	116,097
Government sponsored agency obligations			12,596				12,811
Total securities pledged		$	147,044			$	128,908

		Three months ended								Six months ended
		June 30,								June 30,
(dollars in thousands)		2026				2025				2026				2025
Average outstanding balance during the period		$	80,061			$	128,493			$	86,515			$	143,655
Average interest rate during the period			1.72	%			1.95	%			1.74	%			2.02	%
Maximum outstanding at any month end during the period		$	102,695			$	151,222			$	102,695			$	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
June 30, 2026
Repurchase agreements		$	102,695			$	-			$	102,695			$	(102,695	)		$	-
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 exceedng 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 July 1, 2026 and carried the notes at the costs noted below at June 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

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

(12) FHLB Advances and Other Borrowings

FHLB advances outstanding at June 30, 2026 consisted of a rolling $300 million three-month advance that matures in August 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)		June 30, 2026				December 31, 2025
Outstanding balance at end of period		$	300,000			$	300,000
Weighted average interest rate at end of period			3.86	%			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 June 30, 2026 and December 31, 2025, the amount of available credit from the FHLB totaled $1.49 billion and $1.47 billion, respectively.

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

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(13) Commitments and Contingent Liabilities

As of June 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)		June 30, 2026				December 31, 2025
Commercial and industrial		$	880,692			$	811,568
Construction and development			568,018				639,190
Home equity lines of credit			489,301				429,070
Credit cards			66,291				90,673
Overdrafts			82,013				54,863
Standby letters of credit			27,415				28,410
Other			111,232				99,462
Future loan commitments			266,002				177,135
Total off balance sheet commitments to extend credit		$	2,490,964			$	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 June 30, 2026 and December 31, 2025, respectively. While no provision expense was recorded for off balance sheet credit exposures for the three and six months ended June 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 half of 2026, is consistent with lower availability (excluding acquisition-related activity) stemming from improved utilization.

Negative provision (credit to expense) of $75,000 was recorded for off balance sheet credit expopsures for the three and six month periods ended June 30, 2025, as line of credit utilization improved during the first half of 2025, which reduced the reserve necessary for line availability during the prior year period.

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 June 30, 2026, Bancorp would have been required to make payments of approximately $4.1 million, or the maximum amount payable under those contracts. No payments have ever been required because of default on these contracts. These agreements are normally secured by collateral acceptable to Bancorp, which limits credit risk associated with the agreements.

Bancorp 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 June 30, 2026, such standby letters of credit totaled $56 million.

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Bancorp periodically invests in certain partnerships that generate federal income tax credits, which result in contribution commitments. Such commitments are recorded in other liabilities on the consolidated balance sheets. While contributions are made periodically over the life of the respective investments, which can be up to 10 years depending on the type of investment, the majority of contributions associated with a respective investment are made within the first few years after entering the partnership. Bancorp invested in several larger tax credit partnerships in recent years, which have served as an economical means of fulfilling CRA goals. As of June 30, 2026, tax credit contribution commitments of $94 million were recorded in other liabilities on the consolidated balance sheets.

As of June 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 judgement 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 judgement and significant unobservable inputs (Level 3 inputs).

As of June 30, 2026, the weighted average pull-through rate was 85.5%, with a range of 67.3% 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).

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

		Fair Value Measurements Using:												Total
June 30, 2026 (in thousands)		Level 1				Level 2				Level 3				Fair Value
Assets:
Available for sale debt securities:
Government sponsored enterprise obligations		$	—			$	67,950			$	—			$	67,950
Mortgage backed securities - government agencies			—				495,236				—				495,236
Obligations of states and political subdivisions			—				102,527				—				102,527
Other			—				476				—				476
Total available for sale debt securities		$	—				666,189				—				666,189
Mortgage loans held for sale			—				8,262				—				8,262
Rate lock loan commitments			—				—				463				463
Interest rate swap assets			—				7,802				—				7,802
Total assets		$	—			$	682,253			$	463			$	682,716
Liabilities:
Interest rate swap liabilities		$	—			$	6,090			$	—			$	6,090
Mandatory forward contracts			—				52				—				52
Total liabilities		$	—			$	6,142			$	—			$	6,142

		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. 

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

Collateral dependent loans – For collateral-dependent loans where Bancorp has determined that the liquidation or foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the estimated fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, fair value of the loan’s collateral is determined by third party or internal appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, comparable sales, or cost) vary based on the status of the project or property. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. Bancorp reviews the third party appraisal for appropriateness and adjusts the value to consider selling and closing costs. 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.

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

																		Losses recorded
																		Six months
		Fair Value Measurements Using:												Total				ended
June 30, 2026 (in thousands)		Level 1				Level 2				Level 3				Fair Value				June 30, 2026
Collateral dependent loans		$	—			$	—			$	19,919			$	19,919			$	45
Other real estate owned			—				—				440				440				—

																		Losses recorded
																		Six months
		Fair Value Measurements Using:												Total				ended
December 31, 2025 (in thousands)		Level 1				Level 2				Level 3				Fair Value				June 30, 2025
Collateral dependent loans		$	—			$	—			$	14,684			$	14,684			$	10
Other real estate owned			—				—				190				190				—

There were no liabilities measured at fair value on a non-recurring basis at June 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.

		June 30, 2026
(dollars in thousands)		Fair Value			Valuation Technique		Unobservable Inputs		Range of inputs					Weighted Average (1)
Collateral dependent loans		$	19,919		Appraisal		Appraisal discounts		0.0	-	100.0%				36.6	%
Other real estate owned			440		Appraisal		Appraisal discounts		4.3	-	20.1				13.7

		December 31, 2025
(dollars in thousands)		Fair Value			Valuation Technique		Unobservable Inputs		Range of inputs					Weighted Average (1)
Collateral dependend loans		$	14,684		Appraisal		Appraisal discounts		0.0	-	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:
June 30, 2026 (in thousands)		amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	842,831			$	842,831			$	842,831			$	—			$	—
HTM debt securities			185,969				167,613				—				167,613				—
Federal Home Loan Bank stock			24,934				24,934				—				24,934				—
Loans, net			7,774,655				7,709,050				—				—				7,709,050
Accrued interest receivable			31,366				31,366				—				31,366				—
Mortgage servicing rights			10,914				24,938				—				—				24,938
Liabilities
Non-interest bearing deposits		$	1,659,007			$	1,659,007			$	1,659,007			$	—			$	—
Transaction deposits			4,975,519				4,975,519				—				4,975,519				—
Time deposits			1,851,571				1,846,970				—				1,846,970				—
Securities sold under agreement to repurchase			102,695				102,695				—				102,695				—
Federal funds purchased			7,385				7,385				—				7,385				—
Subordinated debentures			26,806				26,299				—				26,299				—
FHLB advances			300,000				294,326				—				294,326				—
Accrued interest payable			3,076				3,076				—				3,076				—

		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				—

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

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(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								Six months ended
		June 30,								June 30,
(in thousands)		2026				2025				2026				2025
Balance, beginning of period:		$	5,758			$	7,797			$	6,247			$	6,286
Origination of mortgage loans held for sale			47,609				37,536				79,696				68,063
Loans held for sale acquired			681				—				681				—
Proceeds from the sale of mortgage loans held for sale			(46,390	)			(41,142	)			(79,608	)			(70,712	)
Net gain realized on sale of mortgage loans held for sale			604				823				1,246				1,377
Balance, end of period		$	8,262			$	5,014			$	8,262			$	5,014

The following table represents the components of Mortgage banking income:

		Three months ended								Six months ended
		June 30,								June 30,
(in thousands)		2026				2025				2026				2025
Net gain realized on sale of mortgage loans held for sale		$	604			$	823			$	1,246			$	1,377
Net change in fair value recognized on loans held for sale			102				(92	)			21				(24	)
Net change in fair value recognized on rate lock loan commitments			18				(134	)			118				221
Net change in fair value recognized on forward contracts			(80	)			(19	)			4				(231	)
Net gain recognized			644				578				1,389				1,343
Net loan servicing income			854				788				1,684				1,604
Amortization of mortgage servicing rights			(597	)			(402	)			(1,298	)			(1,133	)
Change in mortgage servicing rights valuation allowance			-				-				-				-
Net servicing income recognized			257				386				386				471
Other mortgage banking income			112				130				168				197
Total mortgage banking income		$	1,013			$	1,094			$	1,943			$	2,011

Activity for capitalized mortgage servicing rights was as follows:

		Three months ended								Six months ended
		June 30,								June 30,
(in thousands)		2026				2025				2026				2025
Balance, beginning of period		$	9,776			$	10,817			$	10,189			$	11,333
MSRs acquired			1,267				—				1,267				—
Additions for mortgage loans sold			468				291				756				506
Amortization			(597	)			(402	)			(1,298	)			(1,133	)
Impairment			—				—				—				—
Balance, end of period		$	10,914			$	10,706			$	10,914			$	10,706

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The estimated fair value of MSRs at June 30, 2026 and December 31, 2025 was $25 million and $22 million, respectively. There was no valuation allowance recorded for MSRs as of June 30, 2026 and December 31, 2025, as fair value exceeded carrying value. The fair value of MSRs at June 30, 2026 was determined using discount rates ranging from 9.5% to 12.5%, prepayment speeds ranging from 7.3% to 10.1%, 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 $1.80 billion and $1.73 billion at June 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:

		Net unrealized				Net unrealized				Minimum
		gains (losses)				gains (losses)				pension
		on available for				on cash				liability
(in thousands)		sale debt securities				flow hedges				adjustment				Total
Three months ended June 30, 2026
Balance, beginning of period		$	(61,035	)		$	(208	)		$	43			$	(61,200	)
Other comprehensive income (loss) before reclassifications			(1,908	)			2,028				-				120
Amounts reclassified from accumulated other comprehensive income (loss)			-				(42	)			-				(42	)
Income tax benefit (expense)			469				(478	)							(9	)
Net current period other comprehensive income (loss)			(1,439	)			1,508				-				69
Balance, end of period		$	(62,474	)		$	1,300			$	43			$	(61,131	)
Three months ended June 30, 2025
Balance, beginning of period		$	(80,223	)		$	266			$	117			$	(79,840	)
Other comprehensive income (loss) before reclassifications			8,028				(2,500	)			-				5,528
Amounts reclassified from accumulated other comprehensive income (loss)			-				490				-				490
Income tax benefit (expense)			(1,973	)			484				-				(1,489	)
Net current period other comprehensive income (loss)			6,055				(1,526	)			-				4,529
Balance, end of period		$	(74,168	)		$	(1,260	)		$	117			$	(75,311	)

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		Net unrealized				Net unrealized				Minimum
		gains (losses)				gains (losses)				pension
		on available for				on cash				liability
(in thousands)		sale debt securities				flow hedges				adjustment				Total
Six months ended June 30, 2026
Balance, beginning of period		$	(59,825	)		$	(1,493	)		$	43			$	(61,275	)
Other comprehensive income (loss) before reclassifications			(3,508	)			3,727				-				219
Amounts reclassified from accumulated other comprehensive income (loss)			-				(51	)			-				(51	)
Income tax benefit (expense)			859				(883	)							(24	)
Net current period other comprehensive income (loss)			(2,646	)			2,790				-				144
Balance, end of period		$	(62,474	)		$	1,300			$	43			$	(61,131	)
Six months ended June 30, 2025
Balance, beginning of period		$	(94,190	)		$	2,922			$	117			$	(91,151	)
Other comprehensive income (loss) before reclassifications			26,543				(6,489	)			-				20,054
Amounts reclassified from accumulated other comprehensive income (loss)			-				983				-				983
Income tax benefit (expense)			(6,521	)			1,324				-				(5,197	)
Net current period other comprehensive income (loss)			20,022				(4,182	)			-				15,840
Balance, end of period		$	(74,168	)		$	(1,260	)		$	117			$	(75,311	)

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(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								Six months ended
		June 30,								June 30,
(in thousands, except per share data)		2026				2025				2026				2025
Net income		$	40,057			$	34,024			$	76,652			$	67,295
Weighted average shares outstanding - basic			30,442				29,364				29,917				29,356
Dilutive securities			126				141				121				147
Weighted average shares outstanding- diluted			30,568				29,505				30,038				29,503
Net income per share - basic		$	1.32			$	1.16			$	2.56			$	2.29
Net income per share - diluted			1.31				1.15				2.55				2.28

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

		Three months ended								Six months ended
(shares in thousands)		June 30,								June 30,
		2026				2025				2026				2025
Antidilutive SARs			88				26				79				20

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(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 June 30, 2026, there were 856,000 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-Scholes option-pricing model, a leading formula for calculating such value. This model requires the input of assumptions, changes to which can materially impact the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year:

Assumptions		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 six 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 June 30, 2026
(in thousands)		Stock Appreciation Rights				Restricted Stock Awards				Restricted Stock Units				Performance Stock Units				Total
Expense		$	135			$	548			$	105			$	471			$	1,259
Deferred tax benefit			(29	)			(115	)			(22	)			(99	)			(265	)
Total net expense		$	106			$	433			$	83			$	372			$	994

		Three months ended June 30, 2025
(in thousands)		Stock Appreciation Rights				Restricted Stock Awards				Restricted Stock Units				Performance Stock Units				Total
Expense		$	112			$	489			$	135			$	385			$	1,121
Deferred tax benefit			(23	)			(102	)			(28	)			(81	)			(234	)
Total net expense		$	89			$	387			$	107			$	304			$	887

		Six months ended June 30, 2026
(in thousands)		Stock Appreciation Rights				Restricted Stock Awards				Restricted Stock Units				Performance Stock Units				Total
Expense		$	255			$	1,094			$	237			$	960			$	2,546
Deferred tax benefit			(54	)			(230	)			(50	)			(202	)			(536	)
Total net expense		$	201			$	864			$	187			$	758			$	2,010

		Six months ended June 30, 2025
(in thousands)		Stock Appreciation Rights				Restricted Stock Awards				Restricted Stock Units				Performance Stock Units				Total
Expense		$	215			$	939			$	267			$	853			$	2,274
Deferred tax benefit			(45	)			(197	)			(56	)			(180	)			(478	)
Total net expense		$	170			$	742			$	211			$	673			$	1,796

Detail of unrecognized stock-based compensation expense follows:

		Stock
(in thousands)		Appreciation				Restricted				Restricted				Performance
Year ended		Rights				Stock Awards				Stock Units				Stock Units				Total
Remainder of 2026		$	273			$	1,107			$	191			$	944			$	2,515
2027			482				1,942				1				1,887				4,312
2028			393				1,573				—				678				2,644
2029			278				1,223				—				—				1,501
2030			159				699				—				—				858
2031			22				58				—				—				80
Total estimated future expense		$	1,607			$	6,602			$	192			$	3,509			$	11,910

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The following table summarizes SARs activity and related information:

																							Weighted
											Weighted								Weighted				average
											average				Aggregate				average				remaining
						Exercise					exercise				intrinsic				fair				contractual
(in thousands, except per share and life data)		SARs				price					price				value(1)				value				life (in years)
Outstanding, January 1, 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			(9	)		40	-	53.29				41.39				298				7.01
Forfeited			—				—					—				—				—
Outstanding, June 30, 2026			363			$35.90	-	$75.21			$	49.12			$	9,929			$	11.30				5.1
Vested and exercisable			266			$35.90	-	$75.21			$	43.99			$	8,626			$	8.61				3.9
Unvested			97			47.17	-	75.21				63.10				1,303				18.63				3.6
Outstanding, June 30, 2026			363			$35.90	-	$75.21			$	49.12			$	9,929			$	11.30				5.1
Vested in the current year			30			$47.17	-	75.21			$	57.07			$	576			$	14.94

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

The following table summarizes activity for RSAs granted:

						Grant date
						weighted
(in thousands, except per share data)		RSAs				average cost
Unvested at January 1, 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			(32	)			59.26
Shares cancelled			(4	)			66.16
Unvested at June 30, 2026			113			$	66.61

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

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

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(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 June 30, 2026, Bancorp had interest rate swap contracts entered into with a single counterparty in a net asset position of $6.1 million. Bancorp posted cash collateral of $5 million with the single counterparty as of June 30, 2026, which is included in other assets on the consolidated balance sheets. 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 June 30, 2026, Bancorp estimates that $714,000 of pre-tax net gains related to cash flow hedges recorded in AOCI will be recognized in income over the next 12 months.

Interest rate swaps with notional amounts totaling $300 million as of both June 30, 2026 and December 31, 2025 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.

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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.

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 on a gross basis, prior to the application of any master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets.

		June 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		$	300,000			$	1,712			$	-			$	300,000			$	-			$	1,964
Not designated as hedging instruments:
Interest rate swaps			345,827				6,090				6,090				345,098				4,428				4,428
Mortgage banking derivatives:
Interest rate lock commitments			15,018				463				-				7,799				333				-
Mandatory forward contracts			17,750				-				52				10,250				-				49
Total derivative financial instruments:		$	678,595			$	8,265			$	6,142			$	663,147			$	4,761			$	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 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 June 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.

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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 June 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
June 30, 2026		Amount				Ratio				Amount				Ratio				Amount				Ratio
Total risk-based capital (1)
Consolidated		$	1,177,758				13.62	%		$	691,911				8.00	%		NA				NA
Bank			1,147,088				13.28				691,242				8.00			$	864,053				10.00	%
Common equity tier 1 risk-based capital (1)
Consolidated			1,043,532				12.07				389,200				4.50			NA				NA
Bank			1,038,966				12.02				388,824				4.50				561,634				6.50
Tier 1 risk-based capital (1)
Consolidated			1,069,532				12.37				518,933				6.00			NA				NA
Bank			1,038,966				12.02				518,432				6.00				691,242				8.00
Leverage
Consolidated			1,069,532				11.05				387,197				4.00			NA				NA
Bank			1,038,966				10.74				386,903				4.00				483,629				5.00

(dollars in thousands)		Actual								Minimum for adequately capitalized								Minimum for well apitalized
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.

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(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.

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 June 30, 2026, goodwill totaling $238 million was recorded on Bancorp’s consolidated balance sheets, of which $207 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 $8.84 billion and $7.64 billion as of June 30, 2026 and December 31, 2025, respectively. AUM attributed to FM totaled $890 million as of June 30, 2026.

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

		Three months ended June 30, 2026												Three months ended June 30, 2025
		Commercial												Commercial
(in thousands)		Banking				WM&T				Total				Banking				WM&T				Total
Interest income		$	128,074			$	238			$	128,312			$	114,711			$	289			$	115,000
Interest expense			40,484				—				40,484				41,527				—				41,527
Net interest income			87,590				238				87,828				73,184				289				73,473
Provision for credit losses			—				—				-				2,175				—				2,175
Net interest income after provision expense			87,590				238				87,828				71,009				289				71,298
Non-interest income:
Wealth management and trust services			—				12,563				12,563				—				10,483				10,483
All other non-interest income			14,184				—				14,184				13,865				—				13,865
Total non-interest income			14,184				12,563				26,747				13,865				10,483				24,348
Non-interest expenses:
Compensation and employee benefits			31,999				5,137				37,136				27,652				4,957				32,609
Net occupancy and equipment			4,492				253				4,745				3,779				246				4,025
Technology and communication			5,697				725				6,422				4,066				707				4,773
Intangible amortization			1,092				454				1,546				573				342				915
Other direct and indirect/allocated expenses			13,375				582				13,957				9,807				571				10,378
Total non-interest expenses			56,655				7,151				63,806				45,877				6,823				52,700
Income before income tax expense			45,119				5,650				50,769				38,997				3,949				42,946
Income tax expense			9,624				1,088				10,712				8,066				856				8,922
Net income		$	35,495			$	4,562			$	40,057			$	30,931			$	3,093			$	34,024
Total assets		$	10,322,152			$	46,412			$	10,368,564			$	9,175,503			$	33,483			$	9,208,986

		Six months ended June 30, 2026												Six months ended June 30, 2025
		Commercial												Commercial
(in thousands)		Banking				WM&T				Total				Banking				WM&T				Total
Interest income		$	245,448			$	506			$	245,954			$	225,598			$	568			$	226,166
Interest expense			79,705				—				79,705				82,141				—				82,141
Net interest income			165,743				506				166,249				143,457				568				144,025
Provision for credit losses			1,625				—				1,625				3,075				—				3,075
Net interest income after provision expense			164,118				506				164,624				140,382				568				140,950
Non-interest income:
Wealth management and trust services			—				23,898				23,898				—				21,130				21,130
All other non-interest income			27,443				—				27,443				26,214				—				26,214
Total non-interest income			27,443				23,898				51,341				26,214				21,130				47,344
Non-interest expenses:
Compensation and employee benefits			62,210				10,261				72,471				54,462				9,864				64,326
Net occupancy and equipment			8,559				506				9,065				7,657				491				8,148
Technology and communication			10,297				1,460				11,757				8,152				1,449				9,601
Intangible amortization			1,587				758				2,345				1,145				684				1,829
Other direct and indirect/allocated expenses			22,301				1,109				23,410				18,799				1,024				19,823
Total non-interest expenses			104,954				14,094				119,048				90,215				13,512				103,727
Income before income tax expense			86,607				10,310				96,917				76,381				8,186				84,567
Income tax expense			18,166				2,099				20,265				15,496				1,776				17,272
Net income		$	68,441			$	8,211			$	76,652			$	60,885			$	6,410			$	67,295
Total assets		$	10,322,152			$	46,412			$	10,368,564			$	9,175,503			$	33,483			$	9,208,986

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(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 June 30, 2026												Three months ended June 30, 2025
(in thousands)		Commercial Banking				WM&T				Total				Commercial Banking				WM&T				Total
Wealth management and trust services		$	—			$	12,563			$	12,563			$	—			$	10,483			$	10,483
Deposit service charges			2,368				—				2,368				2,069				—				2,069
Debit and credit card income			5,144				—				5,144				4,837				—				4,837
Treasury management fees			3,175				—				3,175				3,005				—				3,005
Mortgage banking income (1)			1,013				—				1,013				1,094				—				1,094
Net investment product sales commissions and fees			1,074				—				1,074				980				—				980
Bank owned life insurance (1)			691				—				691				629				—				629
Gain on sale of premises and equipment (1)			(34	)			—				(34	)			74				—				74
Other (2)			753				—				753				1,177				—				1,177
Total non-interest income		$	14,184			$	12,563			$	26,747			$	13,865			$	10,483			$	24,348

		Six months ended June 30, 2026												Six months ended June 30, 2025
(Dollars in thousands)		Commercial Banking				WM&T				Total				Commercial Banking				WM&T				Total
Wealth management and trust services		$	—			$	23,898			$	23,898			$	—			$	21,130			$	21,130
Deposit service charges			4,524				—				4,524				4,148				—				4,148
Debit and credit card income			9,782				—				9,782				9,345				—				9,345
Treasury management fees			6,163				—				6,163				5,678				—				5,678
Mortgage banking income (1)			1,943				—				1,943				2,011				—				2,011
Net investment product sales commissions and fees			2,135				—				2,135				1,990				—				1,990
Bank owned life insurance (1)			1,323				—				1,323				1,251				—				1,251
Gain on sale of premises and equipment (1)			445				—				445				74				—				74
Other(2)			1,128				—				1,128				1,717				—				1,717
Total non-interest income		$	27,443			$	23,898			$	51,341			$	26,214			$	21,130			$	47,344

(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 $6.0 million and $5.3 million at June 30, 2026 and December 31, 2025, respectively.

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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.

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 $578,000 and $568,000 for the six month periods ended June 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 June 30, 2026.

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(25) Leases

Bancorp has operating leases (land and building) for various locations with terms ranging from approximately one month to 20 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 is a blended rate comprised of the FHLB term rate and the Company’s subordinated debt rate. 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)		June 30, 2026				December 31, 2025
Balance Sheet
Operating lease right-of-use asset		$	30,758			$	31,241
Operating lease liability			32,667				32,971
Weighted average remaining lease term (years)			9.6				10.2
Weighted average discount rate			3.67	%			3.65	%
Maturities of lease liabilities:
One year or less		$	2,202			$	4,131
Year two			4,400				4,149
Year three			4,452				4,198
Year four			4,385				4,129
Year five			4,232				3,974
Greater than five years			19,510				19,347
Total lease payments		$	39,181			$	39,928
Less imputed interest			(6,514	)			(6,957	)
Total		$	32,667			$	32,971

		Three months ended				Three months ended
(in thousands)		June 30, 2026				June 30, 2025
Income Statement
Components of lease expense:
Operating lease cost		$	1,182			$	1,047
Variable lease cost			111				96
Less sublease income			17				25
Total lease cost		$	1,276			$	1,118

		Six months ended				Six months ended
(in thousands)		June 30, 2026				June 30, 2025
Income Statement
Components of lease expense:
Operating lease cost		$	2,271			$	2,095
Variable lease cost			216				189
Less sublease income			39				51
Total lease cost		$	2,448			$	2,233

		Three months ended				Three months ended
(in thousands)		June 30, 2026				June 30, 2025
Cash flow Statement
Supplemental cash flow information:
Operating cash flows from operating leases		$	2,311			$	2,174

As of June 30, 2026, Bancorp had entered into one lease agreement that had yet to commence.

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

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

SYB, established in 1904, is a state-chartered non-member financial institution that provides services throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 81 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;

● 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;

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● 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 $839 million in assets, including $626 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 $44 million and incurred pre-tax merger related expenses totaling $2.3 million for the three months ended June 30, 2026 as a result of the FM acquisition.

Further, the FM acquisition served to increase the ACL on loans by $16 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, with the corresponding offset for both recorded to goodwill.

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 June 30, 2026 and 2025:

(dollars in thousands, except per share data)										Variance
Three months ended June 30,		2026				2025				$/bp				%
Net income		$	40,057			$	34,024			$	6,033				18	%
Diluted earnings per share		$	1.31			$	1.15			$	0.16				14	%
ROA			1.63	%			1.52	%		11 bps					7	%
ROE			13.50	%			13.91	%		(41) bps					-3	%

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

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

● Bancorp completed its acquisition of FM on May 1, 2026. At the time of acquisition, and net of purchase accounting adjustments, approximately $839 million in total assets were acquired, including $626 million in net loans and total deposits of $765 million were assumed.

o The three months ended June 30, 2026 included two months of activity associated with the FM acquisition, which contributed meaningfully to results for the second quarter. In addition, one-time merger-related expenses totaling $2.3 million were recorded for the period.

● Net income totaled a record $40.1 million for the three months ended June 30, 2026, resulting in diluted EPS of $1.31, compared to net income of $34.0 million for the three months ended June 30, 2025, which resulted in diluted EPS of $1.15.

● Total loans increased $1.03 billion, or 15%, compared to June 30, 2025, driven by the loan portfolio acquired from FM in addition to solid organic growth. Average loans increased $938 million, or 14%, for the three months ended June 30, 2026 compared to the same period of the prior year.

● Bancorp’s ACL on loans increased $18 million, or 20%, compared to June 30, 2025, driven primarily by organic and acquisition-related loan growth.

o While no provision for credit losses on loans was recorded for the three months ended June 30, 2026 due primarily to muted loan growth for the second quarter and annual CECL model updates, the ACL on loans was increased $16 million as a result of the loan portfolio added through the FM acquisition.

● Deposit balances increased $979 million, or 13%, compared to June 30, 2025, which was attributed to the deposit portfolio assumed through the FM acquisition and organic growth.

● Net interest income (FTE) totaled $87.9 million for the three months ended June 30, 2026, representing an increase of $14.4 million, or 20%, compared to the three months ended June 30, 2025.

o Interest income experienced a $13.3 million, or 12%, increase over this period as a result of strong average loan growth, which was coupled with a $1.1 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.

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o NIM increased 31 bps to 3.84% for the three months ended June 30, 2026, compared to the same period of the prior year, driven by a 30 bp decline in the cost of interest-bearing liabilities and a 9 bps improvement in earning asset yields.

● Non-interest income increased $2.4 million, or 10%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, which was the result of both organic growth and acquisition-related activity.

● Non-interest expenses increased $11.1 million, or 21%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, attributed to higher compensation expense and a continued investment in technology, as well as the impact of the FM acquisition, which included $2.3 million of one-time merger-related expenses.

● Bancorp’s efficiency ratio (FTE) for the three months ended June 30, 2026 was 55.64% compared to 53.83% for the three months ended June 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 June 30, 2026 was 53.64%.

● As of June 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 June 30, 2025. Total stockholders’ equity to total assets was 12.02% as of June 30, 2026, compared to 11.28% and 10.92% at December 31, 2025 and June 30, 2025, respectively. Tangible common equity to tangible assets was 9.66% at June 30, 2026, compared to 9.32% and 8.86% at December 31, 2025 and June 30, 2025, respectively.

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

(dollars in thousands, except per share data)										Variance
Six months ended June 30,		2026				2025				$/bp				%
Net income		$	76,652			$	67,295			$	9,357				14	%
Diluted earnings per share		$	2.55			$	2.28			$	0.27				12	%
ROA			1.60	%			1.52	%		8 bps					5	%
ROE			13.56	%			14.03	%		(47) bps					-3	%

General highlights for the six months ended June 30, 2026 compared to June 30, 2025:

● Net income totaled $76.7 million for the six months ended June 30, 2026, resulting in diluted EPS of $2.55, compared to net income of $67.3 million for the six months ended June 30, 2025, which resulted in diluted EPS of $2.28.

● Total loans increased $1.03 billion, or 15%, compared to June 30, 2025, driven by the loan portfolio acquired from FM in addition to solid organic growth. Average loans increased $730 million, or 11%, for the six months ended June 30, 2026 compared to the same period of the prior year.

● Bancorp’s ACL on loans increased $18 million, or 20%, compared to June 30, 2025, driven primarily by organic and acquisition-related loan growth.

o Provision for credit losses on loans of $1.6 million was recorded for the six months ended June 30, 2026, consistent with moderate organic loan growth and partially offset by a slightly improved unemployment forecast and annual CECL model updates.

o Further, the ACL on loans was increased $16 million as a result of the loan portfolio added through the FM acquisition.

● Deposit balances increased $979 million, or 13%, compared to June 30, 2025, which was attributed to the deposit portfolio assumed through the FM acquisition and organic growth.

● Net interest income (FTE) totaled $166.4 million for the six months ended June 30, 2026, representing an increase of $22.2 million, or 15%, compared to the six months ended June 30, 2025.

o Interest income experienced a $19.8 million, or 9%, increase over this period as a result of strong average loan growth, which was coupled with a $2.4 million, or 3%, decrease in interest expense attributed in large part to an inflow of liquidity from scheduled securities maturities and deposit growth that eliminated the need for more expensive overnight borrowings that had been utilized in the prior year.

o NIM increased 25 bps to 3.75% for the six months ended June 30, 2026, compared to the same period of the prior year, driven by a 27 bp decline in the cost of interest-bearing liabilities and a 5 bps improvement in earning asset yields.

● Non-interest income increased $4.0 million, or 8%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, which was attributed in large part to organic growth, but was also bolstered by acquisition-related activity.

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● Non-interest expenses increased $15.3 million, or 15%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, attributed to higher compensation and employee benefits expense and a continued investment in technology, as well as the impact of the FM acquisition, which included $2.3 million of one-time merger-related expenses.

● Bancorp’s efficiency ratio (FTE) for the six months ended June 30, 2026 was 54.66% compared to 54.15% for the three months ended June 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 six months ended June 30, 2026 was 53.73%.

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.

Comparative information regarding net interest income follows:

(dollars in thousands)										Variance
As of and for the three months ended June 30,		2026				2025				$/bp				%
Net interest income		$	87,828			$	73,473			$	14,355				20	%
Net interest income (FTE)*			87,925				73,560				14,365				20	%
Net interest spread (FTE)*			3.26	%			2.87	%		39 bps					14	%
Net interest margin (FTE)*			3.84	%			3.53	%		31 bps					9	%
Average interest earning assets		$	9,174,757			$	8,364,263			$	810,494				10	%
Average interest bearing liabilities			6,913,855				6,285,520				628,335				10	%
Five year Treasury note rate at period end			4.19	%			3.79	%		40 bps					11	%
Average five year Treasury note rate			3.94	%			3.97	%		(3) bps					-1	%
Prime rate at period end			6.75	%			7.50	%		(75) bps					-10	%
Average Prime rate			6.75	%			7.50	%		(75) bps					-10	%
One month term SOFR at period end			3.65	%			4.33	%		(68) bps					-16	%
Average one month term SOFR			3.64	%			4.32	%		(68) bps					-16	%

(dollars in thousands)										Variance
As of and for the six months ended June 30,		2026				2025				$/bp				%
Net interest income		$	166,249			$	144,025			$	22,224				15	%
Net interest income (FTE)*			166,441				144,196				22,245				15	%
Net interest spread (FTE)*			3.17	%			2.85	%		32 bps					11	%
Net interest margin (FTE)*			3.75	%			3.50	%		25 bps					7	%
Average interest earning assets		$	8,955,857			$	8,317,552			$	638,305				8	%
Average interest bearing liabilities			6,781,678				6,269,701				511,977				8	%
Five year Treasury note rate at period end			4.19	%			3.79	%		40 bps					11	%
Average five year Treasury note rate			4.09	%			4.11	%		(2) bps					0	%
Prime rate at period end			6.75	%			7.50	%		(75) bps					-10	%
Average Prime rate			6.75	%			7.50	%		(75) bps					-10	%
One month term SOFR at period end			3.65	%			4.33	%		(68) bps					-16	%
Average one month term SOFR			3.65	%			4.32	%		(67) bps					-16	%

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

At June 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 June 30, 2026, approximately 55% and 45% of Bancorp’s variable rate loan portfolio was indexed to Prime and SOFR, respectively.

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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.

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. While these levels were maintained through June 30, 2026, the yield curve continued to improve during the first half of this year, 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 during the second quarter after battling flatness/inversion during the first three months of 2026.

The NIM expansion experienced during the three months ended June 30, 2026 compared to recent quarters was 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.

Recent projections indicate that the FRB will likely hold rates steady during the second half 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 June 30, 2026 compared to June 30, 2025:

Net interest spread (FTE) and NIM (FTE) were 3.26% and 3.84%, for the three months ended June 30, 2026, compared to 2.87% and 3.53% for the same period of 2025, respectively.

Net interest income (FTE) increased $14.4 million, or 20%, for the three months ended June 30, 2026 compared to the same period of 2025, driven by strong 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 F&M acquisition, the latter of which represents two months worth of activity.

Total average interest earning assets increased $810 million, or 10%, for the three months ended June 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 9 bps to 5.61% 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 helped boost yields.

● Average total loan balances increased $938 million, or 14%, for the three months ended June 30, 2026, compared to the same period of 2025. Over half of this increase was attributed to organic loan growth, which was led largely by the CRE and C&I segments, with the remaining growth resulting from the FM acquisition.

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● Average investment securities declined $378 million, or 28%, for the three months ended June 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 substantial loan growth 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 $248 million, or 99%, for the three months ended June 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.

Total interest income (FTE) increased $13.3 million, or 12%, to $128.4 million for the three months ended June 30, 2026, as compared to the same period of 2025.

● Interest and fee income (FTE) on loans increased $15.0 million, or 15%, to $118.0 million for the three months ended June 30, 2026, compared to the same period of 2025, driven by average loan balance growth. The yield on the overall loan portfolio increased 3 bps to 6.16% for the three months ended June 30, 2026 compared to 6.13% for the same period of the prior year despite rate reductions enacted by the FRB in the latter part of 2025. The increased yield was driven by a combination of continued favorable repricing of the legacy loan portfolio and the addition of the higher-rate FM loan portfolio.

● Interest income (FTE) on the investment securities portfolio declined $3.3 million, or 39%, for the three months ended June 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 39 bps to 2.18% for the three months ended June 30, 2026 compared to the same period of 2025.

● Interest income on FFS and interest bearing due from bank balances increased $1.9 million, or 71% for the three months ended June 30, 2026, consistent with the increase in corresponding average balances. The yield on these assets decreased 62 bps to 3.76% for the three months ended June 30, 2026 compared to the same period of 2025 due to the previously mentioned FRB rate reductions.

Total average interest bearing liabilities increased $628 million, or 10%, to $6.91 billion for the three month period ended June 30, 2026 compared with the same period in 2025, driven by both organic growth and the impact of the FM acquisition.

● Average interest bearing deposits increased $679 million, or 12%, for the three months ended June 30, 2026 compared to the same period in 2025, driven by a $470 million, or 19%, increase in average interest bearing demand deposits and a $227 million, or 14%, increase in average time deposits, driven by both strong organic growth and the addition of the deposit portfolio acquired from FM.

● Average SSUAR decreased $48 million, or 38%, for the three months ended June 30, 2026 compared to the same period of the prior year, attributed largely to a number of clients moving into other deposit products. 

Total interest expense decreased $1.0 million, or 3%, for the three months ended June 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 reductions.

● Total interest bearing deposit expense decreased $740,000, or 2%, driven by a $2.1 million, or 23%, decrease in expense on money market deposits, which was attributed to a combination of lower rates and an average balance decrease. This activity more than offset increased expense on interest bearing demand and time deposits, which was driven by both organic and acquisition-related average balance growth. The cost of total interest bearing deposits declined 32 bps to 2.27%, and the cost of total deposits (including average non-interest bearing deposits) declined 24 bps to 1.82%, consistent with previously mentioned deposit rate reductions.

● Interest expense on SSUAR decreased $281,000, or 45%, for the three months ended June 30, 2026, as compared to the same period of the prior year, consistent with the average balance decrease.

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

Net interest spread (FTE) and NIM (FTE) were 3.17% and 3.75%, for the six months ended June 30, 2026, compared to 2.85% and 3.50% for the same period of 2025, respectively.

Net interest income (FTE) increased $22.2 million, or 15%, for the six months ended June 30, 2026 compared to the same period of 2025, driven by the impact of strong organic average loan growth on interest income, a decline in interest expense related to eliminating the need for the more expensive overnight borrowings that were utilized through the first quarter of 2025 and the impact of the FM acquisition, the latter of which represents two months worth of activity.

Total average interest earning assets increased $638 million, or 8%, for the six months ended June 30, 2026, as compared to the same period of 2025, attributed primarily to average organic loan and interest-bearing cash balance growth, and to a lesser extent, 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 5 bp to 5.54% 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 loan growth. The earning assets added through the FM acquisition also provided benefit to earning asset yields for the six months ended June 30, 2026.

● Average total loan balances increased $730 million, or 11%, for the six months ended June 30, 2026, compared to the same period of 2025. Approximately 80% of this increase was attributed to organic growth, with the CRE and C&I segments driving the bulk of the growth. The remaining growth was attributed to the impact of the FM acquisition.

● Average investment securities declined $400 million, or 29%, for the six months ended June 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 substantial 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 $312 million, or 145%, for the six months ended June 30, 2026, which was largely the result of the previously mentioned liquidity provided by the investment securities portfolio in addition to deposit growth slightly outpacing loan growth and interest bearing cash balances added through the FM acquisition.

Total interest income (FTE) increased $19.8 million, or 9%, to $246.1 million for the six months ended June 30, 2026, as compared to the same period of 2025.

● Interest and fee income (FTE) on loans increased $21.8 million, or 11%, to $224.5 million for the six months ended June 30, 2026, compared to the same period of 2025, driven primarily by organic average loan balance growth, and to a lesser extent, the loan portfolio added through FM. The yield on the overall loan portfolio decreased 1 bp to 6.12% for the six months ended June 30, 2026 compared to 6.13% 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 $6.6 million, or 38%, for the six months ended June 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 2.22% for the six months ended June 30, 2026 compared to the same period of 2025.

● Interest income on FFS and interest bearing due from bank balances increased $5.0 million, or 105% for the six months ended June 30, 2026, consistent with the increase in corresponding average balances. The yield on these assets decreased 72 bps to 3.71% for the six months ended June 30, 2026 compared to the same period of 2025 due to the previously mentioned FRB rate reductions.

Total average interest bearing liabilities increased $512 million, or 8%, to $6.78 billion for the six month period ended June 30, 2026 compared with the same period in 2025, attributed primarily to organic growth, and to a lesser extent, the impact of the FM acquisition.

● Average interest bearing deposits increased $653 million, or 11%, for the six months ended June 30, 2026 compared to the same period in 2025, driven by a $374 million, or 15%, increase in average interest bearing demand deposits and a $319 million, or 22%, increase in average time deposits, consistent with depositors seeking higher-yielding deposit products, the success of Bancorp’s competitive CD offerings, and to a lesser extent, the impact of the FM acquisition.

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● Average FHLB advances decreased $85 million, or 22%, for the six months ended June 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. Bancorp currently utilizes a $300 million term advance in conjunction with four separate interest rate swaps of varying maturities in an effort to secure longer-term funding at more favorable rates. This advance represents the only outstanding FHLB borrowing as of June 30, 2026.

● Average SSUAR decreased $57 million, or 40%, for the six months ended June 30, 2026 compared to the same period of the prior year, attributed largely to a number of clients moving into other deposit products. 

Total interest expense decreased $2.4 million, or 3%, for the six months ended June 30, 2026 compared to the same period of 2025 despite the added costs associated with the FM acquisition, driven primarily by eliminating the necessity of more expensive overnight borrowings from the FHLB.

● Total interest bearing deposit expense increased $141,000, or less than 1%, as expense related to the acquired deposit portfolio completely offset the decline in expense experienced within the legacy deposit portfolio associated with strategically lowering deposit rates. However, total interest-bearing deposit cost decreased 26 bps to 2.29% compared to the prior year period and the cost of total deposits (including average non-interest bearing deposits) declined 18 bps to 1.85%.

● Interest expense on FHLB borrowings decreased $1.8 million, or 23%, for the six months ended June 30, 2026, as compared to same period of the prior year, consistent with the $85 million decrease in average FHLB advances.

● Interest expense on SSUAR decreased $694,000, or 48%, for the six months ended June 30, 2026, as compared to the same period of the prior year, consistent with a $57 million, or 40%, average balance decrease and lower rates.

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

		Three months ended June 30,
		2026												2025
		Average								Average				Average								Average
(dollars in thousands)		Balance				Interest				Rate				Balance				Interest				Rate
Interest earning assets:
Federal funds sold and interest bearing due from banks		$	498,198			$	4,674				3.76	%		$	249,738			$	2,730				4.38	%
Mortgage loans held for sale			7,467				93				5.00				7,145				78				4.38
Investment securities:
Taxable			897,490				4,708				2.10				1,265,767				8,052				2.55
Tax-exempt			62,704				510				3.26				72,227				509				2.83
Total securities			960,194				5,218				2.18				1,337,994				8,561				2.57
Federal Home Loan Bank stock			23,538				405				6.90				22,413				662				11.85
Loans			7,685,360				118,019				6.16				6,746,973				103,056				6.13
Total interest earning assets			9,174,757				128,409				5.61				8,364,263				115,087				5.52
Less allowance for credit losses on loans			100,838												90,801
Non-interest earning assets:
Cash and due from banks			79,891												76,413
Premises and equipment, net			127,879												116,089
Bank owned life insurance			101,654												90,250
Goodwill			223,622												194,074
Accrued interest receivable and other			275,882												236,796
Total assets		$	9,882,847											$	8,987,084
Interest bearing liabilities:
Deposits:
Interest bearing demand		$	2,949,509			$	12,756				1.73	%		$	2,479,227			$	11,862				1.92	%
Savings			464,051				330				0.29				423,608				291				0.28
Money market			1,265,561				7,141				2.26				1,324,432				9,248				2.80
Time			1,820,462				16,544				3.65				1,593,047				16,110				4.06
Total interest bearing deposits			6,499,583				36,771				2.27				5,820,314				37,511				2.59
Securities sold under agreements to repurchase			80,061				344				1.72				128,493				625				1.95
Federal funds purchased			7,405				66				3.57				6,610				72				4.37
Federal Home Loan Bank advances			300,000				2,934				3.92				303,297				2,908				3.85
Subordinated debentures			26,806				369				5.52				26,806				411				6.15
Total interest bearing liabilities			6,913,855				40,484				2.35				6,285,520				41,527				2.65
Non-interest bearing liabilities:
Non-interest bearing demand deposits			1,587,131												1,489,188
Accrued interest payable and other			191,398												231,573
Total liabilities			8,692,384												8,006,281
Stockholders’ equity			1,190,463												980,803
Total liabilities and stockholders' equity		$	9,882,847											$	8,987,084
Net interest income						$	87,925											$	73,560
Net interest spread											3.26	%											2.87	%
Net interest margin											3.84	%											3.53	%

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

		Six months ended June 30,
		2026												2025
		Average								Average				Average								Average
(dollars in thousands)		Balance				Interest				Rate				Balance				Interest				Rate
Interest earning assets:
Federal funds sold and interest bearing due from banks		$	527,617			$	9,704				3.71	%		$	215,280			$	4,731				4.43	%
Mortgage loans held for sale			6,422				163				5.12				6,442				155				4.85
Investment securities:
Taxable			932,001				9,951				2.15				1,323,723				16,547				2.52
Tax-exempt			64,862				1,010				3.14				72,911				1,008				2.79
Total securities			996,863				10,961				2.22				1,396,634				17,555				2.53
Federal Home Loan Bank stock			22,135				797				7.26				26,602				1,194				9.05
Loans			7,402,820				224,521				6.12				6,672,594				202,702				6.13
Total interest earning assets			8,955,857				246,146				5.54				8,317,552				226,337				5.49
Less allowance for credit losses on loans			97,433												90,216
Non-interest earning assets:
Cash and due from banks			77,269												76,293
Premises and equipment, net			124,672												115,931
Bank owned life insurance			96,931												89,932
Goodwill			208,930												194,074
Accrued interest receivable and other			270,981												237,184
Total assets		$	9,637,207											$	8,940,750
Interest bearing liabilities:
Deposits:
Interest bearing demand		$	2,859,859			$	24,241				1.71	%		$	2,485,955			$	23,456				1.90	%
Savings			445,463				622				0.28				422,525				584				0.28
Money market			1,275,841				14,492				2.29				1,338,332				18,583				2.80
Time			1,779,848				32,878				3.73				1,461,336				29,469				4.07
Total interest bearing deposits			6,361,011				72,233				2.29				5,708,148				72,092				2.55
Securities sold under agreements to repurchase			86,515				745				1.74				143,655				1,439				2.02
Federal funds purchased			7,346				131				3.60				6,562				142				4.36
Federal Home Loan Bank advances			300,000				5,861				3.94				384,530				7,649				4.01
Subordinated debentures			26,806				735				5.53				26,806				819				6.16
Total interest bearing liabilities			6,781,678				79,705				2.37				6,269,701				82,141				2.64
Non-interest bearing liabilities:
Non-interest bearing demand deposits			1,508,629												1,457,813
Accrued interest payable and other			206,876												245,741
Total liabilities			8,497,183												7,973,255
Stockholders’ equity			1,140,024												967,495
Total liabilities and stockholders' equity		$	9,637,207											$	8,940,750
Net interest income						$	166,441											$	144,196
Net interest spread											3.17	%											2.85	%
Net interest margin											3.75	%											3.50	%

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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 $97,000 and $87,000 for the three month periods ended June 30, 2026 and 2025, and $192,000 and $171,000 for the six month periods ended June 30, 2026 and 2025.

● Interest income includes loan fees of $2.2 million and $1.2 million for the three month periods ended June 30, 2026 and 2025, and $3.3 million and $3.0 million for the six month periods ended June 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 $934,000 and $306,000 for the three month periods ended June 30, 2026 and 2025, and $1.2 million and $735,000 for the six month periods ended June 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 June 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 June 30, 2026			-5.61	%			-2.68	%			2.73	%			5.43	%

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

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

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

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Provision for Credit Losses

Provision for credit losses on loans at June 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								Six months ended
		June 30,								June 30,
(dollars in thousands)		2026				2025				2026				2025
Beginning balance		$	93,596			$	88,814			$	91,867			$	86,943
ACL for acquired loans (goodwill adjustment)			15,527				-				15,527				-
Provision for credit losses on loans			-				2,250				1,625				3,150
Total charge-offs			(297	)			(553	)			(708	)			(1,167	)
Total recoveries			268				211				783				1,796
Net loan recoveries			(29	)			(342	)			75				629
Ending balance		$	109,094			$	90,722			$	109,094			$	90,722
Average total loans		$	7,685,360			$	6,746,973			$	7,402,820			$	6,672,594
Provision for credit losses on loans to average total loans (1)			0.00	%			0.03	%			0.02	%			0.05	%
Net loan (charge-offs)/recoveries to average total loans (1)			0.00	%			-0.01	%			0.00	%			0.01	%
ACL for loans to total loans			1.38	%			1.32	%			1.38	%			1.32	%
ACL for loans to average total loans			1.42	%			1.34	%			1.47	%			1.36	%

(1) Ratios are not annualized

The ACL for loans totaled $109 million as of June 30, 2026 compared to $91 million at June, 2025, representing an ACL to total loans ratio of 1.38% and 1.32% for the respective periods. The ACL for loans was increased $16 million as a result of the loan portfolio added through the FM acquisition during the second quarter, with the corresponding offset recorded to goodwill (as opposed to provision for credit loss expense).

No provision expense on loans was recorded for the three month period ended June 30, 2026, consistent with muted organic loans growth, strong credit quality metrics and annual CECL methodology updates made during the second quarter. Provision expense on loans totaling $1.6 million was recorded for the six month period ended June 30, 2026, driven primarily by strong organic loan growth that was concentrated in the first quarter and was only partially offset by improvement in the unemployment forecast and decreased specific reserves. Net charge off/recovery activity was minimal for both the three and six month periods ended June 30, 2026.

Provision expense on loans of $2.3 million and $3.2 million was recorded for the three and six month periods ended June 30, 2025. While expense for both periods of the prior year were consistent with strong loan growth, slight deterioration within the unemployment forecast and increased specific reserves, expense for the six month period was also impacted by annual CECL model updates made during the first quarter of 2025. Net charge offs of $342,000 and net recoveries of $629,000 were recorded for the three and six month periods ended June 30, 2025, respectively.

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 June 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and six months ended June 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 half of 2026, is consistent with lower availability (excluding acquisition-related activity) stemming from improved utilization and the impact of payoff activity within the CRE and C&D portfolios. The ACL for off balance sheet exposures totaled $8.3 million as of June 30, 2026.

Negative provision (credit to expense) of $75,000 for off balance sheet credit exposures was recorded for the three and six month periods ended June 30, 2025, as line of credit utilization improved during the first half of 2025, reducing the reserve necessary for line availability. The ACL for off balance sheet exposures totaled $6.7 million as of June 30, 2025.

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Bancorp’s loan portfolio is well-diversified with no significant concentrations of credit. Geographically, most loans are extended to borrowers in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets. The adequacy of the ACL is monitored on an ongoing basis and it is the opinion of management that the balance of the ACL at June 30, 2026 is adequate to absorb probable losses inherent in the loan portfolio as of the financial statement date.

Non-interest Income

		Three months ended June 30,																Six months ended June 30,
(dollars in thousands)		2026				2025				$ Variance				% Variance				2026				2025				$ Variance				% Variance
Wealth management and trust services		$	12,563			$	10,483			$	2,080				20	%		$	23,898			$	21,130			$	2,768				13	%
Deposit service charges			2,368				2,069				299				14				4,524				4,148				376				9
Debit and credit card income			5,144				4,837				307				6				9,782				9,345				437				5
Treasury management fees			3,175				3,005				170				6				6,163				5,678				485				9
Mortgage banking income			1,013				1,094				(81	)			(7	)			1,943				2,011				(68	)			(3	)
Net investment product sales commissions and fees			1,074				980				94				10				2,135				1,990				145				7
Bank owned life insurance			691				629				62				10				1,323				1,251				72				6
Gain on sale of premises and equipment			(34	)			74				(108	)			(146	)			445				74				371				501
Other			753				1,177				(424	)			(36	)			1,128				1,717				(589	)			(34	)
Total non-interest income		$	26,747			$	24,348			$	2,399				10	%		$	51,341			$	47,344			$	3,997				8	%

Total non-interest income increased $2.4 million, or 10%, and $4.0 million, or 8%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025. Non-interest income comprised 23.3% and 23.6% of total revenues, defined as net interest income and non-interest income, for the three and six month periods ended June 30, 2026 compared to 24.9% and 24.7% 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 47.0% and 46.5% of total non-interest income for the three and six month periods ended June 30, 2026 compared to 43.0% and 44.6% 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 six month periods ended June 30, 2026 totaled $1.3 million and represents two full months of activity related to FM.

WM&T Services:

The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. WM&T revenue increased $2.1 million, or 20%, and $2.8 million, or 13%, for the three and six month periods ended June 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 $789,000 in revenue for the three and six month periods ended June 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 $2.2 million, or 21%, and $3.0 million, or 14%, for the three and six month periods ended June 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 decreased $76,000, or 25%, and $189,000, or 29%, for the three and six month periods ended June 30, 2026, as compared with the same periods of 2025, due to the prior year periods experiencing stronger estate fee revenue.

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AUM, stated at market value, totaled $8.84 billion at June 30, 2026 compared with $7.64 billion at December 31, 2025 and $7.19 billion at June 30, 2025. The increase in AUM between June 30, 2025 and June 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 attributed to FM totaled $890 million as of June 30, 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.

Detail of WM&T Service Income by Account Type:

		Three months ended June 30,								Six months ended June 30,
(in thousands)		2026				2025				2026				2025
Investment advisory		$	5,502			$	4,301			$	10,248			$	8,571
Personal trust			3,570				3,329				7,028				6,796
Personal investment retirement			2,488				1,991				4,693				4,007
Company retirement			409				398				819				809
Foundation and endowment			425				325				800				663
Custody and safekeeping			107				66				177				134
Brokerage and insurance services			4				11				34				18
Other			58				62				99				132
Total WM&T services income		$	12,563			$	10,483			$	23,898			$	21,130

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 $8.84 billion at June 30, 2026 as follows:

		June 30, 2026												December 31, 2025
(in thousands)		Managed				Non-managed (1)				Total				Managed				Non-managed (1)				Total
Investment advisory		$	3,695,361			$	48,617			$	3,743,978			$	2,959,858			$	35,809			$	2,995,667
Personal trust			1,646,319				500,992				2,147,311				1,531,824				498,525				2,030,349
Personal investment retirement			1,297,673				25,428				1,323,101				1,037,825				17,654				1,055,479
Company retirement			52,567				652,468				705,035				52,669				670,690				723,359
Foundation and endowment			674,176				714				674,890				549,666				7,588				557,254
Subtotal		$	7,366,096			$	1,228,219			$	8,594,315			$	6,131,842			$	1,230,266			$	7,362,108
Custody and safekeeping			3,941				245,698				249,639				—				273,110				273,110
Total AUM		$	7,370,037			$	1,473,917			$	8,843,954			$	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 June 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)		June 30, 2026				December 31, 2025
Interest bearing deposits		$	355,609			$	440,692
Treasury and government agency obligations			297,169				206,184
State, county and municipal obligations			508,173				425,178
Money market mutual funds			47,964				34,371
Equity mutual funds			1,696,697				1,344,762
Other mutual funds - fixed, balanced and municipal			771,786				670,680
Other notes and bonds			212,097				176,103
Common and preferred stocks			3,166,908				2,641,640
Real estate mortgages			5,826				-
Real estate			39,573				16,924
Other miscellaneous assets (1)			268,235				175,308
Total managed assets		$	7,370,037			$	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 June 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 $299,000, or 14%, and $376,000, or 9%, for the three and six month periods ended June 30, 2026, as compared with the same periods of 2025, driven by both acquisition-related activity and organic growth. However, consistent with the banking industry generally, Bancorp has experienced a steady decline in the volume of fees earned on overdrawn checking accounts over the past several years. This trend has been driven by lower check presentment volume, which has in turn led to fewer overdrawn accounts in general. Further, Bancorp will be implementing compliance-related changes associated with regulatory deposit settlement requirements during the third quarter of 2026, which are consistent with changing industry practices and will negatively impact this revenue stream.

Debit and credit card income consists of interchange revenue, ancillary fees and incentives received from card processors. Debit and credit card revenue increased $307,000, or 6%, and $437,000, or 5%, for the three and six month periods ended June 30, 2026, as compared with the same periods of 2025, attributed to both acquisition-related activity and organic growth. Debit card income increased $374,000, or 11%, and $515,000, or 8%, and total credit card income decreased $67,000, or 4%, and $78,000, or 3%, for the three and six month periods ended June 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.

Treasury management fees primarily consist of fees earned for cash management services provided to commercial customers. Treasury management fees increased $170,000, or 6%, and $485,000 or 9%, for the year ended June 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 six month periods ended June 30, 2026, the customer base added through the acquisition is expected to provide opportunities for future growth given Bancorp’s ability to offer these new customers a broader array of treasury services.

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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 $81,000, or 7%, and $68,000, or 3%, for the three and six month periods ended June 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, negatively impacting mortgage banking revenue. The FM acquisition had minimal impact on mortgage banking revenue for the three and six months ended June 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 $94,000, or 10%, and $145,000, or 7%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025. 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 $62,000, or 10%, and $72,000, or 6%, for the three and six month periods ended June 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.

A loss of $34,000 on the sale of premises and equipment was recorded for the three months ended June 30, 2026 while a gain of $445,000 was recorded for the six months ended June 30, 2026. Activity for the first half of 2026 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. A gain of $74,000 was recorded for the three and six month periods ended June 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 $424,000, or 36%, and $589,000, or 34%, for the three and six month periods ended June 30, 2026 compared with the same periods of 2025, driven mainly by the prior year periods benefitting from swap fee activity.

Non-interest Expenses

		Three months ended June 30,																Six months ended June 30,
(dollars in thousands)		2026				2025				$ Variance				% Variance				2026				2025				$ Variance				% Variance
Compensation		$	30,953			$	27,279			$	3,674				13	%		$	60,119			$	53,211			$	6,908				13	%
Employee benefits			6,183				5,330				853				16				12,352				11,115				1,237				11
Net occupancy and equipment			4,745				4,025				720				18				9,065				8,148				917				11
Technology and communication			6,422				4,773				1,649				35				11,757				9,601				2,156				22
Debit and credit card processing			2,126				1,908				218				11				4,048				3,727				321				9
Marketing and business development			2,237				1,951				286				15				3,515				3,466				49				1
Postage, printing and supplies			1,025				937				88				9				1,938				1,906				32				2
Legal and professional			1,359				1,088				271				25				2,235				1,995				240				12
FDIC insurance			1,109				1,260				(151	)			(12	)			2,255				2,483				(228	)			(9	)
Capital and deposit based taxes			976				738				238				32				1,854				1,438				416				29
Merger expenses			2,283				-				2,283				100				2,283				-				2,283				100
Intangible amortization			1,546				915				631				69				2,345				1,829				516				28
Other			2,842				2,496				346				14				5,282				4,808				474				10
Total non-interest expenses		$	63,806			$	52,700			$	11,106				21	%		$	119,048			$	103,727			$	15,321				15	%

Total non-interest expenses increased $11.1 million, or 21%, and $15.3 million, or 15%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025. Compensation and employee benefits comprised 60.4% and 62.1% of Bancorp’s total non-interest expenses, excluding one-time merger-related expenses, for the three and six month periods ended June 30, 2026, compared to 61.9% and 62.0% for the same periods of 2025.

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Total non-interest expense, excluding one-time merger-related expenses, attributed to the FM acquisition for the three and six month periods ended June 30, 2026 totaled $3.5 million and effectively represents two full months of activity related to FM. One-time merger-related expenses totaled $2.3 million for the three and six month periods ended June 30, 2026. Such expenses are expected to be recorded throughout the third and fourth quarters of 2026.

Compensation, which includes salaries, incentives, bonuses and stock based compensation, increased $3.7 million, or 13%, and $6.9 million, or 13%, for the three and six month periods ended June 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 a focus on sales team expansion, annual merit-based salary increases and higher bonus accrual levels. Net full time equivalent employees totaled 1,270 at June 30, 2026 compared to 1,118 at June 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 $853,000, or 16%, and $1.2 million, or 11%, for the three and six month periods ended June 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.

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 $720,000, or 18%, and $917,000, or 11%, for the three and six month periods ended June 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, three new branch locations were opened over the past 12 months. At June 30, 2026, Bancorp’s branch network consisted of 81 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 35%, and $2.2 million, or 22%, for the three and six month periods ended June 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 $218,000, or 11%, and $321,000, or 9%, for the three and six month periods ended June 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 $286,000, or 15%, and $49,000, or 1%, for the three and six month periods ended June 30, 2026, as compared to the same periods of 2025. Increased expense for the three month period compared to the prior year was driven primarily by higher customer entertainment spending in addition to the impact of the FM acquisition, but the minimal increase experienced for the six month period was the result of elevated advertising expense incurred in the first quarter of the prior year tied to deposit product promotions.

Postage, printing and supplies expense increased $88,000, or 9%, and $32,000, or 2%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025, consistent with increases in the general cost of postage and the impact of the FM acquisition.

Legal and professional fees increased $271,000, or 25%, and $240,000, or 12%, for the three and six month periods ended June 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 $151,000, or 12%, and $228,000, or 9%, for the three and six month periods ended June 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.

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Capital and deposit based taxes, which consist primarily of capital-based local income taxes and franchise taxes, increased $238,000, or 32%, and $416,000, or 29%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025, as a result of the substantial deposit growth experienced over the past 12 months. 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 $2.3 million for the three and six month periods ended June 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 $631,000, or 69%, and $516,000, or 28%, for the three and six month periods ended June 30, 2026 compared to the same periods of 2025, which is attributed entirely to the CDI and CLI assets added through the FM acquisition.

Other non-interest expenses increased $346,000, or 14%, and $474,000, or 10%, for the three and six month periods ended June 30, 2026 as compared to the same periods of 2025, driven mainly by costs associated with growth in the ICS deposit product offering and the impact of the FM acquisition in addition to other miscellaneous expenses.

Income Tax Expense

A comparison of income tax expense and ETR follows:

		Three months ended June 30,																Six months ended June 30,
(dollars in thousands)		2026				2025				$/bp Variance				% Variance				2026				2025				$ Variance				% Variance
Income before income tax expense		$	50,769			$	42,946			$	7,823				18	%		$	96,917			$	84,567			$	12,350				15	%
Income tax expense			10,712				8,922				1,790				20				20,265				17,272				2,993				17
Effective tax rate			21.10	%			20.77	%		33 bps					2				20.91	%			20.42	%		49 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 3.10% for the six month period ended June 30, 2026, compared to an increase of 2.83% 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 six month period ended June 30, 2026 compared to a decrease of 0.44% 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 0.54% and 0.56% for the six month periods ended June 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 six month periods ended June 30, 2026 and 2025 served to reduce the ETR 2.94% and 2.62%, respectively.

● Tax-exempt interest income earned on loans and investment securities reduced the ETR by 0.27% and 0.34% for the six month periods ended June 30, 2026 and 2025, respectively.

● Non-deductible merger expenses recorded during the six months ended June 30, 2026 served to increase the ETR by 0.15%. No such expense was recorded for the prior year period.

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

Overview

Total assets increased $832 million, or 9%, to $10.37 billion at June 30, 2026 from $9.54 billion at December 31, 2025. Total assets, including purchase accounting adjustments, of $839 million were added on May 1, 2026 as a result of the FM acquisition, including net loans of $626 million. Goodwill of $44 million was recorded in relation to this acquisition. Excluding the impact of the acquisition, total assets decreased $7 million during the first six months of 2026. The decrease was attributed to a $136 million, or 15%, decrease in cash and cash equivalents and a $69 million, or 7%, decline in investment securities, as liquidity was used to fund $209 million, or 3%, of net loan growth and 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.

While total assets technically exceed $10 billion as of June 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 $662 million, or 8%, to $9.12 billion at June 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 $109 million, or 1%, during the first six months of 2026, driven by combined contraction of $80 million, or 1%, for total deposits and SSURA in addition to a $30 million, or 14%, decrease in other liabilities.

Stockholders’ equity increased $171 million, or 16%, to $1.25 billion at June 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 $76.7 million were only partially offset by $19.4 million of cash dividends declared during the first six months of 2026.

Cash and Cash Equivalents

Cash and cash equivalents decreased $44 million, or 5%, ending at $843 million at June 30, 2026 compared to $886 million at December 31, 2025, driven by a combination of solid organic loan growth and deposit contraction, as the loan and deposit balances acquired from FM remained relatively flat between acquisition date and period end. 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 $69 million, or 7%, to $852 million at June 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 half 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 recorded as a fair value adjustment through goodwill.

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FHLB Stock

FHLB stock holdings increased from $21 million at December 31, 2025 to $25 million at June 30, 2026, the increase stemming primarily 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 were also unchanged during the first half of 2026. Bancorp’s FHLB stock holdings are expected to fluctuate consistent with borrowing activity from period to period.

Loans

Total loans increased $842 million, or 12%, from December 31, 2025 to June 30, 2026. Net loans added through the FM acquisition, including purchase accounting-related adjustments, totaled $626 million. Excluding the acquired loan portfolio, total loans increased $209 million during the first six months of 2026, led most notably by increases in the CRE and C&I segments.

Total line of credit utilization has experienced steady improvement over the past several quarters, ending at 49.7% as of June 30, 2026 compared to 48.0% at December 31, 2025 and 47.8% at June 30, 2025. Utilization within the C&I portfolio was relatively flat at June 30, 2026, ending at 37.0% compared to 37.0% at December 31, 2025 and 36.9% at June 30, 2025.

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.

Bancorp occasionally enters into loan participation agreements with other banks to diversify credit risk. For certain participation loans sold, Bancorp has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their ownership share of the loan without permission from Bancorp. GAAP requires the participated portion of these loans to be recorded as secured borrowings. These participated loans are included in the C&I and CRE loan portfolio segments with a corresponding liability recorded in other liabilities. At both June 30, 2026 and December 31, 2025, the total participated portion of loans of this nature totaled $2 million.

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

		Maturity
June 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		$	406,808			$	2,431,120			$	1,011,205			$	1,218,090			$	5,067,223				64	%
Variable rate			878,401				1,256,560				605,117				76,448				2,816,526				36	%
Total loans		$	1,285,209			$	3,687,680			$	1,616,322			$	1,294,538			$	7,883,749				100	%

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

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Non-performing Loans and Assets

Information summarizing non-performing loans and assets follows:

(dollars in thousands)		June 30, 2026				December 31, 2025
Non-accrual loans		$	19,509			$	12,585
Modifications to borrowers experiencing financial difficulty			-				-
Loans past due 90 days or more and still accruing			4,932				449
Total non-performing loans			24,441				13,034
Other real estate owned			440				190
Total non-performing assets		$	24,881			$	13,224
Non-performing loans to total loans			0.31	%			0.19	%
Non-performing assets to total assets			0.24	%			0.14	%
ACL for loans to total non-performing loans			446	%			705	%

As of June 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 June 30, 2026 was attributed in almost equal part to 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 $4.9 million as of June 30, 2026 compared to $449,000 as of December 31, 2025. The increase stems primarily from administrative issues for loans in the process of resolution and the impact of the portfolio acquired from FM.

Non-performing assets as of June 30, 2026 consisted of approximately 130 loans, ranging in individual amounts up to $1.5 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 $47 million and $26 million at June 30, 2026 and December 31, 2025. Delinquent loans to total loans were 0.59% and 0.38% at June 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 $8 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 $185 million and $151 million at June 30, 2026 and December 31, 2025, respectively. The increase experienced during the first six 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.

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Allowance for Credit Losses on Loans

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

Bancorp’s ACL for loans was $109 million as of June 30, 2026 compared to $92 million as of December 31, 2025. The ACL was increased by $16 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 $1.6 million was recorded for the six months ended June 30, 2026, consistent with solid loan growth and only partially offset by strong credit quality metrics, improvement in the FRB’s national unemployment forecast and decreased specific reserves. Further, net recoveries of $75,000 were recorded for the six months ended June 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.

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

		June 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		$	18,800				17	%			0.87	%		$	13,779				15	%			0.72	%
Commercial real estate - owner occupied			17,919				17	%			1.39	%			13,100				14	%			1.17	%
Total commercial real estate			36,719				34	%			1.07	%			26,879				29	%			0.89	%
Commercial and industrial - term			25,102				23	%			2.36	%			21,121				23	%			2.35	%
Commercial and industrial - lines of credit			7,419				7	%			1.15	%			7,323				8	%			1.20	%
Total commercial and industrial			32,521				30	%			1.90	%			28,444				31	%			1.88	%
Residential real estate - owner occupied			16,449				15	%			1.66	%			14,914				16	%			1.69	%
Residential real estate - non-owner occupied			5,262				5	%			1.11	%			4,287				5	%			1.10	%
Total residential real estate			21,711				20	%			1.48	%			19,201				21	%			1.51	%
Construction and land development			13,163				12	%			1.71	%			12,316				14	%			1.64	%
Home equity lines of credit			1,940				2	%			0.56	%			1,439				2	%			0.50	%
Consumer			2,427				2	%			2.12	%			2,924				3	%			2.05	%
Leases			284				0	%			2.24	%			524				0	%			2.35	%
Credit cards			329				0	%			1.40	%			140				0	%			1.05	%
Total		$	109,094				100	%			1.38	%		$	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 six month periods ended June 30, 2026 and 2025, respectively.

		2026												2025
Three months ended June 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		$	-			$	2,092,916				0.00	%		$	8			$	1,929,783				0.00	%
Commercial real estate - owner occupied			-				1,253,968				0.00	%			(38	)			1,007,532				0.00	%
Total commercial real estate			-				3,346,884				0.00	%			(30	)			2,937,315				0.00	%
Commercial and industrial - term			87				1,033,912				0.01	%			(57	)			878,150				-0.01	%
Commercial and industrial - lines of credit			-				645,296				0.00	%			-				599,000				0.00	%
Total commercial and industrial			87				1,679,208				0.01	%			(57	)			1,477,150				0.00	%
Residential real estate - owner occupied			(42	)			955,977				0.00	%			54				832,387				0.01	%
Residential real estate - non-owner occupied			-				439,332				0.00	%			(3	)			386,030				0.00	%
Total residential real estate			(42	)			1,395,309				0.00	%			51				1,218,417				0.00	%
Construction and land development			-				769,703				0.00	%			-				675,044				0.00	%
Home equity lines of credit			-				324,477				0.00	%			-				257,924				0.00	%
Consumer			(16	)			130,843				-0.01	%			(260	)			140,334				-0.19	%
Leases			-				14,322				0.00	%			-				14,509				0.00	%
Credit cards			(58	)			24,614				-0.24	%			(46	)			26,280				-0.18	%
Total		$	(29	)		$	7,685,360				0.00	%		$	(342	)		$	6,746,973				-0.01	%

		2026												2025
Six months ended June 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		$	-			$	2,015,213				0.00	%		$	26			$	1,898,827				0.00	%
Commercial real estate - owner occupied			-				1,198,849				0.00	%			(38	)			1,006,144				0.00	%
Total commercial real estate			-				3,214,062				0.00	%			(12	)			2,904,971				0.00	%
Commercial and industrial - term			320				979,294				0.03	%			1,100				880,383				0.12	%
Commercial and industrial - lines of credit			-				628,489				0.00	%			-				584,186				0.00	%
Total commercial and industrial			320				1,607,783				0.02	%			1,100				1,464,569				0.08	%
Residential real estate - owner occupied			(142	)			922,838				-0.02	%			7				823,426				0.00	%
Residential real estate - non-owner occupied			-				419,405				0.00	%			(3	)			385,000				0.00	%
Total residential real estate			(142	)			1,342,243				-0.01	%			4				1,208,426				0.00	%
Construction and land development			-				757,012				0.00	%			-				657,812				0.00	%
Home equity lines of credit			-				308,481				0.00	%			(10	)			254,471				0.00	%
Consumer			(19	)			133,568				-0.01	%			(350	)			141,795				-0.25	%
Leases			-				15,062				0.00	%			-				14,846				0.00	%
Credit cards			(84	)			24,609				-0.34	%			(103	)			25,704				-0.40	%
Total		$	75			$	7,402,820				0.00	%		$	629			$	6,672,594				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 June 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and six months ended June 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 half of 2026, is consistent with lower availability (excluding acquisition-related activity) stemming from improved utilization. The ACL for off balance sheet exposures totaled $8.3 million as of June 30, 2026.

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Premises and Equipment

Premises and equipment are presented on the consolidated balance sheets net of related depreciation on the respective assets, as well as fair value adjustments associated with purchase accounting. Premises and equipment increased $11.0 million, or 9%, between December 31, 2025 and June 30, 2026. Bancorp’s branch network currently consists of 81 locations throughout the state of Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets. Six locations were added as a result of the FM acquisition.

Premises held for sale totaling $896,000 and $1.7 million was recorded on Bancorp’s consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. The decrease during the first six 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 June 30, 2026.

BOLI

BOLI assets increased to $106 million at June 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 six month period ended June 30, 2026. BOLI assets totaling $13 million were added as a result of the FM acquisition.

Goodwill

Goodwill increased to $238 million at June 30, 2026 from $194 million at December 31, 2025, as $44 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, 2025, Bancorp performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

Core Deposit and Customer List Intangibles

CDIs and CLIs arising from business acquisitions are initially measured at fair value and are then amortized on an accelerated method based on their useful lives. As of June 30, 2026 and December 31, 2025, Bancorp’s CDI assets totaled $23 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 June 30, 2026 and December 31, 2025, Bancorp’s CLI assets were $10 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 $21 million, or 7%, to $326 million between December 31, 2025 and June 30, 2026. Other liabilities decreased $25 million, or 11%, to $196 million over the same period. While the increase for other assets was due in larger part to the impact of the FM acquisition, while decrease in other liabilities was driven by a reduction in various accrued liabilities, such as employee incentive compensation and other benefit-related accruals in addition to accrued tax liabilities.

Deposits

Total deposits increased $695 million, or 9%, from December 31, 2025 to June 30, 2026. Deposits assumed as a result of the FM acquisition totaled $765 million.

Excluding the deposit portfolio added as a result of the acquisition, total deposits decreased $70 million, or less than 1%. Interest bearing deposits decreased $159 million, or 3%, driven primarily by declines in time and money market deposits. Non-interest bearing deposits increased $89 million, or 6%, during the first half of 2026.

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The cost of interest-bearing deposits experienced a favorable decline over the past 12 months, ending at 2.29% for the six months ended June 30, 2026 compared to 2.55% for the six month ended June 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 six months ended June 30, 2026 compared to the same period of 2025, declining 18 bps to 1.85%. 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 $10 million, or 9%, between December 31, 2025 and June 30, 2026, driven by a combination of normal 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 June 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 $96,000, or 1%, between December 31, 2025 and June 30, 2026. At June 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 June 30, 2026 and December 31, 2025, subordinated notes totaled $27 million, respectively.

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FHLB Advances

FHLB advances outstanding totaled $300 million at both June 30, 2026 and December 31, 2025, and consisted entirely of a $300 million three-month rolling advance that is hedged with four separate interest rate swaps (cash flow hedges) entered into in an effort to secure longer-term funding at more attractive rates. For more information related to the interest rate swaps noted above, see the footnote titled, “Derivative Financial Instruments.” 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 $754 million and $816 million at June 30, 2026 and December 31, 2025, respectively. Despite the impact of the FM acquisition, a decrease was experienced for the first six months of 2026 was attributed largely to loan growth and to a lesser extent, slight deposit contraction within Bancorp’s legacy portfolios. 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 $666 million and $722 million at June 30, 2026 and December 31, 2025, respectively. The decrease in AFS debt security portfolio for the first six 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 $175 million (based on assumed prepayment speeds and contractual maturities as of June 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 June 30, 2026, the total carrying value of investment securities pledged for these purposes comprised 71% of the debt securities portfolio, leaving approximately $249 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 June 30, 2026, such deposits totaled $7.08 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 June 30, 2026 and December 31, 2025, Bancorp held no brokered deposits.

Included in total deposit balances at June 30, 2026 are $812 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 increase experienced during the first six months of 2026 was attributed to public fund deposits assumed through the FM acquisition.

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 June 30, 2026 and December 31, 2025, available credit from the FHLB totaled $1.49 billion and $1.47 billion, respectively. Bancorp also had unsecured FFP lines with correspondent banks totaling $80 million at both June 30, 2026 and December 31, 2025, respectively.

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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 June 30, 2026, the Bank could pay an amount equal to $245 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 $161 million, or 7%, as of June 30, 2026 compared to December 31, 2025, largely as a result of the loan portfolio added through the FM acquisition.

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 June 30, 2026. While no provision expense was recorded for off balance sheet credit exposures for the three and six months ended June 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 half of 2026, is consistent with lower availability (excluding acquisition-related activity) stemming from improved utilization. The ACL for off balance sheet exposures totaled $8.3 million as of June 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.

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.

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Capital

At June 30, 2026, stockholders’ equity totaled $1.25 billion, representing an increase of $170.7 million, or 16%, compared to December 31, 2025, as stock issued in relation to the FM acquisition, which totaled $112 million, and net income of $76.7 million was only partially offset by $19.4 million of dividends declared during the first six months of 2026. 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 June 30, 2026, which stemmed largely from recording net income of $76.7 million. TCE was 9.66% at June 30, 2026 compared to 9.32% at December 31, 2025, while tangible book value per share was $31.39 at June 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 4%, 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 June 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 June 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 June 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)		June 30, 2026				December 31, 2025
Total stockholders' equity - GAAP (a)		$	1,246,392			$	1,075,697
Less: Goodwill			(238,337	)			(194,074	)
Less: Core deposit and other intangibles			(32,690	)			(12,160	)
Tangible common equity - Non-GAAP (c)		$	975,365			$	869,463
Total assets - GAAP (b)		$	10,368,564			$	9,536,124
Less: Goodwill			(238,337	)			(194,074	)
Less: Core deposit and other intangibles			(32,690	)			(12,160	)
Tangible assets - Non-GAAP (d)		$	10,097,537			$	9,329,890
Total stockholders' equity to total assets - GAAP (a/b)			12.02	%			11.28	%
Tangible common equity to tangible assets - Non-GAAP (c/d)			9.66	%			9.32	%
Total shares outstanding (e)			31,068				29,476
Book value per share - GAAP (a/e)		$	40.12			$	36.49
Tangible common equity per share - Non-GAAP (c/e)			31.39				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 June 30,								Six months ended June 30,
(dollars in thousands)		2026				2025				2026				2025
Total non-interest expenses (a)		$	63,806			$	52,700			$	119,048			$	103,727
Less: Non-recurring merger expenses			(2,283	)			—				(2,283	)			—
Total non-interest expenses - Non-GAAP (c)		$	61,523			$	52,700			$	116,765			$	103,727
Total net interest income, FTE		$	87,925			$	73,560			$	166,441			$	144,196
Total non-interest income			26,747				24,348				51,341				47,344
Total revenue - Non-GAAP (b)		$	114,672			$	97,908			$	217,782			$	191,540
Less: Gain/loss on sale of premises and equipment			34				(74	)			(445	)			(74	)
Total adjusted revenue - Non-GAAP (d)		$	114,706			$	97,834			$	217,337			$	191,466
Efficiency ratio - Non-GAAP (a/b)			55.64	%			53.83	%			54.66	%			54.15	%
Adjusted efficiency ratio - Non-GAAP (c/d)			53.64	%			53.87	%			53.73	%			54.18	%

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Item 3.    Quantitative and Qualitative Disclosures about Market Risk.

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

Item 4.    Controls and Procedures.

Stock Yards Bancorp, Inc.’s management, under the supervision and with the participation of the Chief Executive Officer (who is the principal executive officer) and Chief Financial Officer (who is the principal financial officer), evaluated the effectiveness of Bancorp’s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 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. Based on that evaluation, Bancorp’s Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2026, Bancorp’s disclosure controls and procedures were effective.

PART II – OTHER INFORMATION

Item 1.    Legal Proceedings.

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

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

The following table shows information relating to the repurchase of shares of common stock by Bancorp during the three months ended June 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
April 1 - April 30			548			$	68.11				—			$	—
May 1 - May 31			1,780				69.19				—				—
June 1 - June 30			1,194				71.80				—				—
Total			3,522			$	69.91				—			$	—				1,000,000

(1) Shares repurchased during the three month period ended March 31, 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 4%, of Bancorp’s total common shares outstanding. This share repurchase program replaces the program that expired in May and will expires in two years unless otherwise extended or completed at an earlier date. The plan does not obligate Bancorp to repurchase any specific dollar amount or number of shares prior to the plan’s expiration. Bancorp has not repurchased shares under any share repurchase program since 2019.

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

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Item 5. Other Information

(c) During the three months ended June 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.

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 June 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 Shareholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
104	The cover page from Stock Yards Bancorp Inc.’s Form 10-Q Report for the quarterly period ended June 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: August 4, 2026	By:	/s/ James A. Hillebrand
		James A. Hillebrand Chairman and CEO (Principal Executive Officer)
Date: August 4, 2026		/s/ T. Clay Stinnett
		T. Clay Stinnett EVP, Treasurer and CFO (Principal Financial Officer)

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